chapter 1 license law

administrative discipline

the result of an investigation and hearing before an administrative law judge to determine punishment for violation of license law

apartment information vendor

a licensee who arranges meetings between an owner/tenant and another for the purpose of sharing houses and apartments

apt. sharing agent

a licensee who arranges meetings between and owner/tenant and another for the purpose of sharing houses and apartments

article 12-A

section of NY real property law that pertains to the licensing and actions of a real estate practitioner

article 78 proceeding

an appeal of a ruling by a governmental agency. This happens when a license is revoked or suspended or a penalty, the licensee can use Article 78 to appeal the NYS decision

associate real estate broker

a licensed real estate broker that wants to work under the license of another broker.

to change to a real estate broker all that is required is an application and a fee to activate the broker license

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“office manager” works for another broker and the associate wants to manage his or her real estate office (under supervision of sponsoring broker)

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all brokers (associate and broker) must be 20 yrs old and completed 152 hrs, of education to get a license

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all brokers must have: 2 yrs as a sales rep. total of 1,750 per year

blind ad

an ad placed by a broker that does not have complete info such as the fact that the party placing the ad is a broker , his name and business phone number

change of association

form required to advise DOS that agent is moving from one broker to another

commingling

using funds used in Escrow account for purpose other than those the party agreed to. Under General Obligations Law; the broker is required to make payments right away, when the broker is in control of the tenants security deposits etc

continuing education

22\.5 required every two years for licensees to renew all real estate license

escrow

money held in a trust account to be delivered to a named party at a specified time

home inspection

performed by a licensed home inspector for the purpose of determining any physical problems with real property

irrovocable consent

a mandatory form submitted to the DOS by a non-resident licensee requesting reciprocity , naming the Secretary of State as his agent in a legal action

kickback

an illegal payment by a licensee to a non- licensee or non-exempt party

listing agreement

an agreement between the homeowner and licensee permitting the marketing of the home

misdemeanor

a crime with a prison term of up to one year and/or fine up to $1000

multiple listing service

(MLS) an organization of affiliated members who share real estate info

net listing

an illegal agreement in NYS whereby the licensee receives all of the proceeds of the sale over a specified amount

to make it legal: amount of commission to be paid , price at which house will be listed

pocket card

issued by the DOS, identifys licensee in NYS

real estate appraiser

a licensed person who estimates the value of real estate

real estate broker

a licensee who represents the public and others in the sale/lease/management etc. of real property

a real estate broker can : own and operate a real estate office, hire and pay his sales people, collect and disburse commissions, represent the public in a real estate transaction

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tenant relocator: is a broker who specializes in relocation of commercial or residential tenants when buildings are being demolished , remodeled etc.

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section 441 (real property law) complete guidance for sales person and everything must be documented ( such as listings, sales or other transactions

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if someone has completed the 45 hr salesperson course prior to july 1, 2008, they must now complete the 30 hr gap course and the broker licensing course to become a broker

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if a broker or licensee is buying property for themselves they must make clear to the seller or their representatives

real estate salesperson

a licensee (over the age of 18) who represents and is supervised by a real estate broker and performs permitted actions.

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actions permitted : list for sale , sell or offer to sell at auction, buy or offer to buy or to negotiate the purchase or sale or exchange of real estate , negotiate a loan on real estate other than a mortgage loan, lease or rent or offer to lease rent or place to rent , collect or offer to collect rent for use of real estate for a broker

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salespersons and brokers are licensed under article 12 A of the real property law

revocation

the withdrawal of permitted rights or actions such as a license or agency of wrongdoing

sponsor

a real estate broker who will supervise and assume responsibility for salespeople working for them

suspension

the right of licensing authority to prevent further activity by a licensee as a result of wrongdoing for a specified period of time after which license will be reinstated

termination

ending the association between the broker and salesperson

termination of association notice

form required by the DOS , when you are ending the sponsorship along with $10

violation

any act in non-compliance with the law

exclusive right to sell

is a listing that means if I, the owner of the property , find a buyer or if the broker finds a buyer ,either way I must pay the agreed commission to the present broker

the seller will not be competing with the broker, only broker is allowed to list not the seller

exclusive agency

is a listing that I the owner of the property find a buyer I will not need to pay a commission to broker but if another broker finds a buyer I will need to pay commission to both my broker and the selling broker (co-brokerage)