Chapter 1-8 Review Flashcards

Chapter 1-8 Review Flashcards issued for a minor violation and can be disputed by the subject of the complaint; fines range from $100 to $500 citation general agentan agent who is authorized to manage all of a principal's affairs within certain specified areas; enjoys broader authority than that of a special agent but less than that of a universal agent Real Estate Servicesservices that include but are not limited to the sale, lease or management of RE What describes a buyers market?sales prices are more negotiable for buyers, since the real estate supply is high.Involuntarily inactivedescribes a license that is inactive due to either a failure to meet renewal requirements or the lack of an employing broker What is true regarding Florida's statutory requirements for the Single Agent Notice?The state of Florida will allow the broker to provide the Single Agent Notice as a stand-alone form or as part of another document such as a listing agreement, a buyer-broker agreement, or other agreement for representation.USPAP (Uniform Standards of Professional Appraisal Practice) an agency charged with overseeing, regulating, and promulgating real estate appraisals and appraisal practices group licensea license that allows a sales associate or broker associate to conduct real estate transactions for multiple entities owned by the same owner-developer earnest moneyfunds paid to confirm or commit to a contract What does the D.B.P.R(Department of Business and Professional Regulation) do?in charge of licensing and regulating the licensure of all kinds of professions in Florida, not just real estate.interpleadercourt procedure meant to resolve a dispute when a party holds funds they know they do not own, but to which multiple other parties lay claim voluntarily inactivedescribes a license that is inactive by choice; the licensee requests the status change from the DBPR escrow accountaccounts that allow for a process in which funds and/or financial documents are held by a disinterested third party on behalf of the other two parties in the real estate transaction until specific conditions are satisfied expungementremoving a criminal record and destroying it Mutual agreement, revocation, renunciation, and breach of

agreement are all causes for termination of agency due to:

acts of the parties Chapter 20establishes executive branch and the DBPR Real estate servicesbuying, selling, leasing, renting, auctioning, appraising, exchanging, negotiating for, or closing on real property or a

business for compensation; advertising that you will do any of the aforementioned

For federally related real estate transactions in Florida, the

appraiser is required to:

be a state licensed and certified appraiser Cease to be in forcedescribes a license that is not active due to a failure to notify the Florida Real Estate Commission of an important change, such as a change in employer or address adjudication withheldwhen a court stays the imposition of a sentence and instead puts the defendant on probation Chapter 120, Florida StatuteEstablishes licensing procedures and disciplinary processes for all Florida regulatory agencies the disclosure notice the broker must have the client sign before a change in the agency relationship from single agent to transition broker can occur consent to transition Per Florida statute, "a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized

brokerage relationship" is the definition of a(n):

customer Sonya is curious whether or not she is qualified to apply for a broker license. This is covered in what chapter?Chapter 475 - laws about RE school and brokers FREC's final decision on innocence or guilt and decision on what penalties (if any) are to be administered final order power of attorneya legal instrument used to confer the right of one individual to act on behalf of another A fiduciary is expected to put whose interests ahead of their own?client mediationan informal negotiation held by an independent third party to settle a dispute such as conflicting demands Prima Facie Evidence"at first sight" has been proven or assumed to be true unless other evidence is presented Chapter 475is the law governing RE brokers, sales associates and RE schools license authority voidedlicense has been canceled and is no longer in use Business Opportunitya real estate transaction involving a business that already exists and includes both tangible and intangible assets Who is exempt from taking the FL RE course? -Active members of the Florida Bar-People who have graduated from an accredited, four-year institution with a major in real estate agency by ratificationagent takes an unauthorized action on behalf of a party which is later accepted after the fact by the party broker's price opinion (BPO)a broker's opinion of the value of a piece of real property, given in writing Compensationsomething of value received for a service performed Material Facta fact that, if known, could cause someone to take a different course of action or make a different decision regarding the property to be purchased

Sales Associatea licensed person who provides RE services, for compensation under the direction of a RE broker caveat emptor"let the buyer beware" the concept that a buyer is responsible for verifying the quality and value of the goods prior to the purchase Culpable negligencenegligent conduct that is not intentional but involves a disregard of the consequences that will likely result No brokerage relationshipagent - customer Belinda is a sales associate applicant who has recently had her application rejected. She wants to appeal. Where is she most likely to find the rules and deadlines for that appeal process?in Chapter 120, F.S. That legislation governs procedural processes for all professions regulated by the DBPR.subdivision plat maphe proposed map of a to-be-developed subdivision indicating proposed lots, streets, and other important organizational information, created according to the layout of the existing parcel of real property is represented by a fiduciary, not an agentalso known as a principal client limited representationmore than what a party receives with nonrepresentation but less than the fiduciary level representation of a single agent special agentan agent with a limited scope of authority to act on behalf of their principal; usually towards a single, specific objective, end, or goal that is not ongoing Comparative Market Analysis (CMA)a report that compares the prices of recently sold or listed homes ("comparables") in order to estimate the market value of a similar property (the "subject property") located in the same area Expungement vs. Sealingexpungement results in the deletion of any record that an arrest or criminal charge ever occurred while a sealed record still exists in both a legal and physical sense dedicationa gift of land to the government for public use, gifted by the property owner Corporationa legally created business entity representing the interests of more than one person Lindsey wants to know if she can apply for a license as a non-U.S. citizen. That is covered in what chapter?Chapter 455 - rules and procedures for the DBPR probable causereasonable grounds for prosecution Arbitrationa process whereby the parties to a dispute present their conflict to a disinterested third party and honor the third party's binding judgement Chapter 455Outlines rules and procedures for DBPR nonrepresentationalso known as a no brokerage relationship, is one of Florida's three authorized brokerage relationships; used when a buyer or seller of real estate opts out of reprensentation