Section 3 - Real Estate Licensing in Florida Flashcards
Adjudication is a judicial decision. If adjudication is withheld, a judge decides to put a person on probation without entering a conviction.
Adjudication Withheld
A professional licensed to provide real estate services for others for compensation
Broker
A professional licensed as a broker who operates as a sales associate employed by another broker
Broker Associate
Let the buyer beware, or it’s up to the buyer to determine the condition and value of the property
Caveat Emptor
Money received for professional services provided; typically, real estate brokers are paid by commission
Compensation
A person who has resided in Florida continuously for four or more months within the preceding year; Or, who presently resides in Florida with the intention to continuously reside in Florida for four months or more, from the date the person began their current period of residence in Florida (FL Rule 61J2-26.002)
Florida Resident
A permit from an authority to carry on a trade, for example, a permit from the real estate commission to perform real estate services for others for compensation/ to be registered or entered on an official list with that authority
License/Registration
A plea in which the defendant accepts the punishments of a guilty plea without admitting guilt
Nolo Contendere / No Contest
Latin term meaning “at first look” or “on its face;” as a legal term means that the evidence is sufficient to prove the case unless proven false at trial
Prima Facie Evidence
Appraisal, auction, sale, exchange, or purchase of real property or any interest in real property or business enterprise or opportunity, advertising such services or procuring prospects for such transactions (FL s 475.01(1)(a))
Real Estate Services
Licensed professional performing real estate services under the supervision of a broker
Sales Associate
Expungement is the process of removing a criminal record. In most states, once expunged, the arrest or conviction doesn’t have to be disclosed. Sealing a record means removing it from public view, for example, from a background check
Expungement vs. Sealing
The licensee is allowed to operate under the associated license.
Active
The licensee has met the requirements for licensure but is not allowed to work under the license. In order to return to active status, the individual or organization notifies the department and completes any outstanding requirements, such as continuing education or complete required forms. . (License Portal for the DBPR - Division of Real Estate)
Inactive
A license may be revoked if it was issued by the commission by mistake (FL s 475.26(2))
Canceled
A license expires or “ceases to be in force” when a broker changes their business address. The licensee must notify the commission of the change within ten days (FL s 475.23)
Cease to be in Force
The licensee is up to date with respect to the department’s requirements for licensure (e.g. renewals). (License Portal for the DBPR - Division of Real Estate)
Current
Since a salesperson may only be employed by one broker or one owner-developer, a group license allows the salesperson to work for the entities owned by the same individual. (License Portal for the DBPR - Division of Real Estate)
Group License
The licensee has not completed a timely renewal of their license. (e.g. past their expiration date) (License Portal for the DBPR - Division of Real Estate)
Involuntarily Inactive
The licensee has not been timely in meeting their obligations to the department. Used on multiple broker licenses, multiple instructor permits, branch offices, additional locations, real estate brokerages, upgrading of licenses - when a license is no longer in use. (License Portal for the DBPR - Division of Real Estate)
License Authority Voided
Licensed brokers may be issued additional broker licenses as needed to conduct real estate brokerage business (FL s 475.215)
Multiple Licenses
The licensee has failed to renew several times. To operate under the terms of this license again, the licensee would have to reapply for licensure. (License Portal for the DBPR - Division of Real Estate)
Null and Void
When a licensee applies for and pays a fee in order to place the license in “inactive” status
Voluntarily Inactive
