Ch.1-4 RealEstate Definitions
Terms
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- Absentee Owner
- A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment.
- Agricultural
- Defined in Chapter475,F.S., to mean property zoned as such, consistingof more than ten acres.
- Appraisal
- Professional service provided by a registered, licensed, or certified appraiser or real estate licensee to produce an estimate of value.
- Business Brokers
- Real estate licensees who engage in the sale, purchase, or lease of business.
- Business Opportunity Brokerage
- The real estate activity dealing in the sale, purchase, or lease of businesses.
- Comparative Market Analysis (CMA)
- An informal estimate of markert value performed by a real estate licensee for the seller to sassist in arriving at an appropriate listing price, or if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price.
- Counselors
- Professionals who analyze existing or potential real estate problems and recommend a course of action.
- Dedication
- An offer of land for some public use, by an owner, together with acceptance by or on behalf of the public.
- Farm Area
- A selected and limited geographical district to which a sales associate devotes special attention and study; to farm an area or neighborhood.
- Follow-Up
- what a sales associate does after a sale to maintain customer contact and goodwill
- Property Management
- The leasing, managing, marketing, and overall maintenance of property for others.
- Real Estate Business
- A commercial activity in which the sale, purchasing, leasing, rental, exchange, or management of real property is conducted by qualified and licensed parties acting either for themselves or for others for compensation.
- Residential
- Chapter 475 F.S.; Four or fewer residential units, or agricultural property of ten or fewer acres.
- Restrictive Covenants
- Conditions places by developers that affect how the land can be used in an entire subdivision.
- Subdivision Plat Map
- A plan of a tract of land subdivided into lots and showing required or planned amenities.
- Broker
- A licensee as who acts an intermediary between two parties and negotiates contracts between them.
- Broker Associate
- an individual who is qualified to be issued a broker's license but who operates as a sales associate in the employ of another.
- Caveat emptor
- Let the buyer beware!
- Compensation
- Anything of value of a valuable consideration, directly or indirectly paid, promised, or expected to be paid or received.
- License
- A privilege granted by the state to operate as a real estate broker, broker associate, or sales associate; a type of time-share interest.
- Nolo contendere
- a pleading of no contest by a defendant; a plea in a criminal action not admitting guilt but subjecting the defendant to punishment as if it were a guilty plea.
- owner-developer
- An unlicensed entity that sells, exchanges, or leases its own property.
- real estate services
- Real estate activities involving compensation for performing the activities for another.
- registration
- Authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses.
- sales associate
- A licensed individual who, for compensation, is employed by a broker or owner-developer.
- canceled
- A license ceases to exist, effective as of the date approved by the Commission, and does not involve disciplinary action.
- current mailing address
- where a licensee receives letters and so forth through the U.S. Postal Service.
- executive power, FREC
- Duties related to the education of licensees, the regulating of professional practices, and the publishing of materials.
- group license
- A right granted a sales associate or broker associate to work various properties owned by affiliated entities under one owner developer.
- ineffective
- Status of a license when it is inactive or has been suspended.
- involuntary inactive
- the license status that results when a license is not renewed at the end of the license period.
- multiple licenses
- Licenses held by a broker in two or more real estate brokerage firms.
- prima facie evidence
- requiring no further proof; acceptable on the face of.
- quasi-judicial
- Powers delegated to the FREC to discipline real estate licensees for violations of real estate license law and FREC administrative rules.
- quasi-legislative
- Powers delegated to the FREC to enact rules and regulations, decide questions of practice, and validate records. (imprint with FREC's seal)
- void
- Invalid; without force; no longer effective.
- voluntary inactive
- the license status that results when a licensee has met all the requirements for licensure, yet the licensee chooses not to engage in the real estate business, and has requested his or her license be placed in this status.
- agent
- A representative; one who is authorized to act on behalf of another.
- customer
- One with whom the broker or the sales associate hopes to be successful in the accomplishing the purpose of employment. Per section 475.01 F.S., a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship.
- designated sales associate
- Two real estate licensees designated to represent the buyer and the seller as single agents in a nonresidential transaction. The buyer and seller must have assets of $1 million or more and sign disclosures stating their assets meet the required threshold.
- dual agent
- A broker who represents both the buyer and the seller of a transaction in a fiduciary capacity. (ILLEGAL)
- fiduciary
- A person in a position of trust and confidence with respect to another person.
- fraud
- The intent to misrepresent a material fact or to deceive to fain an unfair advantage or to harm another person.
- general agent
- A representative authorized by the principal to perform only acts related to a business or to employment of a particular nature.
- misreprensentation
- A false or misleading statement of a material fact; concealment of a material fact.
- principal
- The party employing the services of a real estate broker; amount of money borrowed in a mortgage loan;excluding interest and other charges.
- residential sales
- The sale of improved residential property of four or fewer unites, the sale of unimproved residential property intended for use as four or fewer units, or the sale of agricultural property of ten or fewer acres.
- single agent
- Per section 475.01,F.S., a broker who represents, as a fiduciary, either the buyer or the seller but not both in the same transaction.
- special agent
- One authorized by the principal to perform a particular act or transaction, without contemplation of continuity of service as with a general agent.
- transaction broker
- A broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.
- universal agent
- A representative authorized by the principal to perform all acts that the principal can personally perform and that may be lawfully delegated to another.