Real Estate U Study guides, Class notes & Summaries

Article 12-A of the NYS Real Property Law - Answer The section of the New York Real Property Law pertaining to real estate salespersons and brokers. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Sponsor - Answer A licensed real estate broker that holds the license of a salesperson. "Summary of Your Submission" - Answer Obtained after your register for the New York State ...

Article 12-A of the NYS Real Property Law - Answer The section of the New York Real Property Law pertaining to real estate salespersons and brokers. - Primary purpose is to "Protect the Public" - Requires a salesperson to be at least 18 years of age - Requires a broker to be at least 20 years of age Sponsor - Answer A licensed real estate broker that holds the license of a salesperson. "Summary of Your Submission" - Answer Obtained after your register for the New York State ...

Article 12 A - Answer NYS Real Estate Property Law (1) Protect the public (2) Salesperson at least 18 (3) broker at least 20 years . Sponsor - Answer Broker that holds salesperson license Summary of Submission - Answer Paper you get after registering for NYS test. Bring to tes with you Misedemanor - Answer Crime with no more than 1 year prison or $1,000 fine Listing Agreement - Answer Agreement between salesperson and property owner, allowing salesperson to provide services...

As an independent contractor, which of the following must exist between the salesperson and a specific broker...? A. Implied contract B. Explicit agreement C. Handshake agreement D. Written contract - Answer D. Written contract When a buyer's broker agrees to the cooperative arrangement of the MLS, he/she becomes what to the seller, who's property is listed on the MLS...? A. Secondary agent B. Primary broker C. Sub-agent D. Principal - Answer C. Sub-agent Which of the fol...

According to an agent's fiduciary duties, the agent must not change or modify the financial terms of a deal. Which of the following fiduciary duties best reflects this...? A. Obedience B. Reasonable Care C. Accountability D. Loyalty - Answer C. Accountability A situation in which one party is held partly responsible for the unlawful actions of a third party is known as...? A. Dual Agency B. Principal Arrangement C. Undivided Loyalty D. Vicarious Liability - Answer D. Vicariou...

A. Not having a college diploma B. Being a convicted sex offender C. Not being able to read or write D. Not having any work experience in the field of real estate - Answer B. Being a convicted sex offender To mingle or mix funds is known as what...? A. Commingling B. Blending C. Sponsoring D. Escrow - Answer A. Commingling How often must a real estate salesperson renew his/her license...? A. 3 years B. 1 year C. 4 years D. 2 years - Answer D. 2 years Mark is a newly...

The Department of State - Answer - Primarily responsible for issuing real estate licenses, pocket cards, and handing down disciplinary action - Provides advertising guidelines for brokers Article 12-A of the NYS Real Property Law - Answer Outlines the roles/duties of the Department of State Commissions - Answer - Commissions are paid by the client (buyer or seller depending on the transaction) to the brokers involved in the transaction. - A typical commission in New York is 6%. - Com...

John is a licensed real estate broker in NC who is managing an apartment complex. He wants to run a promotion to help attract new tenants. Which of the following would NOT be allowed? - Answer A free month's rent given to any current tenants who recommend a friend that signs a one-year lease Remember, you cannot receive any form of compensation from an owner if you perform a real estate service for someone else. A free month's rent given to new tenants involves a form of compensation; how...

Salesperson's Sponsoring Broker Answer - a real estate salesperson closes on a transaction, who pays the salespersons commission? General Agent Answer - An agent with full authority over one property of the principle. EX: Property Manager. Supply Answer - Te amount of goods offered for sale within a given market at a given price during a given period. Specific Agent Answer - Agent with limited authority to act on behalf of the principal, such as a listing. EX real estate agent....

An acceleration clause is included in which of the following...? The mortgage Both the promissory note and mortgage The promissory note The lien - Answer The promissory note? Collateral - - Answer Marketable real or personal property which a borrower pledges as security for a loan. In mortgage transactions, specific land is the collateral. Promissory Note - - Answer Following a loan commitment from the lender, the borrower signs a note, promising to repay the loan under stipulate...