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Unit 2

Definitions

TermDefinition
broker Individual or business entity licensed by the DBPR to perform services of r/e for others for compensation
broker associate Individual who is qualified to be issued a broker's license but who operates as a sales associate in the employ of another
compensation Anything of value or a valuable consideration, directly or indirectly paid, promised, or expected to be paid or received
expungement Process by which the record of a criminal conviction is destroyed or sealed after expiration of time
Florida resident license For application and licensing purposes, person who has resided in FL continuously for four calendar months or more within the preceding year
mutual recognition agreement A transactional agreement between Fl and another state that provides for the two states to recognize each other's real estate license education
nolo contendere/ no contest Pleading of no contest by a defendant; plea in criminal action not admitting guilt but subjecting defendant to punishment as though it were a guilty plea
owner-developer Unlicensed entity that sells, exchanges, or leases its own property
prima facie evidence Requiring no further proof; acceptable on the face of
real estate services R/e activities involving compensation for performing the activities for another
reciprocity Practice of mutual exchanges of privileges. Some states have reciprocal arrangements for recognizing and granting licenses to licensed real estate professionals from other states
registration authorization by state to place an applicant on the register(record) of officially recognized individuals and businesses
sales associate Licensed individual who, for compensation, is employed by a broker or owner-developer
sealed statutes in some states permit a person's criminal record to be sealed, thereafter such records cannot be examined except by order of the court or by designated officials
withhold adjudication When court determines defendant is not likely to again engage in criminal act, that the ends of justice and welfare of society do not require defendant suffer penalty imposed by law, court may withhold adjudication of guilt,stay/stop the imposition of...
Created by: happythivo