florida real estate vocabulary

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402ari6361
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88291
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florida real estate vocabulary
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2011-05-29 12:52:57
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real estate
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florida real estate vocabulary
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  1. ACQUISITION FINANCING
    a loan used to acquire, construct, or substantially improve a primary or secondary residence
  2. ADJUSTED SALES PRICE OF OLD HOME
    the actual sales price less the expenses of the sale and fix up expenses
  3. AFFIRMATIVE DISCOVERY
    duty of real estate agents to determine defects or other matters material to a transaction. Requires that taxpayers must move 50 miles farther than the distance between the old residence and the old job location in order to deduct moving expenses.
  4. ASBESTOS-CONTAINING MATRIALS (ACM)
    materials used primarily to fireproof, insulate, and soundproof
  5. ASBESTOS
    a strong, flexible, corrosion-resistant building material that will not burn
  6. ASBESTOSIS
    a serious, chronic, noncancerous, respiratory disease caused by exposure to asbestos fibers
  7. ASSOCIATION OF REAL ESTATE LICENSE LAW OFFICIALS (ARELLO)
    organization of real estate regulators
  8. BASIS OF THE OLD HOME
    includes the original cost of the home to the taxpayer, commissions, and other expenses incurred in its purchase, the cost of any improvements and the post poned gain (if any) from the sale of a previous home
  9. BLOCKBUSTING
    also called panic peddling, this unlawful practice involves inducing individuals to sell or rent any dwelling representation regarding the entry or prospective entry into the neighborhood of a person or persons of particular race, color, religion, national origin, sex, disability, or familiar status
  10. BROKERAGE RELATIONSHIP DISCLOSURE ACT (BRDA)
    Effective on October 1, 1997, this law requires certain disclosures by Florida real estate licensees regarding their relationships with consumers, also prohibits dual agency. Provides a statewide uniform system for ratings. The rating system applies to all public, commericial, and existing residential buildings in the state and may be applied to new residential buildings
  11. BUYER BROKERAGE
    real estate firms that specialize in representing buyers
  12. CAPITAL GAIN
    profit derived from the sale of a capital asset, such as real estate
  13. CAVEAT EMPTOR
    literally "buyer beware" a doctrine no longer accepted in residential real estate transactions because sellers and their agents must disclose material defects
  14. CONSUMER INTEREST
    nondeductible interest paid on loans for goods such as cars
  15. COPYRIGHT INFRINGEMENT
    theft of protected (copyrighted or trademarked) information
  16. COST OF THE NEW HOME
    includes 1) the purchase price plus the cost of all capital improvements or the cost of construction completed during the 48 month replacement period and 2) expenses of acquiring the home
  17. CUSTOMER
    the consumer the agent works with but does not represent nor owe a fiduciary obligation
  18. DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION (DBPR)
    the Florida state agency that oversees the Division of Real Estate DRE and other divisions that regulate business and professional licensees
  19. DISCOUNT POINTS
    prepaid interest that is tax deductible
  20. DIVISION OF REAL ESTATE (DRE)
    the Florida state agency empowered to enforce on a daily basis the rules and regulations imposed by the FREC
  21. DUAL AGENCY BROKERAGE
    a real estate firm that represents both buyers and sellers in the same transaction
  22. DUAL AGENCY
    an unlawful relationship in which an agent or agency represents both the buyer and seller in the same transaction
  23. ELECTRIC AND MAGNETIC FIELDS (EMF'S)
    invisible lines of force that surround any electrical device
  24. EQUITY FINANCING
    any type of loan that does not qualify as acquisition financing
  25. EXPENSES OF SALE OF OLD HOME
    includes sales commissions, advertising expenses, attorney and legal fees and similar expenses incurred in selling the old home
  26. FAMILIAR STATUS
    an adult with children under 18, a pregnant person, or a person who has legal custody of a child or is in the process of obtaining such custody
  27. FIDUCIARY DUTIES
    duties such as confidentiality, accounting, and loyalty that an agent owes to a client
  28. FIRST SUBSTANTIVE CONTACT
    the time at which agents must make disclosures about their potential agency relationship with consumer usually prior to any information from the consumer that might be considered confidential
  29. FLORIDA ASSOCIATION OF REALTORS (FAR)
    the state professional organization that provides educational and professional benefits to its members; a chapter of the National Association of Realtors
  30. FLORIDA REAL ESTATE COMMISSION (FREC)
    a regulatory agency that implements and enforces state real estate licensing laws
  31. FRIABLE ASBESTOS
    asbestos that is dry and crumbling a condition more likely to release fibers
  32. HABIT
    the practice of being a good person so that doing the right thing becomes an unconscious practice
  33. HANDICAP
    any physical or mental impairment that substantially limits one or more life functions
  34. IMPROVEMENTS
    any new item made a permanent part of the real estate or any item that is an actual improvement over an old item for example a new kitchen, new plumbing fixtures, a new pool, or new flooring
  35. IN-HOUSE SALE
    a transaction in which the listing agent and the selling agent work for the same firm
  36. INSTALLMENT SALE
    a method of seller financing where payments are recieved by the seller in 2 or more tax years
  37. JURISDICTIONAL INTENT
    a determination by state regulators that an agent was providing real estate services within their state, possibly without proper licenser
  38. LATENT OR HIDDEN DEFECTS
    material defects that are not readily observable but which must be disclosed prior to closing
  39. LEAD BASE PAINT
    a type of paint used in residential property prior to 1978 and a potential health hazard particularly to young children
  40. LICENSE RECIPROCITY
    a recogniion by one territory or state that licensing i another territory is equal to that of their own jurisdiction, Florida does not practice license reciprocity
  41. MARGINAL TAX BRACKET
    the level of income tax of a given individual as indicated by the amount of taxes he/she pays on his/her final dollar of a taxable income also called tax rate
  42. MATERIAL DEFECTS
    property problems or issues that must be disclosed to real estate consumers
  43. MOLD
    an often fuzzy looking fungus that grows on the surface of organic materials in damp locations both indoors and outdoors, digesting that surface in order to survive
  44. MORAL COMPETENCE
    the ability to turn moral judgement and feeling into effective moral action
  45. MOVING EXPENSES
    cost such as mileage and lodging, which may be deductible
  46. MULTIPLE LISTING SERVICE (MLS)
    a database of information on regional real estate transactions, such as current listings and pending sales
  47. MUTUAL RECOGNITION LICENSING AGREEMENTS
    understanding between territories or states that permit out-of-state licensees to more easily obtain licensing in another jurisdiction, Forida practices mutual recognition but not reciprocity
  48. NOTICE OF NONREPRESENTATION DISCLOSURE FORM
    since 1997 a form all real estate licensees are required to provide to any potential seller or buyer at first contact. A now-obsolete method of avoiding capital gain tax if the taxpayer was atleast 55 years old
  49. PICOCURIES PER LITER (pCi\L)
    measure of radon levels
  50. POLYBUTYLENE (PB) PIPING
    flexible, easy to cut gray, silver, or black plastic used in piping
  51. PROTECTIVE OR RESTRICTIVE COVENANTS
    restrictions on lot or unit owners' use of their properties, often imposed to maintain resale value
  52. R-VALUE
    measure of insulation in thermal resistance
  53. RADON GAS
    a naturally occuring, colorless, odorless gas emanating from the earth
  54. REDLINING
    an unlawful action by lenders that denies or makes different terms or conditions for home loans
  55. ROLLOVER RULE
    a now-obsolete method of deferring capital gain tax if the taxpayers were to purchase another residential property within 24 months
  56. SELLER BROKERAGES
    real estate firms that specialize in representing sellers only
  57. SELLER PROPERTY DISCLOSURE FORM
    an optional disclosure of property defects prepared by the seller, brokerage firms that will represent either the buyer or the seller but will not represent both parties in the same transaction
  58. SPAM
    unsolicited email also called junk mail
  59. STEERING
    also called channeling, this unlawful action involves representing to any person because of race, color, religion, national origin, sex, disability, or familial status that any dwelling is not available for inspection, sale, or rental when the dwelling is in fact available
  60. STIGMATIZED PROPERTIES
    properties with intangible problems that may affect property value but may not have to be disclosed to consumers (such as ghost)
  61. SUBAGENCY
    typically a situation in which the agent works with a buyer-customer but represents the listing of a client cooperating firm; often led to undisclosed dual agency
  62. TOXIC MOLD
    a type of fungus thought to be a health risk
  63. TRANSACTION BROKER
    a licensee who represents neither the buyer nor the seller in a real estate transaction
  64. UNDISCLOSED DUAL REPRESENTATION
    representing both buyer and seller in the same transaction without their full knowledge and consent
  65. WILL
    mobilizing the energy to do what we think we should
  66. WORK TEST
    requires that employees must work 39 wees full time in the new market during the 52 week period after the move in order to deduct moving expenses

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