Chapters 1-20 Real Estate Employee License Easement
This chapter is covers real estate employee license easement.
someone who works under the direction and control of another
individual who is self employed
independent contractors specifically classified as employees by statute for social security and medicare taxes
direct sellers and licenses real estate agents; treated as independent contracts for all tax purposes if certain conditions are met
The New York Department of State’s enforcement of license laws through reprimand and denial as well as the suspension and revocation of licenses.
Article of New York Real Property
Law, which contains most of the laws
relevant to real estate brokers and
article 78 proceeding
Refers to an article of the Civil Practice Law and Rules that allows aggrieved persons to bring an action against a government body or officer.
A licensed broker who works for another broker.
An ad placed by a real estate licensee that does not include the appropriate broker indentification, often placed in order to give the illusion that property is for sale by owner.
a businessman who buys or sells for another in exchange for a commission
Illegally mixing deposits or monies, collected from a client, with one’s personal or business account. Taking money out too soon or putting it into escrow too late (10 banking days).
Formal education by a working professional to improve or maintain professional competence (fair housing laws, etc)
When a new license or a license renewal is issued, a wallet sized card identifying the holder as a real estate licensee accompanies it. The R.E.C. requires that the licensee obtain this card from the broker, sign it and carry it when conducting real estate business.
real estate appraiser
A person licensed by the Department of State who is specially trained to offer an unbiased value of real property.
real estate salesperson
A person other than another licensed broker employed by a real estate broker to perform any act authorized to be performed by a real estate broker.
when states allow licensees to use their license in other states
the act (by someone having the authority) of annulling something previously done (real estate license)
The principal broker in a real estate firm,who undertakes to train and supervise associated licensees.
a temporary debarment (from a privilege or position etc)
an act that disregards an agreement or a right
the responsibilities of an agent to their client
intentional misrepresentation, concealment, negligent misrepresentation
relationship of trust created when one person (client) gives another person (agent) the right to represent them in dealings with third parties
agency disclosure form
Form that states whether an agent is representing the seller or the buyer, or both, in a transaction.
the representation of a party in a real estate transaction
a business activity that attempts to monopolize contract, or conspire (or any of these things together) in a way that negatively affects another’s ability to do business
the business of bringing together buyers and sellers of real property and assisting in negotiating such transactions
engaged and works directly for the broker – a broker’s agent is not a subagent of the seller or buyer. still owes the same fiduciary duty to the broker’s seller or buyer the broker does
broker protection clause
the property owner will compensate the listing broker if, within a specified number of days after the listing expires, the owner sells the property to someone with whom the broker negotiated during the original term of the listing.
buyer broker contract
a written agency contract between a buyer and a real estate broker stipulating the broker will be paid a commission when the buyer purchases real estate
A broker who represents a buyer in a real estate transaction.
someone who employs a broker, lawyer, or other professional. real estate clients can be sellers buyers or both
discretion in keeping secret information
consensual dual agency
Occurs when 1. the broker and all licensees are dual agents for both parties in the transaction 2. the buyer and seller each appoint a designated agent, who fully represents them. The broker, however, would (with consent) act as a dual agent in the transaction.
Negligent misrepresentation or concealment of a material fact intended or not
Brings the buyer to the transaction (represents the buyer) from another company. The listing broker and the cooperating broker may be the same person/firm.
a party in a transaction to whom an agent does not have a fiduciary duty or relationship, but to whom an agent must still be fair and honest.
An agent who represents both buyer and seller in the same transaction.
When real estate licensees hold more than one license at a time.
a written agreement (or property or money) delivered to a third party or put in trust by one party to a contract to be returned after fulfillment of some condition
a deduction allowed to a taxpayer because of his status (having certain dependents or being blind or being over 65 etc.), immunity from an obligation or duty
An agreement filed by an out – of – state broker stating that suits and actions may be brought against the broker in the state where license is sought.
an illegal payment of money made in return for a favor or service, an arrangement in which contractors padded the amount of their bill for city work and paid, or “kicked back” a percentage of that amount to the political bosses.
a contract between owner and broker (as agent) where broker is employed to find a buyer on the owner’s terms
a crime or offense that is less serious than a felony; any minor misbehavior or misconduct
multiple listing service
marketing organization whose broker members make their own exclusive listings available to other brokers; sellers gain because of larger exposure.
net listing agreement
A listing agreement in which the seller sets a net amount acceptable for a property; if the actual selling price exceeds that amount, the broker is entitled to keep the excess as commission; illegal in NY.
A licensed associate real estate broker who elects to work as an office manager under the name and supersvision of another broker in order to supervice a branch office.
used when a transaction is an in-house sale (when one agent from firm X represents the buyer and another agent from firm X represents the seller)
points or facts in a real estate transaction
Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states
a rule of evidence whereby a person is barred from denying the truth of a fact that has already been settled
broker is the exclusive agent for the seller. The owner may sell, but the broker will be entitled to a commission only if he/she is successful in selling the property
exclusive right to sell
one principal broker is designated to represent the seller and receive a commission when the buyer is found, regardless of who finds the buyer.
Authority expressly communicated, in words or in writing, by the principal to the agent. Also called
The duties of obedience, care, and loyalty owed by directors and officers to their corporation and its shareholders.
Relationship of trust and confidence between principal and agent; agent owes duties of care, obedience, accounting, loyalty and disclosure
first substantive contact
An event triggering agency disclosure(e.g., prior to entering into a listing agreement, prior to showing a property, at an open house when a buyer displays serious interest, etc.)
deliberate deception to secure an unfair gain.
someone authorized to transact every kind of business for the principal
Agency which is created through the actions of the parties , rather than through an express agreement. Also called implied agency.
Possession of another’s land as if the owner for a statutory period which may lead to acquiring title, 10 years in ny
The tract that benefits from the easement
(law) the privilege of using something that is not your own (as using another’s land as a right of way to your own land)
Easement that is intended to benefit the property of the easement holder
easement by condemnation
An easement created by the government of government agency that has exercised the right under eminent domain
easement by express grant
easement given in a deed by the original owner to provide a means of access for the purchaser of one part of the land
easement by implication
Occurs because of necessity, such as the conveyance of a land-locked property.
easement by necessity
An easement allowed by law as necessary for the full enjoyment of a parcel of real estate; for example, a right of ingress and egress over a grantor’s land
easement by prescription
• A right to use another’s property that is inconsistent with the owner’s rights and that is acquired by a use-open and notorious, adverse and continuous-for the statutory period. To a certain extent, it resembles title by adverse possession but differs to the extent that the adverse user acquires only an easement and not title.
easement for light and air
Abutting owners attempt to purchase rights to light and air over a neighbor’s property.
easement in gross
A personal right to use the land of another.
entry to another’s property without right or permission
any obstruction that impedes or is burdensome