Chapter 2: Licence Laws and Qualification

Card Set Information

Chapter 2: Licence Laws and Qualification
2011-06-16 21:11:45
Real Estate Chapter

Chapter two of Real Estate Exam
Show Answers:

  1. Broker
    one who is licensed to carry on the business of dealing in real estate
  2. Broker Associate
    An individual who holds a brokers license but chooses not to register and work under another broker
  3. Caveat Emptor
    Buyer beware
  4. Compensation
    A payment
  5. License
  6. Mutual Recognition Agreement
    recognizes the education and experience of individual licensed in another state or nation

    applies exclusively to nonresidents

    does not apply in florida
  7. F.S. Chapter 475
    Real estate Professional practice act
  8. FS 455
    General Legal Practice and procedure for DBPR. Regulates licensees
  9. Chapter 61J2
    FREC Rules.
  10. Sales Associate
    A person who performs real estate services for compensation but who does so under the direction control or management of a broker
  11. Owner- Developer
    Unlicensed entity that sells, exchanges or leases its own property-- may have multiple licensed
  12. nolo contendre
    Plea of no contest
  13. Withhold Adjudication
    stop the imposition of the sentence
  14. Time limit
    License Application expires two years after it is received by DBPR
  15. Reciprocity
    Agreement between two states that allows a real estate licensee with a valid license in one state to practice in another state
  16. Resident
    Person who has resided in FL continuously for a period of four calendar months or more within the preceding year
  17. Prima Facie Evidence
    Legal Term used to refer to evidence that is good and sufficient at face value
  18. Real Estate Services
    • A BAR S A L E
    • d u p e a u e x
    • v y p n l c a c
    • e r t e t s h
    • r a i e a
    • t i o n
    • i s n g
    • s e e
    • e