florida real estate vocabulary

a loan used to acquire, construct, or substantially improve a primary or secondary residence

the actual sales price less the expenses of the sale and fix up expenses

duty of real estate agents to determine defects or other matters material to a transaction. Requires that taxpayers must move 50 miles farther than the distance between the old residence and the old job location in order to deduct moving expenses.

materials used primarily to fireproof, insulate, and soundproof

a strong, flexible, corrosion-resistant building material that will not burn

a serious, chronic, noncancerous, respiratory disease caused by exposure to asbestos fibers

organization of real estate regulators

includes the original cost of the home to the taxpayer, commissions, and other expenses incurred in its purchase, the cost of any improvements and the post poned gain (if any) from the sale of a previous home

also called panic peddling, this unlawful practice involves inducing individuals to sell or rent any dwelling representation regarding the entry or prospective entry into the neighborhood of a person or persons of particular race, color, religion, national origin, sex, disability, or familiar status

Effective on October 1, 1997, this law requires certain disclosures by Florida real estate licensees regarding their relationships with consumers, also prohibits dual agency. Provides a statewide uniform system for ratings. The rating system applies to all public, commericial, and existing residential buildings in the state and may be applied to new residential buildings

real estate firms that specialize in representing buyers

profit derived from the sale of a capital asset, such as real estate

literally "buyer beware" a doctrine no longer accepted in residential real estate transactions because sellers and their agents must disclose material defects

nondeductible interest paid on loans for goods such as cars

theft of protected (copyrighted or trademarked) information

includes 1) the purchase price plus the cost of all capital improvements or the cost of construction completed during the 48 month replacement period and 2) expenses of acquiring the home

the consumer the agent works with but does not represent nor owe a fiduciary obligation

the Florida state agency that oversees the Division of Real Estate DRE and other divisions that regulate business and professional licensees

prepaid interest that is tax deductible

the Florida state agency empowered to enforce on a daily basis the rules and regulations imposed by the FREC

a real estate firm that represents both buyers and sellers in the same transaction

an unlawful relationship in which an agent or agency represents both the buyer and seller in the same transaction

invisible lines of force that surround any electrical device

any type of loan that does not qualify as acquisition financing

includes sales commissions, advertising expenses, attorney and legal fees and similar expenses incurred in selling the old home

an adult with children under 18, a pregnant person, or a person who has legal custody of a child or is in the process of obtaining such custody

duties such as confidentiality, accounting, and loyalty that an agent owes to a client

the time at which agents must make disclosures about their potential agency relationship with consumer usually prior to any information from the consumer that might be considered confidential

the state professional organization that provides educational and professional benefits to its members; a chapter of the National Association of Realtors

a regulatory agency that implements and enforces state real estate licensing laws

asbestos that is dry and crumbling a condition more likely to release fibers

the practice of being a good person so that doing the right thing becomes an unconscious practice

any physical or mental impairment that substantially limits one or more life functions

any new item made a permanent part of the real estate or any item that is an actual improvement over an old item for example a new kitchen, new plumbing fixtures, a new pool, or new flooring

a transaction in which the listing agent and the selling agent work for the same firm

a method of seller financing where payments are recieved by the seller in 2 or more tax years

a determination by state regulators that an agent was providing real estate services within their state, possibly without proper licenser

material defects that are not readily observable but which must be disclosed prior to closing

a type of paint used in residential property prior to 1978 and a potential health hazard particularly to young children

a recogniion by one territory or state that licensing i another territory is equal to that of their own jurisdiction, Florida does not practice license reciprocity

the level of income tax of a given individual as indicated by the amount of taxes he/she pays on his/her final dollar of a taxable income also called tax rate

property problems or issues that must be disclosed to real estate consumers

an often fuzzy looking fungus that grows on the surface of organic materials in damp locations both indoors and outdoors, digesting that surface in order to survive

the ability to turn moral judgement and feeling into effective moral action

cost such as mileage and lodging, which may be deductible

a database of information on regional real estate transactions, such as current listings and pending sales

understanding between territories or states that permit out-of-state licensees to more easily obtain licensing in another jurisdiction, Forida practices mutual recognition but not reciprocity

since 1997 a form all real estate licensees are required to provide to any potential seller or buyer at first contact. A now-obsolete method of avoiding capital gain tax if the taxpayer was atleast 55 years old

measure of radon levels

flexible, easy to cut gray, silver, or black plastic used in piping

restrictions on lot or unit owners' use of their properties, often imposed to maintain resale value

measure of insulation in thermal resistance

a naturally occuring, colorless, odorless gas emanating from the earth

an unlawful action by lenders that denies or makes different terms or conditions for home loans

a now-obsolete method of deferring capital gain tax if the taxpayers were to purchase another residential property within 24 months

real estate firms that specialize in representing sellers only

an optional disclosure of property defects prepared by the seller, brokerage firms that will represent either the buyer or the seller but will not represent both parties in the same transaction

unsolicited email also called junk mail

also called channeling, this unlawful action involves representing to any person because of race, color, religion, national origin, sex, disability, or familial status that any dwelling is not available for inspection, sale, or rental when the dwelling is in fact available

properties with intangible problems that may affect property value but may not have to be disclosed to consumers (such as ghost)

typically a situation in which the agent works with a buyer-customer but represents the listing of a client cooperating firm; often led to undisclosed dual agency

a type of fungus thought to be a health risk

a licensee who represents neither the buyer nor the seller in a real estate transaction

representing both buyer and seller in the same transaction without their full knowledge and consent

mobilizing the energy to do what we think we should

requires that employees must work 39 wees full time in the new market during the 52 week period after the move in order to deduct moving expenses