NY RE Broker flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Licensing authority in New York
- The Department of State, Division of Licensing Services, administers real estate licensing under Article 12-A of the Real Property Law and imposes discipline.
- Salesperson sponsorship requirement
- A salesperson license is valid only while associated with a sponsoring broker; the salesperson cannot accept compensation directly from clients or customers.
- License renewal cycle
- New York real estate licenses are renewed every two years; renewal after expiration requires a late fee and may require additional education.
- Commission negotiability
- Commission rates are set by agreement between the parties and may not be fixed by law or by concerted action among brokers.
- Agency disclosure timing
- The licensee must disclose the agency relationship in writing at the first substantive contact and obtain the client's written acknowledgment.
- Commingling prohibition
- Client or escrow funds may not be mixed with the licensee's personal or business funds; escrow must be held in a designated account.
- Federal protected classes
- The federal Fair Housing Act protects race, color, religion, sex, national origin, familial status, and disability from housing discrimination.
- Source of income protection
- New York law bars landlords from refusing a tenant solely because rent is paid through a subsidy such as Section 8 vouchers.
- Familial status defined
- Protection covers households with children under 18 and pregnant women; blanket no-children policies are unlawful discrimination.
- Reasonable accommodation
- A landlord must adjust rules, policies, or procedures when needed so a person with a disability can use and enjoy the dwelling.
- Blockbusting prohibited
- It is unlawful to induce panic selling by telling owners that members of a protected class are moving into the neighborhood.
- Steering prohibition
- A licensee may not channel prospective buyers toward or away from neighborhoods based on a protected class characteristic.
- Advertising brokerage name rule
- Every advertisement must include the licensed brokerage name as registered with the Department of State; salesperson names may accompany it.
- Blind advertising ban
- Advertising that omits the brokerage name and leaves the impression of an independent or private seller is prohibited.
- Truthful advertising standard
- Ad copy must be accurate and not misleading; material omissions that create a false impression violate the license law.
- Fair housing in ads
- Advertising may not state a preference, limitation, or discrimination based on any protected class under federal or state law.
- Team name advertising
- Use of a team or trade name in marketing requires that the licensed brokerage name also appear in the same advertisement.
- Listing authorization required
- A licensee may not advertise a property without the owner's written authorization or a valid listing agreement.
- SOP written requirement
- Brokerages must maintain written standardized operating procedures describing how buyer and seller clients are handled and served.
- SOP website publication
- Standardized operating procedures must be posted conspicuously on the brokerage website and provided in writing on request.
- SOP buyer-client sequence
- The procedures must state whether and when the firm requires an exclusive buyer-broker agreement before providing services.
- SOP consistency duty
- Procedures must be applied uniformly; treating similarly situated clients differently without a stated basis violates the procedure.
- Broker qualifying education
- Broker candidates complete 120 hours of approved qualifying education or hold equivalent education accepted by the Department of State.
- Broker experience requirement
- A broker applicant generally needs at least two years of licensed salesperson experience or an approved equivalent experience standard.
- Salesperson qualifying course
- The standard salesperson track requires the 75-hour qualifying course plus passing the state licensing examination.
- Broker continuing education
- Brokers complete 22.5 hours of approved continuing education per two-year cycle, including fair housing and agency instruction.
- Fingerprint requirement
- License applicants must submit fingerprints for a criminal history check and disclose prior criminal or disciplinary records.
- Branch office license
- Each branch location must hold its own branch license and have a designated licensed broker responsible for supervising that office.
- Branch manager authority
- Supervision of a branch must rest with a licensed broker or associate broker; an unlicensed manager cannot exercise that authority.
- License display rule
- The main office and each branch must display the license and required agency disclosure notices where clients can see them.
- Unlicensed assistant duties
- Unlicensed staff may handle clerical work such as phones, scheduling, filing, and data entry but may not negotiate or show property.
- Unlicensed assistant compensation
- Unlicensed assistants may be paid wages or salary but may not receive a commission or a share of a brokerage fee.