Term
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Definition
| is a process whereby, with the prior consent of all parties to the dispute, the matter is submitted to a disinterested third party. Each side presents its case to a third party, who makes a binding judgement in favor of one side or the other. |
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Term
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Definition
| An advertisement that provides only a post office box number, telephone number, and/or street address |
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Term
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Definition
| Refers to earnest money deposits that may not be mixed or intermingled with other funds. |
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Term
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Definition
| Occur when the buyer and seller make demands regarding the disburing of escrowed property that are inconsistent and cannot be resolved. |
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Term
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Definition
| is the unauthorized control or use of another person's personal property |
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Term
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Definition
| A court action that is filed where brokers who believe that they are entitled to a portion of the disputed funds |
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Term
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Definition
| an artificial person or legal entity creatd by law and consists of one or more persons. A corporation is formed by filing articles of incorporation with the Florida Department of State. |
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Term
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Definition
| is defined as a sum of money, or its equivalent, delivered to a real estate license as earnest money, payment, or partial payment in connection with a real estate transaction. |
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Term
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Definition
| also referred to as good-faith deposits or binder deposits |
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Term
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Definition
| is an account for the deposit of money a disinterested third party (for example, the broker) holds in trust for others |
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Term
Escrow Disbursement Order
EDO |
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Definition
| A determination of who is entitled to the disputed funds. |
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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 is responsible for all the debts incurred in the conducting of that business, each has the power to bind the other in transactions; and each is entitled to receive a shre of the profits in an amount agreed on by the parties. It is created by a contract that may be written, oral, or implied from the conduct of the parties. |
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Term
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Definition
| is used to describe a party's honest intent to transact business, free from any intent to defraud the other party, each party's faithfulness to the duties or obligations as set forth by contract. |
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Term
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Definition
| A court procedure where the broker is excused from the case and the disputing parties argue their case in court. |
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Term
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Definition
| in an unearned fee paid to a licensee associated with a real estate transaction for non-real-estate services. Payment for something other than one of the eight services of real estate |
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Term
| Limited Liability Partnership |
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Definition
| have protection from personal liability in much the same way as limited partners in a limited partnership. LLPs are not liable for obligations or liabilities of the partnership arising from contract, errors or omissions, negligence, malpractice, or wrongful acts committed by another partner or by an employee agent, or representative of the partnership. |
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Term
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Definition
| is created by a written instrument filed with the Florida Department of State. There must be one or more general partners and one or more limited partners to qualify under the law. The limited partners must make an investment of chase or of property, but not of services. |
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Term
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Definition
| A legal process where the disputing parties cannot agree, a disputing party may file a lawsuit so that the matter can be resolved in a court of law. |
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Term
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Definition
| is an informal, nonadversarial process intended to reach a negotiated settlement. |
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Term
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Definition
| or quasi partnership, is not intentionally created. After leaving a former employer, a sales associate who diverts a buyer or seller of the former employer from completion of a transaction may sustain liability for breach of fiduciary to the former employer and possible to the party that hired the former employer |
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Term
Limited liability Company
LLC |
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Definition
| is a form of business organization that offers the best features of a corporation and a partnership. It provides the owners protection from personal liability for business debts in the same way a corporation does, but the IRS treats an LLC as a partnership for tax purposes. Income is taxed only once. |
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Term
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Definition
| is a collection of office rules and regulations created to inform sales associates and employees of the standards and procedures in that particular office. |
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Term
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Definition
| is a business owned by one person. It is easy to organize and flexible to operate and are personally liable not only for their own actions but also for the actions of any employees acting within the scope of their employment. |
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Term
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Definition
| is a call placed for the purpose of encouraging the purchase of, or investment in, property good, or services. Must search the National Do Not Call Registry. |
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