Entries for September, 2011

What is Leverage?

Leverage is the use of other people’s money to increase the investor’s return.   Leverage is most commonly used in real estate transactions through the use of a mortgage loan to purchase a property.

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When Do Conflicting Demands Occur?

Conflicting demands occur when the Buyer and Seller make demands regarding disbursing of escrowed property that are inconsistent and can not be resolved. If a Broker, who maintains an escrow account, receives conflicting demands on escrowed property, the Broker must notify the FREC, in writing, within 15 business days of receiving the conflicting demands unless [...]

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What Does it Mean to Commingle Funds?

To commingle funds is the illegal practive of mixing a Buyer’s, Seller’s, Tenant’s, or Landlord’s funds with the Broker’s own money or of mixing escrow money with the broker’s personal funds or brokerage funds.

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What is a Deposit?

A deposit is defined as a sum of money, or its equivalent, delivered to a real estate licensee as earnest money, payment, or partial payment in connection with a real estate transaction.  An earnest money deposit may be in the form of cash, currency, or any medium of exchange or securities that can be converted [...]

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What is Telemarketing?

Telemarketing is the use of the telephone as a marketing tool to solicit services directly to the public.

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What is an Escrow Account?

An Escrow Account is an account for the deposit of money a disinterested third party holds in trust for others. For a mortgage loan, an escrow account is one that is established to hold seperate funds for the purpse of paying bills such as homeowner’s insurance and property taxes.

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What is a No Brokerage Relationship?

A Buyer or a Seller can choose not to be represented by a real estate Broker.    The Broker can facilitate the sale or the purchase of real property without entering into either a single agent or transaction broker relationship.   Florida law does not require that prospective Buyers and Sellers be represented.   A real estate licensee [...]

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What is HO6 Insurance?

Due to the housing crisis and a revamped Fannie Mae and FHA, lenders are now making HO6 insurance a requirement for any condominium purchase.    The condo policy will provide coverage on the interior walls and for personal property held within the dwelling.  This policy will usually also provide liability coverage for the owner.

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