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Details Title: Florida Real Estate Description: Chapter 4 Total Flash Cards: 24 Created: 06/05/2005 12:13:12	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term Agent Definition person entrusted with another's business Term Customer Definition member of public who is or may be a buyer or seller of real estate. Term designated sales associate Definition two real estate licensees designated to represent the buyer and the seller as single agent in non residential transaction. Buyer and seller must have assets of $1 million or more. Term Dual Agent Definition a broker who represents both the buyer and the seller of a transaction in a fiduciary capacity. Term fiduciary Definition a person who acts in a position of trust and confidence for another Term General Agent Definition agent authorized by the principal to perform only acts related to a business or to employment of a particular nature Term misrepresentation Definition misstatement of fact omission or concealment of factual matter. Term Principal Definition the party employing the services of a real estate broker. Term residential sales Definition the sale of improved or unimproved residential property of 4 or fewer units, or the sale of agricultural property of 10 or fewer acres. Term Single Agent Definition one who owes full fiduciary Term Special Agent Definition authorized to perform a particular act or transaction. Such as a real estate associate. Term Transaction Broker Definition a broker who provides limited representation to a buyer seller or both Term Universal Agent Definition agent authorized by the principal to perform all acts on behalf of on the principal Term transition-to-transaction Definition disclosure needed to go from single agent to transaction agent disclosure must be signed prior to showing property. Term Statutory law Definition Written law Term Common-law Definition Derived by society Term When must a transition-to-transaction disclosure be signed? Definition Prior to showing property Term Single-Agent responsibilities Definition COLDPAC (care & due diligence, obedience, loyalty, disclosure, present all offers, accountability, confidentiality) Term Transaction-Agents responsibilites Definition CDPAC (no obedience or loyalty) Term (3) types of agents? Definition 1) universal 2) general 3) special Term What type of agent is a realtor? Definition Special Term fraud Definition Mistatement or failure to disclose material fact resulting in damages Term Disclosure requirements do not apply to (5): Definition 1) nonresidential transactions 2) renting/leasing 3) autions 4) appraisals 5) dispositions Term Does a transaction broker served in a fiduciary capacity? Definition No