NYRE License Law

Question 0

mortgage broker

Answer 0

a mortgage broker is someone who connects lenders with buyers

Question 1

mortgage banker

Answer 1

a mortgage banker is a company, individual or institution that originates mortgages.

Question 2

apartement info vendor

Answer 2

responsible for giving client information regarding property

Question 3

apartment sharing agent

Answer 3

Any agent who for a fee conducts ,arranges , coordinates, handles or causes meetings between a customer and the here that owner or or occupant of legally occupied real property who wants to share that property with one or more people as a private dwelling or place of residence.

Question 4

real estate appraiser

Answer 4

appraises the home

Question 5

reciprocity

Answer 5

Agreements granting licenses to real estate agents from other states ?

Question 6

ARELLO

Answer 6

association of real estate license law officials

Question 7

what is the Board responsible for?

Answer 7

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Question 8

cease and desist order

Answer 8

Court order to stop or discontinue something

Question 9

office manager

Answer 9

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Question 10

irrevocable consent

Answer 10

An agreement that cannot be withdrawn or revoked

Question 11

mind your Ps and Qs or ill DEC you

Answer 11

Possession
Quiet enjoyment
Disposition 
Exclusion
Control

Question 12

executor

Answer 12

In charge of deceased persons will.. manage deceased persons assets until they are distributed to inheritors.. executor of a account or a trust

Question 13

administrator

Answer 13

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Question 14

bankruptcy trustee

Answer 14

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Question 15

guardian/trustee

Answer 15

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Question 16

receiver

Answer 16

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Question 17

legal entities:

Sole Proprietorship

Answer 17

Business that lagally has no separate existence from its owner .. income and losses taxed on individuals income tax return .. simplest business form under which one person can operate a business NOT a legal entity ***

Question 18

General Partnership

Answer 18

An arrangement by which partners conducting a business jointly have unlimited liability ..personal assists are liable to partnerships obligations

Question 19

corporation

Answer 19

Company or group of people authorized to act as a single entity (legally a person) and recognized such in law

Question 20

limited liability company or partnership (LLC) (LLP)

Answer 20

.

Question 21

trade name broker

Answer 21

Associate broker : elects to work under the name and supervision of another broker who is licensed to do business as an individual , LLC,llp, or trade name*

Question 22

partnership broker

Answer 22

.

Question 23

Corporate broker

Answer 23

A liaison between public companies and their institutional investors

Question 24

commingling

Answer 24

Illegal act of a broker combining clients' funds or escrow fund to temporarily hold a client's funds

Question 25

conversion

Answer 25

Distinct act of dominion wrongfully exerted over another's personal property in denial of or inconsistent with his title of rights , whiteout owners consent

Question 26

escrow (escrow account)

Answer 26

Account where money is held by a third party on behalf of transacting parties. Mortgage company establishes and account to pay property tax and insurance during mortgage term

Question 27

kickbacks

Answer 27

When a party get who is not written in contract receives payment in a real estate transaction

Question 28

fiduciary duties:

Answer 28

obedience- loyalty- disclosure- confidentiality- accountability- reasonable care-

Question 29

restitution

Answer 29

Restoring of which a person was unjustly deprived or of property? Law of gains based recovery