Terms/important Flashcards
Broker
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.
Broker associate
Person who qualifies for a broker’s license but operates as a sales associate employed by another broker.
Caveat Emptor
The seller cannot be held responsible for the quality of the product unless there is a warranty. LET THE BUYER BEWARE
Commission (name of the commission)
(FREC) Florida Real Estate Commission
Compensation
Something of value given, received, promised, expected as equivalent for services, debt, loss ect. PAYMENT
Customer
Member of the public buying or selling real property and is or is not represented by a real estate licensee in brokerage relationship.
Department (name of the department)
(DBPR) Department of business and professional regulations
Fiduciary
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
Florida Resident
Resided in Florida continuously for 4 months or more in temporary or permanent location.
Involuntary inactive status
When license is not renewed at the end of license period as required by the department.
Mutual recognition agreement
Contract between 2 states to recognize each other’s real estate license education; in Florida applicants must pass the Florida Real Estate Law exam.
Nolo contendre or No contest
Defendant’s pleading not admitting guild but subjects himself/herself to punishment as though guilty plea entered.
Owner-developer
Unlicensed entity that sells, exchanges, or leases it’s own property.
Prima Facie Evidence
Evidence sufficient to establish fact, to raise presumption of fact, or prove case unless rebutted.
Principal
Party with whom a real estate licensee entered into a single agent relationship
Real Estate Services
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.
Real Property or Real Estate
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.
Reciprocity
Agreement between 2 states that allows licensee in one jurisdiction to practice real estate in the other jurisdiction
Registration
Submitting information to the (DBPR) Department of Business and Professional Regulation for their records
Sales Associate
Performs real estate services for compensation under direction, control, or management of another person
Single Agent
Broker who represents, as a fiduciary, either buyer or seller but not both in the same transaction.
Transaction Broker
Represents buyer, Seller, or both in real estate transaction but no in fiduciary capacity.
Voluntarily inactive status
License status when licensee ask to be placed on inactive status and pays applicable fee.
Purpose of (FREC) Florida real estate commission
To protect the public by regulation of real estate and appraisal licenses through education and compliance
Purpose of (DBPR) Department of Business and Professional Regulations
To license and regulate real estate professionals in Florida
