Chapter 13 - Real Estate Brokerage Vocabulary Flashcards
Chap 13 Vocab
Broker
A fee paid in advance of any services rendered. Sometimes unlawfully charged in connection with an illegal practice of obtaining a fee in advance for the advertising of property or businesses for sale, with no intent to obtain a buyer, by persons representing themselves as real estate licensees, or representatives of licensed real estate firms.
advance fees
Broker
Generically speaking, a person who, for a fee, sells, lists, leases, exchanges, negotiates, or otherwise deals in the real estate of others or represents publicly that he or she does so.
Person is an individual licensed by the state of California to arrange the sale or transfer of interests in real property for compensation.
Real Estate Broker
Broker
An optional clause that brokers may include in a listing agreement that obligates the seller to compensate the broker even if the property is sold after the listing agreement expires under certain circumstances.
Also called Carryover Provision or Extender Clause.
Broker Protection Clause
Broker
an account set up by a broker; withdrawals from this account may be made only by the broker.
broker’s trust fund account
Broker
A business that serves as an intermediary between buyers and sellers and/or lessees and lessors of real estate.
An activity involving the sale of something through an intermediary who negotiates the transaction for payment is done through this agency.
Brokerage
Broker
The amount a broker has left after all commissions have been paid.
company dollar
Broker
Someone who is under the control and direction of a broker.
Employee
Broker
The fundamental principles of honesty and integrity that guide a person’s behavior.
Ethics
Broker
(1) The law that affects the licensing and conduct of real estate licensees. (2) Another name for the Business and Professions Code, Part 1 entitled Licensing of Persons.
Real Estate Law
Broker
Money or other things of value received from people by a broker to be used in real estate transactions.
trust funds
Broker
An account separate and apart and physically segregated from broker’s own funds, in which broker is required by law to deposit all funds collected for clients.
trust account
Messaging
Federal and state law regulating commercial e-mail messages.
CAN-SPAM laws
Messaging
National registry managed by the Federal Trade Commission that limits commercial telemarketers from phoning consumers who place their telephone numbers on a list.
National Do Not Call Registry
Messaging
The practice of making unsolicited calls to people you do not know in order to get new business.
cold calling
Messaging
The use of any electronic messaging system to send unsolicited bulk messages indiscriminately.
Spam
Messaging
Federal and state regulations regarding unsolicited telephone calls.
do-not-call
Messaging
A consumer’s right to terminate future electronic communication from business and commercial entities.
Opt Out
Messaging
The process of identifying potential customers.
Prospecting
Messaging
A relationship that may allow a telemarketer or seller to call a consumer for up to 18 months after the consumer’s last purchase, delivery, or payment (even if the consumer’s number is on the National Do Not Call Registry).
Established Business Relationship (EBR)
Law/Act
A wide-ranging federal civil rights law, signed in 1990, that prohibits, under certain circumstances, discrimination based on disability.
Americans with Disabilities Act (ADA)
Law/Act
State law that prohibits discrimination in the sale, rental or financing of practically all types of housing.
California Fair Employment and Housing Act
Law/Act
The rules implementing the Truth in Lending Act that require borrowers to be shown how much they are going to pay for credit in dollars and percentages; requires the use of the annual percentage rate (APR) and full disclosure of credit terms in advertising once any specific financials are mentioned.
Regulation Z
Law/Act
Article 7 of Chapter 3 of the Real Estate Law under which a real estate licensee negotiating loans secured by real property within a specific range is required to give the borrower a statement disclosing the costs and terms of the loan and which also limits the amount of expenses and charges that a borrower may pay with respect to the loan.
real property loan law
Law/Act
A federal law designed to protect persons in the military service from loss of property when their ability to make the payment has been affected by their entering military service.
Soldiers’ and Sailors’ Civil Relief Act
Law/Act
Congress passed this act in April 1968 which prohibits discrimination in the sale of real estate because of race, color, or religion of buyers.
Its amendment in 1988 added: Those physically and mentally handicapped and those children under 18 years of age.
Federal Fair Housing Act
Law/Act
State law that prohibits discrimination by businesses.
Unruh Civil Rights Act
Corp
(1) A business name other than the name of the person who has registered the business. (2) Also known as assumed name. (3) A name that does not include the last name of the owner in the name of the business. (4) Also known as DBA or doing business as.
fictitious business name
Corp
An organization of investors usually in the form of a limited partnership who have joined together to pool capital for the acquisition of real property interests.
real estate syndicate
Corp
Under common law, a person who contracts to do a job for another, but who maintains control over how the task is carried out, rather than following detailed instructions.
Independent Contractor
Corp
The statute regulating the conduct of real estate brokers and establishing the Bureau of Real Estate.
Business and Professions Code
Corp
Two or more individuals or companies joining together for one project or a series of related projects, but not as an ongoing business.
Joint Venture
Corp
An association organized according to strict regulations, in which individuals purchase ownership shares; regarded by the law as an artificial person, separate from the individual shareholders. – A legal entity whose rights in business are similar to that of an individual.
Corporation
Corp
A type of business organization that has the limited liability protection of a corporation and the tax advantages of a partnership. – An alternative business that has characteristics of both corporations and limited partnerships.
Limited Liability Company (LLC)
Corp
A form of business in which two or more persons join their money and skills in conducting the business.
Partnership
Corp
A partnership of at least one general partner and one limited partner.
limited partnership
Corp
A corporation that operates like a corporation but is treated like a partnership for tax purposes.
S corporation
Corp
A business owned and managed by one person (or for tax purposes, legally married spouses) who is personally liable for all business debts. It could be organized under a fictitious or assumed name.
Sole Proprietorship
Corp
A voluntary nonprofit organization of independent and competing business units engaged in the same industry or trade, formed to help solve industry problems, promote progress, and enhance service.
trade association
Misc
Any real property where redevelopment or reuse may be complicated by the presence or potential presence of hazardous waste, petroleum, pollutant, or contaminant.
Brownfield
Misc
What are the four types of government controls?
Police power, Eminent domain, Taxation, and Escheat (PETE)
Misc
A legal term used in reference to a debt or a judgment for negligence, in which each debtor or each judgment defendant is responsible for the entire amount of the debt or judgment.
joint and several liability
Misc
Channeling prospective buyers or tenants to particular neighborhoods based on their race or membership in another protected class. The illegal practice of only showing clients property in certain areas.
Steering
Misc
The right of a debtor, before a foreclosure sale, to reclaim property that had been given up due to mortgage default.
equity or right of redemption
Misc
An intangible, salable asset arising from the reputation of a business; the expectation of continued public patronage.
Goodwill
police power
An establishment that is intended to be available to everyone, either as a place of business or commerce or for federal, state, or local government business. It includes hotels, restaurants, retail, gas stations, theaters, museums, etc.
Public Accommodation
