Chapter 5-8 Key Term Review Flashcards Preview

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Flashcards in Chapter 5-8 Key Term Review Deck (79):
1

Administrative Complaint

An outline of allegations of facts and charges against the lincesee

2

Breach

The breacking of a promise or obligation

3

Citations

(specified fines) involves fines taht currently range from $100 to $1,000 per offense for violations that have been specified in the citation rule for which there is no substantial threat to the public health, safety, and welfare.

4

Commingle

To mix the money of a buyer or seller with a broker's own money

5

Complainant

The person who makes an allegation or charge against another person (the respondent).

6

Complaint

An alleged violation of law or rule

7

Concealment 

The withholding of information

8

Culpable neglignece

Failining to use the care a reasonable person would exercise

9

Division of Administrative Hearings (DOA)

The entity that employs administrative law judges (ALJs) to conduct formal hearings of administrative complaints against licensees

10

Failure to account for and deliver

The act of failing to pay money to a person entitled to receive it

11

Final Orders

The Commission's final decisions as to innocence or guilt and the determination of the appropriate penalty.

12

Formal Complaint 

  • also known as Administrative Complaint
  • An outline of charges against a licensee

13

Formal Hearings

Are used if the licensee-respondent either requests a formal hearing or if the licensee-respondent disputes the allegations

14

Fraud

The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person.

15

Informal Hearings

An expedited way of resolving disciplinary cases provided the licensee does not dispute the alleged facts stated in the complaint

16

Legally Sufficient

Complaint that contains facts indicating that a violation of Florida Statute, DBPR rule, or FREC may have occured.

17

Material Fact

A piece of information that affects the value of the real property and is relevant to a person making a decision about the property.

18

Misrepresentation

An untrue statement of fact or the concealment of a material fact

19

Moral Turpitude

Conduct contrary to honesty, good morals, justive, and accepted custom

20

Notice of Noncompliance

May be issued for the first-time minor violation (licensee has 15 days to correct minor infraction)

21

Probable Cause 

Reasonable grounds (sufficinet facts and evidence) to warrant prosecution)

22

Recommended Order

Contains the administrative law judge's findings, conclusions, and recommended penalty

23

Stipulation

An agreement as to the penalty reached between the attorneys for the DBPR adn the licensee or licensee's attorney

24

Subpoena

A command to appear at a certain time and place to give testimoney

25

Summary suspension

An emergency suspension that must be issued by the DBPR secretary or secretary's designee.

26

Annual Percentage Rate (APR)

Includest the interest rate and the other loan costs and represents the true yearly cost of credit

27

Blockbusting

To use entry, or rumor of entry, or a protected class into a neighborhood to persuade owners to sell

28

Civil Rights Act of 1886

Prohibits any type of discrimination based on race in all real estate transactions (sale or rental) without exception.

29

Concurrency

A provision in Florida's Growth Management Act that mandates that the infrasctructure needed to support additional population be in place before new development is allowed.

30

Fair Housing Act

Created protected classes of people and prohibits discrimination when selling or renting certain residential property.

31

Familial Status

A protected class of people under the Fair Housing Act, consisting of families with children younger than 18 and pregnant women

32

Good Faith Estimate 

List the charges the buyer is likely to pay at closing

33

Handicap Status

A protected class of people under the Fair Housing Act who have a physical or mental impairment that interferes with normal life functions

34

Property Reports

Disclosure documents required under the federal Interstate Land Sales Full Disclosure Act

35

Public Accomodations

Facilities open to the public, including sales and rental establishments, hotels, and shopping centers

36

Redlining

To deny loans or insurance coverage by a lender or insurer or presenting different terms or conditions for homes in certain neighborhoods.

37

Servicing Disclosure Statement

Discloses to the borrower whether the lender intends to service the loan or transfer it to another lender or sevicing company.

38

Special Information Booklet

Contains consumer information regarding closing services for which the borrower may be charged at closing

39

Steering

Channeling protected-class homeseekers away from areas that are not mixed with that class into areas that are

40

Triggering Terms

Include certain credit terms or specific financing information in an advertisment

41

Bylaws

A recorded document that consists of the rules and regulations of a condominium

 

42

Common elements

Such as roofs, elevators, and recreational facilities are legally attached to condominium units and are transferred with the units when they are sold

43

Concurrent ownership

Means ownership by 2 or more persons at the same time

44

Condominium documents

A set of papers describing the condominium and the association

45

Condominium ownership

A single unit consisting of the vertical and horizontal space in a multiunit structure plys a proportionate share of the common elements

46

Cooperative

  • A multiunit dwelling owned by a corporation;
  • owners purcahse shares in the corporation and receive a proprietary lease

47

Declaration

A recorded document taht creates the condominium

48

Elective share

Is the right of a surviving spouse who has been excluded form the deased spouse's will to 30% of the net estate, in addition to homestead property

49

Estate for years

A written lease with a definite termination date

50

Estate in Severalty

Occurs when title to property is held by one person

51

Fee simple estate

  • Is the most common type of ownership

It is the most comprehensive collection of property rights and may be inherited

52

Fixtures

Objects that were personal property but have been permanently attached to or made part of the permanent residence

53

Freehold estate

an ownership interest for an indefinite period of time

54

Homestead

Law provides certain types of protection and benefits to homeowners regarding their permanent residence

55

Joint Tenancy

An ownerhsip interest between 2 or more persons with right or survivorship

56

Land

Refers to the surface of the earth and to everything attached to it by nature

57

Leasehold estate (tenancy)

An interest in real property that a tenant possess (measured in calendar time)

58

Life estate

a freehold estate that ends with the death of a named person;

  • ownership for an individual's natural life span.

59

Littoral rights

Associated with land abutting tidal bodies of water, such as an ocean, sea, or lake

60

Marital assets

Assest acquired during marriage

61

Nonfreehold estates

Have a known duration and do not involve an ownership interest

62

Personal property (chattel)

Any tangible item that is not real property and that is movable

63

Proprietary Lease

The document that entitles a shareholder in a cooperative to possession of a unit

64

Prospectus

A developer is required to provide purchasers a propectus if the condominium consists of more than 20 residential units, or its part of a group of residential condominiums that will be served by property to be used in common by unit owners of more than 20 units.

The prospectus summarizes some of the major points detailed in the condominium documents

65

Real estate 

The land and all improvements permanently attached to the land

66

Real property

Includes all real estate plus the legal bundle of rights inherent in the ownership of real estate

67

Remainderman

the third party to whom a property is transferred at the end of a life estate (vested if named; contingent if not named)

68

Right of survivorship

When a co-owner dies, that co-owner's share goes to the surviving co-owner(s) and not to the deceased tenant's heirs

69

Riparian Rights 

Associate with the land abutting the banks of a river, stream, or other watercourse

70

Separate property

Nonmarital assets

71

Tenancy at sufferance

Exists when the tenatn, after rightfully being in possession of the rented property, continues possession after the tenant's rights has ended; a holdover tenant

72

Tenancy at will

A leasehold in which the tenant holds possession of the premises with the owner's permission but without a fixed term

73

Tenancy by entireties

An estate created by husband and wife who take title together at the same time

74

Tenancy in common

An interest in real property in which 2 or more persons hold title to the property with equal or unequal interests in the estate

75

Tenants in common

the most frequently used form of co-ownership except for husband-and-wife ownership

76

Time-share

Ownership involves an undivided interest in a living unit according to the number of weeks purchased

77

Trade fixture

An item of personal property attached to real property that is owned by a tenant and used in a business that is legally removable by the tenant

78

Undivided interest

An interest in the entire property, rather than ownership of a particular part of the property

79