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Real Estate State Test Prep > Chapter 1-4 Key Point Review > Flashcards

Chapter 1-4 Key Point Review Flashcards

1
Q

Broker

A

A person who, for another and for compensation or other consideration (or anticipation of compensation or other consideration), performs real estate services.

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2
Q

Broker Associate

A

An individual who meeets the requirements of a broker but who chooses to work (operate) in real estate under the direction (employ) of another broker.

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3
Q

Caveat Emptor

A

A policy of let the buyer beware (buyer is responsible for own knowledge in real estate transactions).

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4
Q

Compensation

A

Anything of value or valuable consideration, directly or indirectly paid, promised, or expected to be paid or received.

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5
Q

License

A

A written document issued by the DBPR that serves as prima facie evidence (valid on its face) that the person is licensed on the date shown.

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6
Q

Moral turpitude

A

Conduct contrary to honesty, good morals, justice, or accepted custom.

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7
Q

Mutual recognition Agreement

A

A transactional agreement between Florida and another state that provides for two state to recognize each other’s real estate prelicense education.

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8
Q

Nolo contendere

A

A plea of no contest entered in a criminal court of law. The defendant does not admit or deny the charges, though a fine or sentence may be imposed by the court.

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9
Q

Owner-developer

A

An unlicensed entity that sells, exchanges, or leases its own property.

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10
Q

Prima facie evidence

A

A legal term used to refer to evidence that is good and sufficient on its face to establish a given fact or prove a case.

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11
Q

Real Estate Services

A

Real estate services include any real estate activities involving compensation for performing the service for another.

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12
Q

Reciprocity

A

The pratice of mutual exchanges of privileges. Some states have reciprocal arrangmeents for recognizing and granting licenses to licensed real estate professionals from other states.

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13
Q

Registration

A

The official placement of real estate business or individual into the DBPR’s records (database)/

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14
Q

Resident

A

Resident of Florida, for applicantion and license purposes, is a person who has reided in Florida continuously for a period of 4 calendar months or more within the preceding year, regardless of whether the person resided in a recreational vehicle, hotel, rental unit, or other temporary or permanent location.

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15
Q

Sales Associate

A

A person who performs real estate services for compensation byt who does so under the direction, control, and management of an active broker or owner-developer.

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16
Q

Witthhold Adjudication

A

Occurs when the court determines that a defendant is not likley to again engage in a criminal act and that the ends of justice and the welfare of society do not require the defendant suffer the penaly imposed by law. After such determination, the court may withhold adjudication of guilt, stay (stop) the imposition of the sentence, and place the defendant on probation.

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17
Q

Active license

A

Status required to engange in real estate services. Sales associates achieve active status by finding an employer and registering with the DBPR under the employing broker or owner-developer.

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18
Q

Address of Record

A

The licensee’s current mailing address or e-mail address to which the DBPR sends official communication.

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19
Q

Canceled

A

To become void without disciplinary action.

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20
Q

Cease to be in force (or ceased to be in effect)

A

When certain events occur, such as a broker cahnging a business address, the licensee cannot conduct business until the DBPR receives notification of the change.

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21
Q

Current Mailing address

A

The current residential address licensee uses to receive mail through the U.S. Postal Service.

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22
Q

Executive Power

A

Powers of the Florida Real Estate Commission (FREC) include the power to regulate and enforce license law.

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23
Q

Group License

A

Issued to a sales associate or broker associate employed by an owner-developer (real estate developer) who owns properties in the name of various entities and entitles the licensee to work for the separate sales projects owned by the owner-developer.

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24
Q

Ineffective

A

A license that exists, but the licensee cannot use it because it is either inactive or has been suspended.

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25
Q

Involuntary Inactive Status

A

Status due to a license which was not renewed at the end of the license period.

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26
Q

Ministerial duties

A

Duties of the Division of Real Estate (DRE) involve record keeping

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27
Q

Multiple Licenses

A

When a broker holds more than one broker’s license

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28
Q

Promulgate

A

To enact an publish rules and regulations

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29
Q

Quasi-judicial

A

Powers of FREC include the power to grant or deny license applications, to determine license law violations, and to administer penalties.

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30
Q

Quasi-legislative

A

Powers of FREC include the power to enact administrative rules and regualtions and to interpret questions regarding the practice of real estate

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31
Q

Void

A

To no longer exist

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32
Q

Voluntary Inactive

A

The license status that reults when a licensee has applied to the DBPR to be placed on inactive status.

33
Q

Agent

A

A person entrusted with another’s business; the person authorized by the principal to act on the principal’s behalf.

34
Q

At arm’s length

A

Means that people conduct negotioations on their own behalf without trusting the other’s fairness or integrity and without being subject to the other’s control or influence.

35
Q

Customer

A

A member of the public who is or may be a buyer or a seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship.

36
Q

Designated sales associates

A

Two real estate licensees from the same brokerage company designated to represent the buyer and the seller as single agents in nonresidential transactions

37
Q

Dual agent

A

Refers to a broker who represents as a fiduciary both the buyer and the seller in a residential real estate trnasaction; dual agency is illegal in Florida.

38
Q

Fiduciary

A

Occurs when a broker is in a relationship or trust and confidence with the broker as agent and the seller or the buyer as principal.

39
Q

Fraud

A

the intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person.

40
Q

General agent

A

Authorized by the princiapl to handle the affairs related to a business or trade, or to handle all the business at a certain location; for example, a property manager.

41
Q

Misrepresentation

A

The misstatement of fact or the omission or concealment of a factual matter.

42
Q

No brokerage relationship

A

An arrangement where the broker does not represent either the buyer or the seller, but instead the broker works to facilitate the transaction.

43
Q

Principal

A

the seller (or buyer, but not both) in a single agent relationship; the principal authorizes teh agent to act on the principal’s behalf; while the princiapl is responsible for the actions of the agent.

44
Q

Residential sales

A

Defined in Florida license law to mean the sale of improved residential property of four or fewer units, the sale of unimproved residential property intended for use of 4 or fewer units, or the sale of agricultural propery of ten or fewer acres.

45
Q

Single Agent

A

Broker who represents either the buyer or the seller (but not both) and has a fiduciary relationship with the party represented

46
Q

Special Agent

A

Authorized by the buyer or the seller to handle only a specific business transaction or to perform a specific act; a broker who has a single agent relationship is a special agent with limited power or authority.

47
Q

Subagent

A

A person authorized to assist and represent the agent and whose duties are delegated by the original agent

48
Q

Transaction broker

A

Broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but who does not represent either party in a fiduciary capacity or as a single agent.

49
Q

Universal agent

A

Authorized by the principal to perform all acts that the principal may personally perform and that may be lawfully delegated.

50
Q

Arbitration

A

Process whereby, with the prior written consent of all parties to the dispute, the matter is submitted to a disinterested third party who makes a binding judgement.

51
Q

Blind advertisemenet

A

Advertising that fails to disclose the licensed name of the brokerage firm and that provides only a post office box number, telephone number, and/or street address.

52
Q

Commingle

A

the illegal pratice of mixing a buyer’s, seller’s, tenant’s, or landlord’s funds with the broker’s own money or mixing escrow money with the broker’s personal funds or brokerage funds.

53
Q

Conflicting demands

A

occur when the buyer and seller make demands regarding the disbursement of escrowed property that are inconsistent and cannot be resolved.

54
Q

Conversion

A

The unauthorized use or retention of money or property that rightfully belongs to another person.

55
Q

Corporation

A

an artificial person or legal entity created by law and consisting of one or more persons that is formed by filing articles of incorporation

56
Q

Declaratory judgment

A

declaratory judgment is filed with the judge in a court of law if the broker believes that she is entitled to a portion of the disputed escrow funds.

57
Q

Deposit

A

a sum of money, or its equivalent, delivered to a real estate licensee as earnest money, payment, or partial payment in connection with a real estate transaction.

58
Q

Earnest money deposit

A

Good-faith deposit or binder deposit

Money given as good faith to accompany an offer to purchase or lease real property.

59
Q

Escrow account

A

an account for the deposit of money held by a 3rd party in trust for another for safekeeping

60
Q

Escrow disbursement order (EDO)

A

a determination by the FREC of who is entitled to dispute funds.

61
Q

General partnership

A

an assocaition of 2 or more persons for the purpose of jointly conducting a business together and each to share the profits and losses of the business.

62
Q

Good faith

A

A party’s honest intent to transact business, free from any intent to defraud the other party, and generally speaking, each party’s faithfulness to his or her duties or obligations as set forth by contract.

63
Q

Immediately

A

how soon trust funds must be deposited into an escrow account according to Chapter 475, F.S.

64
Q

Interpleader

A

A legal proceeding whereby the broker, having no financial interest in the disputed funds, deposits with the court the disputed escrow deposit so that the court can determine the rightful claimant.

65
Q

Kickback

A

occurs when a broker receives money from someone other than the buyer or the seller, such as for referrin a buyer or seller to a particular vendor for services

66
Q

Limited Liability Company (LLC)

A

A form of business organization that offers the best features of a corporation and a partnership; members of LLC are protected from personal liability as in a corporate form of ownership and tax advantages of a partnership.

67
Q

Limited Liability Partnership (LLP)

A

features protection from personal liability in much the same way as a limited partners in a limited partnership

68
Q

Limited partnership

A

consists of one or more general partners and one or more limited partners

69
Q

Litigation

A

One of the settlement (escape) procedures that provides for the matter to be resolved in a court of law when there are disputing parties regarding escrow funds.

70
Q

Mediation

A

an informal, nonadverarial process intended to reach a negotiated settlement that is not binding

71
Q

Oestensible partnership (or quasi partnership)

A

exists where the parties do not form a real partnership but act or do business in such a manner that the public, having no knwoledge of the private relations of the parties, would reasonably be deceived into believing that a partnership exists. (Note: Brokers may share office space provided they make true status known on signs, telephone listings, advertising, and so forth)

72
Q

Point of contact information

A

Any means by which to contact the brokerage firm or individual licensee including mailing address(es), physical stree address(es), e-mail address(es), telephone number(s), or fascimile (FAX) telephone number(s); the brokerage firm’s name must be above, below, or adjacent to the point of contact information.

73
Q

Policy manual

A

Collection of office rules and regulations created to inform sales assocaites and employees of the standards and procedures in that particular office.

A policy manual is an important document in brokerage office regardless of size.

74
Q

Puffing

A

Term used to describe a licensee’s boasting of a property ‘s benefits

75
Q

Sole proprietorship

A

a business owned by one person with no legal separation between owner and the business

76
Q

Telephone solicitation

A

hte initiation of a telephone call for the purpose of encouraging the purchase of, or investment in, property, goods, or services

77
Q

Trust Funds

A

cash, checks, money orders, or other items that can be converted to cash and that are held by a third party in connection with a real estate transaction

78
Q

Trust liability

A

The sum total of all deposits received, pending, and being held by the broker at a point in time

Real Estate State Test Prep (14 decks)

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