Chapter 2 Terminology Flashcards
broker
An individual or business entity licensed by the DBPR to perform services of real estate for others for compensation.
broker associate
An individual who is qualified to be issued a broker’s license but who operates as a sales associate in the employ of another.
compensation
Anything of value or a valuable consideration, directly or indirectly paid, promised, or expected to be paid or received.
expungement
A process by which the record of a criminal conviction is destroyed or sealed after expiration of time.
Florida resident
For application and licensing purposes, a person who has resided in Florida continuously for four calendar months or more within the preceding year.
license
A privilege granted by the state to operate as a real estate broker, broker associate, or sales associate; a type of time-share interest.
mutual recognition agreement
A transactional agreement between Florida and another state that provides for the two states to recognize each other’s real estate license education.
nolo contendere
“no contest”; A pleading of no contest by a defendant; a plea in a criminal action not admitting guilt but subjecting the defendant to punishment as though it were a guilty plea.
owner-developer
An unlicensed entity that sells, exchanges, or leases its own property.
prima facie evidence
Requiring no further proof; acceptable on the face of it.
real estate services
Real estate activities involving compensation for performing the activities for another.
reciprocity
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.
registration
Authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses.
sales associate
A licensed individual who, for compensation, is employed by a broker or owner-developer.
sealed
Statutes in some states permit a person’s criminal record to be sealed, and thereafter such records cannot be examined except by order of the court or by designated officials.
withhold adjudication
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.
An individual or business entity licensed by the DBPR to perform services of real estate for others for compensation.
broker
An individual who is qualified to be issued a broker’s license but who operates as a sales associate in the employ of another.
broker associate
Anything of value or a valuable consideration, directly or indirectly paid, promised, or expected to be paid or received.
compensation
A process by which the record of a criminal conviction is destroyed or sealed after expiration of time.
expungement
For application and licensing purposes, a person who has resided in Florida continuously for four calendar months or more within the preceding year.
Florida resident
A privilege granted by the state to operate as a real estate broker, broker associate, or sales associate; a type of time-share interest.
license
A transactional agreement between Florida and another state that provides for the two states to recognize each other’s real estate license education.
mutual recognition agreement
“no contest”; A pleading of no contest by a defendant; a plea in a criminal action not admitting guilt but subjecting the defendant to punishment as though it were a guilty plea.
nolo contendere
An unlicensed entity that sells, exchanges, or leases its own property.
owner-developer
Requiring no further proof; acceptable on the face of it.
prima facie evidence
Real estate activities involving compensation for performing the activities for another.
real estate services
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.
reciprocity
Authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses.
registration
A licensed individual who, for compensation, is employed by a broker or owner-developer.
sales associate
Statutes in some states permit a person’s criminal record to be sealed, and thereafter such records cannot be examined except by order of the court or by designated officials.
sealed
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.
withhold adjudication
