Becoming a lic re broker Flashcards
A group license would be obtained by sales associates registered under a(n)
owner-developer
A licensee who is licensed in one state is permitted to practice in another. This is known as
reciprocity
Each applicant for a broker or sales associated license must
be at least 18 years old
An unlicensed entity that sells, exchanges, or leases it own property is
an owner developer
Which is a correct statement about the qualifications to be a licensed FL RE broker
must have a high school diploma or equivalent
The initial license period is
between 18-24 months
When a brokers license has been involuntary inactive for more than 12 months but less than 24 months, the broker is required to complete
28 hr reactivation education
A sales associate or broker associate registered with an owner developer who owns properties in the name of various entities is issued a
group license
Three broker, each licensed individually, have decided to operate as J-W Realty. Their action is an example of
ostensible partnership
Broker decided to place the license in an inactive status at the first renewal. If not later renewed or reinstated, the license may remain inactive for how long
4 years
What is the MAXIMUM amount of time once license may be involuntarily inactive
2 years
If the broker post licensing requirement is not fulfilled before the first renewal and there is a desire to continue as a broker, the licensee
to voluntarily active must requalify for the license
Which business entity may NOT register as a real estate brokerage entity
Co-operative
A sales associated or broker associate may hold which position
Limited partner in a real estate brokerage limited partnership
Which of the following is TRUE of a partnership brokerage formation including a broker and a non-licensee
The broker, non-licensee, and partnership MUST be registered with the DBPR
An active broker can have multiple licenses if
serving in a non-brokerage capacity as an officer or partner in a different corporation or partnership
An Illinois re broker moved to Miami five months ago. He requests a FL broker license based on mutual recognition. The Illinois broker
must complete the broker pre-license course and naps the the Florida license exam because he is a resident of Florida.
Which of the following is a benefit of operating as a sole proprietorship?
Less paperwork and fewer formalities
Broker wants to make sure she is not responsible for real estate brokerage business assets and liabilities should it fail. Which of the following should Broker choose
Corporation
ABC Ventures, LLC doing business as Sunshine Realty, is a member-managed limited liability company. Which of the following is TRUE
Each member dealing it the public as a broker must hold an active brokers license
XYZ Investments, LLC doing business as Darkstar Realty is manager-managed limited liability company. Which of the following is UNTRUE
A broker associate CANNOT be a manager
A licensee who takes a 3hr Core Law course in each year of the renewal period receives how may classroom hours of credit toward the 14 hr CE requirements
6 hrs Core Law
Which individual is exempt from the broker post-license education requirement
Individual who has attained a 4 year degree in real estate from an institution of higher education
If a Florida resident license becomes a nonresident, the licensee must serve notice and file an irrevocable consent to service
within 60 days of moving
