Section 4 Re

Front 1

Antitrust laws

Back 1

State and federal laws designed to maintain and preserve business competition

Front 2

Arbitration

Back 2

W consent the matter is submitted to a disinterest third party who makes a binding judgement

Front 3

Blind ad

Back 3

Ad that fails to disclose the licensed name of brokerage firm and that only gives P.O. Box, phone number, and or street address

Front 4

Commingle

Back 4

Mixing a buyer’s, seller’s, tenant’s, or landlord’s funds w the broker’s money or mixing escrow money w the brokers funds or brokerage funds

Front 5

Conflicting demands

Back 5

Buyer and seller make demands w disbursement of escrowed prop that are inconsistent and can’t be resolved

Front 6

Corporation

Back 6

Artificial person or entity created by law and consisting of one or more persons formed by articles of incorporation

Front 7

Declaratory judgement

Back 7

Filed w the judge in court of law if brokers believe they’re entitled to a portion of disputed escrow funds

Front 8

Deposit

Back 8

Sue if money delivered to licensee as earnest money, payment, or partial payment in connection w a re transaction

Front 9

Earnest money deposit

Back 9

Money given as good faith to accompany an offer to purchase or lease real property

Front 10

Escrow account

Back 10

Account for deposit of money held by a third party in trust for another for safekeeping

Front 11

Escrow disbursement order

Back 11

Determination by frec of who is entitled to disputed funds

Front 12

General partnership

Back 12

An assoc of 2 or more persons for the purpose of jointly conducting a business together and each to share the profits and losses of the business

Front 13

General partnership

Back 13

An assoc of 2 or more persons for the purpose of jointly conducting a business together and each to share the profits and losses of the business

Front 14

Good faith doubt

Back 14

When the broker questions or doubts the parties’ willingness to fulfill the duties or obligations set forth in the contract & broker requests guidance as to who should receive the escrowed property

Front 15

General partnership

Back 15

An assoc of 2 or more persons for the purpose of jointly conducting a business together and each to share the profits and losses of the business

Front 16

Good faith doubt

Back 16

When the broker questions or doubts the parties’ willingness to fulfill the duties or obligations set forth in the contract & broker requests guidance as to who should receive the escrowed property

Front 17

Interpleader

Back 17

Legal proceeding where uninterested broker deposits w the court the disputed escrow deposit so the court can determine the rightful claimant

Front 18

General partnership

Back 18

An assoc of 2 or more persons for the purpose of jointly conducting a business together and each to share the profits and losses of the business

Front 19

Good faith doubt

Back 19

When the broker questions or doubts the parties’ willingness to fulfill the duties or obligations set forth in the contract & broker requests guidance as to who should receive the escrowed property

Front 20

Interpleader

Back 20

Legal proceeding where uninterested broker deposits w the court the disputed escrow deposit so the court can determine the rightful claimant

Front 21

Kickback

Back 21

Broker receives money from someone other than the buyer or seller

Front 22

Good faith doubt

Back 22

When the broker questions or doubts the parties’ willingness to fulfill the duties or obligations set forth in the contract & broker requests guidance as to who should receive the escrowed property

Front 23

Kickback

Back 23

Broker receives money from someone other than the buyer or seller

Front 24

Limited liability company

Back 24

Offers the best features of a corporation and a partnership. Members are protected from personal liability as in a corporate form of ownership and the tax advantages of a partnership

Front 25

General partnership

Back 25

An assoc of 2 or more persons for the purpose of jointly conducting a business together and each to share the profits and losses of the business

Front 26

Good faith doubt

Back 26

When the broker questions or doubts the parties’ willingness to fulfill the duties or obligations set forth in the contract & broker requests guidance as to who should receive the escrowed property

Front 27

Interpleader

Back 27

Legal proceeding where uninterested broker deposits w the court the disputed escrow deposit so the court can determine the rightful claimant

Front 28

Kickback

Back 28

Broker receives money from someone other than the buyer or seller

Front 29

Limited liability company

Back 29

Offers the best features of a corporation and a partnership. Members are protected from personal liability as in a corporate form of ownership and the tax advantages of a partnership

Front 30

Limited liability partnership

Back 30

Protection from person liability the same as limited partners in a limited partnership

Front 31

Limited partnership

Back 31

Consists of one or more general partners and one or more limited partners

Front 32

Litigation

Back 32

Provides matter to be resolved in a court of law when there are disputing parties regarding escrow funds

Front 33

Market allocation

Back 33

Agreement between brokers to split up competitive market areas among themselves and not complete in each other’s areas

Front 34

Market allocation

Back 34

Agreement between brokers to split up competitive market areas among themselves and not complete in each other’s areas

Front 35

Mediation

Back 35

Informal non adversarial process intended to reach a negotiated settlement that is not binding

Front 36

Ostensible partnership

Back 36

No real partnership, but public would think one exists

Front 37

Personal assistants

Back 37

Individuals hired by licensee to perform administrative tasks

Front 38

Personal assistants

Back 38

Individuals hired by licensee to perform administrative tasks

Front 39

Point of contact info

Back 39

Any means to contact the brokerage firm or licensee

Front 40

Price fixing

Back 40

Occurs when competing brokers conspire to establish a standard commission

Front 41

Price fixing

Back 41

Occurs when competing brokers conspire to establish a standard commission

Front 42

Professional association

Back 42

Business corporation consisting of one or more individuals engaged in a primary business that provides a professional service

Front 43

Sole proprietorship

Back 43

Business owned by one person w no legal separation between the owner and the business

Front 44

Team advertising

Back 44

Name or logo used by one or more licensees who represent themselves to the public as a team or group

Front 45

Telephone solicitation

Back 45

Phone call for purpose of encouraging the purpose or investment in something

Front 46

Trade name

Back 46

Business name other than the legal name or the person doing business

Front 47

Trust funds

Back 47

Cash, checks, money orders, etc that can be converted to cash that are held by a third party