Property Management
A property manager who collects rents, negotiates leases, and coordinates repairs for a fee without a real estate license in New York is:
AOperating legally as a property manager is exempt from licensing
BViolating New York license law which generally requires a license for property management for compensation✓ Correct
COnly required to register with the local municipality
DOnly required to be licensed if managing more than 10 units
Explanation
In New York, managing property for others for compensation generally requires a real estate broker's license. An unlicensed person who collects rents and negotiates leases for compensation is violating RPL Article 12-A.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
License Law
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