Terms/important

Question 1

Broker

Answer 1

Person who performs real estate services for another person for compensation, including appraising, auctioning, selling, exchanging, buying, renting or offering or negotiation to do any of these.

Question 2

Broker associate

Answer 2

Person who qualifies for a broker’s license but operates as a sales associate employed by another broker.

Question 3

Caveat Emptor

Answer 3

The seller cannot be held responsible for the quality of the product unless there is a warranty. LET THE BUYER BEWARE

Question 4

Commission (name of the commission)

Answer 4

(FREC) Florida Real Estate Commission

Question 5

Compensation

Answer 5

Something of value given, received, promised, expected as equivalent for services, debt, loss ect. PAYMENT

Question 6

Customer

Answer 6

Member of the public buying or selling real property and is or is not represented by a real estate licensee in brokerage relationship.

Question 7

Department (name of the department)

Answer 7

(DBPR) Department of business and professional regulations

Question 8

Fiduciary

Answer 8

Broker in trust and confidence relationship with seller or buyer where duties include loyalty, confidentiality, obedience, full disclosure, accounting, and use of skill, care, and diligence

Question 9

Florida Resident

Answer 9

Resided in Florida continuously for 4 months or more in temporary or permanent location.

Question 10

Involuntary inactive status

Answer 10

When license is not renewed at the end of license period as required by the department.

Question 11

Mutual recognition agreement

Answer 11

Contract between 2 states to recognize each other’s real estate license education; in Florida applicants must pass the Florida Real Estate Law exam.

Question 12

Nolo contendre or No contest

Answer 12

Defendant’s pleading not admitting guild but subjects himself/herself to punishment as though guilty plea entered.

Question 13

Owner-developer

Answer 13

Unlicensed entity that sells, exchanges, or leases it’s own property.

Question 14

Prima Facie Evidence

Answer 14

Evidence sufficient to establish fact, to raise presumption of fact, or prove case unless rebutted.

Question 15

Principal

Answer 15

Party with whom a real estate licensee entered into a single agent relationship

Question 16

Real Estate Services

Answer 16

Real estate activity performed for another person for compensation including appraising, auctioning, selling, exchanging, buying, renting or offering or negotiation to do any of these.

Question 17

Real Property or Real Estate

Answer 17

Interest or estate in land, business enterprises, or business opportunities. NOT TO INCLUDE cemetery lots, rights of burial in a cemetery, renting of mobile home lot or recreational vehicle lot in a mobile home or travel park.

Question 18

Reciprocity

Answer 18

Agreement between 2 states that allows licensee in one jurisdiction to practice real estate in the other jurisdiction

Question 19

Registration

Answer 19

Submitting information to the (DBPR) Department of Business and Professional Regulation for their records

Question 20

Sales Associate

Answer 20

Performs real estate services for compensation under direction, control, or management of another person

Question 21

Single Agent

Answer 21

Broker who represents, as a fiduciary, either buyer or seller but not both in the same transaction.

Question 22

Transaction Broker

Answer 22

Represents buyer, Seller, or both in real estate transaction but no in fiduciary capacity.

Question 23

Voluntarily inactive status

Answer 23

License status when licensee ask to be placed on inactive status and pays applicable fee.

Question 24

Purpose of (FREC) Florida real estate commission

Answer 24

To protect the public by regulation of real estate and appraisal licenses through education and compliance

Question 25

Purpose of (DBPR) Department of Business and Professional Regulations

Answer 25

To license and regulate real estate professionals in Florida