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Chapter 2: Licence Laws and Qualification
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Broker
one who is licensed to carry on the business of dealing in real estate
Broker Associate
An individual who holds a brokers license but chooses not to register and work under another broker
Caveat Emptor
Buyer beware
Compensation
A payment
License
Permission
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
F.S. Chapter 475
Real estate Professional practice act
FS 455
General Legal Practice and procedure for DBPR. Regulates licensees
Chapter 61J2
FREC Rules.
Sales Associate
A person who performs real estate services for compensation but who does so under the direction control or management of a broker
Owner- Developer
Unlicensed entity that sells, exchanges or leases its own property-- may have multiple licensed
nolo contendre
Plea of no contest
Withhold Adjudication
stop the imposition of the sentence
Time limit
License Application expires two years after it is received by DBPR
Reciprocity
Agreement between two states that allows a real estate licensee with a valid license in one state to practice in another state
Resident
Person who has resided in FL continuously for a period of four calendar months or more within the preceding year
Prima Facie Evidence
Legal Term used to refer to evidence that is good and sufficient at face value
Real Estate Services
A BAR S A L E
d u p e a u e x
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Author
jdubbs88
ID
90937
Card Set
Chapter 2: Licence Laws and Qualification
Description
Chapter two of Real Estate Exam
Updated
6/17/2011, 1:11:45 AM
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