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25 Cards in this Set

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