Unit 4 Key Terms Flashcards
Administrative Law
The body of law created by administrative agencies in the form of rules, regulations, orders, and decisions.
agent
A representative: one who is authorized to act on behalf of another
at arm’s length
Conducting negotiations on one’s own behalf without being subject to the other party’s control or influence.
caveat emptor
Latin for “Let the buyer beware.”
common law
Judge-made law manifested in decrees and judgements of the courts (case law), as opposed to statutory law.
consent to transition
A written agreement to gain the principal’s permission to change in brokerage relationship.
customer
One with whom the broker or sales associate hopes to be successful in accomplishing the purpose of employment. Per Section 475.01 F.S., a member of the public who is or who may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship.
designated sales associates
Two real estate licensees designated to represent the buyer and the seller as single agents in a nonresidential transaction. The buyer and the seller must have assets of $1 million or more and sign disclosures stating that their assets meet the required threshold.
dual agency
Representing both principals in a transaction (not a legal agency relationship in Florida).
fiduciary
A person in a position of trust and confidence with respect to another person.
general agent
A representative authorized by the principal to perform only acts related to a business or to employment of a particular nature.
limited representation
Transaction brokers provide a limited form of nonfiduciary representation to a buyer, seller, or both in a real estate transaction.
nonrepresentation
A no-brokerage relationship.
principal
The party employing the services of a real estate broker; amount of money borrowed in a mortgage loan, excluding interest and other charges.
residential sale transactions
Transactions involving the sale of improved residential property of four or fewer units, the sale of unimproved residential property intended for use as four or fewer units, or the sale of agricultural property of 10 or fewer acres.
single agent
Per Section 475.01, F.S., a broker who represents, as a fiduciary, either buyer or the seller but not both in the same transaction.
special agent
One authorized by the principal to perform a particular act or transaction, without contemplation of continuity of service as with a general agent.
statutory law
Law created by the enactments of legislation, as opposed to law created by judicial decisions (common law).
subagent
A person authorized to assist and represent the agent and whose duties are delegated by the original agent.
transaction broker
A broker who provides limited representation to a buyer, seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
The body of law created by administrative agencies in the form of rules, regulations, orders, and decisions.
Administrative Law
A representative: one who is authorized to act on behalf of another
agent
Conducting negotiations on one’s own behalf without being subject to the other party’s control or influence.
at arm’s length
Latin for “Let the buyer beware.”
caveat emptor
Judge-made law manifested in decrees and judgements of the courts (case law), as opposed to statutory law.
common law
A written agreement to gain the principal’s permission to change in brokerage relationship.
consent to transition
One with whom the broker or sales associate hopes to be successful in accomplishing the purpose of employment. Per Section 475.01 F.S., a member of the public who is or who may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship.
customer
Two real estate licensees designated to represent the buyer and the seller as single agents in a nonresidential transaction. The buyer and the seller must have assets of $1 million or more and sign disclosures stating that their assets meet the required threshold.
designated sales associates
Representing both principals in a transaction (not a legal agency relationship in Florida).
dual agency
A person in a position of trust and confidence with respect to another person.
fiduciary
A representative authorized by the principal to perform only acts related to a business or to employment of a particular nature.
general agent
Transaction brokers provide a limited form of nonfiduciary representation to a buyer, seller, or both in a real estate transaction.
limited representation
A no-brokerage relationship.
nonrepresentation
The party employing the services of a real estate broker; amount of money borrowed in a mortgage loan, excluding interest and other charges.
principal
Transactions involving the sale of improved residential property of four or fewer units, the sale of unimproved residential property intended for use as four or fewer units, or the sale of agricultural property of 10 or fewer acres.
residential sale transactions
Per Section 475.01, F.S., a broker who represents, as a fiduciary, either buyer or the seller but not both in the same transaction.
single agent
One authorized by the principal to perform a particular act or transaction, without contemplation of continuity of service as with a general agent.
special agent
Law created by the enactments of legislation, as opposed to law created by judicial decisions (common law).
statutory law
A person authorized to assist and represent the agent and whose duties are delegated by the original agent.
subagent
A broker who provides limited representation to a buyer, seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
transaction broker
