Module 5 vocabulary

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Author:
Anonymous
ID:
89454
Filename:
Module 5 vocabulary
Updated:
2011-06-06 12:16:21
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real estate
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Description:
module 5 vocabulary
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  1. BLIND AD
    An ad in which only a post office box number, street address, or telephone number appears
  2. POINT OF CONTACT INFORMATION
    any means by which to contact the brokerage firm or individual licensee incuding mailing address, physical street address, email address, telephone numbers or facsimile telephone numbers.
  3. SUIT FOR INTERPLEADER
    used when the broker does not claim an interest in the deposit
  4. SUIT FOR DECLARATORY DECREE
    used when the broker does claim an interest in the deposit
  5. ILLEGAL COMMISSION
    a form of fraud, which is caused by the broker collecting a commission he or she was not legally entitled to collect
  6. OVERAGE (SECRET PROFIT)
    a form of fraud caused by the broker's making more than the agreed-upon or customary commission
  7. INDEPENDENT CONTRACTOR
    employed by another to perform certain services or acts, but retains control as to the work methods and details he or she uses while performing or accomplishing services or acts for the employer
  8. BAD FAITH....BREACH OF TRUST
    to take copies of listings, records, or other confidential information of the broker
  9. LARCENY
    to take original listings, records, or other confidential information
  10. SOLE PROPRIETORSHIP
    (also called sole or individual ownership) an individual just goes into business
  11. DOMESTIC CORPORATIONS
    are created under Florida law
  12. FOREIGN CORPORATIONS
    are created under laws of another state or country
  13. OSTENSIBLE PARTNERSHIP (QUASI-PARTNERSHIP)
    exists when someone is deceived into believing that a partnership exists when it actually does not exist.
  14. LIMITED PARTNERSHIP
    consists of one or more general partners and one or more limited partners
  15. L.L.C
    limited liability company or limited company
  16. L.L.P
    Limited Liability Partnership
  17. JOINT VENTURE (ADVENTURE)
    temporary business relationships formed when 2 or more adult parties combine their efforts to complete a single business transation or a predetermined definite number of transactions
  18. REIT
    Real Estate Investment Trust
  19. MIT
    Mortgage Investment Trust
  20. CORPORATION SOLE
    consists of a bishop or other appropriate clerical personage designated to hold title to church property
  21. SOLE TITLEHOLDER
    person holding title to the corporte sole property
  22. FICTITIOUS NAME
    any name used by a person to transact business in Florida other than the person's legal name and must be registered witht eh Division of Corporations of the Department of State

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