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SCREC PM EXAM > DEFINITIONS > Flashcards

DEFINITIONS Flashcards

(48 cards)

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1
Q

AGENT

A

ONE AUTHORIZED AND EMPOWERED BY WRITTEN AGENCY AGREEMENT TO PERFORM ACTIONS FOR THE CLIENTS
EX: BROKERAGE FIRM

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2
Q

ASSOCIATED LICENSEE

A

LICENSEE WORKING UNDER THE SUPERVISION OF A BIC OR PMIC

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3
Q

BROKER

A

ASSOCIATED LICENSEE WHO HAS MET EXPERIENCE AND EDUCATION REQUIREMENTS AND PASSED EXAM FOR BROKER’S LICENSE

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4
Q

BROKER-IN-CHARGE (BIC)

A

BROKER RESPONSIBLE FOR ASSOCIATED LICENSEES AND TRUST ACCOUNT

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5
Q

BUYER’S AGENCY

A

FORM OF AGENCY WHERE A BROKERAGE FIRM REPRESENTS THE BUYER IN AN AGENCY CAPACITY

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6
Q

CLIENT

A

A PERSON WHO ENTERS A WRITTEN AGREEMENT ESTABLISHING AN AGENCY RELATIONSHIP WITH A BROKERAGE FIRM THROUGH ITS BIC, PMIC, OR ASSOCIATED LICENSEE
*PRINCIPLE

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7
Q

COMMISSION

A

SCREC AND ITS MEMBERS

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8
Q

CONVERSION

A

USE OF TRUST ACCOUNT FUNDS FOR PURPOSES OTHER THAN THE TRUST ACCOUNT
*BREACH OF TRUST AND CRIMINAL OFFENSE

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9
Q

CUSTOMER

A

BUYER, SELLER, LANDLORD, OR TENANT WHO USES A LICENSEES SERVICES WITHOUT ESTABLISHING AN AGENCY RELATIONSHIP THROUGH A WRITTEN AGREEMENT
*TENANTS

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10
Q

LICENSEE

A

INDIVIDUAL CURRENTLY LICENSED

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11
Q

MINISTERIAL ACT

A

ACT PERFORMED BY A LICENSEE NOT INVOLVING AN EXERCISE OF DISCRETION OR JUDGEMENT OF A LICENSEE ON BEHALF OF A PERSON WHO IS NOT A CLIENT AND THAT HELPS A NONCLIENT TO COMPLETE A REAL ESTATE TRANSACTION

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12
Q

PERSONAL TRUST ACCOUNT

A

AN ESCROW ACCOUNT OR DEMAND DEPOSIT BANK ACCOUNT DESIGNATED AND TITLED WITH “ESCROW” OR “TRUST” ESTABLISHED AND MAINTAINED BY A LICENSEE TO SAFEGUARD FUNDS BELONGING TO PARTIES OF A REAL ESTATE TRANSACTION WHEN THE TRANSACTION INVOLVES THE LICENSEE’S PERSONAL REAL ESTATE AND THE THE REAL ESTATE IS NOT MANAGED OR LISTED THROUGH A REAL ESTATE FIRM

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13
Q

PROPERTY MANAGER

A

ASSOCIATED LICENSEE WHO HAS MET EXPERIENCE AND EDUCATION REQUIREMENTS AND PASSED EXAM FOR PROPERTY MANAGER’S LICENSE

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14
Q

PROPERTY MANAGER-IN-CHARGE

A

PROPERTY MANAGER RESPONSIBLE FOR ASSOCIATED LICENSEES AND TRUST ACCOUNT

  • TRUSTEE
  • *SIGNS PROPERTY MANAGEMENT CONTRACT WITH OWNER
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15
Q

SUBAGENT

A

AN AGENT OF AN AGENT. AN ASSOCIATED LICENSEE OF THE BROKERAGE FIRM IF THE FIRM IS THE AGENT OF A BUYER, SELLER, LANDLORD, OR TENANT

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16
Q

TRUST ACCOUNT

A

AN ESCROW ACCOUNT OR DEMAND DEPOSIT BANK ACCOUNT DESIGNATED AND TITLED WITH “ESCROW” OR “TRUST” ESTABLISHED AND MAINTAINED BY A BIC OR PMIC TO SAFEGUARD FUNDS BELONGING TO PARTIES OF A REAL ESTATE TRANSACTION

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17
Q

TRUST FUNDS

A

FUNDS RECEIVED ON BEHALF OF ANOTHER PERSON BY A LICENSEE WHEN PERFORMING A REAL ESTATE ACTIVITY

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18
Q

TRUSTEE

A

THE PERSON TO WHOM FUNDS ARE ENTRUSTED UPON CERTAIN TERMS AND CONDITIONS FOR THE BENEFIT OF ANOTHER

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19
Q

TRUSTOR

A

THE PERSON FROM WHOM FUNDS ARE RECEIVED AND TO WHOM FUNDS HELD IN TRUST BELONG

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20
Q

TENANT’S LEDGER

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A

A SUB-ACCOUNT RECORD WHICH IDENTIFIES FUNDS RECEIVED FROM, OR DISBURSED TO, A PARTICULAR TENANT

21
Q

SUBSIDIARY LEDGER

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A

AN EXCERPT FROM THE GENERAL LEDGER PERTAINING ONLY TO THE FUNDS BELONGING TO ONE PARTICULAR INDIVIDUAL, PROPERTY, OR TRANSACTION

22
Q

COMINGLING

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A

MIXING THE PUBLIC’S MONEY WITH PERSONAL OR COMPANY MONEY
EX: TO DEPOSIT TRUST FUNDS IN THE LICENSEE’S PERSONAL OR GENERAL BUSINESS ACCOUNT
*BREACH OF TRUST AND CRIMINAL OFFENSE

23
Q

DEPOSITABLE TRUST ITEMS

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A

FINDS ACCEPTABLE FOR DEPOSIT IN A BANK WHICH ARE RECEIVED BY THE LICENSEE FOR THE BENEFIT OF OTHERS

24
Q

FOLIO NUMBER

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A

AN INTERNAL OR SUB-ACCOUNT NUMBER CREATED BY THE INDIVIDUAL MAINTAINING THE TRUST ACCOUNT RECORDS
*USED TO NUMERICALLY IDENTIFY THE SEPARATE ACCOUNTING FOR INDIVIDUAL TRANSACTIONS

25
GENERAL LEDGER (JOURNAL)
A CHRONOLOGICAL RECORD OF FUNDS WHICH ARE RECEIVED AND DISBURSED
26
NON-DEPOSITABLE TRUST ITEMS
ANY INSTRUMENT OR EQUITY OR THING OF VALUE NOT ACCEPTABLE FOR DEPOSIT IN A BANK RECEIVED IN LIEU OF MONEY
27
OWNER'S LEDGER
A SUB-ACCOUNT RECORD WHICH IDENTIFIES FUNDS RECEIVED FROM, OR DISBURSED TO, A PARTICULAR OWNER OF PROPERTY BEING MANAGED
28
RECONCILIATION OF TRUST ACCOUNT
A PERIODIC PROCESS WHEREBY THE ACCOUNT BALANCE SHOWN ON A BANK STATEMENT IS COMPARED TO AND BALANCED WITH THE GENERAL LEDGER, THE SUB-LEDGER, AND THE CHECKBOOK BALANCES
29
ACTION
INCLUDES RECOUPMENT, COUNTERCLAIM, SET-OFF, SUIT IN EQUITY, AND ANY OTHER PROCEEDING IN WHICH RIGHTS ARE DETERMINED, INCLUDING AN ACTION FOR POSSESSION
30
BUILDING AND HOUSING CODES
ANY LAW, ORDINANCE, OR GOVERNMENTAL REGULATION CONCERNING, MAINTENANCE, OPERATION, OCCUPANCY, USE, OR APPEARANCE OF ANY PREMISE, OR DWELLING UNIT
31
DWELLING UNIT
A STRUCTURE OR THE PART OF A STRUCTURE THAT IS USED AS A HOME, RESIDENCE, OR SLEEPING PLACE BY ONE PERSON WHO MAINTAINS A HOUSEHOLD OR BY TWO OR MORE PERSONS WHO MAINTAIN A COMMON HOUSEHOLD OR BY TWO OR MORE PERSONS WHO MAINTAIN A COMMON HOUSEHOLD AND INCLUDE LANDLORD-OWNED MOBILE HOMES. PROPERTY THAT IS LEASED FOR THE EXCLUSIVE PURPSE OF BEING RENOVATED BY THE LESEE IS NOT CONSIDERED A DWELLING UNIT
32
FAIR-MARKET RENTAL VALUE
THE ACTUAL PERIODIC RENTAL PAYMENT FOR COMPARABLE RENTAL PROPERTY TO WHICH A WILLING LANDLORD AND A WILLING TENANT WOULD AGREE. IN DETERMINING THE FAIR-MARKET RENTAL VALUE, THE COURT MAY CONSIDER APPRAISALS OFFERED BY THE TENANT, LANDLORD, REALTY EXPERTS, LICENSED APPRAISERS, AND OTHER RELEVANT EVIDENCE
33
GOOD FAITH
HONESTY IN FACT IN THE CONDUCT OF THE TRANSACTION CONCERNED
34
LANDLORD
THE OWNER, LESSOR, OR SUBLESSOR OF THE PREMISES
35
ORGANIZATION
INCLUDES A CORPORATION, GOVERNMENT, GOVERNMENTAL SUBDIVISION OR AGENCY, BUSINESS TRUST, ESTATE, TRUST, PARTNERSHIP OR ASSOCIATION, TWO OR MORE PERSONS HAVING A JOINT OR COMMON INTEREST, AND ANY OTHER LEGAL OR COMMERCIAL ENTITY
36
PERSON
INCLUDES AN INDIVIDUAL OR ORGANIZATION
37
OWNER
ONE OR MORE PERSONS, JOINTLY OR SEVERALLY, IN WHOM IS VESTED (1) ALL OR PART OF THE LEGAL TITLE TO PROPERTY OR (2) ALL OR PART OF THE BENEFICIAL OWNERSHIP AND A RIGHT TO PRESENT USE ENJOYMENT OF THE PREMISES *TERM INCLUDES MORTGAGEE IN POSSESSION
38
PREMISES
A DWELLING OR UNIT AND STRUCTURE OF WHICH IT IS A PART AND FACILITIES AND APPURTENANCES THEREIN AND GROUNDS, AREAS, AND FACILITIES HELD OUTFOR THE USE OF TENANTS GENERALLY OR WHOSE USE IS PROMISED TO THE TENANTS
39
RENT
THE CONSIDERATION PAYABLE FOR USE OF THE PREMISES INCLUDING LATE CHARGES WHETHER PAYABLE IN LUMP SUM OR PERIODIC PAYMENTS, EXCLUDING SECURITY DEPOSITS OR OTHER CHARGES
40
RENTAL AGREEMENT
ALL AGREEMENTS, WRITTEN OR ORAL, AND VALID RULES AND REGULATIONS EMBODYING THE TERMS AND CONDITIONS CONCERNING THE USE AND OCCUPANCY OF A DWELLING UNIT AND PREMISES
41
ROOMER
A PERSON OCCUPYING A DWELLING UNIT THAT DOES NOT INCLUDE A TOILET AND EITHER A BATHTUB OR A SHOWER AND A REFRIGERATOR, STOVE, AND KITCHEN SINK, ALL PROVIDED BY THE LANDLORD, AND WHERE ONE OR MORE OF TESE FACILITIES ARE USED IN A COMMON Y OCCUPANTS IN A STRUCTURE
42
SINGLE FAMILY RESIDENCE
A STRUCTURE MAINTAINED AND USED AS A SINGLE DWELLING UNIT. NOTWITHSTANDING THAT A DWELLING UNIT SHARES ONE OR MORE WALLS WITH ANOTHER DWELLING UNIT, IF IT HAS DIRECT ACCESS TO A STREET OR THOROUGHFARE AND SHARES NEITHER HEATING FACILITIES, HOT WATER EQUIPMENT , NOR ANY OTHER ESSENTIAL FACILITY OR SERVICE WITH ANY OTHER DWELLING UNIT
43
TENANT
A PERSON ENTITLED UNDER A RENTAL AGREEMENT TO OCCUPY A DWELLING UNIT TO THE EXCLUSION OF OTHERS
44
WILFUL
AN ATTEMPT TO INTENTIONALLY AVOID OBLIGATIONS UNDER THE RENTAL AGREEMENT
45
AGENCY
A FIDUCIARY RESPONSIBILITY WHCH REQUIRES LEGAL OBLIGATIONS ON THE PART OF THE PMIC AND THE PROPERTY OWNER *MUST BE ESTABLISHED IN WRITING
46
SPECIAL AGENT
PMCI OR BIC HIRED TO REPRESENT THE OWNER
47
GENERAL AGENT
ANY LICENSEE LICENSED UNDER THE PMIC OR BIC * SUBAGENT * PM
48
PRINCIPAL
THE PROPERTY OWNER IDENTIFIED IN THE MANAGEMENT AGREEMENT

SCREC PM EXAM (7 decks)

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