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Florida Real Estate Exam Sales Associate
Prep for State Exam
493
Real Estate & Planning
Not Applicable
01/22/2020
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Term
Broker
 Definition
A Licensee who, for another and for compensation or other consideration, performs real estate services.
Term
Broker Associate
 Definition
An Individual who meets the requirements of a broker but who chooses to work in real estate under the direction (employ) of another broker
Term
Compensation
 Definition
Anything of value or a valuable consideration, directly or indirectly paid, promised, or expected to be paid or received.
Term
Expungement
 Definition
A process by which the record of a criminal conviction is destroyed or sealed after expiration of time.
Term
Florida Resident
 Definition
A Florida resident, 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.
Term
License
 Definition
A written document issued by the Department of Business and Professional Regulation (DBPR) that serves as prima facie evidence that the person is licensed on the date shown.
Term
Mutual Recognition Agreement
 Definition
A transactional agreement between Florida and another state that provides for the two states to recognize each other's real estate license education.
Term
Nolo Contendere/No Contest
 Definition
A pleas no contest entered in a criminal court of law. The defendant does not admit or deny the charges.
Term
Owner-Developer
 Definition
An unlicensed entity that sells, exchanges, or leases its own property.
Term
Prima facie evidence
 Definition
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.
Term
Real estate services
 Definition
Real estate activities involving compensation for performing the activities for another.
Term
Reciprocity
 Definition
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.
Term
Registration
 Definition
the official placement of a real estate business or individual into the records of the DBPR.
Term
Sales associate
 Definition
A licensed individual who performs real estate services for compensation under the direction, control, and management of an active broker or an owner-developer.
Term
Sealed
 Definition
Records that cannot be examined except my order of the court by designated officials
Term
Withhold adjudication
 Definition
When the court determines that a defendant is not likely to again engage in criminal act and that the end of justice in the welfare society do not require that the defendant suffer the penalties imposed by law the court may withhold adjudication of guilt stay the imposition of the sentence and place the defendant on probation
Term
Active License
 Definition
Term
Cancel
 Definition
Term
Cease to be in force
 Definition
Term
Current mailing address
 Definition
Term
Current states
 Definition
Term
Executive Powers
 Definition
Term
Group License
 Definition
Term
Involuntary inactive
 Definition
Term
Caveat emptor
 Definition
Term
Common Law
 Definition
Term
Consent to transition
 Definition
Term
Customer
 Definition
Term
Designated sales associates
 Definition
Term
Dual agency
 Definition
Term
Fiduciary
 Definition
Term
General agent
 Definition
Term
Limited representation
 Definition
Term
No brokerage relationship
 Definition
Term
Nonrepresentation
 Definition
Term
Principal
 Definition
Term
Residential sale
 Definition
Term
Single agent
 Definition
Term
Special agent
 Definition
Term
Statutory laws
 Definition
Term
Subagent
 Definition
Term
Transaction broker
 Definition
Term
Antitrust laws
 Definition
Term
Arbitration
 Definition
Term
Blind advertisement
 Definition
Term
Commingle
 Definition
Term
Conflicting demands
 Definition
Term
Corporation
 Definition
Term
Declaratory judgment
 Definition
Term
Deposit
 Definition
Term
Earnest money deposit
 Definition
Term
Escrow account
 Definition
Term
Escrow disbursement order (EDO)
 Definition
Term
General partnership
 Definition
Term
Good faith doubt
 Definition
Term
Immediately
 Definition
Term
Interpleader
 Definition
Term
Kickback
 Definition
Term
Limited liability company (LLC)
 Definition
Term
Limited liability partnership (LLP)
 Definition
Term
Limited Partnership
 Definition
Term
Litigation
 Definition
Term
Market allocation
 Definition
Term
Mediation
 Definition
Term
Ostensible partnership
 Definition
Term
Personal assistant
 Definition
Term
Point of contact information
 Definition
Term
Price-fixing
 Definition
Term
Professional association (PA)
 Definition
Term
Sole proprietorship
 Definition
Term
telephone solicitation
 Definition
Term
Trade name
 Definition
Term
Trust fund
 Definition
Term
Trust liability
 Definition
Term
Breach of trust
 Definition
Term
Citations
 Definition
Term
Commingle
 Definition
Term
Complaint
 Definition
Term
Concealment
 Definition
Term
Conversion
 Definition
Term
Culpable negligence
 Definition
Term
Division of Administrative Hearing (DOAH)
 Definition
Term
Failure to account for and deliver
 Definition
Term
Final order
 Definition
Term
Formal (administrative) complaint
 Definition
Term
Formal hearing
 Definition
Term
Fraud
 Definition
Term
Informal hearing
 Definition
Term
Legally sufficient
 Definition
Term
Material fact
 Definition
Term
Misrepresentation
 Definition
Term
Moral turpitude
 Definition
Term
Notice of noncompliance
 Definition
Term
Probable cause
 Definition
Term
Recommended order
 Definition
Term
Stipulation
 Definition
Term
Subpoena
 Definition
Term
summary (emergency) suspension
 Definition
Term
Voluntary relinquishment for permanent revocation
 Definition
Term
Blockbusting
 Definition
Term
Civil Rights Act of 1866
 Definition
Term
Fair Housing Act
 Definition
Term
Familial status
 Definition
Term
Handicap status
 Definition
Term
Property reports
 Definition
Term
Public accommodations
 Definition
Term
Redlining
 Definition
Term
Steering
 Definition
Term
Bundle of legal rights
 Definition
Term
Common elements
 Definition
Term
Concurrent ownership
 Definition
Term
Condominium documents
 Definition
Term
Condominiums
 Definition
Term
Cooperative
 Definition
Term
Declaration of Condominium
 Definition
Term
Estate for years
 Definition
Term
Estate in severalty
 Definition
Term
Fee simple estate
 Definition
Term
Fixtures
 Definition
Term
Freehold estate
 Definition
Term
Homestead
 Definition
Term
Joint tenancy
 Definition
Term
Land
 Definition
Term
Leasehold estate (tenancy)
 Definition
Term
Life estate
 Definition
Term
Littoral rights
 Definition
Term
Nonfreehold estate
 Definition
Term
Personal property
 Definition
Term
Proprietary lease
 Definition
Term
Prospectus
 Definition
Term
Real estate
 Definition
Term
Real property
 Definition
Term
Remainderman
 Definition
Term
Right of survivorship
 Definition
Term
Riparian rights
 Definition
Term
Separate property
 Definition
Term
Tenancy at sufferance
 Definition
Term
tenancy at will
 Definition
Term
Tenancy by the entireties
 Definition
Term
Tenants in common
 Definition
Term
Time-Share
 Definition
Term
Trade fixture
 Definition
Term
Undivided interest
 Definition
Term
Abstract of title
 Definition
Term
Acknowledgement
 Definition
Term
Actual notice
 Definition
Term
Adverse possession
 Definition
Term
Alienation
 Definition
Term
Appurtenance
 Definition
Term
Assignment
 Definition
Term
Chain of title
 Definition
Term
Condemnation
 Definition
Term
Construction lien
 Definition
Term
Constructive notice
 Definition
Term
Deed
 Definition
Term
Deed restrictions
 Definition
Term
Easement
 Definition
Term
Easement appurtenant
 Definition
Term
Easement by necessity
 Definition
Term
Easement by prescription
 Definition
Term
Easement in gross
 Definition
Term
Eminent domain
 Definition
Term
Encroachment
 Definition
Term
Equitable title
 Definition
Term
Escheat
 Definition
Term
Further assurance
 Definition
Term
General lien
 Definition
Term
General warranty deed
 Definition
Term
Grantee
 Definition
Term
Granting clause
 Definition
Term
Grantor
 Definition
Term
Gross lease
 Definition
Term
Ground lease
 Definition
Term
Habendum clause
 Definition
Term
Intestate
 Definition
Term
Involuntary alienation
 Definition
Term
Junior liens
 Definition
Term
Legal title
 Definition
Term
Lender's policy
 Definition
Term
Lien
 Definition
Term
Mechanics' liens
 Definition
Term
Net lease
 Definition
Term
Opinion of title
 Definition
Term
Owner's policy
 Definition
Term
Percentage lease
 Definition
Term
Police power
 Definition
Term
Quiet enjoyment
 Definition
Term
Quitclaim deed
 Definition
Term
Restrictive covenants
 Definition
Term
Seisin (Seizin)
 Definition
Term
Specific liens
 Definition
Term
Sublease
 Definition
Term
Superior liens
 Definition
Term
Testate
 Definition
Term
Title
 Definition
Term
Title insurance
 Definition
Term
Variable Lease
 Definition
Term
Voluntary alienation
 Definition
Term
Warranty forever
 Definition
Term
Assignment
 Definition
Term
Attorney-in-fact
 Definition
Term
Bilateral contract
 Definition
Term
Buyer brokerage agreement
 Definition
Term
Community development district (CDD)
 Definition
Term
Competent
 Definition
Term
Contract
 Definition
Term
Enforceable contract
 Definition
Term
Exclusive-agency listing
 Definition
Term
Exclusive right-of-sale listing
 Definition
Term
Fraud
 Definition
Term
Good consideration
 Definition
Term
Homeowners associations
 Definition
Term
Liquidated damages
 Definition
Term
Meeting of the minds
 Definition
Term
Misrepresentation
 Definition
Term
Net listing
 Definition
Term
Novation
 Definition
Term
Open listing
 Definition
Term
Option contract
 Definition
Term
Parol contract
 Definition
Term
Procuring cause
 Definition
Term
Statute of frauds
 Definition
Term
Statue of limitations
 Definition
Term
Unenforceable contract
 Definition
Term
Unilateral contrac
 Definition
Term
Valid Contract
 Definition
Term
Valuable consideration
 Definition
Term
Vendee
 Definition
Term
Vendor
 Definition
Term
Void Contract
 Definition
Term
Voidable Contract
 Definition
Term
Asbestos
 Definition
Term
Buffer zone
 Definition
Term
Buffer zone
 Definition
Term
Building codes
 Definition
Term
Building inspections
 Definition
Term
Building permit
 Definition
Term
Certificate of occupancy
 Definition
Term
Comprehensive plans
 Definition
Term
Concurrency
 Definition
Term
Density
 Definition
Term
Developments of regional impact (DRI)
 Definition
Term
Environmental due diligence
 Definition
Term
Environmental impact statements
 Definition
Term
Health ordinances
 Definition
Term
Impact fees
 Definition
Term
Intensity
 Definition
Term
Laissez-faire
 Definition
Term
Mixed land use
 Definition
Term
Nonconforming use
 Definition
Term
Planned unit development (PUD)
 Definition
Term
Potentially responsible persons (PRP)
 Definition
Term
R-value
 Definition
Term
Special Exception
 Definition
Term
Special flood hazard areas (SFHAs)
 Definition
Term
Special purpose property
 Definition
Term
subdivision regulations
 Definition
Term
Variance
 Definition
Term
Wetlands
 Definition
Term
Zoning ordinances
 Definition
Term
Absentee owner
 Definition
Term
Appraisal
 Definition
Term
Appraiser
 Definition
Term
Brokers's price opinion (BPO)
 Definition
Term
Business brokers
 Definition
Term
Buisness opportunity
 Definition
Term
Community Association Manager (CAM)
 Definition
Term
Comparative market analysis (CMA)
 Definition
Term
Dedication
 Definition
Term
Farm Area
 Definition
Term
Follow-up
 Definition
Term
Multiple listing service (MLS)
 Definition
Term
Property management
 Definition
Term
Property manager
 Definition
Term
Real estate brokerage
 Definition
Term
Real estate brokerage
 Definition
Term
REALTOR
 Definition
Term
Rental agent
 Definition
Term
Subdivision plat map
 Definition
Term
Target market
 Definition
Term
Acre
 Definition
Term
Assessor's parcel number
 Definition
Term
Base lines
 Definition
Term
Check
 Definition
Term
Government survey system
 Definition
Term
Legal description
 Definition
Term
Lot and block
 Definition
Term
Metes-and-bounds description
 Definition
Term
Monument
 Definition
Term
Point of beginning (POB)
 Definition
Term
Principal meridians
 Definition
Term
Range
 Definition
Term
Section
 Definition
Term
Survey
 Definition
Term
Tier
 Definition
Term
Township (or tier)
 Definition
Term
Township lines
 Definition
Term
Acceleration clause
 Definition
Term
Assignment of mortgage
 Definition
Term
Assumption
 Definition
Term
Blanket mortgages
 Definition
Term
Buydown
 Definition
Term
Contract for deed (land contract)
 Definition
Term
Deed in lieu of foreclosure
 Definition
Term
Default
 Definition
Term
Defeasance clause
 Definition
Term
Discount points
 Definition
Term
Due-on-sale clause
 Definition
Term
Equity
 Definition
Term
Equity of redemption
 Definition
Term
Escrow (impound)accounts
 Definition
Term
Estoppel certificate
 Definition
Term
First mortgage
 Definition
Term
Foreclosure
 Definition
Term
Hypothecation
 Definition
Term
Interest
 Definition
Term
Junior mortgage
 Definition
Term
Land development loan
 Definition
Term
Lien theory
 Definition
Term
Lis pendent
 Definition
Term
Loan origination fee
 Definition
Term
Loan servicing
 Definition
Term
Loan-to-value (LTV)ratio
 Definition
Term
Mortgage
 Definition
Term
Mortgagee
 Definition
Term
Mortgagor
 Definition
Term
Note
 Definition
Term
Novation
 Definition
Term
Partial release clauses
 Definition
Term
PITI
 Definition
Term
Prepayment clause
 Definition
Term
Prepayment penalty
 Definition
Term
Receivership clause
 Definition
Term
Right to reinstate
 Definition
Term
Satisfaction of mortgage
 Definition
Term
Short sale
 Definition
Term
Subject to the mortgage
 Definition
Term
Subordination agreement
 Definition
Term
Takeout commitment
 Definition
Term
Title theory
 Definition
Term
Adjustable-rate mortgage (ARM)
 Definition
Term
Amortized mortgage
 Definition
Term
Annual percentage rate (APR)
 Definition
Term
Balloon payment
 Definition
Term
Biweekly mortgage
 Definition
Term
Closing disclosure
 Definition
Term
Conforming loans
 Definition
Term
Conventional Loan
 Definition
Term
Discount rate
 Definition
Term
Disintermediation
 Definition
Term
Entitlement
 Definition
Term
Fannie Mae
 Definition
Term
Freddie Mac
 Definition
Term
Ginnie Mae
 Definition
Term
Home equity loan
 Definition
Term
Index
 Definition
Term
Intermediation
 Definition
Term
Level-payment plan
 Definition
Term
Lifetime cap
 Definition
Term
Loan estimate
 Definition
Term
Margin
 Definition
Term
Monetary policy
 Definition
Term
Mortgage broker
 Definition
Term
Mortgage fraud
 Definition
Term
Mortgage insurance premium (MIP)
 Definition
Term
Mortgage lender
 Definition
Term
Mortgage loan originator (MLO)
 Definition
Term
Negative amortization
 Definition
Term
Nonconforming loans
 Definition
Term
Open market operations
 Definition
Term
Package mortgage
 Definition
Term
Partially amortized mortgage
 Definition
Term
Payment caps
 Definition
Term
Periodic caps
 Definition
Term
Primary market
 Definition
Term
Principal
 Definition
Term
Purchase money mortgage (PMM)
 Definition
Term
Receivership clause
 Definition
Term
Reserve requirements
 Definition
Term
Reverse mortgage
 Definition
Term
Secondary mortgage market
 Definition
Term
Special information booklet
 Definition
Term
Teaser rate
 Definition
Term
Triggering terms
 Definition
Term
Truth in Lending Act (TILA)
 Definition
Term
Up-front mortgage insurance premium (UFMIP)
 Definition
Term
Appraisal
 Definition
Term
Assemblage
 Definition
Term
Automated valuation models (AVMs)
 Definition
Term
Cost
 Definition
Term
Cost approach
 Definition
Term
Curable depreciation
 Definition
Term
Depreciation
 Definition
Term
Economic life
 Definition
Term
Effective age
 Definition
Term
Effective gross income (EGI)
 Definition
Term
Federally related transaction
 Definition
Term
Gross income multiplier (GIM)
 Definition
Term
Gross living area (GLA)
 Definition
Term
Gross rent multiplier (GRM)
 Definition
Term
Highest and best use
 Definition
Term
income approach
 Definition
Term
Incurable depreciation
 Definition
Term
Investment value
 Definition
Term
Market value
 Definition
Term
Net operating income (NOI)
 Definition
Term
Overimprovement
 Definition
Term
Plottage
 Definition
Term
Potential gross income (PGI)
 Definition
Term
Price
 Definition
Term
Principle of substitution
 Definition
Term
Progression
 Definition
Term
Purpose of appraisals
 Definition
Term
Reconciliation
 Definition
Term
Regression
 Definition
Term
Replacement cost
 Definition
Term
Reproduction cost
 Definition
Term
Sales comparison approach
 Definition
Term
Subject property
 Definition
Term
Uniform Standards of Professional Appraisal Practice (USPAP)
 Definition
Term
Vacancy and collection losses
 Definition
Term
Value
 Definition
Term
Appreciation
 Definition
Term
Asset
 Definition
Term
Balance sheet
 Definition
Term
Basis
 Definition
Term
Capital gain (loss)
 Definition
Term
Cash flow (after-tax cash flow)
 Definition
Term
Current ratio
 Definition
Term
Discounted cash flow analysis
 Definition
Term
Equity
 Definition
Term
Going concern value
 Definition
Term
Goodwill
 Definition
Term
Internal rate of return
 Definition
Term
Inventory turnover ratio
 Definition
Term
Leverage
 Definition
Term
Liquidation analysis
 Definition
Term
Liquidity
 Definition
Term
Net present value (NPV)
 Definition
Term
Quick ratio
 Definition
Term
Real estate investment trust (REIT)
 Definition
Term
Risk
 Definition
Term
Tax shelter
 Definition
Term
Adjusted basis
 Definition
Term
Ad valorem
 Definition
Term
Assessed value
 Definition
Term
Assessment limitation (SOH benefit)
 Definition
Term
Boot
 Definition
Term
Capital gain
 Definition
Term
Debt service
 Definition
Term
Depreciation
 Definition
Term
Exempt property
 Definition
Term
Green Belt law
 Definition
Term
Home acquisition loan
 Definition
Term
Home equity loan
 Definition
Term
Immune property
 Definition
Term
Installment sale method
 Definition
Term
Just value
 Definition
Term
Like-kind exchanges
 Definition
Term
Long-term capital gain
 Definition
Term
Mill
 Definition
Term
Passive income
 Definition
Term
Short-term capital gain
 Definition
Term
Special assessments
 Definition
Term
Taxable income
 Definition
Term
Taxable value
 Definition
Term
Tax rate
 Definition
Term
Buyer's market
 Definition
Term
Demand
 Definition
Term
Household
 Definition
Term
Seller's market
 Definition
Term
Situs
 Definition
Term
Supply
 Definition
Term
Vacancy rates
 Definition
Term
Arrears
 Definition
Term
Credit
 Definition
Term
Debit
 Definition
Term
Preclosing inspection
 Definition
Term
Profit
 Definition
Term
Proration
 Definition
Term
Title closing
 Definition
Term
Ministerial duties
 Definition
Ministerial duties of the division of real estate or DRE involved recordkeeping
Term
Multiple licenses
 Definition
When a broker holds more than one brokers license at one time brother said to hold multiple license
Term
Null and void
 Definition
Means to no longer exist
Term
Probation
 Definition
The licensee is allowed to continue to practice real estate under the guidance of the FREC for a period of time while completing condition specified by the FREC.
Term
Promulgate
 Definition
Term
Quasi-judicial
 Definition
Term
Quasi-legislative
 Definition
Term
Voluntary inactive
 Definition
Term
Voluntary relinquish
 Definition
Term
Administrative law
 Definition
Term
Agent
 Definition
Term
At arm's length
 Definition
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