Section 4 Vocabulary Flashcards Preview

FLorida Real Estate Practice > Section 4 Vocabulary > Flashcards

Flashcards in Section 4 Vocabulary Deck (14)
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1
Q

Agent

A

One who acts on the behalf of another.

2
Q

Caveat Emptor

A

Refers to the time prior to licensing laws when all risk and responsibility was on the buyer, known as “Let the buyer beware.”

3
Q

Consent to Transition

A

Change in the relationship between agent and principal (must be written).

4
Q

Customer

A

Member of the public that potentially may become employer of the broker in a transaction.

5
Q

Dual Agent

A

Representing both the buyer and the seller in a transaction. NOT legal in Florida.

6
Q

Fiduciary

A

Person entrusted with confidence and respect to principal.

7
Q

General Agent

A

Agent authorized to perform only acts related to ongoing business of a particular nature.

8
Q

Limited Representation

A

Specifically transaction broker. To buyer/seller or both provide limited non-fiduciary representation.

9
Q

Non-Representation

A

A no brokerage agreement is non-representation.

10
Q

Principal

A

The person employing the broker. Also, can be the amount paid on a loan that reduces the total outstanding amount owed.

11
Q

Residential Sale

A

Described as 4 or fewer units, property intended for 4 or fewer units, agricultural property of 10 or fewer acres.

12
Q

Special Agent

A

Agent that performs a particular act in a transaction.

13
Q

Subagency

A

An agent under the original agent.

14
Q

Transaction Broker

A

Provides limited representation to buyer/seller or both but does not represent either as a single agent or in a fiduciary capacity.