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 you register for the New York
State
Salesperson exam using eAccessNY. You must bring your “Summary of Your
Submission” with
you when taking the State exam.
Misdemeanor – Answer- – A crime punishable by up to a year in prison and/or a $1,000
fine.
Listing Agreement – Answer- – An employment contract between principal and agent,
authorizing the
agent to perform services for the principle involving the latter’s property
Pocket Card – Answer- – 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. - Must be carried by the agent at all times when serving as a salesperson.
Fiduciary – Answer- – A person who on behalf of or for the benefit of another transacts
business or
handles money or property not the person’s own; such relationship implies great
confidence and
trust.
OLD CAR – Answer- – Obedience - Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
Obedience – Answer- – Agent must act in accordance to clients demands/instructions.
Loyalty – Answer- – Agent must work in the best interest of the client.
Disclosure of Information – Answer- – Agent must communicate with client/must present
all offers.
Confidentiality – Answer- – All confidential information as described by client must
remain so unless given permission in writing.
Accountability – Answer- – One of the more serious fiduciary responsibilities.
Reasonable Care – Answer- – Agent may be liable for costly mistakes.
Disclosure Regarding Real Estate Agency Relationships Form – Answer- – A written
explanation, to
be signed by a prospective buyer or seller of real estate, explaining to the client the role
that the
broker plays in the transaction. - First document to be submitted to all prospective clients
Exclusive Agency – Answer- – An agreement of employment of a broker to the exclusion
of all other brokers; if sale is made by any other broker during term of employment,
broker holding
exclusive agency is entitled to commissions in addition to the commissions payable to
the
broker who effected the transaction - Made between a broker and a seller
Principal – Answer- – The employer of an agent or broker; the broker’s or agent’s client.
Price Fixing – Answer- – Conspiring to establish fixed fees or prices for services or
products.
Market Allocation – Answer- – An agreement between members of a trade conspiring to
refrain from competition in specific market areas.
Independent Contractor Relationship – Answer- – A person that provides services to
another under
terms specified in a contract or within a verbal agreement. An independent contractor is
not an
employee. - The agent does not have to work in a specific location
- The broker cannot control the agent’s work activities
Bundle of Rights – Answer- – The premise that the ownership of real estate consists of
the ownership of the various rights associated with it. These rights include the right to
use and/or copy, the right to sell in whole or in part, the right to lease, the right to
bequeath and the right to do none of the foregoing.
- Includes the right to quiet enjoyment.
Littoral Rights – Answer- – The right of a property owner whose land borders on a body
of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore
and water the property borders on.
Riparian Rights – Answer- The right of a property owner whose land borders a natural
water course, such as a river, to reasonable use and enjoyment of the water that flows
past the property. Riparian literally means “riverbank.”
Specific Lien – Answer- A lien that only binds to a specific asset or property. Ex:
Mortgage.
Voluntary Lien – Answer- A contractual or consensual lien that is created by an action
taken by the debtor, such as a mortgage loan to buy real estate. Ex: Mortgage
Tax Lien – Answer- A lien imposed by law upon a property to secure the payment of
taxes.
Easement – Answer- A right to cross or otherwise use someone else’s property for a
specified person.
Encumbrance – Answer- Any right to or interest in the land interfering with its use or
transfer, or subjecting it to an obligation.
Affirmative Easement Appurtenant – Answer- Parcels without access to a public way
may have an easement of access over adjacent land if crossing that land is absolutely
necessary to reach the landlocked parcel and there has been some original intent to
provide the lot with access.
Full Covenant and Warranty Deed – Answer- A type of deed where the grantor
guarantees that he or she holds clear title to a piece of real estate and has a right to sell
it to the grantee. This type of deed contains the strongest guarantee of title.
Quitclaim Deed – Answer- A deed which conveys simply the grantor’s rights or interest
in real estate, without any agreement or covenant as to the nature or extent of that
interest, or any other covenants; usually used to remove a cloud from the title.
Habendum Clause – Answer- A clause in a deed or lease that defines the type of
interest and rights to be enjoyed by the grantee or lessee. Also known as the “to have
and to hold” clause