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Definition
| Must be zoned for Real Estate office, city or occupational license is required. Additional locations must be registered if you advertise the public to go there, call you there, you keep permanent records there. |
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Definition
| All active brokers are required to have an office and it be registered with DBPR. |
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Term
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Definition
| Sign required for office that is easily observable and must contain: Trade Name, Brokers Name, "Lic. Real Estate Broker". Also called "Statutory sign" |
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Definition
| All advertising must be worded so that reasonable people will know that they are dealing with a real estate licensee. |
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Definition
| Advertisements that fail to disclose the license name of the brokerage firm. |
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Term
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Definition
| Name of the brokerage firm must appear adjacent to or immediate above or below the point of contact information. |
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Term
| Point of Contact information |
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Definition
| Any means by which to contact the brokerage firm or individual licensee including mailing addresses, street address, email address, telephone number. |
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Term
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Definition
| Initiation of a phone call for the purpose of encouraging the purchase of, or investment in, property, goods, services. Calls from 8am -9pm only. Violators of the do not call registry $10,000 per call. Can solicite previous business relationships up to 18 months after business concluded. |
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Term
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Definition
| 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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Term
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Definition
| 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. |
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Term
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Definition
| 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. Impond account or trust account. |
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Term
| "Immediately" defined in regards to escrow deposits for sales assoc.. |
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Definition
| The end of the next business day. |
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Term
| "Immediately" defined in regards to escrow deposits for brokers. |
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Definition
| end of the third business day including when 1st received by Sales Assoc.. |
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Term
| "Immediately" defined in regards to post dated checks |
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Definition
| Broker waits until post-date, then 3 days and deposit. |
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Term
| 3 accepatable escrow depositories |
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Definition
| Florida commercial bank, credit union, savings association. |
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Term
| How many days for written verification when a deposit is placed with a title company or attorney? |
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Definition
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Term
| How much personal or brokerage funds money can a broker keep in an escrow account? |
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Definition
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Term
| How much personal or brokerage fund monies can a broker keep in there property management escrow account ? |
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Definition
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Term
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Definition
| To mix together money or a deposit with personal funds; combine; intermingle. |
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Term
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Definition
| When different parties each make claims that are inconsistent with one another. |
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Term
| How many days associated with conflicting demand for broker. |
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Definition
| The broker must notify the FREC, in writing within 15 days of receiving the conflicting demands unless specifically exempted. Broker must institute one of the four settlement procedures within 30 business days from the time the broker received the conflicting demands |
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Term
| What are the 4 settlement procedures? |
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Definition
| Mediation, Arbitration, Litigation, Escrow Disbursement Order (MALE) |
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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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Term
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Definition
| The act of having a third party render a binding decision in a dispute between two parties. |
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Term
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Definition
| lawsuit; case before a court of law. |
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Term
| Escrow Disbursement Order(EDO) |
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Definition
| A course of action for determining the disposition of a contested deposit. Only if funds are in a brokerage escrow account. |
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Term
| What are the three exceptions to the notice and settlement procedures for sales escrow accounts? |
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Definition
| During the recission period: Hud's agreement to abide, residential condo's, financing clause. |
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Term
| Good Faith doubt and days associated for broker. |
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Definition
| Unsure as to which party should receive the escrowed property. Notify FREC writing 15 days, institute settlement procedure within 30 days(business) |
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Term
| False Advertisements or outdated lists are what violation of law? |
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Definition
| first degree misdemeanor/fine up to $1,000/or imprisonment for 1 year. |
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Term
| Brokers Commision / Anti trust laws |
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Definition
| Price fixing(conspiracy to raise commissions), Boycott, Tying or making no open choices available for the customer. |
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Term
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Definition
| Dealing as an individual in business; business owned by one person. |
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Term
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Definition
| Association of two or more persons for the purpose of jointly conducting a business. |
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Term
| Requirements for a Real Estate brokerage general partnership. |
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Definition
| Must register name with DBPR, One member must be a licensed broker, partners who deal with public and perform real estate services must be licensed as brokers, Sales assoc. and Broker assoc. can not be general partners(straight broker can be, not a broker assoc., sales assoc. can be a stockholder) |
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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. Limited partners must make an investment of cash or of property, but not services. |
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Term
| Real Estate Limited Partnership Brokerage requirements |
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Definition
| Must register name with DBPR, General partners who deal with public must be licensed as active brokers, one general partner must be licensed as broker, General partners must register with DBPR for ID purposes, Sales assoc. and brokers may not be general partners, they can be limited partners, limited partners need not register with the DBPR. |
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Term
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Definition
| (Quasi partnership) One or more parties cause a third party to be deceived into believing that a business relationship exists when no such arrangement exists. |
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Term
| Limited Liability Partnership |
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Definition
| A business entity that features protection from personal liability but with fewer legal restrictions compared with other business entities. |
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Term
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Definition
| An artificial or fictitious person formed to conduct specified business activities. Limited liability. |
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Term
| Requirements for real estate corporation brokerage. |
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Definition
| Must register corp. name with DBPR, One director or officer must be licensed as an active broker, Active or inactive brokers and unlicensed people may serve as officers and directors, unless they deal with the public and perform real estate services, All unlicensed officers and directors must register with the DBPR, Inactive brokers and unlicensed can perform managerial functions, Sales Assoc. and Broker Assoc. may NOT be an officer or director but can be shareholders. |
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Term
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Definition
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Term
| Limited Liability Company(LLC) |
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Definition
| An alternative hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations. |
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Term
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Definition
| Church or ecclesiastical organization. |
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Term
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Definition
| Temporary form of business arrangement often encountered in real estate, two or parties form to complete a business transaction |
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Term
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Definition
| form of business entity that may be formed to engage in transactions involving its own real property. |
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Term
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Definition
| permitted to conduct commercial business and to convey sell or buy its own property but it cannot be registered as a real estate broker. |
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Term
| Unincorporated Associations |
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Definition
| generally recognized as groups of people associated for some noncommercial common purpose. |
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Term
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Definition
| business name other than the legal name of the person doing business. |
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