Real Estate U Chapter 1 Questions And Answers.
Administrative Discipline - correct answer. The Department of State's ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses
Apartment Information Vendor - correct answer. Any...
Administrative Discipline - correct answer. The Department of State's ability to enforce
license laws through reprimand and denial as well as the suspension and revocation of
licenses
Apartment Information Vendor - correct answer. Any person who engages in the
business of claiming, demanding, charging, receiving, collecting, or contracting for the
collection of, a fee from a customer for furnishing information concerning the location
and availability of real property, including apartment housing, which may be leased,
rented, shared or sublet as a private dwelling, abode, or place of residence
Apartment Sharing Agent - correct answer. Any person who, for a fee, arranges,
conducts, coordinates, handles or causes meetings between a customer and the
current owner or occupant of legally occupied real property, including apartment
housing, who wishes to share that housing with one or more individuals
Article 12-A - correct answer. The section of the New York Real Property Law
pertaining to real estate salespersons and brokers
Article 78 Proceeding - - correct answer. An appeal brought forth because of a ruling
by a government agency.
Associate Real Estate Broker - correct answer. A licensed real estate broker who by
choice elects to work under the name and supervision of another real estate broker.
Blind Ad - correct answer. An ad that remains anonymous as to who is advertising.
Blind ads are illegal.
Change of Association - correct answer. The process by which a salesperson's
license changes sponsorship.
Commingling - correct answer. - To mingle or mix, for example, a client's funds in the
broker's personal or general account.
, Continuing Education - correct answer. Post license education required by
salespersons and brokers. New York State demands 22.5 hours of continuing education
Escrow - correct answer. A written agreement between two or more parties providing
that certain instruments or property be placed with a third party to be delivered to a
designated person upon the fulfillment or performance of some act or condition.
Exemption - correct answer. Conditions under which a property condition disclosure
statement is not required.
Home Inspection - correct answer. An examination of a real estate property's
condition usually performed in connection with the property's sale. A qualified home
inspector can assess the condition of a property's roof, foundation, heating and cooling
systems, plumbing, electrical work, water and sewage, and some fire and safety issues.
In addition, the home inspector will look for evidence of insect, water or fire damage or
any other issue that may affect the value of the property
Irrevocable Consent - correct answer. Incapable of being recalled or revoked;
unchangeable; unalterable.
Kickback - correct answer. Payment by a broker of any part of compensation to a real
estate transaction to anyone who is not licensed or who is not exempt from the license
law.
Listing Agreement - correct answer. An employment contract between principal and
agent, authorizing the agent to perform services for the principal involving the latter's
property
Misdemeanor - correct answer. A crime punishable by up to a year in prison and/or a
$1,000 fine
Multiple Listing Service (MLS) - correct answer. A service provided by a group of real
estate brokers. They band together to create a Multiple Listing Service that allows each
of them to list each other's houses. Under this arrangement, the listing broker and the
selling broker split the commission for each sale.
Net Listing - correct answer. A price below which an owner will not sell the property,
and at which price a broker will not receive a commission; the broker receives the
excess over and above the net listing as the broker's commission
Pocket Card - correct answer. A card issued by the Department of State to each
licensee which contains the photo, name and business address of the licensee, and, in
the case of a real estate salesperson, the name and business address of the broker
with whom he or she is associated and shall certify that the person whose name
appears thereon is a licensed real estate broker or salesperson
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