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24 Cards in this Set
- Front
- Back
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Upfront money collected by a broker for the listing of real property.
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Advance Fees
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The act of having a third party render a binding decision in a dispute between two parties.
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Arbitration
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An advertisement of a principal's property providing only a telephone number, a post office box, and/or an address without the licensed name of the brokerage firm.
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Blind Advertisement
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To mix together money or a deposit with personal funds; combine.
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Commingle
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When different parties each make claims that are inconsistent with one another.
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Conflicting Demands
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Unauthorized use or retention of money or property that rightfully belongs to another person.
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Conversion
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An artificial or fictitious person formed to conduct specified types of business activities.
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Corporation
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Earnest money or some other valuable consideration given as evidence of good faith to accompany an offer to purchase or rent.
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Deposit
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A type of money that a broker may handle for others in the ordinary corse of business;also referred to as a good faith deposit or binder deposit
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Earnest Money
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An account in a bank, title company, credit union, savings association, or trust company used solely for safekeeping customer funds and not for deposit of personal funds; impound account or trust account
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Escrow Account
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A course of action for determining the disposition of a contested deposit.
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Escrow Dibursement Order (EDO)
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An association of two or more persons for the purpose of jointly conducting a business, each being responsible for all the debts incurred in the conducting of that business.
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General Partnership
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A party's honest intent to transact business, free from any intent to defraud the other party; each party's faithfulness to one's duty or obligations set forth by contract.
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Good Faith
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A course of action when two contesting parties cannot reach an arbitrated agreement; A legal proceeding whereby the broker, having no financial interest in the disputed funds, deposits with the court the disputed escrow deposit so that the court can determine who is the rightful claimant.
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Interpleader
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Payment of money from someone other than the buyer or seller associated with real estate business.
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Kickback
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An alternative, hybrid business entitiy with the combined characteristics and benefits of both limited partnerships and S corporations.
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Limited liability company
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A business entity that features protection from personal liability but with fewer legal restrictions compared with other business entities.
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Limited liability partnership
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A business entity consisting of one or more general partners and one or more limited partners.
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Limited partnership
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The act of having a third party attempt to reconcile a dispute between two parties.
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Mediation
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One or more parties cause a third party to be decieved into believing that a business relationship exist when no such arrangements exist.
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Ostensible partnership
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Any means by which to contact the brokerage firm or individual licensee including mailing addresses, physical street addr4esses, email addresses, and telephone numbers.
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Point of contact information
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The notebook of written rules and regulations that set desired standards and procedures in an office.
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Policy Manual
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Comments or opinions not made as representations of fact and thus not grounds for misrepresentation.
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Puffing
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Dealing as an individual in a business.
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Sole proprietorship
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