New York Real Estate Salesperson Guide Ch 1: Introduction & Terms

Front 1

What is NAR?

Back 1

National Association of REALTORS (National)

Front 2

What is NYSAR?

Back 2

New York State Association of REALTORS (State)

Front 3

What is MLS?

Back 3

Multiple listing service

Front 4

What is ARELLO?

Back 4

Association of Real Estate License Law Officials

Front 5

What is a Listing Contract?

Back 5

is a contract in which a property owner employs a real estate firm to market a property

Front 6

What are the fundamental steps in a Real Estate Transaction?

Back 6

1. Listing: Employ a Real Estate agent

2. Contract of Sale: is a written offer and acceptance between buyer and seller

3. Financing: Buyer obtains monies to purchase property

4. Closing: Deed is delivered to buyer; seller is paid; broker(s) receives commission(s)

Front 7

What is a Contract for Sale aka Offer to Purchase?

Back 7

Is a contract to buy and sell real property resulting from the written acceptance of a written offer to purchase a counteroffer.

Front 8

Real Estate Broker

Back 8

Is any person, partnership, association, or corporation who, for another and for compensation of any kind, negotiates any form of real estate transaction.

Front 9

Associate Real Estate Broker

Back 9

Is a licensed Real Estate Broker who may perform the acts of a Broker but chooses to work under the name and supervision of a licensed broker.

Licensed broker may be an individual, a corporation, a partnership or a trade-name organization.

Front 10

Real Estate Salesperson

Back 10

Is anyone who performs as a real estate broker for a compensation of any kind, but does so only while associated with and supervised by a sponsored licensed broker.

Front 11

What is NYDOS

Back 11

New York Department of State. They approve all Real Estate licenses.

Front 12

What does Article 12-A state?

Back 12

It states that applicants must have a fair knowledge of English & must be a U.S. citizen, permanent resident or an immigrant who obtains a work permit via sponsored employer. It also dictates what can and can't be done legally in real estate

Front 13

Secretary of State

Back 13

Is responsible for the administration of licensing, examination, education and compliance provisions for Article 12-A

Front 14

Apartment information Vendor

Back 14

Someone who, for a fee furnishes information concerning the location and availability of residential rental property.

Front 15

Apartment Sharing Agent

Back 15

Someone who, for a fee, coordinates with a customer and the current owner or occupant of legally occupied real property who wishes to share that housing.

Front 16

ARELLO's functions are:

Back 16

To promote uniform standards and policies related to real estate licensure and education throughout North America.

Front 17

State Board of Real Estate

Back 17

Is responsible for carrying out the requirements set forth in New York's real estate licensing law.

Front 18

Real Estate Board Meetings occur:

Back 18

Occurs at least 3x a year and are required to hold an annual meeting in

1. Albany

2. Buffalo

3. New York City

Front 19

Department of State

Back 19

Is responsible for issuing licenses

Front 20

Cease and Desist order

Back 20

Is a court order requiring certain activities to stop.

Front 21

Irrevocable Consent

Back 21

Is submission of an out of state agent to the jursidiction of the state courts in which the agent agrees to allow summons, subpoenas, or other processes to be served against him.

Front 22

Who is a statutory member of the State Board of Real Estate?

Back 22

1. Executive Director of the Consumer Protection Board.

2. The Secretary of State

Front 23

What is Real Property?

Back 23

Is real estate plus the rights of ownership:

P ossession (the right to physically occupy the property).

Q uiet enjoyment (the right to possess the property without interference from other parties).

D isposition (the right to convey partial or entire interests in the property).

E xclusion (the right to stop others from entering or using the property).

C ontrol (the right to physically alter or change the property).

Front 24

"Mind your P's and Q's or I'll D.E.C you!"

what is the mnemonic device teaching you?

Back 24

Possession

Quiet

Disposition

Exclusion

Control

Front 25

What activities require a broker's license

Back 25

1. Lists property for sale.

2. Negotiates the sale of a real property

3. Negotiates the exchange of real property

4. Negotiates a lease for the rental of real property.

5. Negotiate a loan that is to be secured by a mortgage.

6. Relocates a commercial or residential tenant

7. Collects rent for more than one client

8. Selling a business that has more than half its value in real estate.

Front 26

Executor / Executrix

Back 26

Is a person named in a will to handle all matters of a property of a person deceased.

Front 27

Administrator

Back 27

Is a person appointed by court to handle the estate of someone who died without a will (intestate), or with a will but no nominated executor / executrix.

Front 28

Bankruptcy Trustee

Back 28

Is a neutral person appointed by a judge to take charge of a property and buiness of one of the parties to a lawsuite and receive rents and profits coming to debtor while bankruptcy is being processed or working out payments to creditors.

Front 29

Sole Propriertorship

Back 29

Is a business owned adn managed by one person, in real estate, a broker. For IRS purposes, a sole proprietor and his/her business are one tax entity.

Front 30

Sole Propriertorship

Back 30

Is a business owned and managed by one person, in real estate, a broker. For IRS purposes, a sole proprietor and his/her business are one tax entity.

Front 31

General Partnership

Back 31

Is a partnership that has an equal right to manage the business and share in the profits, as well as an equal responsibility for the partnership's debts.

Front 32

Corporation

Back 32

Is a legal structure authorized by state law that allows a business to organize as a seperate legal entity from its owners.

One advantage of incorporating is that a corporation's owners are legally shielded from personal liability for the corporation's liabilities and debts.

Front 33

What are the advantages of a legal entity?

Back 33

The advantages are:

1. Owners are legally shielded from personal liability for the corporation's liabilities and debts.

2. Most profit-making corporations are taxed separately from their owners.

Front 34

New York Broker's License:

Individual Broker: (Class 35)

Back 34

Is the ability for multiple brokers can apply to conduct business under a partnership name.

Each individual must be licensed real estate broker & submit an application.

Partnership certificate must be filed with the office of the county clerk in the county where the business is located

Front 35

New York Broker's License:

Associate Broker: (Class 30)

Back 35

a broker who works under the name and supervision of another licensed broker

Front 36

New York Broker's License:

Trade Name Broker: (37)

Back 36

Operates her business as as sole proprietorship and does business under a business name, not under a personal name.

must obtain a business certificate from county clerk where business is conducted and submit a copy of business certificate with broker application.

Front 37

New York Broker's License:

Trade Name Broker: (37)

Back 37

Operates his/her business as as sole proprietorship and does business under a business name, not under a personal name.

must obtain a business certificate from county clerk where business is conducted and submit a copy of business certificate with broker application.

Front 38

New York Broker's License:

Corporate Broker: (Class 31)

Back 38

A real este brokerage can conduct business under teh name of a corporation as long as broker is an officer of the corporation, was was an officer before licensing.

corporate officers cannot be sales people or associate brokers within the corporation.

Front 39

New York Broker's License:

Corporate Broker: (Class 31)

Back 39

A real estate brokerage can conduct business under the name of a corporation as long as broker is an officer of the corporation, was an officer before licensing.

corporate officers cannot be sales people or associate brokers within the corporation.

Front 40

Define Rights of Ownership:

Back 40

The rights of ownership are:

Possession (the right to physically occupy the property).

Quiet enjoyment (the right to possess the property without interference from other parties).

Disposition (the right to convey partial or entire interests in the property).

Exclusion (the right to stop others from entering or using the property).

Control (the right to physically alter or change the property).