Term
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Definition
| up front money collected by a broker for listing a property. Must deposit 75% in an advanced fee escrow account. Must be reconciled monthly If auction advance fees can be placed in regular escrow account. |
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| the act of having a third party render a binding decision in a dispute between parties |
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| advertising that fails to disclose the licensed name of the brokerage firm |
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| to mix together money or a deposit with personal funds. |
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| when parties each make claim that are inconsistent with each other. Resolve=mediation, arbitration, litigation, escrow disbursement order (EDO) MALE |
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| unauthorized control or use of another person's property |
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| an artificial or fictitious person formed to conduct specified types of business activities. |
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| earnest money or some other valuable consideration given as evidence of good faith to accompany an offer to purchase or rent. |
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Definition
| money that a broker may handle for others in the ordinary course of business also referred to as good faith money. Broker has 3 days to deposit. |
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Definition
| an account in a bank or credit union or title company used solely for safekeeping customers funds non interest on interest 5% simple or 75% any annualized amount. |
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| Escrow Disbursement Order (EDO) |
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Definition
| a course of action for determining the disposition of a consisted deposit. |
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Term
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Definition
| 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 business. |
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| a party's honest intent to transact business, free from any intent to defraud the other party. |
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Definition
| course of action when two contesting parties cannot reach an arbitrated agreement. |
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Definition
| payment of money from someone other than the buyer or seller associated with real estate business. |
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Term
| Limited Liability Company (LLC) |
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Definition
| hybrid business entity with the combined characteristics and benefits of both limited partnership and S corps. |
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Term
| Limited Liability Partnership (LLP) |
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Definition
| a business entity that features protection from personal liability |
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Term
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Definition
| a business entity consisting of one or more general partners and one or more limited partners. |
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Term
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Definition
| the act of having a third party attempt to reconcile a dispute between two parties. |
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Definition
| also known as quasi partnership; do not form a real partnership, but act and do business as if one |
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Term
| point of contact information |
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Definition
| any means by which to contact the brokerage firm or an individual licensee. |
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Term
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Definition
| written rules and regulations that set desired standards and procedures in an office. |
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Definition
| comments or opinions not made as representations of fact thus not grounds for misrepresentation. Boasting. |
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Definition
| dealing as an individual in business. |
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Definition
| initiation of a telephone call for the purpose of encouraging the purchase of property. |
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Term
| Can sales associate's open their own offices? |
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Definition
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Term
| Are real estate office registrations transferable? |
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Definition
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Term
| * A broker's office must consist of least ONE enclosed room |
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Definition
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Term
| What must a real estate office sign display? (3) |
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Definition
| 1) name of the broker 2) trade name (if any) 3) the words "Licensed Real Estate Broker |
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Term
| What (3) types of telephone solicitations are allowed? |
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Definition
| 1) Political solicitations 2) telephone surveys 3) charitable solicitations |
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| * You may solicit individuals whom you have established business relationships with even if the customer's number is on the national registry |
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Definition
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Term
| What is the fine for illegal solicitation? |
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Definition
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Term
| After conclusion of a business transaction how long may you solicit? |
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Definition
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| How long does a sales associate have to deliver earnest money to their broker? |
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Definition
| No later than the end of the next business day |
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Term
| How long do brokers have to deposit money in escrow? |
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Definition
| no later than the end of the third business day following receipt of the deposit |
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Term
| How long must brokers keep business records, books and accounts? |
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Definition
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Term
| Records must be preserved for how many additional years beyond the conclusion of a court proceeding? |
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Definition
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| If a broker has a good-faith doubt as to which party should receive escrowed property, that broker must notify the FREC, in writing, within how many days? |
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Definition
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| How often must the broker reconcile the advanced fee account? |
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Definition
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Term
| When must a broker provide account reconciliation records to the DBPR? |
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Definition
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Term
| Brokers who collect advanced fees must furnish each seller what? |
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Definition
| Verified account be of all related accounting records |
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Term
| What constitutes a temporary shelter? |
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Definition
| 1) not a branch office 2) no forms on-site 3) no business conducted on-site |
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Term
| Acceptable escrow institutions (3) |
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Definition
| 1) Florida bank 2) title company 3) credit union |
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Term
| How much personal money can be kept at escrow account? |
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Definition
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Term
| Are posted dated checks OK? |
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Definition
| Only if seller gives written permission |
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Term
| When is an advanced fee account not necessary? |
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Definition
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Term
| Punishment for 1st degree misdemeanor |
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Definition
| $1000 or (1) year in jail |
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Term
| (2) types of 1st degree misdemeanors |
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Definition
| 1) advanced fees 2) advanced rental lists |
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Term
| Punishment for 2nd degree misdemeanor |
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Definition
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| Punishment for 3rd degree felony |
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Definition
| $5,000 and/or 5 years in jail |
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Term
| Not valid real estate companies: (5) |
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Definition
| 1) corporation sole 2) joint ventures 3) business trust 4) co-op 5) un-incorporated association |
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Term
| Can a real estate licensee provide an opinion of title? |
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Definition
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Term
| What is a sales associate guilty of he or she duplicates records, listings or confidential information from a former office? |
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Definition
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Term
| Can a property manager or an owner of an apartment complex pay a finder's fee? |
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Definition
| Yes, up to $50 to unlicensed person who is a tenant of the complex |
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Term
| Must be notified when you add or drop business partners? |
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Definition
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Term
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Definition
| fictitious name (must be recorded with the Commission) |
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| * broker & sales associates must be licensed under their illegal names |
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Definition
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| Can broker & sales associates to be licensed under a trade name? |
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Definition
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