REAL ESTATE CHAPTER 5 TERMS

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  1. Arbitration
    a form of alternative dispute resolution (ADR)
  2. Blind advertisement
    a type of advertisement that does not include the identity-not legal
  3. Commingle
    the illegal act of a broker combining clients' funds with personal funds.
  4. Corporation (Inc.)
    limits an individual's liability in case of a lawsuit
  5. Deposit
    a sum payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later.
  6. Earnest money
    money paid to confirm a contract
  7. Escrow account
    an account separate from the mortgage account where deposit of funds occurs for payment of certain conditions that apply to the mortgage, usally property taxes and insurance.
  8. Escrow disbursement order
    Request the Florida Real Estate Commission issue an ___ ___ ___ determining who is entitled to the escrowed property
  9. General partnership
    is an arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligation.
  10. Good-faith doubt
    • -Doubt as to which party should receive the escrowed property.
    • -Broker must notify FREC within 15 business days about said doubt and within 30 days after having such doubt.
  11. Interpleader
    • -is a civil procedure that allows a plaintiff or a defendant to initiate a lawsuit in order to compel other parties to litigate.
    • -action originates when the plaintiff holds property on behalf of another, but does not know to whom the property should be transferred
  12. Limited liability company (LLC)
    is a corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities.
  13. Limited liability partnership
    is a partnership in which some or all partners depending on the jurisdiction have limited liability for debts.
  14. Litigation
    the process of taking legal action
  15. Mediation
    intervention in a dispute in order to resolve it; arbitration.
  16. Ostensible partnership
    a partner whose name is made known and appears to the world as a partner, and who is in reality such.
  17. Point of contact information
    person or a department serving as the coordinator or focal point of an activity or program.
  18. Professional association (PA)
  19. Sole proprietorship
    • -has few federal and state start-up costs, but must be responsible for all debts, expenses and profits incurred by the business.
    • -is the simplest way to structure a new Florida business
  20. Trade name (fictitious name)

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Author:
mccullochhelen
ID:
331772
Filename:
REAL ESTATE CHAPTER 5 TERMS
Updated:
2017-05-28 01:11:44
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Description:
CHAPTER 5 TERMINOLOGY
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