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25 Cards in this Set

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  • Back
Advance Fees
Up-front money collected by a broker for the listing of real property.
Arbitration
The act of having a third party render a binding decision in a dispute between two parties.
Blind Advertisement
And advertisement of a principle's property providing only a telephone number, a P.O. Box, and/or an address without the licensed name of the brokerage firm.
Commingle
To mix together money or deposit with personal funds; combine; intermingle.
Conflicting Demands
When different parties each make claims that are inconsistent with one another.
Conversion
Unauthorized use or retention of money or property that rightfully belongs to another person.
Corporation
And artificial or fictitious person formed to conduct to specified types of business activities.
Deposit
Earnest money or some other valuable consideration given as evidence of good faith to accompany an offer to purchase or rent. (See also Binder and Earnest money.)
Earnest Money Deposit
A type of money that a broker may handle for others in the ordinary course of business; also referred to as good-faith deposit or binder deposit.
Escrow Account
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.
Escrow Disbursement Order (EDO)
A course of action for determining the disposition of a contested deposit.
General Partnership
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.
Good Faith
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 obligation set forth by contract.
Interpleader
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.
Kickback
Payment of money from someone other than the buyer or seller associated with the real estate business.
Limited Liability Company (LLC)
And alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations.
Limited Liability Partnership
Any business entity that features protection from personal liability but with fewer legal restrictions compared with other business entities.
Limited partnership
A business entity consisting of one or more general partners and one or more limited partners.
Mediation
The act of having a third party attempt to reconcile a dispute between two parties.
Ostensible Partnership
One or more parties cause a third party to be deceived into believing that a business relationship exists when no such arrangement exists.
Point of Contact Information
Any means by which to contact the brokerage firm or individual licensee including mailing address(es), physical street address(es), e-mail address(es), telephone number(s), or facsimile telephone number(s).
Policy Manual
The notebook of written rules and regulations that set desired standards and procedures in office.
Puffing
Comments or opinions not made as representations of fact and thus not grounds for misrepresentation.
Soul Proprietorship
Dealing as an individual in business.
Telephone Solicitation
The initiation of a telephone call for the purpose of encouraging the purchase of, or investment in, property, goods, or services.