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Definition
| in a subdivision being sold by a broker is not a branch office if the shelter is intended only for the protection of customers and sales associates. |
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Term
| Office Signs must consist of: |
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Definition
- Trade Name
- Broker's Name
- The words "Licensed Real Estate Broker" or Lic. Real estate broker.
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Term
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Definition
| Advertisements that fail to disclose the license name of the brokerage firm. |
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Term
| Misdemeanor of the second degree |
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Definition
| False advertising is what kind of fine: |
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Term
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Definition
| The initiation of a telephone call for the purpose of encouraging the purchase of, or investment in, property, goods, or services. |
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Term
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Definition
| Violators of the federal law may be fined up to _______ for each illegal call. |
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Definition
| a federal law that sets national standards for commercial emails. |
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Term
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Definition
| A sum of money, or equivalent, delivered to a real estate licensee. |
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Term
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Definition
| A payment, or partial payment in connection with a RE transaction. |
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Term
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Definition
| Is an account for the deposit of money a disinterested third party holds in trust for other. |
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Term
| Florida-Based Title Company |
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Definition
| A broker who does not want the responsibility and liability of maintaining escrow accounts may choose to have a _______. |
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Term
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Definition
| Sales/Broker associates who receive a bind deposit from a buyer or rental deposit must deliver it to the broker employer ________. |
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Term
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Definition
| A broker must place funds in escrow account ______ from when received from sales associate. |
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Term
| Interest Bearing Escrow Accounts / Written Permission |
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Definition
| The broker must get ____________ from all parties before placing funds into _______ account. |
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Term
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Definition
| Mixing a buyers, sellers, tenants, or landlords funds with the brokers own money. |
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Term
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Definition
| Unauthorized control or use of another person's personal property. |
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Term
The Title Company's Name
Address
Telephone Number |
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Definition
| Real Estate licensee who prepared or presented the sale contract must indicate on the purchase and sale agreement _______, ______, ________. |
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Term
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Definition
| Occur when the buyer and the seller make demands regarding the disbursing of escrowed property that are inconsistent and cannot be resolved. |
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Term
- Mediation
- Arbitration
- Litigation
- Escrow Disbursement Order (EDO)
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Definition
| Settlement Procedures include what 4: |
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Term
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Definition
| An informal, non adversarial process intended to reach a negotiated settlement. |
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Term
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Definition
| A process whereby, with the prior written consent of all parties to the dispute, the matter is submitted to a disinterested third party. |
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Term
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Definition
| If disputing parties cannot agree, a disputing party may file a law suit so that the matter can be resolved in a court of law. |
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Term
- Brokers who are entrust with an earnest money deposit concerning a residential sale contract used by HUD.
- A buyer of a residential condo unit timely delivers to a licensee written notice of the buyer's intent to cancel the contract.
- A buyer of real property in good faith to satisfy the terms specified in the financing clause of a contract for sale and purchase.
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Definition
| Exception to Notice and Settlement Procedures. |
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Term
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Definition
| A broker's uncertainty as to which party should receive the escrowed property. |
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Term
| Misdemeanor of the first degree / Fine up to $1000 and/or imprisonment of one year / subject of suspension or revocation. |
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Definition
| Any person who violates advertising rental property information or lists that are not current or materially inaccurate are subject to what fines ? |
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Term
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Definition
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Term
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Definition
| Occurs when competing brokers conspire to establish a standard commission rate rather than letting the rate than letting the rate be set by the open market. |
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Term
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Definition
| Occurs when brokers agree to split up competitive market areas among themselves and not compete in each other's areas. |
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Term
| Residential Real property |
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Definition
| A broker may place a lien on ____________ for nonpayment of commission only if the broker is expressly authorized to do so in the listing agreement, the buyer representation agreement, or the sale contract. |
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Term
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Definition
| is an unearned fee paid to a licensee associated with a real estate transaction for non real estate services. |
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Term
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Definition
| is a business owned by an individual. |
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Term
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Definition
| Is an association of two or more persons for the purpose of jointly conducting a business. |
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Term
| General Partnerships requirements are: |
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Definition
-Atleast one partner must be licensed as an active broker.
-Partners who will deal with public and services must be active brokers.
-Sales assoc. and broker assoc. may not be general partners in brokerage partnerships. |
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Term
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Definition
| If the partnership has only one active broker and that broker dies, resigns, or is removed from office, the broker of the record must be replaced within _______ days. |
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Term
| Automatic cancellation / involuntary inactive. |
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Definition
| Failure to timely appoint another active broker will result in the _____ _____ of the partnership registration, and the licenses of all people associated with the partnership will become _______ _______. |
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Term
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Definition
| Created by a written instrument filed with the Florida Dept. of State. |
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Term
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Definition
| is not intentionally created. Considered fraudulent and deceitful. |
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Term
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Definition
| Is an artificial person or legal entity created by law and consists of one or more persons. |
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Term
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Definition
| Is an ecclesiastical or church organization. |
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Term
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Definition
| temporary form of business arrangement often encountered in the real estate business. When two or more parties combine their efforts to complete a single business transaction. |
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Term
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Definition
| is permitted to conduct commercial business and to convey, sell, or buy it's 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 a person or a business entity. |
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Term
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Definition
| Hired by licensees to perform administrative tasks associated with real estate transactions. They may help with routine office activities, such as mass mailings, writing ads, and preparing market analyses. They cannot be paid commission or compensation. |
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