NYS SALESPERSON LICENSE EXAM 2023 Flashcards

NYS SALESPERSON LICENSE EXAM 2023 Flashcards A fiduciary relationship implies what?Great confidence and trust Commercial buildings and improvements depreciate over39 years Article 12 Aoutlines the roles / duties of the Department of State Dual agency occurs whena broker represents both the buyer and seller in a transaction The agency disclosure form is not required for what?The sale of vacant land When does buyer agency occur?When a purchaser hires a broker to represent them when the declaration form is done for refusal to sign the agency disclosure form , what if any should happen next?Acknowledgment, state the facts, and retain a copy for at least three years portfolio incomeMoney earned from Interest , annuities , dividends , and royalties Fee Simpleprovides the most complete form of ownership.The sales person is also known as what?Sub agent of their broker When should the real estate sales person carry their pocket card?at all times when doing business and show it on demand Unintentional misrepresentationoccurs when the broker makes a false statement to the buyer about the property and the broker does not know whether the statement is true or false Net Listinga method of establishing the listing broker's commission as all money above a specified net amount to the seller According to section 443 of the New York State real property law licensees must present a written agency disclosure form that details, consumer choice about representation when?At the first substantive contact Leasehold Estatesa non-freehold of limited duration, providing the right of possession and control but not title.All advertisements placed by a broker must list what?Name of the broker and telephone number According to Section 442 - c of the New York Real Property Law , a broker is vicariously liable for a salesperson's actions only when " the broker had actual knowledge of such violations or if the broker retains the benefits from the transaction after he knows that the salesperson has engaged in some wrongdoing" Passive incomeMoney earned from investing in a business venture or partnership NYS Department of Financial Servicesregisters and licenses all companies and individuals who conduct mortgage related services Net listings areillegal in New York .A buyer representation form should be signed between who?the buyer and the broker The status of an associate broker is the same as A salesperson An open listing contract is an example of unilateral contract

Easementis the right to cross or otherwise use someone else's property for a specified purpose Corrective Maintenancetask performed to identify , isolate and rectify a problem with a property so that the property can be restored to an acceptable condition The listing agreement createsan express agency relationship Oh, if a buyer or seller refuses to sign the agency disclosure form, what should the agent document?Names, time, date, reasons and complete the declaration form stating the facts Who issues the pocket card?Department of state A real estate salesperson must be at least 18 years old A real estate salesperson's license is valid for 2 years commercial easement in grosscommonly used by utility companies Riparian Rightsbelong to the owner of a property bordering a flowing body of water Joint tenancya form of co-ownership by two or more persons, each of whom has an undivided interest WITH the "right of survivorship".Littoral Rightsapply to property bordering a stationary body of water Exclusive Agency AgreementThe seller must work exclusively with the broker to sell their property , BUT the seller does not have to pay the broker a commission, if they find a buyer themselves If a real estate brokers license is suspended or revoked, what happens to each sales person working under that broker?of Sponsor's or each real estate salesperson working under that broker shall also have their licenses suspended Adjusted Basisthe original cost or other basis plus certain additions and minus certain deductions Dual Agency the agent should notify both parties and have them sign the Agency Disclosure form The broker is also known as what?Agent A real estate broker must be at least20 years old Principal or clientBuyer and/or seller Tenancy by the entiretyThis form of co-ownership is limited to married couples.Special agentAn agent with limited authority to act on behalf of the principle, such as created by a listing. example, real estate agent, or real estate broker Before renewing a license , the salesperson must complete22.5 hours of Continuing Education Estate for yearsexists for a fixed period of time Tax sheltersAny method of reducing taxable income resulting in a reduction of the payments to tax collecting entities including state and federal governments Management Agreementsigned between the property owner and the property manager Straight - Line Depreciation papera paper loss required for estimated wear , tear , and obsolescence of a property

The salesperson's license is held where? sponsoring broker General agentSomeone authorized to transact every kind of business for the principal. example property manager Stabilized Budgeta forecast of income and expenses as may be reasonably projected over a short term typically five years Brokers must maintain records of all transactions, for at least, how many years?Three years Easement by prescriptionObtained by use of land without the owner's permission for a legally prescribed length of time NYS Department of Stateprimarily responsible for issuing real estate licenses , pocket cards , and handing down disciplinary action The agency disclosure form is a written explanation to be signed by prospective buyer or client of real estate. What does it explain?the role that the broker plays in the transaction Misrepresentationmeans making an intentionally false statement to induce someone to contract Sherman Anti - Trust Actthe following actions . illegal : 1 ) Price fixing 2 ) Group boycotts 3 ) Market allocation 4 ) Tie - in arrangements The agents fiduciary duties to the client include....Obedience, loyalty disclosure of information, confidentialities, accountability, reasonable care Trade Fixturesare items of personal property that a business operator installs in rented building space.Self - dealingis another example of positive misrepresentation Active incomeMoney earned through salaries or in a business in which the taxpayer actively participates New York Court of Appealsthe highest court in New York State .Personal property is also known asChattel Exclusive Right to Sell AgreementThis listing contract offers the most security to the broker .The seller must work exclusively with the broker to sell their property . The broker is entitled to a commission even if the seller finds a buyer themselves ConveyanceThe transfer of the title of land from one to another If the property condition disclosure statement is not signed, the buyer shall receive a $500 credit against the purchase price of the property.Ownership in SeveraltyWhen title to real estate is in the name of only one person or entity Easement by necessityUsed when a property owner is landlocked and needs to cross an adjacent property to get access to their property Easement in grossA right of use in the land of another without the requirement that the holder of the right own adjoining land Any commissions earned are paid tothe salesperson's broker How many hours of total coursework should a real estate broker have completed for a license?120 hours total coursework Fixturespersonal property that attaches permanently to the land or improvements and becomes part of the real property.

A real estate broker must have at least how many years of experience as a sales person?two years Capital Reserve BudgetMoney set aside by a property owner for long - term capital expenditures to a property Positive misrepresentationmeans the broker concealed a material defect from the buyer If a real estate salesperson fails to renew their license within 2 years , their license is considered expired A listing contract is created between a seller and a broker not with wom?a salesperson Absolute ownership of real propertya person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person's life and descending to the person's heirs or distributees.Real estate salespersons may perform acts that a broker is authorized to perform , but they do so on behalf of a broker with whom they are associated Tenancy in commona form of co-ownership by two or more persons, each of whom has an undivided interest, WITHOUT the "right of survivorship".Property Condition Disclosure Statementrequires the seller to submit to the buyer, a Property Condition Disclosure Statement, prior to signing the contract of sale deeddocument used to convey title legally to real property

Open Listing Contract :The seller is allowed to work with any broker who brings

them a buyer . Only the broker who brings a buyer is entitled to a commission Life Estatesownership, possession, and control of a property for someone's lifetime.form of fee simple estateA life estate 1031 tax - deferred exchangeallows an individual to defer capital gains taxes on real estate bought and sold for investment purposes A real estate broker must complete how many hours in the broker course for a license?45 hours Estate at WillThe duration of an estate at will is for an unknown period of time Estoppelwhen a principal does not stop an individual from representing his or her interests , thus creating an agency relationship between the two .Operating Statementused by property managers to project the net operating income for the property The operating statement defines all of the income and expenses for the property The agency disclosure form outlines what? The agents duties to the client explains that an agent owes a fiduciary duty to the client and allows for advance consent to dual agency