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Absentee owners
are owners who do not reside on the property and who usually rely on a property manager to supervise the real estate.
Agricultural property
is defined in Florida license law to mean agricultural property of more than ten acres.
Appraisal
is the process of estimating the value of real property; a supported, defended estimate of the value of real property as of a specific date.
Business brokers
are real estate licensees who engage in the sale, purchase, or lease of businesses.
Business opportunity brokerage
is real estate activity dealing in the sale, purchase, or lease of businesses (going concern operations).
Comparative market analysis (CMA)
refers to a marketing tool and may not be referred to or represented as an appraisal; CMAs are developed by reviewing the real estate activity in the area, including recent sales of similar properties, properties currently offered for sale, and recently expired listings to indicate what a subject property might be worth based on current market activity.
Counselors
provide advice to individuals and firms regarding the purchase and use of real estate investments; counseling involves analyzing existing or potential problems and recommending a course of action.
Dedication
is the gift of land by an owner to a government body for a public use.
Deed restrictions
are placed by an owner who has created a restriction on future owners for allowed use of the parcel of real estate.
Farm area
refers to a selected and limited geographic area to which a sales associate devotes special attention and study.
Follow-up
is what a sales associate does for buyers and sellers after the sale (closing) to promote customer loyalty.
MLS
is a database that allows real estate brokers representing sellers under a listing contract to share information about properties with real estate brokers who may represent potential buyers.
Property management
is real estate activity devoted to leasing, managing, marketing, and overall maintenance of property for others.
Real estate brokerage
is that part of the real estate business that is concerned with bringing together buyers and sellers and owners and renters, and completing a real estate transaction.
Real estate business
is the industry or occupation whose activities involve real property transactions handled by licensed real estate professionals.
Residential
real estate is defined in the Florida license law to mean four or fewer residential units, vacant land zoned for four or fewer residential units, or agricultural property of ten or fewer acres.
Restrictive covenants
impose limitations on the use of land in an entire subdivision. They affect how the land can be used and establish criteria such as minimum square footage, and so forth, to ensure that homes built in that subdivision are designed to protect and maintain the value and integrity of the neighborhood.
Subdivision plat map
refers to a plan of a tract of subdivided land that is submitted by the developer to the government planning agency showing the size and location of individual lots, planned amenities, streets, and utilities.
USPAP
is a set of standards of practice to follow when providing appraisal services.
Broker
is a person who, for another and for compensation, performs real estate services.
Broker associate
is an individual who meets the requirements of a broker but who chooses to work (operate) in real estate under the direction (employ) of another broker.
Caveat emptor
is a policy of let the buyer beware (buyer is responsible for own knowledge in real estate transactions).
Compensation
is anything of value or a valuable consideration, directly or indirectly paid, promised, or expected to be paid or received.
License
is a written document issued by the DBPR that serves as prima facie evidence (valid on its face) that the person is licensed on the date shown.
Mutual recognition agreement
is a transactional agreement between Florida and another state that provides for the two states to recognize each other's real estate license education.
Nolo contendere
is a plea of no contest entered in a criminal court of law. The defendant does not admit or deny the charges, though a fine or sentence may be imposed by the court.
Owner-developer
is an unlicensed entity that sells, exchanges, or leases its own property.
Prima facie evidence
is a legal term used to refer to evidence that is good and sufficient on its face to establish a given fact or prove a case.
Real estate services
include any real estate activities involving compensation for performing the service for another.
Reciprocity
is the 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
is the official placement of a real estate business or individual into the DBPR's records (database).
Resident
of Florida, for application and licensing purposes, is a person who has resided in Florida continuously for a period of four calendar months or more within the preceding year, regardless of whether the person resided in a recreational vehicle, hotel, rental unit, or other temporary or permanent location.
Sales associate
is a person who performs real estate services for compensation but who does so under the direction, control, and management of an active broker or owner-developer.
Withhold adjudication
occurs when the court determines that a defendant is not likely to again engage in a criminal act and that the ends of justice and the welfare of society do not require the defendant suffer the penalty imposed by law. After such determination, the court may withhold adjudication of guilt, stay (stop) the imposition of the sentence, and place the defendant on probation.
Canceled
means to become void without disciplinary action.
Executive
powers of the Florida Real Estate Commission (FREC) include the power to regulate and enforce license law.
Group license
is issued to a sales associate or broker associate employed by an owner-developer (real estate developer) who owns properties in the name of various entities and entitles the licensee to work for the separate sales projects owned by the owner-developer.
Ineffective
refers to a license that exists, but the licensee cannot use it because it is either inactive or has been suspended.
Involuntary inactive
status results when a license is not renewed at the end of the license period.
Multiple licenses
refers to when a broker holds more than one broker's license.
Promulgate
means to enact rules and regulations.
Quasi-judicial
powers of the FREC include the power to grantor deny license applications, to determine license law violations, and to administer penalties.
Quasi-legislative
powers of the FREC include the power to enact administrative rules and regulations and to interpret questions regarding the practice of real estate.
Void
means no longer exists
Voluntary inactive
is the license status that results when a licensee has applied to the DBPR to be placed on inactive status.
The Florida Real Estate Commission (FREC) is made up of...
  • Four licensed real estate brokers who have held active licenses for the past five years
  • Two consumer members who have never been licensed
  • One licensed broker or sales associate who has held an active license for the past two years
  • At least one of the seven members must be 60 years or older
Seven Florida Real Estate Commissioners
  • Appointed by the governor, subject to confirmation by the Florida Senate
  • Appointed to four-year terms
  • May not serve more than two consecutive terms
  • Paid $50 per day per diem
Commission powers include three general areas
Agent
is a person entrusted with another's business; the person authorized by the principal to act on the principal's behalf.
Customer
is a member of the public who is or may be a buyer or a seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship.
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