Real Estate Flashcards

A set of vocabulary flashcards focusing on key concepts related to the Florida Real Estate Commission and brokerage relationships.

FREC

Florida Real Estate Commission, consisting of 7 members, including 4 brokers and 2 unlicensed consumers.

Quasi-legislative powers

The powers exercised by the FREC to create rules and regulations.

Quasi-judicial powers

The powers exercised by the FREC to enforce rules and discipline licensees.

Involuntary inactive status

The status of a sales associate's license if their broker's license is suspended or revoked.

DBPR notification period

Licensees must notify the Department of Business and Professional Regulation of an address change within 10 days.

Breach of trust

The penalty for a licensee who steals duplicates of listings from a previous employer.

Larceny

The penalty for a licensee who steals original listings from a previous employer.

Multiple licenses

What a broker is issued if they are the broker of multiple business entities.

A group license

What a sales associate must have to work at more than one location owned by the same owner-developer.

Fiduciary relationship

A relationship of complete trust and confidence between a broker and a client.

Single agent

The brokerage relationship that contains a fiduciary relationship.

Transaction broker

A type of broker relationship that does not involve fiduciary duties.

No brokerage relationship

A relationship option where the broker does not have fiduciary duties.

Duty to disclose defects

Licensees are required to disclose known defects that are not readily observable.

'As is' contract

Does not remove the requirement for licensees to disclose known defects.

General agency

The agency relationship between a broker and sales associate.

Consent to Transition to Transaction Broker Disclosure Form

The form requiring signature when a broker transitions from a single agent to transaction broker.

Residential transaction

Involves improved property of four or fewer residential units, unimproved property zoned for four or fewer units, or agricultural property of 10 acres or fewer.