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Real Estate State Test Prep > Chapter 5-8 Key Term Review > Flashcards

Chapter 5-8 Key Term Review Flashcards

1
Q

Administrative Complaint

A

An outline of allegations of facts and charges against the lincesee

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2
Q

Breach

A

The breacking of a promise or obligation

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3
Q

Citations

A

(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.

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4
Q

Commingle

A

To mix the money of a buyer or seller with a broker’s own money

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5
Q

Complainant

A

The person who makes an allegation or charge against another person (the respondent).

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6
Q

Complaint

A

An alleged violation of law or rule

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7
Q

Concealment

A

The withholding of information

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8
Q

Culpable neglignece

A

Failining to use the care a reasonable person would exercise

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9
Q

Division of Administrative Hearings (DOA)

A

The entity that employs administrative law judges (ALJs) to conduct formal hearings of administrative complaints against licensees

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10
Q

Failure to account for and deliver

A

The act of failing to pay money to a person entitled to receive it

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11
Q

Final Orders

A

The Commission’s final decisions as to innocence or guilt and the determination of the appropriate penalty.

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12
Q

Formal Complaint

A
  • also known as Administrative Complaint
  • An outline of charges against a licensee
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13
Q

Formal Hearings

A

Are used if the licensee-respondent either requests a formal hearing or if the licensee-respondent disputes the allegations

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14
Q

Fraud

A

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

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15
Q

Informal Hearings

A

An expedited way of resolving disciplinary cases provided the licensee does not dispute the alleged facts stated in the complaint

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16
Q

Legally Sufficient

A

Complaint that contains facts indicating that a violation of Florida Statute, DBPR rule, or FREC may have occured.

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17
Q

Material Fact

A

A piece of information that affects the value of the real property and is relevant to a person making a decision about the property.

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18
Q

Misrepresentation

A

An untrue statement of fact or the concealment of a material fact

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19
Q

Moral Turpitude

A

Conduct contrary to honesty, good morals, justive, and accepted custom

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20
Q

Notice of Noncompliance

A

May be issued for the first-time minor violation (licensee has 15 days to correct minor infraction)

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21
Q

Probable Cause

A

Reasonable grounds (sufficinet facts and evidence) to warrant prosecution)

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22
Q

Recommended Order

A

Contains the administrative law judge’s findings, conclusions, and recommended penalty

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23
Q

Stipulation

A

An agreement as to the penalty reached between the attorneys for the DBPR adn the licensee or licensee’s attorney

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24
Q

Subpoena

A

A command to appear at a certain time and place to give testimoney

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25
Q

Summary suspension

A

An emergency suspension that must be issued by the DBPR secretary or secretary’s designee.

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26
Q

Annual Percentage Rate (APR)

A

Includest the interest rate and the other loan costs and represents the true yearly cost of credit

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27
Q

Blockbusting

A

To use entry, or rumor of entry, or a protected class into a neighborhood to persuade owners to sell

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28
Q

Civil Rights Act of 1886

A

Prohibits any type of discrimination based on race in all real estate transactions (sale or rental) without exception.

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29
Q

Concurrency

A

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.

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30
Q

Fair Housing Act

A

Created protected classes of people and prohibits discrimination when selling or renting certain residential property.

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31
Q

Familial Status

A

A protected class of people under the Fair Housing Act, consisting of families with children younger than 18 and pregnant women

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32
Q

Good Faith Estimate

A

List the charges the buyer is likely to pay at closing

33
Q

Handicap Status

A

A protected class of people under the Fair Housing Act who have a physical or mental impairment that interferes with normal life functions

34
Q

Property Reports

A

Disclosure documents required under the federal Interstate Land Sales Full Disclosure Act

35
Q

Public Accomodations

A

Facilities open to the public, including sales and rental establishments, hotels, and shopping centers

36
Q

Redlining

A

To deny loans or insurance coverage by a lender or insurer or presenting different terms or conditions for homes in certain neighborhoods.

37
Q

Servicing Disclosure Statement

A

Discloses to the borrower whether the lender intends to service the loan or transfer it to another lender or sevicing company.

38
Q

Special Information Booklet

A

Contains consumer information regarding closing services for which the borrower may be charged at closing

39
Q

Steering

A

Channeling protected-class homeseekers away from areas that are not mixed with that class into areas that are

40
Q

Triggering Terms

A

Include certain credit terms or specific financing information in an advertisment

41
Q

Bylaws

A

A recorded document that consists of the rules and regulations of a condominium

42
Q

Common elements

A

Such as roofs, elevators, and recreational facilities are legally attached to condominium units and are transferred with the units when they are sold

43
Q

Concurrent ownership

A

Means ownership by 2 or more persons at the same time

44
Q

Condominium documents

A

A set of papers describing the condominium and the association

45
Q

Condominium ownership

A

A single unit consisting of the vertical and horizontal space in a multiunit structure plys a proportionate share of the common elements

46
Q

Cooperative

A
  • A multiunit dwelling owned by a corporation;
  • owners purcahse shares in the corporation and receive a proprietary lease
47
Q

Declaration

A

A recorded document taht creates the condominium

48
Q

Elective share

A

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

49
Q

Estate for years

A

A written lease with a definite termination date

50
Q

Estate in Severalty

A

Occurs when title to property is held by one person

51
Q

Fee simple estate

A
  • Is the most common type of ownership

It is the most comprehensive collection of property rights and may be inherited

52
Q

Fixtures

A

Objects that were personal property but have been permanently attached to or made part of the permanent residence

53
Q

Freehold estate

A

an ownership interest for an indefinite period of time

54
Q

Homestead

A

Law provides certain types of protection and benefits to homeowners regarding their permanent residence

55
Q

Joint Tenancy

A

An ownerhsip interest between 2 or more persons with right or survivorship

56
Q

Land

A

Refers to the surface of the earth and to everything attached to it by nature

57
Q

Leasehold estate (tenancy)

A

An interest in real property that a tenant possess (measured in calendar time)

58
Q

Life estate

A

a freehold estate that ends with the death of a named person;

  • ownership for an individual’s natural life span.
59
Q

Littoral rights

A

Associated with land abutting tidal bodies of water, such as an ocean, sea, or lake

60
Q

Marital assets

A

Assest acquired during marriage

61
Q

Nonfreehold estates

A

Have a known duration and do not involve an ownership interest

62
Q

Personal property (chattel)

A

Any tangible item that is not real property and that is movable

63
Q

Proprietary Lease

A

The document that entitles a shareholder in a cooperative to possession of a unit

64
Q

Prospectus

A

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

65
Q

Real estate

A

The land and all improvements permanently attached to the land

66
Q

Real property

A

Includes all real estate plus the legal bundle of rights inherent in the ownership of real estate

67
Q

Remainderman

A

the third party to whom a property is transferred at the end of a life estate (vested if named; contingent if not named)

68
Q

Right of survivorship

A

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

69
Q

Riparian Rights

A

Associate with the land abutting the banks of a river, stream, or other watercourse

70
Q

Separate property

A

Nonmarital assets

71
Q

Tenancy at sufferance

A

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

72
Q

Tenancy at will

A

A leasehold in which the tenant holds possession of the premises with the owner’s permission but without a fixed term

73
Q

Tenancy by entireties

A

An estate created by husband and wife who take title together at the same time

74
Q

Tenancy in common

A

An interest in real property in which 2 or more persons hold title to the property with equal or unequal interests in the estate

75
Q

Tenants in common

A

the most frequently used form of co-ownership except for husband-and-wife ownership

76
Q

Time-share

A

Ownership involves an undivided interest in a living unit according to the number of weeks purchased

77
Q

Trade fixture

A

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

78
Q

Undivided interest

A

An interest in the entire property, rather than ownership of a particular part of the property

79
Q
A

Real Estate State Test Prep (14 decks)

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