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Unit 5
Definitions
| Term | Definition |
|---|---|
| antitrust laws | State and federal laws designed to maintain and preserved business competition |
| arbitration | The act of having a third party render a binding decision in a dispute between two parties |
| blind advertisement | An advertisement that provides only a telephone number, a post office box, and/or an address without the licensed name of the brokerage firm |
| commingle | To mix together money or a deposit with personal funds; combine; intermingle |
| conflicting demands | When different parties each make claims that are inconsistent with one another |
| corporation | An artificial or fictitious person formed to conduct specified types of business activities |
| declaratory judgement | A course of action declaring rights claimed under a contract or statute intended to prevent loss or to guide performance by the party or parties affected |
| 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 | Type of money that a broker may handle for others in the ordinary course of business; also called a good-faith deposit of 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 of 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 doubt | A broker uncertainty as to which party should receive the escrowed property |
| immediately | The time period during which a broker must deposit escrow funds; no later than the end of the third business day after the broker's sales associate or an employee has received the funds |
| interpleader | Course of action when two contesting parties cannot reach an arbitrated agreement; a legal proceeding whereby the broker;having no financial interest in disputed funds, deposits w/ court the disputed escrow deposit so court can determine rightful claimant |
| kickback | Payment of money from someone other than the buyer or the seller associated with real estate business |
| limited liability company (LLC) | An alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations |
| limited liability partnership (LLP) | A business 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 |
| litigation | A lawsuit; the act of carrying on a lawsuit; a case before a court of law |
| market allocation | An agreement between brokers to split up competitive market areas among themselves and not compete in each other's areas |
| 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 |
| personal assistant | Individual hired by a licensee to perform administrative tasks associated with r/e transactions. Whether a personal assistant must be a r/e license is determined by the tasks the assistant performs |
| point of contact information | Any means by which to contact the brokerage firm or individual licensee, including making address(es), physical street address(es),email, phone number, or facsimile phone number |
| price-fixing | Competing brokers conspire to establish a standard commission rate rather than let the rate be set by the open market |
| professional association (PA) | A business corporation consisting of one or more individuals engaged in a primary business that provides a professional service(ex lawyer, doctor) |
| sole proprietorship | Dealing with 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 |
| trade name | Any adopted or fictitious name used to designate a business concern |
| trust funds | Cash, checks, money orders, and items that can be converted into cash, such as deeds and personal property, that a person (broker) hold in trust for another person |
Created by:
happythivo
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