REAL ESTATE CHAPTER 2 TERMS

  1. Adjudication withheld
    means that a sentence such as probation, community service, or a fine was imposed against the defendant, but no conviction of guilt was imposed.
  2. Broker
    a broker is a person who performs services of real estate as an agent for another and receives compensation for those services either directly or indirectly.
  3. Broker associate
    • glorified sales associate.  
    • -has all of the credentials as a broker but is not an acting broker.
  4. Caveat emptor
    • -the principle of "Let the buyer beware"  
    • -No warranty ensuring the condition of the property.
  5. Compensation
    is a percentage paid to the realtor and broker for their services
  6. Continuing education
    • -for all subsequent two-year renewal periods
    • -complete the required CE
    • Pay a renewal fee
  7. Expunge
    removed
  8. Florida resident
    as anyone who has resided in the state four months or more during the previous year, or who presently resides in Florida with the intent to reside continuously for a period of four or more months.
  9. Licensure/registration
    any permit, registration, certificate, or license issued by the Department.
  10. Mutual recognition
    -applies to specific states and is not the same as reciprocity.

    -Alabama, Arkansas, Connecticut, Georgia, Illinois, Mississippi, and Nebraska
  11. Nolo contendere
    a plea of no contest or guilty to, regardless of adjudication, a crime in any jurisdiction, or are you currently under criminal investigation.
  12. Post-license education
    • -complete post license course and final exam
    • -pay renewal fee
  13. Pre-license education
    • -complete sales associate exam of 70% or higher
    • -submit an application and fee for the state exam 
    • -Pass the state exam with 75% or higher(inactive license)
    • -Obtain employment and file employment information to obtain an active license
  14. Prima facie evidence
    evidence in the court
  15. Real estate services
    • -Appraising (in a non-federally related transaction
    • -Auctioning
    • -Business brokerage, both opportunities and enterprises
    • -Buying
    • -Counseling
    • -Exchanging 
    • -Leasing
    • -Listing
    • -Property management
    • -Advertising real estate services
    • -Renting
    • -Selling
    • -Syndicating
    • -Selling timeshare units
  16. Sales associate
    must be employed by a real estate broker or owner-developer to practice real estate.
  17. Seal
    is used to represent the government of the state of Florida, and for various official purposes, such as to seal official documents and legislation.
  18. Commission
    -refers to the Florida Real Estate Commission (FREC)
  19. Department
    refers to the Department of Business and Professional Regulation (DBPR)
  20. Division
    refers to the Division of Real Estate (DRE)
Author
mccullochhelen
ID
331713
Card Set
REAL ESTATE CHAPTER 2 TERMS
Description
CHAPTER 2 TERMINOLOGY
Updated