Section 2 Vocabulary Flashcards
Adjudication Withheld
Means that instead of actually having been found guilty by a judge, a person is put on probation.
Broker
An individual who has continued his or her education past the real estate agent level and passed the real estate broker licensing requirements per the rules of Statute 475. They can work as independent real estate agents and may have other agents working for them.
Broker Associate
An individual who qualifies for licensure as a broker, however, chooses to work under the direction of a broker.
Caveat Emptor
Refers to the time prior to licensing laws when all risk and responsibility was on the buyer, known as “Let the buyer beware.”
Chapter 120
Covers the procedural process for all governmental agencies in Florida
Chapter 475
Governs real estate brokers, sales associates, and schools.
Compensation
The term that includes monetary as well as valuable consideration, which includes benefits other than cash or tangible goods.
Florida Resident
A person who has resided in Florida continuously for a period of four calendar months or more within the preceding year is considered to be a Florida Resident.
Florida Real Estate Commission (FREC)
Made up of 7 members: 4 brokers, 1 broker OR associate with 2 proceeding years’ experience, 2 unlicensed members. It was created in order to implement, interpret, and enforce the provisions of Chapter 475.
License
Generally issued at the state level and is a mandatory credentialing process that allows an individual to legally perform certain skills. As dictated by law, there is usually a requirement to pass certain tests and exhibit the ability to perform certain skills.
Registration
Indicates that a person whose name is listed on an official record or register has met certain requirements in their particular profession. The list of names can then be accessed to determine if a potential employee has met certain requirements.
Nolo Contendere
A Latin term meaning “I will not contest” the charges, which is a plea made by a defendant to a criminal charge, allowing the judge to then find him/her guilty. It has the same effect as a plea of guilty.
Prima Facie Evidence
Latin meaning “at first sight”; on the first appearance; on the face of it; so far as can be judged from the first disclosure; presumably.
Real Estate Services
Services include: Buying, Selling, Auctioning, Exchanging, Renting, Leasing, Appraising property or business as a non-appraiser (BPO).
Sales Associate
Licensed and registered by the DBPR to work under the direction of a broker. They are employed by the broker and receive compensation from the broker.
