Chapter 4 & 5 Flashcards
A Statutory Law is enforced by
the criminal court
A Statutory law is based on what status
A written status
A Licensee assigned by a broker of a single agent of a buyer or seller In a non residential transaction is titled a
Designated Sales Associate
A Broker may be employed by a member of the public in one of these 3 relationships
Transactions Broker
Single Agent
Non -Representation
A agency relationship is created when a broker accepts employment under a
SINGLE AGENCY AGREEMENT
When a broker can both list & sell a property this is called
IN HOUSE TRANSACTION
What relationship does not a requireme a written disclosure
TRANSACTION BROKER
Name 2 relationship a broker has with a member of public is required
A written disclosure
Single Agency and Non representation
Within how many days must a broker notify the commission over a escrow dispute
15 days
Laws that make it look illegal to discuss a uniform price or fee in any industry is called
Sherman anti trust act
The Clayton act
3 types of agency relationships
Special agency
Universal agency
General
This agency has the principles authority to under agency to act for them on a continuing basis
General agent
What is Consumation
The closing g of a contract
If a broker fails to pay commission to another broker this is called
Failure to account
Institutional advertising is designed to create what
An image
Specific or product advertisement is designed for
A service or product
Addresses the rights,duties& related obligations that arise from a principal agent relationship
LAW OF AGENCY
A agent that is entrusted to work on behalf of their employer
A principal
This agency law performs a single act
Special agent
A agent that acts under a continuing basis
General agent
This agent agent can act for and represent the principal in all matters without limitation
A Universal agent
A agent that has been granted authority to act on behalf of another agent..
Subagent
The only brokerage form that must be signed
Transaction Broker
A person that transaction business other than the persons legal name is called
Trade name or Fictitous name
An business formed for real estate investment is called a
Real estate syndicate
The most common legal entity used in a Real estate syndication is a
Limited partnership
Business that must register with the department to perform brokerage services are
LLC
LLP
SOLE PROPRIETORSHIP
CORPORATION FOR PROFIT
GENERAL PARTNERSHIP
Business that do not need to register for real estate
Business trust
Unincorporated association
Limited partnership
Joint venture
Corporation sole
A sales associate must report any changes of employer to the commission within how many days
10 days
If a licensee becomes a non resident they should notify the commission within how many days
60 days
If a broker dies or quits the vacancy must be filled within how many days
14 days
When a broker produces a ready willing and able client this is called
Procuring cause of sale
Change of mailing address must be reported to the department in how many days
10
Change of employer must be reported within how many days ?
10
Who may not perform management services in a partnership..
Limited partners
A artificial person created by law is called..
Corporation for profit
A Corporation created under florida law is called a
Domestic Corporation
A Corporation created under the laws in a another state is called a
Foreign corporation
A not for profit is Corporation that must be filed with
Secretary of state
A business trust is also called
Common law or Massachusetts
Not a true partnership and is created to misleading a fake partnership
Ostensible partnership
When individuals group together for some purposes without creating a organization this is called a
Unincorporated Association
A general partnership can be dissolved
Death, withdrawal, bankruptcy
A sole proprietorship is formed by how many people
1
Any licensee who becomes a non resident must notify the commission of the change in residency within how many days..
60
A general partnership is formed how many people
2 or more
A certificate of limited partnership must be filed with who
Secretary of State
A certificate of Limited partnership must be filed with who
Secretary of state
A Licensee who becomes a non resident must notify the commission of the change of residency within how many days
60 days
A general partnership is also called
A partnership
The lessor of the property is the
Owner
