Quick Answer: What is Article 12 A real estate?

Article 12-A – (Real Property) REAL ESTATE BROKERS AND REAL ESTATE SALESMEN. … No person shall be entitled to a license as a real estate salesman under this article unless he or she is over the age of eighteen years.

What is the primary purpose of Article 12-A of the NYS Real Property Law?

No real estate broker shall pay any part of a fee, commission or other compensation received by the broker to any person for any service, help or aid rendered in any place in which this article is applicable, by such person to the broker in buying, selling, exchanging, leasing, renting or negotiating a loan upon any

What is Article 9 a real estate?

Article 9-A – (Real Property) SUBDIVIDED LANDS. … 337-A – Provisions governing sale or lease of subdivided lands.

What is the position regarding the offering of premiums prizes or merchandise to list a property?

What is the position regarding the offering of premiums, prizes, or merchandise to list a property? It is unethical.

What is the primary purpose of the license law?

The primary purpose of these laws was to provide consumer protection and to protect the welfare, health, and safety of the general public and prevent economic loss resulting from the dishonest practices of others in expectation of a fee or other valuable consideration.

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What is the primary purpose of licensing?

Why Are Licensing Boards Important? The primary purpose of a licensing board is to prevent possible exploitation and harm. The general public may not have sufficient knowledge to recognize when a mental health provider is unqualified, so a licensing board sets the minimum standards a therapist must meet.

What is a listing contract in real estate?

What Is a Listing Agreement? A listing agreement is a contract under which a property owner (as principal) authorizes a real estate broker (as agent) to find a buyer for the property on the owner’s terms. In exchange for this service, the owner pays a commission.

How many points are given for hotel sales experience real estate?

You must accumulate a minimum of 1750 points* to qualify for a broker’s license based on experience as a real estate salesperson.

What does Article 9 apply to?

Article 9 regulates the creation of security interests, and the enforcement of those interests, in movable or intangible property and fixtures. It encompasses a wide variety of possessory liens and determines the legal right of ownership if a debtor does not meet their obligations.

How does an Article 9 sale work?

Pursuant to Article 9, a lender seeking to collateralize an advance on the personal property of its debtor may negotiate and memorialize its security interest in an agreement, perfect its position as a secured lender relative to other interests in the property, and enforce its security interest by repossessing and …

Does Article 9 apply to mortgages?

Article 9 applies to both a security interest in a mortgage note to secure an obligation and to the rights of a buyer of a mortgage note. … The seller or person creating the security interest to secure an obligation must have “rights” in the mortgage note–this too is usually easy to satisfy.

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