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FRAUD Any form of deceit, trickery, breach of confidence or misrepresentation by which one party attempts to gain some unfair or dishonest advantage over another. ARBITRATION The non-judicial submission of a controversy to selected third parties for their determination in the manner provided by agreement or by law. OFFICE EXCLUSIVE A listing in which the seller refuses to submit the listing to Multiple Listing Service, even after being informed of the advantages of MLS, and signs a certification to that effect. ATTORNEY-IN-FACT One who is authorized by another to act in his place under a power of attorney. FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) Independent deposit insurance agency created by Congress to maintain stability and public confidence in the nation's banking system. TRUST FUND ACCOUNT An account set up by a broker at a bank or other recognized depository, into which the broker deposits all funds entrusted to him by his principal or others. NONCONFORMING USE A permitted use which was lawfully established and maintained but which no longer conforms to the current use regulations because of a change in the zoning. |
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