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Real Estate Key Terms Test > Unit 5 Key Terms > Flashcards

Unit 5 Key Terms Flashcards

1
Q

antitrust laws

A

State and federal laws designed to maintain and preserve business competition.

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2
Q

arbitration

A

The act of having a third-party render a binding decision in a dispute between two parties.

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3
Q

blind advertisement

A

An advertisement that provides only a telephone number, a post office box, and/or an address without the licensed name of the brokerage firm.

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4
Q

commingle

A

To mix together money or a deposit with personal funds; combine; intermingle.

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5
Q

conflicting demands

A

When different parties each make claims that are inconsistent with one another.

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6
Q

conversion

A

Unauthorized use or retention of money or property that rightfully belongs to another person.

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7
Q

corporation

A

An artificial or fictitious person formed to conduct special types of business activities.

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8
Q

declaratory judgement

A

A course of action declaring rights claimed under a contract or statute intended to prevent loss or to guide performance by the party or parties affected.

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9
Q

deposit

A

Earnest money or some other valuable consideration given as evidence of good faith to accompany an offer to purchase or rent. See also binder and earnest money.

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10
Q

earnest money

A

A type of money that a broker may handle for others in the ordinary course of business; also called a good-faith deposit or binder deposit.

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11
Q

escrow account

A

An account in a bank, title company, credit union, savings association, or trust company used solely for safekeeping customer funds and not for deposit of personal funds; impound account or trust account.

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12
Q

escrow disbursement order (EDO)

A

A course of action for determining the disposition of a contested deposit.

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13
Q

failure to account or deliver

A

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

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14
Q

general partnership

A

An association of two or more persons for the purpose of jointly conducting a business, each being responsible for all the debts incurred in the conducting of that business.

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15
Q

good-faith doubt

A

A broker’s uncertainty as to which party should receive the escrowed property.

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16
Q

immediately

A

The time period during which a broker must deposit escrow funds; no later than the end of the third business day after the broker’s sales associate or an employee has received the funds.

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17
Q

interpleader

A

A course of action when two contesting parties cannot reach an arbitrated agreement; a legal proceeding whereby the broker, having no financial interest in the disputed funds, deposits with the court the disputed escrow deposit so that the court can determine who is the rightful claimant.

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18
Q

kickback

A

A payment of money from someone other than the buyer or the seller associated with real estate business.

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19
Q

limited liability company (LLC)

A

An alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations.

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20
Q

limited liability partnership (LLP)

A

A business entity that features protection from personal liability but with fewer legal restrictions compared with other business entities.

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21
Q

limited partnership

A

A business entity consisting of one or more general partners and one or more limited partners.

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22
Q

litigation

A

A lawsuit; the act of carrying on a lawsuit; a case before a court of law

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23
Q

market allocation

A

An agreement between brokers to split up the competitive market areas among themselves and not compete in each other’s areas.

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24
Q

mediation

A

The act of having a third party attempt to reconcile a dispute between two parties.

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25
Q

ostensible partnership

A

One or more parties cause a third party to be deceived into believing that a business relationship exists when no such arrangement exists.

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26
Q

personal assistant

A

An individual hired by a licensee to perform administrative tasks associated with real estate transactions. Whether a personal assistant must be a real estate licensee is determined by the tasks the assistant performs.

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27
Q

point of contact information

A

Any means by which to contact the brokerage firm or individual licensee, including mailing address(es) , physical street address(es), email address(es), telephone number(s), or facsimile telephone number(s).

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28
Q

price-fixing

A

Competing brokers conspire to establish a standard commission rate rather than let the rate be set by the open market.

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29
Q

professional association (PA)

A

A business corporation consisting of one or more individuals engaged in a primary business that provides a professional service (e.g., lawyer, doctor).

30
Q

rental information list

A

A list of available rental properties offered to prospective tenants by a broker or sales associate for a fee.

31
Q

sole proprietorship

A

Dealing as an individual in a business.

32
Q

team advertising

A

The name or logo used by one or more licensees who represent themselves to the public as a team (or group).

33
Q

telephone solicitation

A

The initiation of a telephone call for the purpose of encouraging the purchase of, or investment in, property, goods, or services.

34
Q

trade name

A

Any adopted or fictitious name used to designate a business concern.

35
Q

trust funds

A

Cash, checks, money orders, and items that can be converted into cash, such as deeds and personal property, that a person (broker) holds in trust for another person.

36
Q

State and federal laws designed to maintain and preserve business competition.

A

antitrust laws

37
Q

The act of having a third-party render a binding decision in a dispute between two parties.

A

arbitration

38
Q

An advertisement that provides only a telephone number, a post office box, and/or an address without the licensed name of the brokerage firm.

A

blind advertisement

39
Q

To mix together money or a deposit with personal funds; combine; intermingle.

A

commingle

40
Q

When different parties each make claims that are inconsistent with one another.

A

conflicting demands

41
Q

Unauthorized use or retention of money or property that rightfully belongs to another person.

A

conversion

42
Q

An artificial or fictitious person formed to conduct special types of business activities.

A

corporation

43
Q

A course of action declaring rights claimed under a contract or statute intended to prevent loss or to guide performance by the party or parties affected.

A

declaratory judgement

44
Q

Earnest money or some other valuable consideration given as evidence of good faith to accompany an offer to purchase or rent. See also binder and earnest money.

A

deposit

45
Q

A type of money that a broker may handle for others in the ordinary course of business; also called a good-faith deposit or binder deposit.

A

earnest money

46
Q

An account in a bank, title company, credit union, savings association, or trust company used solely for safekeeping customer funds and not for deposit of personal funds; impound account or trust account.

A

escrow account

47
Q

A course of action for determining the disposition of a contested deposit.

A

escrow disbursement order (EDO)

48
Q

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

A

failure to account or deliver

49
Q

An association of two or more persons for the purpose of jointly conducting a business, each being responsible for all the debts incurred in the conducting of that business.

A

general partnership

50
Q

A broker’s uncertainty as to which party should receive the escrowed property.

A

good-faith doubt

51
Q

The time period during which a broker must deposit escrow funds; no later than the end of the third business day after the broker’s sales associate or an employee has received the funds.

A

immediately

52
Q

A course of action when two contesting parties cannot reach an arbitrated agreement; a legal proceeding whereby the broker, having no financial interest in the disputed funds, deposits with the court the disputed escrow deposit so that the court can determine who is the rightful claimant.

A

interpleader

53
Q

A payment of money from someone other than the buyer or the seller associated with real estate business.

A

kickback

54
Q

An alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations.

A

limited liability company (LLC)

55
Q

A business entity that features protection from personal liability but with fewer legal restrictions compared with other business entities.

A

limited liability partnership (LLP)

56
Q

A business entity consisting of one or more general partners and one or more limited partners.

A

limited partnership

57
Q

A lawsuit; the act of carrying on a lawsuit; a case before a court of law

A

litigation

58
Q

An agreement between brokers to split up the competitive market areas among themselves and not compete in each other’s areas.

A

market allocation

59
Q

The act of having a third party attempt to reconcile a dispute between two parties.

A

mediation

60
Q

One or more parties cause a third party to be deceived into believing that a business relationship exists when no such arrangement exists.

A

ostensible partnership

61
Q

An individual hired by a licensee to perform administrative tasks associated with real estate transactions. Whether a personal assistant must be a real estate licensee is determined by the tasks the assistant performs.

A

personal assistant

62
Q

Any means by which to contact the brokerage firm or individual licensee, including mailing address(es) , physical street address(es), email address(es), telephone number(s), or facsimile telephone number(s).

A

point of contact information

63
Q

Competing brokers conspire to establish a standard commission rate rather than let the rate be set by the open market.

A

price-fixing

64
Q

A business corporation consisting of one or more individuals engaged in a primary business that provides a professional service (e.g., lawyer, doctor).

A

professional association (PA)

65
Q

A list of available rental properties offered to prospective tenants by a broker or sales associate for a fee.

A

rental information list

66
Q

Dealing as an individual in a business.

A

sole proprietorship

67
Q

The name or logo used by one or more licensees who represent themselves to the public as a team (or group).

A

team advertising

68
Q

The initiation of a telephone call for the purpose of encouraging the purchase of, or investment in, property, goods, or services.

A

telephone solicitation

69
Q

Any adopted or fictitious name used to designate a business concern.

A

trade name

70
Q

Cash, checks, money orders, and items that can be converted into cash, such as deeds and personal property, that a person (broker) holds in trust for another person.

A

trust funds

Real Estate Key Terms Test (20 decks)

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