Chapter 02 - License Law and Qualifications for Licensure

Question 1

Broker

Answer 1

A licensee who, for another and for compensation, performs real estate services.

Question 2

Broker associate

Answer 2

An individual who meets the requirements of a broker but who chooses to work in real estate under the direction (employ) of another broker.

Question 3

Caveat emptor

Answer 3

Let the buyer beware! Buyers are responsible for their own knowledge in real estate transactions.

Question 4

Compensation

Answer 4

Anything of value or a valuable consideration, directly or indirectly paid, promised, or expected to be paid or received.

Question 5

License

Answer 5

A written document issued by the DBPR that serves as prima facie evidence that the person is licensed on the date shown.

Question 6

Mutual recognition agreement

Answer 6

A transactional agreement between Florida and another state that provides for the two states to recognize each other’s real estate license education.

Question 7

Nolo contendere

Answer 7

A plea of no contest entered in a criminal court of law. The defendant does not admit or deny the charges.

Question 8

Prima facie evidence

Answer 8

A legal term used to refer to evidence that is good and sufficient on its face to establish a given fact or prove a case.

Question 9

Owner-developer

Answer 9

An unlicensed entity that sells, exchanges, or leases its own property.

Question 10

Real estate services

Answer 10

Real estate activities involving compensation for performing the activities for another.

Question 11

Reciprocity

Answer 11

The practice of mutual exchanges of privileges. Some states have reciprocal arrangements for recognizing and granting licenses to licensed real estate professionals from other states.

Question 12

Registration

Answer 12

The official placement of a real estate business or individual into the records of the DBPR.

Question 13

Resident

Answer 13

A resident of Florida, for application and licensing purposes, is a person who has resided in Florida continuously for a period of four calendar months or more within the preceding year, regardless of whether the person resided in a recreational vehicle, hotel, rental unit, or other temporary or permanent location.

Question 14

Sales associate

Answer 14

A licensed individual who performs real estate services for compensation under the direction, control, and management of an active broker or an owner-developer.

Question 15

Withhold adjudication

Answer 15

When the court determines that a defendant is not likely to again engage in a criminal act and that the ends of justice and the welfare of society do not require that the defendant suffer the penalty imposed by law, the court may withhold adjudication of guilt, stay (stop) the imposition of the sentence, and place the defendant on probation.