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Real Estate Course
Chapter 1 - License Law and Regulations
| Term | Definition |
|---|---|
| Real Estate Broker | A licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller. A real estate broker is someone who helps find a house. |
| Real Estate Salesperson | An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker. |
| Associate Real Estate Broker | A licensed real estate broker who by choice elects to work under the name and supervision of another real estate broker. |
| Mortgage Brokers | Are individuals in the business of arranging funding or negotiating contracts for a client, but who does not loan the money. |
| Continuing Education | Post license education required by salespersons and brokers. New York State demands 22.5 hours of continuing education. |
| Pocket Card | A card issued by the Department of State to each licensee which contains the photo, name and business address of the licensee, and, in the case of a real estate salesperson, the name and business address of the broker with whom he or she is associated and |
| Listing Agreement | An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter’s property. |
| Home Inspection | An examination of a real estate property's condition, usually performed in connection with the property's sale. A qualified home inspector can assess the condition of a property's roof, foundation, heating and cooling systems, plumbing, electrical work, w |
| Escrow | A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition. |
| Commingling | To mingle or mix, for example, a client’s funds in the broker’s personal or general account. |
| Net Listing | A price below which an owner will not sell the property, and at which price a broker will not receive a commission; the broker receives the excess over and above the net listing as the broker’s commission. |
| Article 78 Proceeding | An appeal brought forth because of a ruling by a government agency. |
| Article 12-A | The section of the New York Real Property Law pertaining to real estate salespersons and brokers. |
| Kickback | Payment by a broker of any part of compensation to a real estate transaction to anyone who is not licensed or who is not exempt from the license law. |
| Administrative Discipline | The Department of State’s ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses. |
| Apartment Information Vendor | Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property, including apa |
| Apartment Sharing Agent | Any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more i |
| Blind Ad | An ad that remains anonymous as to who is advertising. Blind ads are illegal. |
| Change of Association | The process by which a salesperson’s license changes sponsorship. |
| Exemption | Conditions under which a property condition disclosure statement is not required. |
| Irrevocable Consent | Incapable of being recalled or revoked; unchangeable; unalterable. |
| Misdemeanor | A crime punishable by up to a year in prison and/or a $1,000 fine. |
| Multiple Listing Service (MLS) | A service provided by a group of real estate brokers. They band together to create a Multiple Listing Service that allows each of them to list each other's houses. Under this arrangement, the listing broker and the selling broker split the commission for |
| Real Estate Appraiser | A practitioner who has the knowledge and expertise necessary to estimate the value of an asset, or the likelihood of an event occurring, and the cost of such an occurrence. Ideally, an appraiser acts independently of the buying and selling parties in a tr |
| Revocation | An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc. |
| Sponsor | A licensed real estate broker that holds the license of a salesperson. |
| Suspension | The right of the Department of State to deactivate a broker’s or salesperson’s license for wrongdoing. |
| Termination | The discontinuance of an agent’s relationship with his/her sponsoring broker. |
| Termination of Association Notice | A written document that terminates the relationship between an agent and his/her sponsoring broker. |
| Violation | Act, deed or conditions contrary to law or permissible use of real property. |
Created by:
drister05
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