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Florida Real Estate Exam > Glossery > Flashcards

Glossery Flashcards

1
Q

Absentee Owner

A

A property holder who does not reside on the property and who usually relies on a property manager to supervise the investment

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2
Q

Appraisal

A

the process of developing and communicating an opinion of a property’s value based on supportable evidence and approved methods as of a certain date

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3
Q

Appraiser

A

one who is registered, licensed, or certified by the DBPR and provides an estimate of value

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4
Q

Broker’s Price Opinion (BPO)

A

a written opinion of the value of real property. Florida real estate licensees are allowed to prepare and charge for BPOs provided the BPO is not called an appraisal. Price opinions are often requested by relocation companies and lenders involved in short sales of distressed properties.

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5
Q

Business Broker

A

real estate licensees who engage in the sale, purchase, or lease of businesses

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6
Q

Business Opportunity

A

the real estate activity dealing in the sale, purchase, or lease of businesses

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7
Q

Community Association Manager (CAM)

A

A person who holds a CAM license to manage community associations of more than 10 units and associations with annual budgets in excess of $100,000

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8
Q

Comparative Market Analysis (CMA)

A

An informal estimate of market value performed bu a real estate licensee for the seller to assist in arriving at an appropriate listing price, or if working with the buyer, an informal estimate of market value to assist the buyer in arriving at an appropriate offering price

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9
Q

Dedication

A

an offer of land for some public use, by an owner, together with acceptance by or on behalf of the public

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10
Q

Farm Area

A

a selected geographical area or a group of people from which to solicit real estate business and to which a real estate licensee devotes special attention and study

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11
Q

Follow-Up

A

what a sales associate does after a sale to maintain customer contact and goodwill

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12
Q

Multiple Listing Service (MLS)

A

An arrangement among members of a real estate board or exchange that allows each member broker to share listings with other members so that greater exposure is obtained and a greater chance of sale will result

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13
Q

Property Management

A

The leasing, managing, marketing, and overall maintenance of property for others

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14
Q

Property Manager

A

a person who manages properties for carious owners. A property manager’s primary duties are to secure and keep tenants, to provide financial records and accounts, and to provide upkeep and maintenance of the properties.

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15
Q

Real Estate Brokerage

A

A part of the real estate business that is concerned with bringing together buyers and sellers, owners and renters, and completing a real estate transaction.

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16
Q

REALTOR

A

A real estate broker who is a member of a local board of REALTORS and is affiliated with the state association and the National Association of REALTORS. The term is not synonymous with “Real Estate Agent”

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17
Q

Rental Agent

A

A person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to acquire a lease for a housing accommodation. Rental agents who are paid on a transaction basis must be licensed real estate agents. Salaried employees who work in an onsite rental office in a leasing capacity are exempt from a real estate license, provided they are not paid on a transactional basis.

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18
Q

Subdivision Plat Map

A

A plan of a tract of land subdivided into lots and showing required or panned amenities.

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19
Q

Target Market

A

A specific group of prospects chosen because of its demographic, financial, and lifestyle characteristics

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20
Q

Broker

A

An individual or business entity licensed by the DMPR to perform services of real estate for others for compensation.

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21
Q

Broker Associate

A

An individual who is qualifies to be issued a broker’s license but who operates as a sales associate in the employ of another.

22
Q

Compensation

A

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

23
Q

Expungement

A

A process by which the record of a criminal conviction is destroyed or sealed after expiration of time.

24
Q

Florida Resident

A

For application and licensing purposes, a person who has resided in Florida continuously for four calendar months or more within the preceding year.

25
Q

License

A

A privilege granted by the state to operate as a real estate broker, broker associate, or sales associate; a type of time-share interest

26
Q

Mutual Recognition Agreement

A

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

27
Q

Nolo Contendere / No Contest

A

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.

28
Q

Owner-Developer

A

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

29
Q

Prima Facie Evidence

A

Requiring no further proof; acceptable on the face of.

30
Q

Real Estate Services

A

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

31
Q

Reciprocity

A

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.

32
Q

Registration

A

Authorization by the state to place an application on the register of officially recognized individuals and businesses.

33
Q

Sales Associate

A

A licensed individual who, for compensation, is employed by a broker or owner-developer

34
Q

Sealed

A

Statues 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.

35
Q

Withhold Adjudication

A

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 the imposition of the sentence, and place the defendant on probation.

36
Q

Active License

A

A current, valid license registered with the DBPR. The status required to actively engage in the real estate business

37
Q

Cancel

A

A license ceases to exist, effective as of the date approved by the Commission, and does not involve disciplinary action.

38
Q

Cease to be in force

A

A license cannot perform real estate services because certain event occur, such as when a broker changes business address.

39
Q

current mailing address

A

The residential address a licensee uses to receive mail through the U.S. Postal Service

40
Q

current status

A

Indicates a licensee is up to date with respect to the DBPR’s licensure requirements

41
Q

executive

A

Duties related to the education of licensees, the regulating of professional practices, and the publishing of materials

42
Q

group license

A

A right granted a sales associate or broker associates to work various properties owned by affiliated entities under one owner developer.

43
Q

involuntary inactive

A

The license status that results when a license is not renewed at the end of a license period

44
Q

ministerial duties

A

The duties of the Division of Real Estate that involve record keeping

45
Q

multiple licenses

A

Licenses held by a broker in two or more real estate brokerage firms.

46
Q

null and void

A

The license status when a sales associate has failed to successfully complete post-licensure education prior to the first renewal of the license or when a licensee has failed to renew two or more renewal cycles; the license status has been involuntary inactive for more than 24 months.

47
Q

probation

A

An administrative penalty imposed by the FREC that allows the licensee to continue to practice real estate under the guidance of the FREC for a period of time while completing conditions specified by the FREC

48
Q

promulgates

A

The formal act of announcing a statute or an administrative rule. To publish and officially announce a new or amended rule or statute. The FREC may promulgate rules and regulations.

49
Q

quasi-judicial

A

Powers delegated to the FREC to discipline real estate licensees for violations of real estate license law and FREC administrative rules.

50
Q

quasi-legislative

A

Powers delegated to the FREC to enact rules and regulations, decide questions of practice, and validate records (imprint with FREC’s seal)

51
Q

voluntary inactive

A

The license status that results when a licensee has met all the requirements for licensure, yet the licensee chooses not to engage in the real estate business and has requested that the license be placed in this status.

52
Q

voluntary relinquish

A

A licensee-respondent may choose to avoid a disciplinary hearing and relinquish the real estate license in lieu of discipline, permanently revoking the license.

Florida Real Estate Exam (4 decks)

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