License Law and Regulations- Unit 1

Whats Article 12- A

main blueprint for license law

Caveat Emptor means?

"Let the buyer beware," indicating that buyers should be cautious and responsible when making purchases

broker performs what activities?

transaction negotiations, leases, loans, collects rents, sells parcels, exchanges real property, etc

Dual Licensure is when?

RE professionals hold more than one license in related field (AB )

Pocket card is ?

copy of license that must be carried at all times

Kickback?

improper commission splitting and secret profit

Blind Advertising

when licensees fail to advertise the brokerage and broker name

Commingle

the mixing of client/customer funds with personal funds

Escrow

an account holding funds of others (escrow account made by broker must have escrow in the name)

Listing agreement is ?

employment agreement

Residential property is classified as ?

property that contains 4 or less units in a building for living purposes

Reciprocal agreements?

between states that recognize each others license laws and requirements

Mutual Recognition

recognizes education but may still require state test

Irrevocable Consent

Form stating that the nonresident consents that she may be sued in New York

DOS

regulates and licenses real estate professionals

What do Broker and Sales person owe to public

Care, Accountability, Limited Disclosure

RPL Section 242

requires that seller of RP reveal if property has any uncapped natural gas wells that are known BEFORE entering into a contract for purchase and sale