NYS Real Estate Salesperson

NYS Real Estate Salesperson Real Estate Broker - Answer ️️ -is any person, partnership, association, or corporation who, for another and for compensation of any kind, negotiates any form of real estate transaction Associate Real Estate Broker - Answer ️️ -A licensed real estate broker who chooses to work under the name and supervision of another licensed broker. Real Estate Agent - Answer ️️ -anyone who performs as a real estate broker for compensation of any kind, but does so only while associated, licensed with, and supervised by a licensed broker who is the salespersons sponsor. Article 12 A - Answer ️️ -The section of the NY Real Property Law addressing the purchase or lease of vacant subdivided lands sold through an installment contract within or without NY Fee for Lincensure - Answer ️️ -Broker pays a $155 fee and Salesperson pays a $55 fee for each licensure term Kickback - Answer ️️ -When a broker pays an unlicensed person for obtaining a listing (violation) Blind Ad - Answer ️️ -When the ad does not indicate that one of any of the following; the advertiser is a real estate broker or provide the broker or brokers firms name, either the full address of the broker or brokerage firm or the phone number of the broker or brokerage firm Listing Agreement - Answer ️️ -Is a brokerage contract to market a sellers property for a commission Multiple Listing Service - Answer ️️ -Is a system that pools the listings of all member companies Escrow - Answer ️️ -Account in a federally insured bank Commingling - Answer ️️ -Mixing the funds of others with business or personal funds Net Listing - Answer ️️ -The seller specifies a net amount of money he wants to receive upon sale of property (illegal) Violation of Article 12-A - Answer ️️ -Results in a $1,000 fine Uncapped Gas Wells Disclosure - Answer ️️ -The seller must disclose to the buyer the existence of any known uncapped natural gas wells on the property Stigmatized Property Disclosure - Answer ️️ -Article 443-a of the NY real Property Law addresses stigmatized property, and state that sellers and seller agents do not have to disclose this information Article 78 Proceeding - Answer ️️ -An appeal brought forth because of a ruling by a government agency Irrevocable Consent and Designation Form - Answer ️️ -This form gives the New York courts jurisdiction over unlawful actions of applicants who conduct business in New York. The form allows the courts to serve a summons or other legal documents on the New York Secretary of State in place of personal service on the applicant Agency - Answer ️️ -Occurs when one person hires another individual to act on his or her behalf General Agent - Answer ️️ -Someone authorized to handle all affairs of the principal concerning a certain matter or property, usually with the limited power to enter into contracts (ex. Property manager) Special Agent - Answer ️️ -Someone who has narrow authorization to act on behalf of the principal (example is a real estate broker with a listing) Subagent - Answer ️️ -A person appointed by an agent with permission of the principal to assist in performing some or all the tasks of the agency Seller Agent - Answer ️️ -Cooperative sales can be handled from another real estate firm, as a sub agent of the listing broker and owner (seller) Buyer Agent - Answer ️️ -...buyer from another real estate firm Cooperating Agent - Answer ️️ -A person who participates in the sale of the property Express Agency - Answer ️️ -An agency relation created b