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25 Cards in this Set
- Front
- Back
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real estate broker
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perso, partnership, association, or corp. who negotiates any form of RE transaction on behalf of another for some compensation
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associate real estate broker
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licensed broker who works for another.Functions as sales person.
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real estate salesperson
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Authorized to do all that brokers do but have to be sponsored and supervised by them.
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Attorneys
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______do not have to be licensed in order to act as brokers, unless employing people under their supervision.
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pocket card
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Given by DOS with license to be carried with you at all times.
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reciprocity
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Allows non residents to obtain an non-resident license in another state. If another states requires a test or an office, then NY will require it of those states' residents, etc.
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states with reciprocity
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AK, CO, CT, GA, MA, MI, NE, OK, PA, WV
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uniform irrevocable consent and designation form
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gives NY courts jurisdiction over unlawful actions of applicants who do biz in NY and allows courts to serve them summons, etc.
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apartment information vendor
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furnishes info concerning the location/availability of residential real property.
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apartment sharing agent
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arranges and coordinates meetings btw owners who wish to share housing with others.
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mortgage banker
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licensed by NY Banking Dept. to making residential mortgage loans
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appraiser
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estimates the value of real property.
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mortgage broker
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registered by the NY Banking Dept. to solicit, process, place or negotiate residential mortgage loans.
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kickback
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Situation when broker pays commission or part to someone not licensed or exempt from license law
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escrow account
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separate trust account in a federally insured bank.
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commingling
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mixing business and personal funds
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net listings
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seller authorizes a broker to procure a commission of any money above specific amount obtained for the sale.
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advertisements
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non-discriminatory. Must have brokers name and number and mention name of geographic region if mention "near..."
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multiple listing service
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pools the listings of all member services.
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Article 78 proceeding
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appealing regulatory agencies, like DOS
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Article 12-A
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Real estate property law that states what salespersons and brokers do
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misdemeanor
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fine up to 1K and 1 yr
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administrative discipline
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revoke, suspend, deny licenship
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revocation/suspension of broker affects_________
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broker and affiliates salespersons
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licensees inform seller that disclosure statement must be provided to _____________
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the buyer or buyer's agent prior to purchase offer for 1-4 unit properties
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