NYS Colibri Real Estate Final Exam Flashcards

NYS Colibri Real Estate Final Exam Flashcards Fiduciary Dutiescare, obedience, accounting, loyalty, and disclosure COALD Reasonable CareA fiduciary duty that requires agents to protect clients from foreseeable harm, act professional, and perform promised duties Real Estate BrokerA person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee SubagentAn agent of an agent Escrowlegal agreement handled by 3rd party until conditions fulfilled Net ListingIllegal listing; broker keeps everything above a certain figure Undisclosed Dual AgencyA relationship in which the real estate agent is found to be the agent of both the buyer and seller in a transaction, but without the knowledge and informed consent of both parties. Undisclosed Dual Agency is illegal in all states FiduciaryPerson in a position of trust, held by law to high standards of good faith and loyalty Real Estate SalespersonA person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker Apartment Information VendorA person who is at least 18 years old who furnishes information about the location and availability of residential rental property Designated Sales AgentAppointing one or more individual agents in a firm to represent only the interests of the seller and one or more different individual agents in the firm to represent only the interests of the buyer when a firm has an "in-house" dual agency situation Change of Association NoticeWhenever there is a change of broker and/or address, the licensee must complete and submit the appropriate form to the Department of State within 5 days Multiple Listing Service (MLS)An organization with a suite of services that real estate brokers use to establish and share information about properties for sale Seller's Agent AKA Listing AgentA licensee representing the interests of the seller of a property LoyaltyA fiduciary duty that requires a real estate licensee to put the principal's interests above all others' interests, including her own

ComminglingIllegally mixing personal funds with money held in trust on behalf of a client Tie-in Arrangement AKA Tying AgreementAn antitrust violation in which one transaction or agreement is contingent on a second transaction or agreement Market Allocation AKA Territory Allocation An antitrust violation where competitors agree to not compete with each other in specific markets by dividing up geographic areas, types of products, or types of customers ViolationTo break or fail to comply with a rule or formal agreement Apartment Sharing AgentA person who arranges meetings between potential roommates and property owners who want to share their apartments and homes with others MisrepresentationA false statement or lie that can render the contract void ExemptionSomeone who sells real estate who does not need a license ObedienceThe fiduciary relationship obligates the agent to act in good faith at all times, obeying the client's instructions in accordance with the contract MisdeamorA crime or offense that is less serious than a felony; any minor misbehavior or misconduct DisclosureRevelation of material facts or defects Implied AgencyAgency that exists as a result of actions of the parties Blind AdAn ad that remains anonymous as to who is advertising.Blind ads are illegal Undivided LoyaltyA fiduciary obligation that is given up by both the buyer and seller when they consent to dual agency RevocationTo take back or unauthorize Special Agent AKA Limited AgentAn agent authorized by the principal to perform a specific activity or participate in a specific transaction TerminationThe act of ending something Home Inspectoran individual who inspects homes for defects prior to the closing of a home sale to protect the buyer or lender's investment Dual AgencyRepresenting both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states Expressed AgencyAn agency created in a written or oral agreement Listing AgreementA written agency contract between a seller and a broker, stating that the broker earns a commission for finding (or attempting to find) a buyer for the seller's real property. A listing is a personal services contract AppraiserAn independent person trained to provide an unbiased estimate of value Vicarious LiabilityThe legal concept that a principal can be held responsible for the wrongful act of their agent if such acts occur within the scope of the agency relationship

Self-DealingWhen a Fiduciary acts in their own interests with their sensitive information for their own benefit instead of the greater benefit of shareholders/Principal, during a Transaction/Agency Relationship Pocket CardA card that shows the name and business address of the licensee General AgentOne who is authorized by a principal to represent the principal in a specific range of matters KickbackFee or other compensation given as undisclosed commission for business referrals. Kickbacks are prohibited by RESPA Associate Real Estate BrokerA licensed real estate broker who chooses to work under the name and supervision of another licensed broker Irrevocable ConsentOnce a contract is formed - by an offer, acceptance, and consideration - it can't be taken back Continuing EducationEducation that is employment or license related; used to motivate, enrich, update skill sets, satisfy licensing requirements, or further your career (22.5 hours for 2 years) Tenant's AgentA Licensee who represents the tenant in a leasing transaction Administrative DisciplineThe New York Department of State's enforcement of license laws through reprimand and denial as well as the suspension and revocation of licenses First Substantive ContactThe first contact or meeting by a licensee when some detail and information about the property is shared with parties who express some interest in the real estate transaction Price FixingAn antitrust violation that occurs when two or more competitors agree to fix the prices that they will charge Landlord's AgentAn agent who assists a landlord in finding a tenant Group BoycottAn organized refusal by competing businesses to deal with a particular "target" person or business Article 12-A of the NYS Real Property Law Outlines the roles/duties of the Department of State Informed ConsentGiving potential participants enough information about a study to enable them to choose whether they wish to participate Principal AKA ClientThe person who gives authority to an agent Broker's AgentA real estate professional employed by a real estate broker to assist clients working with their agency Sponsoring BrokerThe broker who is sponsoring a licensed broker, managing broker, or leasing agent SuspensionTemporary lifting of a real estate license Article 78 ProceedingAn appeal brought forth because of a ruling by a government agency

Buyer's AgentA real estate professional who is under contract to locate property for a buyer and represent the buyer's interests in a transaction Termination of Association NoticeA written document that terminates the relationship between an agent and his/her sponsoring broker