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Florida Real Estate
Chapter 4
24
Real Estate & Planning
Not Applicable
06/05/2005

Additional Real Estate & Planning Flashcards

 


 

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
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