Real estate U Chapter 1 Exam : Latest Updated A+ Guide Solution

Pocket Card (Ans- 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 shall certify that the person whose name appears thereon is a licensed real estate broker or salesperson Real Estate Appraiser (Ans- 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 transaction in order to arrive at the fair value of an asset without bias Real Estate Broker (Ans- A licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller Real Estate Salesperson (Ans- An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker Revocation (Ans- An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc. Sponsor (Ans- A licensed real estate broker that holds the license of a salesperson Suspension (Ans- The right of the Department of State to deactivate a broker's or salesperson's license for wrongdoing. Termination (Ans- The discontinuance of an agent's relationship with his/her sponsoring broker. Termination of Association Notice (Ans- A written document that terminates the relationship between an agent and his/her sponsoring broker. Violation (Ans- Act, deed or conditions contrary to law or permissible use of real property. Administrative Discipline (Ans- The Department of State's ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses