Glossary of Florida Real Estate Principles - Chapter 4 - Key Terms
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- A representative; one who is authorized to act on behalf of of another.
- 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 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 Associate
- Two real estate licensees designated to represent the buyer and the seller as single agents and nonresidential transaction. The buyer and seller must have assets of $1 million or more & disclosures stating their assets meet the required threshold.
- Dual Agent
- A broker who represents both the buyer and seller of a transaction in a fiduciary capacity.
- A person in a position of trust and confidence with respect to another person.
- The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person.
- General Agent
- A representative authorized by the principal to perform only asked related to a business or to employment of the particular nature.
- A false or misleading statement of a material fact; concealment of material fact.
- The party employing the services of a real estate broker; amount of money borrowed in the mortgage loan, excluding interest and other charges.
- Residential Sales
- The sale of improved residential property of four or fewer units, the sale on improved 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 the buyer or seller but not both in the same transaction.
- Special Agent
- One authorized by a principal to perform a particular act or transaction, without contemplation of continuity of service as with the general agent.
- Transaction Broker
- A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
- Universal Agent
- A representative authorized by the principal to perform all acts that the principal can personally perform and that may be lawfully delegated to another.
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