Terms Used In Florida Statutes 475.701

• Broker: means a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive a compensation or valuable consideration therefor, appraises, auctions, sells, exchanges, buys, rents, or offers, attempts or agrees to appraise, auction, or negotiate the sale, exchange, purchase, or rental of business enterprises or business opportunities or any real property or any interest in or concerning the same, including mineral rights or leases, or who advertises or holds out to the public by any oral or printed solicitation or representation that she or he is engaged in the business of appraising, auctioning, buying, selling, exchanging, leasing, or renting business enterprises or business opportunities or real property of others or interests therein, including mineral rights, or who takes any part in the procuring of sellers, purchasers, lessors, or lessees of business enterprises or business opportunities or the real property of another, or leases, or interest therein, including mineral rights, or who directs or assists in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a sale, exchange, or leasing thereof, and who receives, expects, or is promised any compensation or valuable consideration, directly or indirectly therefor; and all persons who advertise rental property information or lists. See Florida Statutes 475.01
• Brokerage agreement: means a written contract entered into on or after the effective date of this act between an owner of commercial real estate and a broker that obligates the owner to pay a commission to the broker for licensed services provided by the broker relating to the sale or disposition of the commercial real estate as specified in the contract. See Florida Statutes 475.701
• Closing: means the delivery, exchange, and release of documents and funds for the completion of a transaction for the disposition of commercial real estate. See Florida Statutes 475.701
• Closing agent: means the person who receives documents and funds for recording and disbursement in closing a transaction for the disposition of commercial real estate. See Florida Statutes 475.701
• Commercial real estate: means a fee simple interest or other possessory estate in real property, except an interest in real property that is:
  (a) Improved with one single-family residential unit or one multifamily structure containing one to four residential units;
  (b) Unimproved and the maximum permitted development is one to four residential units under any restrictive covenants, zoning regulations, or comprehensive plan applicable to that real property; or
  (c) Improved with single-family residential units such as condominiums, townhouses, timeshares, mobile homes, or houses in a subdivision that may be legally sold, leased, or otherwise conveyed on a unit-by-unit basis, regardless of whether these units may be a part of a larger building or parcel containing more than four residential units. See Florida Statutes 475.701
• Commission: means any fee or other compensation that an owner agrees to pay a broker for licensed services as specified in a brokerage agreement. See Florida Statutes 475.701
• Commission notice: means the written notice claiming a commission made by a broker under…. See Florida Statutes 475.701
• Contract: A legal written agreement that becomes binding when signed.
• Days: means calendar days, but if a period would end on a day other than a business day, then the last day of that period shall instead be the next business day. See Florida Statutes 475.701
• Disposition: means a voluntary conveyance or transfer of the title to or other ownership interest in any commercial real estate specified in a brokerage agreement. See Florida Statutes 475.701
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Owner: means a person that is vested with fee simple title or a possessory estate in commercial real estate. See Florida Statutes 475.701
• person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
• real estate: means any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, subleasehold, or mineral right; however, the term does not include any cemetery lot or right of burial in any cemetery; nor does the term include the renting of a mobile home lot or recreational vehicle lot in a mobile home park or travel park. See Florida Statutes 475.01
• Real property: means one or more parcels or tracts of land located in this state, including any appurtenances and improvements. See Florida Statutes 475.701
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.