Ben,
First off, I'm going to move this question to the JFBConnect Pre-Sales form after I post this, so look for the question there (instead of JLinked Pre-Sales).
As for the Terms requirement, yes, you can. JFBConnect has a "Normal Registration" flow which does not automatically create the Joomla account for the user. Instead, their brought to a form-based registration page where you (the admin) can select if the user can set their username, password, email and see other fields from 3rd party extensions (JomSocial, Community Builder, or the Joomla User - Profile plugin). All of those have ToS options which can be displayed on that registration form along with any other fields you want the user to have control of.
I hope that helps explain, but if you have any other questions, let us know what extension you're using that is implementing the ToS check and we can tell you if we already have support for it.
Thanks,
Alex