Florida Real Estate Exam Manual Flashcards

Florida Real Estate Exam Manual Flashcards Sales associatea person who performs real estate services for compensation but who does so under the direction, control, and management of an active broker or owner-developer Administrative lawa body of law created by administrative agencies in the form of rules, regulations, orders, and descisions Registrationthe official placement of a real estate business or individual into the DBPR's records (database) Antitrust lawsstate and federal laws designed to maintain and preserve business competition Group licenseissued to a sales associate or broker associate employed by an owner-developer (real estate developer) who owns properties in the name of various entities and entitles the licensee to work for the separate sales projects owned by the owner-developer General agentauthorized by the principal to handle the affairs related to a business or trade, or to handle all the business at a certain location; for example, a property manager Interpleadera legal proceeding whereby the broker, having no financial interest in the disputed funds, deposits with the court the disputed escrow deposit so that the court can determine the rightful claimant Final ordersthe Commission's final decisions as to innocence or guilt and the determination of the appropriate penalty Limited liability partnershipfeatures protection from personal liability in much the same way as limited partners in a limited partnership Trust fundscash, checks, money orders, or other items that can be converted to cash and that are held by a third party in connection with a real estate transaction Formal hearingsused if the licensee-respondent either requests a formal hearing or if the licensee-respondent disputes the allegations Designated sales associatesare two real estate licensees from the same brokerage company designated to represent the buyer and the seller as single agents innonresidentialtransactions Informal hearingsan expedited way of resolving disciplinary cases provided the licensee does not dispute the alleged facts stated in the complaint Caveat emptora policy of let the buyer beware (buyer is responsible for own knowledge in real estate transactions) Concealmentthe withholding of information

Agenta person entrusted with another's business; the person authorized by the principal to act on the principal's behalf Corporationan artificial person or legal entity created by law and consisting of one or more persons that is formed by filing articles of incorporation Principalthe seller (or the buyer, but not both) in a single agent relationship; the principal authorizes to act on the principal's behalf, while the principal is responsible for the actions of the agent Trust liability(Study material for broker candidates only) the sum total of all deposits received, pending, and being held by the broker at a point in time Limited partnershipconsists of one or more general partners and one or more limited partners Escrow disbursement order (EDO)a determination by the FREC of who is entitled to disputed funds Active licensestatus is required to engage in real estate services. Sales associates achieve status by finding an employer and registering with the DBPR under the employing broker or owner-developer Declaratory judgmentfiled with the judge in a court of law if brokers believe that they are entitled to a portion of the disputed escrow funds Personal assistantsindividuals hired by a licensee to perform administrative tasks associated with real estate transactions. The tasks performed by a personal assistant determines whether the assistant must be a real estate licensee.Consent to transitiona written agreement to gain the principal's written permission to a change in brokerage relationship Failure to account for and deliverthe act of failing to pay money to a person entitled to receive it Division of Administrative Hearings (DOAH) the entity that employs administrative law judges (ALJs) to conduct formal hearings of administrative complaints against licensees Reciprocitythe practice of mutual exchanges of privileges. Some states have reciprocal arrangements for recognizing and granting licenses to licensed real estate professionals from other states.Litigationone of the settlement (escape) procedures that provides for the matter to be resolved in a court of law when there are disputing parties regarding escrow funds Point of contact informationany means by which to contact the brokerage firm or individual licensee including mailing address(es), physical street address(es), email address(es), telephone number(s), facsimile (fax) telephone number(s); the brokerage firm's name must be above, below, or adjacent

to the point of contact information Price-fixingoccurs when competing brokers conspire to establish a standard commission Citationsfines for violations that have been specified in the citation rule for which there is no substantial threat to the public

health, safety, and welfare