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Arbitration
a form of alternative dispute resolution (ADR)
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Blind advertisement
a type of advertisement that does not include the identity-not legal
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Commingle
the illegal act of a broker combining clients' funds with personal funds.
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Corporation (Inc.)
limits an individual's liability in case of a lawsuit
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Deposit
a sum payable as a first installment on the purchase of something or as a pledge for a contract, the balance being payable later.
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Earnest money
money paid to confirm a contract
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Escrow account
an account separate from the mortgage account where deposit of funds occurs for payment of certain conditions that apply to the mortgage, usally property taxes and insurance.
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Escrow disbursement order
Request the Florida Real Estate Commission issue an ___ ___ ___ determining who is entitled to the escrowed property
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General partnership
is an arrangement by which partners conducting a business jointly have unlimited liability, which means their personal assets are liable to the partnership's obligation.
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Good-faith doubt
- -Doubt as to which party should receive the escrowed property.
- -Broker must notify FREC within 15 business days about said doubt and within 30 days after having such doubt.
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Interpleader
- -is a civil procedure that allows a plaintiff or a defendant to initiate a lawsuit in order to compel other parties to litigate.
- -action originates when the plaintiff holds property on behalf of another, but does not know to whom the property should be transferred
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Limited liability company (LLC)
is a corporate structure whereby the members of the company cannot be held personally liable for the company's debts or liabilities.
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Limited liability partnership
is a partnership in which some or all partners depending on the jurisdiction have limited liability for debts.
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Litigation
the process of taking legal action
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Mediation
intervention in a dispute in order to resolve it; arbitration.
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Ostensible partnership
a partner whose name is made known and appears to the world as a partner, and who is in reality such.
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Point of contact information
person or a department serving as the coordinator or focal point of an activity or program.
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Professional association (PA)
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Sole proprietorship
- -has few federal and state start-up costs, but must be responsible for all debts, expenses and profits incurred by the business.
- -is the simplest way to structure a new Florida business
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Trade name (fictitious name)
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