Unit 2 Key Terms

Question 1

Broker

Answer 1

An individual or business entity licensed by the DBPR to perform Services of real estate for others for compensation

Question 2

broker associate

Answer 2

an individual who is qualified to be issued a broker’s license but who operates as a sales associate and employee of another

Question 3

Compensation

Answer 3

anything of value or a valuable consideration directly or directly paid promised or expected to be paid or received

Question 4

Expungement

Answer 4

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

Question 5

Florida resident

Answer 5

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

Question 6

License

Answer 6

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

Question 7

Mutual recognition agreement

Answer 7

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

Question 8

Nolo contendere/no contest

Answer 8

A pleading of no contest by defendant; a plea and a criminal action not admitting guilt but subjecting defendant to punishment as though it were a guilty plea.

Question 9

owner-developer

Answer 9

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

Question 10

Prima facie evidence

Answer 10

Requiring no further proof; acceptable on the face of.

Question 11

Real Estate Services

Answer 11

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

Question 12

Reciprocity

Answer 12

The practice of mutual exchanges of privileges. Some states have reciprocal agreements for recognizing and granting licenses to licensed real estate professionals from other states.

Question 13

Registration

Answer 13

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

Question 14

sales associate

Answer 14

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

Question 15

sealed

Answer 15

statutes and 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.

Question 16

withhold adjudication

Answer 16

When the court determines that a defendant has not likely to again engage in a criminal act and that the ends of Justice in the welfare of society do not require that the defendants suffer the penalty imposed by law, the court May withhold adjudication of guilt, stay or stop the imposition of the sentence, and place the defendant on probation.

Question 17

An individual or business entity licensed by the DBPR to perform Services of real estate for others for compensation

Answer 17

Broker

Question 18

an individual who is qualified to be issued a broker’s license but who operates as a sales associate and employee of another

Answer 18

broker associate

Question 19

anything of value or a valuable consideration directly or directly paid promised or expected to be paid or received

Answer 19

Compensation

Question 20

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

Answer 20

Expungement

Question 21

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

Answer 21

Florida resident

Question 22

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

Answer 22

License

Question 23

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

Answer 23

Mutual recognition agreement

Question 24

A pleading of no contest by defendant; a plea and a criminal action not admitting guilt but subjecting defendant to punishment as though it were a guilty plea.

Answer 24

Nolo contendere/no contest

Question 25

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

Answer 25

owner-developer

Question 26

Requiring no further proof; acceptable on the face of.

Answer 26

Prima facie evidence

Question 27

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

Answer 27

Real Estate Services

Question 28

The practice of mutual exchanges of privileges. Some states have reciprocal agreements for recognizing and granting licenses to licensed real estate professionals from other states.

Answer 28

Reciprocity

Question 29

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

Answer 29

Registration

Question 30

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

Answer 30

sales associate

Question 31

statutes and 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.

Answer 31

sealed

Question 32

When the court determines that a defendant has not likely to again engage in a criminal act and that the ends of Justice in the welfare of society do not require that the defendants suffer the penalty imposed by law, the court May withhold adjudication of guilt, stay or stop the imposition of the sentence, and place the defendant on probation.

Answer 32

withhold adjudication