Chapter 5-8 Key Term Review Flashcards
Administrative Complaint
An outline of allegations of facts and charges against the lincesee
Breach
The breacking of a promise or obligation
Citations
(specified fines) involves fines taht currently range from $100 to $1,000 per offense for violations that have been specified in the citation rule for which there is no substantial threat to the public health, safety, and welfare.
Commingle
To mix the money of a buyer or seller with a broker’s own money
Complainant
The person who makes an allegation or charge against another person (the respondent).
Complaint
An alleged violation of law or rule
Concealment
The withholding of information
Culpable neglignece
Failining to use the care a reasonable person would exercise
Division of Administrative Hearings (DOA)
The entity that employs administrative law judges (ALJs) to conduct formal hearings of administrative complaints against licensees
Failure to account for and deliver
The act of failing to pay money to a person entitled to receive it
Final Orders
The Commission’s final decisions as to innocence or guilt and the determination of the appropriate penalty.
Formal Complaint
- also known as Administrative Complaint
- An outline of charges against a licensee
Formal Hearings
Are used if the licensee-respondent either requests a formal hearing or if the licensee-respondent disputes the allegations
Fraud
The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person.
Informal Hearings
An expedited way of resolving disciplinary cases provided the licensee does not dispute the alleged facts stated in the complaint
Legally Sufficient
Complaint that contains facts indicating that a violation of Florida Statute, DBPR rule, or FREC may have occured.
Material Fact
A piece of information that affects the value of the real property and is relevant to a person making a decision about the property.
Misrepresentation
An untrue statement of fact or the concealment of a material fact
Moral Turpitude
Conduct contrary to honesty, good morals, justive, and accepted custom
Notice of Noncompliance
May be issued for the first-time minor violation (licensee has 15 days to correct minor infraction)
Probable Cause
Reasonable grounds (sufficinet facts and evidence) to warrant prosecution)
Recommended Order
Contains the administrative law judge’s findings, conclusions, and recommended penalty
Stipulation
An agreement as to the penalty reached between the attorneys for the DBPR adn the licensee or licensee’s attorney
Subpoena
A command to appear at a certain time and place to give testimoney
Summary suspension
An emergency suspension that must be issued by the DBPR secretary or secretary’s designee.
Annual Percentage Rate (APR)
Includest the interest rate and the other loan costs and represents the true yearly cost of credit
Blockbusting
To use entry, or rumor of entry, or a protected class into a neighborhood to persuade owners to sell
Civil Rights Act of 1886
Prohibits any type of discrimination based on race in all real estate transactions (sale or rental) without exception.
Concurrency
A provision in Florida’s Growth Management Act that mandates that the infrasctructure needed to support additional population be in place before new development is allowed.
Fair Housing Act
Created protected classes of people and prohibits discrimination when selling or renting certain residential property.
Familial Status
A protected class of people under the Fair Housing Act, consisting of families with children younger than 18 and pregnant women
Good Faith Estimate
List the charges the buyer is likely to pay at closing
Handicap Status
A protected class of people under the Fair Housing Act who have a physical or mental impairment that interferes with normal life functions
Property Reports
Disclosure documents required under the federal Interstate Land Sales Full Disclosure Act
Public Accomodations
Facilities open to the public, including sales and rental establishments, hotels, and shopping centers
Redlining
To deny loans or insurance coverage by a lender or insurer or presenting different terms or conditions for homes in certain neighborhoods.
Servicing Disclosure Statement
Discloses to the borrower whether the lender intends to service the loan or transfer it to another lender or sevicing company.
Special Information Booklet
Contains consumer information regarding closing services for which the borrower may be charged at closing
Steering
Channeling protected-class homeseekers away from areas that are not mixed with that class into areas that are
Triggering Terms
Include certain credit terms or specific financing information in an advertisment
Bylaws
A recorded document that consists of the rules and regulations of a condominium
Common elements
Such as roofs, elevators, and recreational facilities are legally attached to condominium units and are transferred with the units when they are sold
Concurrent ownership
Means ownership by 2 or more persons at the same time
Condominium documents
A set of papers describing the condominium and the association
Condominium ownership
A single unit consisting of the vertical and horizontal space in a multiunit structure plys a proportionate share of the common elements
Cooperative
- A multiunit dwelling owned by a corporation;
- owners purcahse shares in the corporation and receive a proprietary lease
Declaration
A recorded document taht creates the condominium
Elective share
Is the right of a surviving spouse who has been excluded form the deased spouse’s will to 30% of the net estate, in addition to homestead property
Estate for years
A written lease with a definite termination date
Estate in Severalty
Occurs when title to property is held by one person
Fee simple estate
- Is the most common type of ownership
It is the most comprehensive collection of property rights and may be inherited
Fixtures
Objects that were personal property but have been permanently attached to or made part of the permanent residence
Freehold estate
an ownership interest for an indefinite period of time
Homestead
Law provides certain types of protection and benefits to homeowners regarding their permanent residence
Joint Tenancy
An ownerhsip interest between 2 or more persons with right or survivorship
Land
Refers to the surface of the earth and to everything attached to it by nature
Leasehold estate (tenancy)
An interest in real property that a tenant possess (measured in calendar time)
Life estate
a freehold estate that ends with the death of a named person;
- ownership for an individual’s natural life span.
Littoral rights
Associated with land abutting tidal bodies of water, such as an ocean, sea, or lake
Marital assets
Assest acquired during marriage
Nonfreehold estates
Have a known duration and do not involve an ownership interest
Personal property (chattel)
Any tangible item that is not real property and that is movable
Proprietary Lease
The document that entitles a shareholder in a cooperative to possession of a unit
Prospectus
A developer is required to provide purchasers a propectus if the condominium consists of more than 20 residential units, or its part of a group of residential condominiums that will be served by property to be used in common by unit owners of more than 20 units.
The prospectus summarizes some of the major points detailed in the condominium documents
Real estate
The land and all improvements permanently attached to the land
Real property
Includes all real estate plus the legal bundle of rights inherent in the ownership of real estate
Remainderman
the third party to whom a property is transferred at the end of a life estate (vested if named; contingent if not named)
Right of survivorship
When a co-owner dies, that co-owner’s share goes to the surviving co-owner(s) and not to the deceased tenant’s heirs
Riparian Rights
Associate with the land abutting the banks of a river, stream, or other watercourse
Separate property
Nonmarital assets
Tenancy at sufferance
Exists when the tenatn, after rightfully being in possession of the rented property, continues possession after the tenant’s rights has ended; a holdover tenant
Tenancy at will
A leasehold in which the tenant holds possession of the premises with the owner’s permission but without a fixed term
Tenancy by entireties
An estate created by husband and wife who take title together at the same time
Tenancy in common
An interest in real property in which 2 or more persons hold title to the property with equal or unequal interests in the estate
Tenants in common
the most frequently used form of co-ownership except for husband-and-wife ownership
Time-share
Ownership involves an undivided interest in a living unit according to the number of weeks purchased
Trade fixture
An item of personal property attached to real property that is owned by a tenant and used in a business that is legally removable by the tenant
Undivided interest
An interest in the entire property, rather than ownership of a particular part of the property
