Definition: Compensation is something of value paid, promised, or expected in return for a service; it is not limited to cash.
Example
A brokerage agreement promises a fixed service fee rather than a percentage of the sale price.
Keep the distinction clear
The form of payment does not determine whom a Florida licensee represents. Analyze the brokerage relationship separately from who pays the fee.
Related terms
Commission · Broker · Agency
Keep studying
Buyer Agreements and Florida Agency: What Changed?
References: Florida Statutes 475.01: brokerage definitions · Florida Statutes 475.278: brokerage relationships and duties
Pronunciation (US): kahm-puhn-SAY-shuhn (capitals show stress)
Pronunciation reference: Merriam-Webster
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