| A | B |
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| A broker may pay all or part of real estate commission to who? | Salesperson |
| A salesperson can only accept compensation from who? | Their sponsoring broker |
| Minimum age for brokers license | 20 years old |
| Sale of land by an auctioneer requires what? | A real estate license |
| An associate worker can work as a.. | Salesperson, for a principal broker |
| Violation of the license law is a misdemeanor, punishable by what? | Up to a year in jail and a fine of $1000.00 |
| When a licensee terminates with a broker what happens to their listings/information. | Listing stay with original realty and the salesperson must turn over all information |
| When does offering a clients business for sale require a real estate license? | When more than half the value is real estate |
| An apartment information vendor is licensed by who? | Department of state |
| when a license is revoked, how long must a licensee wait before applying to have the license reinstated | 1 year |
| Open listing | Form of listing whereby an owner lists property for sale with a number of brokers |
| To avoid possible liability for the actions of cooperating members of MLS the owner who lists property for sale may decline to offer | Sub agency |
| By accepting subagency a homeowner.. | Will have no vicarious liability for the acts of cooperating agents |
| An agent who had the authority to represent the principal in specific matters is an | General agent |
| Who has a specific authority in representing homeowners? | General agent |
| The commission to be paid in a written listing agreement is the | Percentage of sales price as negotiated and agreed or a flat fee |
| The relationship between an agent and his/her principal is | Fiduciary |
| The agency relationship is always | Consensual, meaning both parties ente into it willing. It is also fiduciary |
| Principal/client | The person who selects the agent to act on his behalf |
| To create an agency relationship, it is necessary that | The parties act as principal and agent |
| What type of listing is illegal in new york | Net listing |
| A licensed salesperson or broker associate acting as an independent contractor must: | Be paid based upon sales and output, and execute a written independent contractor agreement yearly with the broker |
| A broker may be entitled to a commission in the event that the sale does not close if the problem was cause by the | Seller |
| If the broker feels then omission will not be paid they must file an | Affidavit of entitlement for completed brokerage services |
| A real estate salespersons compensation is set by | Agreement between broker and salesperson |
| The Duncan and Hill decision cautioned real estate licensees against what? | The unauthorized practice of law |
| When a buyer/client wants to see property listed by his/her agent's company, the possible conflict of interest can be solved by the use of | Designated agents |
| Buyers should be careful NOT to reveal the top price they're willing to pay to a.. | Agent, because of the fiduciary must tell the seller |
| Ads made by real estate brokers that do not indicate that the advertiser is a broker are: | Blind ads |
| If a licensee becomes a partner in a real estate firm, he must have a: | Brokers License |
| Agency relationship in an in-house sale require | Full discussion and disclosure in writing to all parties |
| Broker dual agency can occur if | Agents of the broker represent both the buyer and seller in the same transaction. Full discussion and disclosure in writing to all parties must be made |
| Regulation 175.7 is not limited to what | Residential Transactions, a broker must make it clear for which party he is acting for in all real estate transactions |
| In wich clause in a deed would you find mete and bounds and monuments | Description |
| Types of legal descriptions | Metes & bounds, block & lot, and monuments |
| Fee simple absolute | The most complete type of ownership in real estate |
| If someone owns a home free and clear of encumbrances and has the right to devise it to his daughter, he owns a ... | Fee simple |
| Riparian Rights | Rights belong to the owner of property bordering a flowing body of water |
| Deed restrictions may be established only by the... | Grantor |
| Deed restrictions are in what form? | They are in the form of covenants or conditions. These restrictions run with the land, they are put by the grantor. |
| Encumbrance | Any right to or interest in the land interfering wit its use or transfer |
| A deed is valid when it is | Delivered and accepted |
| Referee's deed | Used to convey title to a parcel of land through a foreclosure proceeding |
| A title to real property | Deed |
| A deed is the document used to.. | Convey title legally to real property, also known as conveyance |
| Net Lease | Tenants pay all or some of the expenses |
| Assignment | Lessee transfers the entire remaining interest of his lease to another party who then must pay the owner |
| The assignment of a lease involves | The transfer of the lease contract from the present tenant to the assignee |
| Lease | Contract in which for a consideration an owner of real property transfers a property interest to the tenant for a prescribed period of time |
| Contract | A legally enforceable agreement between competent parties in which each party acquires a right |
| Express contract | The parties to the contract have definitely agreed on all the terms in the contract |
| Implied contract | When the agreement of the parties is demonstrated by their acts and conduct |
| Novation | When a new contract is substituted for an existing agreement |
| New york state transfer tax | Based on $4.00 per $1000.00 or $2.00 per $500.00 |
| What type of properties may have flip tax | Coops may have flip taxes, paid by the seller |
| RESPA explicitly prohibits the payments of.. | Kickbacks for services not performed |
| Mortgage | An instrument in writing that is the security for a debt with specific property as a pledge |
| Guaranteed loan program | Offers a loan that guarantees repayment of the top portion of the loan to the lender in the event the borrower defaults |
| A department of Veterans Affairs mortgage is | A guaranteed loan program |
| What does RESPA require for all federal-related loans | A standard HUD-1 Settlement Statement |
| Blanket Mortgage | Two or more parcels of real estate are pledged as security for payment of the mortgage debt |
| The mortgagor | The borrower who gives the mortgage is called |
| FHA insured loans protect | Lenders against financial laws |
| ARM (adjustable rate mortgage) | Permits a lender to adjust the interest rate periodically so it reflects the economy |
| Usury Laws | Used by NYS to fix a maximum allowable interest rate |
| Zoning board of appeal | Local administrative appeal agency and an interpreter of the zoning ordinance. They also issue variances and special use permits. |
| Nonconforming uses | Occur when land does not conform to current zoning laws, but is legally allowed because it was there before new zoning |
| Among other methods, land use is controlled or regulated by | Subdivision Regulations |
| Certificate of occupancy | Permit Issued to builder after all inspections are made and property is deemed fit |
| Building plan/Blueprint | Detailed architectural rendering of a structure |
| Electrical systems are routed through a | Circuit Box |
| Circuit breakers will trip if... | The current increases beyond the capacity of the system |
| The most commonly used insulation material | Fiberglass |
| Price | Th amount a particular purchaser agrees to pay and a seller agrees to accept |
| Market Value | The most probable price, for which the property should be sold with the buyer and seller acting prudently, neither is under undue duress |
| Price Fixing | Occurs when competitors in a group conspire to charge a same or similar price for services rendered |
| The civil rights act of 1866 | Prohibits any type of discrimination based on race |
| Redlining | Refusing to make loans to purchases, construct or repair a dwelling by descrimination |
| New York state law goes beyond federal human rights law when it forbids discrimination based on | Marital Status |
| Steering | Direct Prospective purchasers from diverse backgrounds to presently integrated areas to avoid integration of nonintegrated areas |
| Blockbusting | Using scare tactics regarding the possible change in the demographic of a neighborhood when soliciting listings |
| The Sherman Antitrust law is intended to promot | Free competition in the open market |
| The underground storage tank act in NY | Regulates underground fuel storage tanks that are 1100 gallons or larger. Some tanks on farms and residential store less |
| Underground storage tanks are utilized by business and industry because | The tanks are out of sight and are also protected against vandalism and fire |
| An asbestos problem is sometimes best treated by | Leaving it alone |
| The New York Ageny that oversees the safety of drinking water in NY | The department of Health |
| A property manager or property management firm is usually what kind of agent? | A General Agent |
| Article 12-A Agent | The article containing most of the laws pertinent to salespersons and broker |
| Article 78 | The method of judicial review determinations by agencies such as DOS |
| In NYS authority to require licensure falls under its | Police Power |
| Commingling | Mixing of others funds with a brokers |
| Listing contract | Document in which a property owner employs a real estate firm to market their property |
| Fee for a salespersons license | $50.00 |
| Fee for a brokers license | $150.00 |
| Principal or Client | Person who selects the agent to act on his behalf |
| Customer | Party that the agent brings to the principal |
| Fiduciary | Position of trust |
| Fiduciary duties include | O.L.D.C.A.R |
| O.L.D.C.A.R. | Obedience, Loyalty, Disclosure, Confidentiality, Accountability, Reasonable care |
| General Agent | Agent authorized to handle all affairs of principal |
| Express agency | Agency relationship created by an oral or written agreement between principal and agent |
| Agency Disclosure forms must be given | At First substantive meet |
| Best form of listing to take is | Exclusive right to sell |
| Tenant at sufferance | Tenant who is lawful possession but refuses to leave after his right terminates |
| Real estate | Land and all improvements |
| Real property | Real estate plus all legal rights in ownership |
| Bundle of Rights | Concept that illustrates interest in and title including air rights, water rights mineral rights etc |
| Personal Property/Chattel | Everything that is not real property |
| Two types of water rights | Riparian & Littoral tenement |
| The two types of estates | Freehold(Own) Leasehold (Rent) |
| Tenancy in common | Two or more people holding title to property at same time |
| Encumbrance | Anything that lessens the bundle of rights |
| Two types of Liens | Voluntary and involuntary |
| The lien that has priority over all others is | Real Property Tax lien |
| Easement | non possessory interest in land owned by another |
| What does a lien create on a property? | Encumbrance |
| An easement appurtenant requires two land owners called | Dominant & Servant |
| Right of Eminent Domain | Easement of condemnation created by the government |
| Encroachment | Anything intruding across a boundary lin |
| Restrictive Covenant | Restrictions placed on a private owner by non government |
| License | Temporary privilege to use another's land |
| Alienation | Transfer of real property |
| Deed | Document used to convey title legally to real property |
| The person conveying the title | Grantor |
| The person receiving the title | Grantee |
| To record a deed it must be.. | Acknowledged |
| Delivery & acceptance | Must occur to transfer title by deed to effect it |
| Full covenant & Warranty proprietary | Deed that contain the strongest and broadest for of guarantee |
| Quitclaim | Deed that contains no warranties and is simply a release |
| Escheat | When a person dies and leaves no will or heirs |
| The right of Accession | When owners have the right to all that their land produces |
| Executory | Contract that is not fully performed |
| According to the statue of frauds for a contract to be enforceable it must | Written |
| In New York the time period to bring legal action is and is called | 6 Years, Statue of limitations |
| An agreement that terminates a contract or changes parties is called | Novation |
| Time is of the essence | The rule that states a contract must take place on or before |
| In the purchase of a co-op you receive what | Shares of stock |
| Void Contract | Has no legal force or effect |
| Contract | Agreement beween 2 competent parties to do or not |
| Binder | A written outline of the scope of the real estate transaction |
| Forbearance | The act of refraining from legal action to enforce payment |
| In the purchase of a condo you recieve | A deed & tenancy in common |
| Lessor | Landlord |
| Lessee | Tenant |
| A lease may not be recorded unless it is for a term exceeding | 3 years |
| If the term of the lease is for more than one year it must be | In writing |
| Actual Eviction | The wrongful use of self-help where the landlord removes the tenant |
| Constructive eviction | When the tenant denied quite |
| Holdover | A tenant who remains after his lease terminates |
| Discrimination in rental housing is prohibited except when | People are 55 or older |
| Ground Lease | Long term lease of unimproved land |
| Periodic lease | Lease that automatically renews itself |
| Title to real estate is transferred how | Upon execution & delivery |
| Title | The evidence of the right to possess real property |
| Abstract of title | Condensed history of the title setting all links to chain of titl |
| Proration | Division of expenses between buyer and seller |
| RESPA | Federal statue that regulates disclosure and closing statements relative to mortgage loans on residential |
| Constructive notice | Recordation provides the owner with protection |
| The difference between a condo and co-op closing | Condos are fee-simple |
| Real property transfer tax | NY tax on the conveyance of title to real property |
| Before a title can be transferred what should be provided? | Evidence of marketable title |
| PMI is not a debit to who? | Seller |
| Mortgage | Loan that constitutes a leon against real property |
| Mortgagor | Borrow |
| Mortgagee | Lender |
| Balloon mortgage | Having a larger payment due at the end of its term |
| Amortized Mortgage | Mortgage that is paid monthly of both principal & interest |
| Equity of Redemption use | A buyer may regain his property by paying all outstanding debts up to the time if foreclosure |
| Acceleration Clause | Enabling a lender to declare the entire balance due if the borrower is in default |
| Deficiency Judgement Intestate | In a court order stating the borrower still owes the lender |
| A mortgage should always be | Recorded business |
| Secondary Market | The market that buys and sells mortgages to keep it liquid is |
| With a loan to value of less than 80% the purchaser must obtain | PMI |
| Regulation Z | Truth in lending act provides for disclosure and truth in ads |
| Doctrine of latches | Loss of legal rights due to failure to assert them |
| Deed restrictions | Owners who place private controls on their real estate |
| EIS | The process that describes and analyzes action that may affect the environment |
| Eminent domain | The power of govt to acquire property for public use |
| Taking | Occurs when private property is regulated by a government agency to the economic detriment of the owner without compensation |
| The power of escheat occurs | When the person dies |
| Accessory uses are basically defined as | Mother/son, Home |
| Difference between police power and power of E.D | E.D implies just and fair, police power is government right |
| Who oversee most land use decisions in NY | Courts |
| Amperage | Amount of electricity flowing through a wire |
| The greater the degree of insulation.. | The greater the R factor |
| The minimum electrical service installed must be what amps? | 100 amps |
| The foundation walls of a home are composed of | Concrete |
| Soffit | The area under the roof extension |
| Most common type of framing is | Platform |
| Voltage | Electric pressure that pushes through the wire |
| Plumbing system consists of | Water, drain, vent |
| Article 36-B NY, General business law warranties on new housing | 1 year build, 2 year plumbing, 6 year all |
| Percolation | Flow of water thru soil |
| The importance in real estate is that | It is immobility |
| Arms Length parties | Parties that are not related or business associated |
| Three types of appraisals | Cost, Income, Sales |
| Appraisal | Unbiased opinion of value |
| Market value | Property's worth in terms of the most probable price |
| Mortgage loan value | Whatever the lender believes the property will bring at foreclosure |
| The appraisal approach most closely related to a CMA is | Sales comparison |
| No homogeneity | No two parcels identical |
| The principal of supply and demand states that | Greater supply, lower value |
| The civil rights act of 1866 prohibits | Discrimination of race |
| Cease & desist zone, wastewater | Area where salespeople cannot solicit listings |
| HUD | Federal agency through which civil rights action can be brought |
| Discriminatory type of advertisement that would be allowed is | Adults only, if 62 & older |
| Federal an NY laws contain exceptions except on | Race |
| NY has no exemptions for.. | Sale or rental of single family homes |
| Filtering down | Properties in middle/upper income areas decking allowing lower incomes to purchase them |
| Due diligence review is conducted to protect | Purchaser |
| Long-standing issues are | Clean water, Wastewater |
| EIS is required when | Prior to changing or initiating a land use or development to ensure that the use will not affect the environment |
| The comprehensive environmental response, compensation, and liability act, CERCLA, passed in 1980 was amended by | SARA |
| Lead paint disclosures must be produced on homes built prior to | 1978 |
| One of the major dangers in corrosive water is it may containt | Lead |
| How many phases are in a due diligence test | 4 |
| Electromagnetic fields are created when | Electricity flows |
| Radon generally enters a home through | Small cracks in foundation |
| What for does an independent contractor receive | 1099 |
| Acre | 43560 sq feet |
