Real Estate Level 2

Caveat Emptor

The concept that a buyer is responsible for verifying the quality and value of the goods prior to the purchase

Florida Real Estate Commission (FREC)

A quasi-judicial body that administers and enforces license law in Florida

Florida Real Estate Laws & Regulations

Broker

A person or business entity who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration

Broker Associate

An individual who meets the licensure requirements to be a real estate broker but provides real estate brokerage services as an agent of another broker

Compensation

Any valuable consideration directly or indirectly paid or promised, expressly or implied

Sales Associate

A real estate license holder who is associated with a licensed broker for the purpose of performing real estate brokerage acts on the broker’s behalf

Real Estate Services

Buying, selling, leasing, renting, auctioning, appraising, exchanging, negotiating for, or closing on real property or a business for compensation; advertising that you will do any of the aforementioned

Owner-Developer

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

License Exemptions

Education & Testing Requirements

Florida License Requirements

Florida Resident

A person who has resided (regardless of whether the place or base of residence is a recreational vehicle, hotel, rental unit, or any other temporary or permanent situs) in Florida, continuously for a period of 4 calendar months or more, within the preceding one year

Prima Facie Evidence

Evidence that in and of itself is sufficient to prove a fact

License

A license is granted when an applicant passes the state exam

Registration

Registration is the process of submitting information to the DBPR

Adjudication Withheld

When a court stays the imposition of a sentence and instead puts the defendant on probation

Nolo Contendere (no contest)

A plea where a defendant does not admit guilt to a crime they are accused of, but do accept punishment as though they have been found guilty

Sealing

Putting a criminal record under highly restricted access

Expungement

Removing a criminal record and destroying it

Mutual Recognition Agreement

Fees

Florida Application Process