Term
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Definition
| 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. |
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Definition
| An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter’s property. |
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Definition
| An examination of a real estate property's condition, usually performed in connection with the property's sale. A qualified home inspector can assess the condition of a property's roof, foundation, heating and cooling systems, plumbing, electrical work, water and sewage, and some fire and safety issues. In addition, the home inspector will look for evidence of insect, water or fire damage or any other issue that may affect the value of the property. |
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Term
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Definition
| A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition. |
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Term
| Exemption of real estate license? |
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Definition
Yes but need equivalent license
ex. licensed attorney can be seen as a salesperson/broker |
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Term
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Definition
| To mingle or mix, for example, a client’s funds in the broker’s personal or general account. |
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Definition
| A price below which an owner will not sell the property, and at which price a broker will not receive a commission; the broker receives the excess over and above the net listing as the broker’s commission. |
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Definition
| An appeal brought forth because of a ruling by a government agency. |
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Definition
| The section of the New York Real Property Law pertaining to real estate salespersons and brokers. |
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Definition
| Payment by a broker of any part of compensation to a real estate transaction to anyone who is not licensed or who is not exempt from the license law. |
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Term
| Administrative Discipline |
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Definition
| The Department of State’s ability to enforce license laws through reprimand and denial as well as the suspension and revocation of licenses. |
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Term
| Apartment Information Vendor |
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Definition
| Any person who engages in the business of claiming, demanding, charging, receiving, collecting, or contracting for the collection of, a fee from a customer for furnishing information concerning the location and availability of real property, including apartment housing, which may be leased, rented, shared or sublet as a private dwelling, abode, or place of residence. |
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Term
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Definition
| Any person who, for a fee, arranges, conducts, coordinates, handles or causes meetings between a customer and the current owner or occupant of legally occupied real property, including apartment housing, who wishes to share that housing with one or more individuals. |
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Term
| Associate Real Estate Broker |
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Definition
| A licensed real estate broker who by choice elects to work under the name and supervision of another real estate broker. |
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Term
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Definition
| An ad that remains anonymous as to who is advertising. Blind ads are illegal. |
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Term
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Definition
| The process by which a salesperson’s license changes sponsorship. |
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Term
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Definition
| Conditions under which a property condition disclosure statement is not required. |
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Term
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Definition
| An examination of a real estate property's condition, usually performed in connection with the property's sale. A qualified home inspector can assess the condition of a property's roof, foundation, heating and cooling systems, plumbing, electrical work, water and sewage, and some fire and safety issues. In addition, the home inspector will look for evidence of insect, water or fire damage or any other issue that may affect the value of the property. |
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Term
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Definition
| Incapable of being recalled or revoked; unchangeable; unalterable. |
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Term
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Definition
| An employment contract between principal and agent, authorizing the agent to perform services for the principal involving the latter’s property |
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Term
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Definition
| A crime punishable by up to a year in prison and/or a $1,000 fine. |
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Term
| Multiple Listing Service (MLS) |
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Definition
| A service provided by a group of real estate brokers. They band together to create a Multiple Listing Service that allows each of them to list each other's houses. Under this arrangement, the listing broker and the selling broker split the commission for each sale. |
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Term
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Definition
| 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. |
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Term
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Definition
| A licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller. |
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Term
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Definition
| An individual who is licensed to negotiate and arrange real estate sales; works for a real estate broker. |
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Term
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Definition
| An act of recalling a power of authority conferred, as the revocation of a power of attorney; a license, an agency, etc. |
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Definition
| Architectural drawings that describe the layout and construction of a house. |
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Definition
| A document provided by Architects that describe the quality of construction. |
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Term
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Definition
| A small-scale sewage treatment system common in areas with no connection to main sewage pipes provided by local governments or private corporations. |
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Term
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Definition
| The rate, usually expressed as inches per hour or inches per day, at which water moves through soil. |
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Term
| well 50 ft from septic and 100 from absorbtion field |
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Definition
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