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ch.5-8 real estate vocab


undefined, object
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advanced fees
Up-front money collected by a broker for the listing of real property.
The act of having a third party render a binding decision in a dispute between two parties.
blind advertisement
An advertisement of a principals' property providing only a telephone number, a post office box, and/or an address without a licensed name of the brokerage firm.
To mix together money or a deposit with personal funds ;combine ;intermingle.
conflicting demands
When different parties each make claims that are inconsistent with one another.
Unauthorized use or retention of money or property that rightfully belongs to another person.
An artificial or fictitious person formed to conduct specified types of business activities.
earnest money deposit
A type of money that a broker may handle for others in the ordinary course of business; also referred to as good-faith deposit or binder deposit.
escrow account
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.
escrow disbursement order (EDO)
a course of action for determining the disposition of a contested deposit.
general partnership
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.
good faith
a party's honest intent to transact business, free from any intent to defraud the other party; each party's faithfulness to one's duty or obligations set forth by contract.
A course of action when two consenting 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.
payment of money from someone other than the buyer or seller associated with real estate business.
limited liability company(LLC)
An alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations.
limited liability partnership
A business entity that features protection from personal liability but with fewer legal restrictions compared with other business entities.
limited partnership
A business entity consisting of one or more general partners and one or more limited partners.
The act of having a third party attempt to reconcile a dispute between two parties.
ostensible partnership
One or more parties cause a third party to be deceived into believing that a business relationship exists when no such arrangement exists.
point of contact information
Any means by which to contact the brokerage firm or individual licensee including mailing address(es), physical street address(es), e-mail address(es), telephone number(s), or facsimile telephone number(s).
policy manual
The notebook of written rules and regulations that set desired standards and procedures in an office.
comments or opinions not made as representations of fact and thus not grounds for misrepresentation.
sole proprietorship
Dealing as an individual in business.
telephone soliciation
The initiation of a telephone call for the purpose of encouraging the purchase of, or investment in, property, goods, or services.
Statements of alleged violations and the penalties to be imposed.
Formal allegation or charge.
formal complaint
an outline of the charges against a licensee that must be answered within the statutory time limit.
legally sufficient
A complaint that contains facts indicating that a violation has occurred of a Florida statute, a DBPR rule, or a FREC rule.
notice of non compliance
Issued by the DBPR in the case of a minor rule violation that does not endanger the public health, safety, and welfare.
probable cause
Reasonable grounds or justification for prosecuting.
recommended order
A determination by an administrative law judge that includes findings and conclusions as well as other information required by law or agency rule to be in a final order.
A writ or order commanding the person named to appear and testify in a legal proceeding.
summary suspension
Emergency or immediate action against a license to protect the public.
Annual percentage rate
total yearly cost of credit.
The illegal practice of inducing homeowners to sell their property by making misrepresentations regarding the entry of prospective entry of minority persons in order to cause a turnover of properties in the neighborhood; discriminatory acts against sellers.
Civil Rights Act of 1866
A federal act that prohibits any type of discrimination based on race in any real estate transaction (sale or rental) without exception.
Fair Housing Act
An act contained in the Title VIII of the Civil Rights Act of 1968 that created protected classes of people and prohibits discrimination when selling or renting residential property when based on race, color, religion, sex, national origin, familial status or handicap status.
good faith estimate
a preliminary accounting of expected closing costs. The Real Estate Settlement Procedures Act requires lenders to give loan applicants a good faith estimate that lists the charges the buyer is likely to pay at closing.
Discriminatory financing by a lending institution.
servicing disclosure statement
A disclosure statement given to borrowers that discloses whether the lender intends to service the loan or transfer it to another lender or servicing company.
special information booklet
a booklet containing consumer information regarding closing costs the borrower may incure at closing. The Real Estate Settlement Procedures Act requires lenders to give the booklet to loan applicants.
Discriminatory acts against buyers.
triggering terms
The Truth-in-Lending act requires creditors to disclose certain information if certain credit terms, called triggering terms, are included in the advertisement. Triggering terms include the amount or percentage of down payment, number of payments, period (Term) or repayment, amount of any payment, and the amount of any finance charges.
Rules that govern the administration of the condominium.
concurrent ownership
ownership by two or more persons at the same time, such a joint tenants, tenants by the entirety, or tenants in common.
A multiunit project consisting of individual ownership of a dwelling unit and undivided ownership of common areas.
a multiunit project consisting of individual dwelling units owned by the corporation in which the individual apartment tenants own stock rather than owning their respective units.
The legal document that the developer of a condominium must file and record in order to create a condominium under state law.
elective share
an estate defined as consisting of 30 percent of the descendent's personal property and florida real property, except homestead-exempt property and claims.
estate for years
a tenancy measured from starting date to termination date(may be for a few days or longer than any natural life;e.g., a leasehold is an estate for years).
estate in severalty
Ownership of property vested in one person alone, also known as sole ownership.
fee simple estate
the most comprehensive and complete interest one can hold in real property; freehold estate. also known as fee or fee simple absolute.
An object that was once considered to be personal property but has become real property because of attachment to, or use in, improvements to real property.
freehold estate
a tenancy in real property with no set termination date that can be measured by the lifetime of an individual or can be inherited by heirs.
term used to describe three separate but related situations; (1)a tax exemption (2)a tract of land limited in size, and (3)a statutory condition designed to protect the interests of a spouse and lineal descendants.
joint tenancy
an estate or interest owned by more than one person, each having equal rights to possession and enjoyment; the interest a deceased tenant conveys to surviving tenants by specific wording in the deed establishing the joint tenancy.
The surface of the earth and everything attached to it by nature.
leasehold estate
A tenancy in real property held under a lease arrangement for a definite number of years; non freehold.
life estates
tenancies whose durations are limited to the life of some person; freehold.
littoral rights
Legal rights related to land abutting an ocean, sea, or lake usually extending tot he high-water mark.
marital assets
Real and personal property acquired during marriage.
personal property
Tangible and movable property (transferred by bill of sale); property no classified as real property. also known as personal or chattel.
proprietary lease
a written agreement between the owner-corporation and the tenant-stockholder in a cooperative apartment.
real estate
Land, including the air above and the earth below, plus any permanent improvements affecting the utility of the land; real property; property that is not personal property.
real property
any interest or estate in land, including leaseholds, subleaseholds, business opportunities and enterprises, and mineral rights; real estate.
The party designated to receive an estate at the end of life estate.
right of survivorship
A situation by which the remaining joint tenant succeeds to all right, title, and interest of the deceased joint tenant without the need for probate proceedings.
riparian rights
Private ownership rights extending to the normal high-water mark along a river or stream and including access rights to water, boating, bathing, and dockage in accordance with state and federal statutes.
separate property
Real property owned by a husband or wife prior to the marriage with the spouse having no present rights in such property; property owned individually.
tenancy at sufferance
An estate lawfully acquired for a temporary period of time but retained after a period of lawful possession has expired; nonfreehold estate.
tenancy at will
An estate that may be terminated by either party at any time upon proper notice; nonfreehoold estate.
tenancy by the entireties
an estate created by husband and wife jointly owning real property with instant and complete right of survivorship.
tenancy in common
a form of ownership by two or more persons each having an equal or unequal interest and passing the interest to heirs,not to surviving tenants.
tenants in common
When two or more persons wish to share the ownership of a single property.
an individual interest in real property unit together with a right of exclusive use for a specified number of days or weeks per year.
trade fixture
An article that is attached by a commercial tenant as a necessary part of the tenants business and is personal property.
undivided interest
an interest in the entire property, rather than ownership of a particular part of the property.

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