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Sec 3 Real Estate
| Question | Answer |
|---|---|
| Caveat emptor | Let the buyer beware Legal principle that the buyer is responsible for checking the quality of the product before making a purchase |
| In what year did real estate sales start to be regulated in florida | 1923 |
| In what year was FREC established | 1925 |
| FREC | Florida real estate commission |
| Purpose of FREC | To protect the public by requiring continuing education, training, and standards of licensing |
| How does FREC protect consumers | * establishing basic education and experience requirements * define activités that need a license * standards of conduct * enforcing standards through penalties, sanctions and license denial |
| Chapter 475 | Laws that govern a real estate licensees rights and responsibilities |
| Chapter 61J2 | |
| Fl administrative codes - FRECs rules | |
| Sales associate | A licensed sales associate can perform real estate services only under the supervision of a licensed broker |
| Broker associate | A licensed broker who chooses to work under the supervision of another licensed broker |
| Broker | A person who performs real estate services for others for compensation and may supervise other real estate licences |
| Requirements for real estate license | 18+ SSN high school diploma 63 hr licensing course Exam Fee Fingerprints Disclosures |
| Non resident licensee | Must comply with fl real estate license laws and meet same requirements as resident |
| Resident licensee | Defined by FREC as someone living in state at least four months of previous calendar year |
| Mutual recognition agreement | Contractual agreement with some states in which the education and experience of individuals licensed in those states is recognized GA AL MS AK NE IL CN RI |
| Kristy lives in CA and would like to apply for a FL license. Which of the following is true? A) Kristy needs to move to FL to apply for a fl licence B) kristy can apply for a fl license as long as she complies w/same rules as resident applications | B Kristy can apply for a fl licnese as long as she complies with same rules as resident applications |
| Reciprocity is granted for | Active duty members or a spouse or surviving spouses |
| Post licensing education requirements | 45 hr post licensing course with 18-24 months of completion |
| CE and license renewal dates are | 3/31 and 9/30 every two years |
| Break down of 14 hr CE requirement | 3 hr fl core law 3 hr real estate and business ethics 8 hr specialty course |
| Prima facie évidence | At first view |
| Which of the following is true when a FL sales associate is issued a real estate license? | If the licnesee choses to perform real estate services for compensation, the license must be licensed and registered as active with the DBPR |
| What’s next for a licensee candidate who’s successfully completed the pre-licensing course and has had their sales associate license application approved? | The candidate needs to pass the real estate sales associate exam |
| Jerome, a real estate license, can only work under the supervision of a broker. This means that he is licensed as ____. | A sales associate |
| Which of the following individuals qualify for an exemption from the pre-licensing course requirement for sales associates? A ) member of FREC B ) applicant - passed the exam with a 90% C ) attorney - active member of the bar D ) owner / developer | An attorney who is an active member of the fl bar |
| Garden has had his sales associate licensee for five years. He’s completed the FREA approved 72 hr pre licensing course for brokers. What else must he do? | He must pass his application and pass his brokers license exam |
| How many years of experience must a licensed sale associate in fl have before applying for a broker license | Two |
| The sales associate licensee is required to ___ before the initial sales associate license expires | Complete at least 45 hr of FREC approved post licensing course work |
| The fl réal estate sale associate examination consists of ____. | 100 multiple choice questions |
| In fl what’s next for licnesee candidates who have completed their broker pre licensing and have had their broker application approved? | The candidate needs to pass the exam |
| Applicants for a FL real estate license are required to report if they have ever been ___ a crime | Convicted of found guilty of |
| Can be done with a license or no: Researching schools, crime rates and other stats | Yes can be done w/o license |
| Can be done with a license or no: Listing a friends condo for sale | No can’t be done w/o license |
| Can be done with a license or no: Negotiating the exchange of real estate | No can’t be done w/o license |
| Can be done with a license or no: Searching the internet and driving the streets to locate properties for sale | Yes can be done without license |
| Can be done with a license or no: Schedule showings for properties | Yes can be done without license |
| Unauthorized practice of law | Acting outside the scope of your license by offering legal advice |
| A real estate licenses is required | When performing real estate activités for others, for compensation of any kind |
| Which can be done w/o a license A list/negotiate sale of someone else’s condo B locate/negotiate purchase of property for someone else C research schools, crime rates, and other stats about a neighborhood D show/lease someone else’s property | Research schools, crime rates and other stats about a neighborhood |
| Amanda helps her neighbor sell his home by assisting with negotiations. She receives no compensation. Based on this one transaction, Amanda ____ | Doesn’t need a real estate license |
| What’s a recommended way to protect yourself from committing unauthorized practice of law when drafting a document | Make the terms of all contracts subject to review by attorneys for both parties |
| Initial application fees | Pay an application fee and an unlicensed activity fee |
| Renewing license fees | Biennial license fee, unlicensed activity fee, real estate recovery fund fee |
| Initial effective date | Date applicant passes exam |
| Initial exp date of sept 30 tested in what months | Oct Nov Dec Jan Feb Mar |
| Initial exp date of march 31 tested in what months | April May June July Aug Sept |
| Post licensing education requirement for new brokers | 60 hr course |
| Hardship case for new licensee | Will be provided an extra six months |
| Active status | License is issued as voluntary inactive When you find a broker and register with DBPR your license becomes active Active license must be renewed every 2 years |
| Voluntary inactive | If you chose not to practice must request voluntary inactive Can be renewed |
| Involuntary inactive | If you do not renew before exp date - except first renewal After two years your license becomes null and void If employing brokers license is suspended until you register with new broker |
| Activating involuntary inactive | Max of two years to renew and change to active or voluntary inactive |
| Null and void | When a license is allowed to remain inactive for more than two consecutive licensure cycles When a license is cancelled When a license is revoked as discipleship action - usually permanent |
| Ineffective | When it is inactive (involuntary or voluntary) or suspended it can’t be used |
| Cease to be in force | Licensee can’t conduct business until DBPR is properly notified of certain changes |
| License status: You’ve been issued your first FL sales associate license | Voluntary inactive |
| License status: Once you register with broker and DBPR | Active |
| License status: You don’t renew before exp date | Involuntary inactive |
| When can a sale associate have more than one license | When employees by an owner/developer with several business entities and has a group license |
| Group license | If entites are connected and controlled by an owner/developer, sales associates or brokers may be issued a group license enabling them to sell for the entities |
| Multiple license | Issues to a broker who is the broker for more than one entity |
| What will be the initial effective date of your real estate license be | The date you pass your licnese exam |
| Jeanie is a broker for sun valley realty and for peak llc. To be the broker of brother, Jeanie must have ____. | Multiple license |
| Danny is a sale associate working for jay, the owner/developer for both Shirley homes and Laverne estates. To sell real estate for both what must Danny have | A group license |
| In FL how often must a real estate broker renew their license? | Every two years |
| How long can a license remain in involuntary inactive | No more than two years |
| Gerry is submitting an application for a sale associate license for the first time. She will need to pay the initial application fee and ___ fee to DBPR | Unlicensed activity fee |
| Jeron just learned his employers brokers license has been suspended what status will his license become | Involuntary inactive |
| Mark passed his license exam feb 10, 14. What is his initial exp date | Sept 20 2015 |
| FL real estate commission | FREC |
| Member composition of FREC | 4 brokers - 5+ years of exp 1 licensee - 2+ years of exp 2 consumers - never licensed |
| Term requirements for FREC | Four year staggered terms Two term limits |
| FREC compensation | $50/day |
| FREC age requirement |
Created by:
Lmpardue88