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

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 …

Who has the duty to administer all licensing provisions of Article 12-A?

The Secretary of State
The Secretary of State has the duty to administer all licensing, examination, education, and compliance provisions of Article 12-A; the rules of the Board; and the rules of the Secretary of State.

What is Article 9 a real estate?

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

Which of the following is a requirement for obtaining a real estate broker’s license?

In order to qualify for licensure as a Real Estate Broker, an applicant must have at least two years of experience as a licensed real estate salesperson or at least three years of experience in the general real estate field ,or a combination of the both, meet the minimum points required for the experience type, (e.g..

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.

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.

Which NY law allows the DOS to revoke suspend fine or reprimand a real estate broker?

Real Property Law §441-c
Real Property Law §441-c provides, in part, that the Department of State may revoke, suspend, fine or reprimand a real estate broker or salesperson if that licensee is found to have, among other things, violated any provision of Article 12-A of the Real Property Law, engaged in fraud or fraudulent practices, or …

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.

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. Generally, the seller or person creating a security interest to secure an obligation must “authenticate” a security agreement describing the mortgage note. UCC § 9-203(b)(3)(A).

What are the types of real estate law?

Many regions have very specific laws to guide the buying, selling, inheritance, use, and reproduction of property. There are two main types of property law, generally referred to as “intellectual” and “real.”. Within these two large categories there may be a wealth of statutes and systems that deal with specific aspects of the law.

What is legal ownership of property?

Ownership is the legal right to the possession of a thing. The object of ownership can be tangible such as personal property and land or it can be intangible such as intellectual property rights over musical, literary or scientific creations of the mind.

Why is real estate law?

Real estate law is the area of law that governs buying, using and selling land. It’s the law that governs how people acquire property and what they can do with the property that they own. Real estate law is also called real property law. Real estate law is called real estate because it’s about real property.

What is the definition of property law?

property law(Noun) The formal course in property law required of most first-year law school students in common-law systems. Freebase(0.00 / 0 votes)Rate this definition: Property law is the area of law that governs the various forms of ownership and tenancy in real property and in personal property, within the common law legal system.