Unit 2 - Real Estate License Law and Qualifications for Licensure

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 qualified to be issued a broker’s license but who operates as a sales associate in the employ of another.

Question 3

Compensation

Answer 3

Anything of value or a valuable consideration, directly or indirectly paid, promised or expected to be paid or receive.

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 calendar 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 time-share 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 real estate license education.

Question 8

Nolo Contendere/No Contest

Answer 8

A pleading of no contest for a defendant; a plea in a criminal action not admitting guilt, but subjecting the 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 it.

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 a reciprocal arrangements 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 applicant 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

Withhold Adjudication

Answer 15

When the court determines that a defendant is not likely to again engage in a criminal act and that the ends of justice and the welfare of society do not require the defendant suffer the penalty imposed by law, the court may withhold adjudication of guilt, stay the imposition of the sentence, and place the defendant on probation