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Florida Real Estate

Florida Real Estate Sales

QuestionAnswer
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 pre-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 application and licensing purposes, person resided in Florida continuously for a period of four calendar months or more within the preceding year, regardless if they resided in a recreational vehicle, hotel 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 court determines defendant is not likely to again engage in a criminal act court withhold adjudication of guilt. the court may withhold adjudication of guilt, stay (stop) the imposition of the sentence, and place the defendant on probation.
Two types of real estate licenses Sales associate= introductory level; must work under the direction, control & mgmt of a broker or owner-developer; must be registered under one broker or one owner-developer Broker licenses require additional education and experience
Broker associates are licensed as brokers but choose to work under the direction of a broker/employer
Owner-developer is an unlicensed entity that sells, exchanges, or leases its own property
Must Sales staff hold active real estate licenses to be paid commission YES
Is Sales staff is exempt from licensure if paid strictly on salaried basis YES
Application requirements Background information whether the applicant has been convicted of a crime, pled guilty to a crime, or pled nolo contendere Must disclose prior conviction even if court action was withheld Disclose other names or alias, including a maiden name
Applicant must 18 years of age or older have earned a high school diploma (or equivalent) be of good character have not violated Chapter 475 within one year prior to application
When does license application expire The license application expires two years after it is received by the DBPR
Nonresident application requirements U.S. citizenship is not required Applicants do not have to be residents of Florida Nonresident applicants must consent to the irrevocable consent to service section on the license application which allows legal action to be initiated in Florida
What happens when a resident moves out of state Resident licensees who move out of the state (become nonresidents of Florida) must notify the Commission within ten days of the change of address and comply with all nonresident requirements within 60 days
Change in mailing address requires licensee to inform the DBPR in writing within ten days
Mutual recognition agreements recognize the education and experience that real estate licensees have acquired in another state or nation
Mutual recognition agreements exclusively to nonresidents licensed in other jurisdictions Required to pass 40 question Florida-specific real estate law exam with at least 75 percent If licensed through mutual recognition must complete the Florida post-licensing requirement
Florida resident resided in Florida continuously for a period of four calendar months within the preceding year A person who currently resides in Florida with the intention to reside continuously in Florida for a period of four months or more
Sales associate education requirements Complete Course I with a score of at least 70 on the end-of-course exam If applicant does not pass the state license exam within two years after the course completion date, the applicant must again complete Course I
Exempt from taking Course 1 Attorneys who are active members of The Florida Bar are exempt from Course I Individuals with a four-year college degree in real estate are exempt from Course I
Post-licensing requirement for sales associates Florida sales associates must complete the 45-hour post-licensing course before the expiration of the initial sales associate license
Failure to complete the post-licensing requirement prior to the expiration date will cause the license to become null and void Sales associates who do not complete the post-licensing requirement must requalify for licensure by again completing Course I and passing the state license exam
Exemp from Post Licensing Individuals with a four-year college degree in real estate are exempt from the post-license requirement for sales associates
Florida-licensed attorneys who are also licensed real estate sales associates Florida-licensed attorneys who are also licensed real estate sales associates must complete the post-licensing education requirement
Broker requirements Complete Course II with a passing score of at least 70 on the end-of-course exam Must complete at least 24 months of real estate experience during the five-year period preceding becoming licensed as a broker
Broker applicants who hold a Florida real estate sales associate’s license must Broker applicants who hold a Florida real estate sales associate’s license must complete the 45-hour post-licensing course for sales associates before the initial sales associate’s license expires to be eligible for a broker’s license
Who is exempt from Broker Course II Broker applicants who have received a four-year degree in real estate are exempt from Course II
Created by: ea777maximus
 

 



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