Becoming a Licensed R.E. Broker

Question 1

A BAR SALE | What are the 8 Real Estate Services

Answer 1

A. Advertise

B. Buy
A. Appraise
R. Rent or provide rental information

S. Sell
A. Auction
L. Lease
E. Exchange

Question 2

Can an out of state real estate agent receive commision

Answer 2

Yes, so long as the out of state agent is not performing the real estate service.

Question 3

Can an owner or buyer receive a real estate commision

Answer 3

Yes, anyone who is a party of the contract can receive a part of the commission so long as it is agreed to.

Question 4

How many types of real estate licenses are there?

Answer 4

Only 2. (Sales Associate & Broker)

Broker Associate is a category of Broker not a type of license.

Question 5

Who would be considered an unlicensed real estate agent employer

Answer 5

An owner or developer.

Question 6

What is an example of Moral Turpitude

Answer 6

Writing a bad check.

Question 7

Why is a social security number required when applying for a real estate license.

Answer 7

The social security number is used to determine if an applicant is in compliance with child support obligations.

Question 8

Does one have to be a U.S. Citizen to become a FL licensed real estate agent.

Answer 8

No

Question 9

What is the difference between reciprocity and mutual recognition.

Answer 9

Reciprocity allow a licensee to practice real estate in a different state than the state of licensure.

Mutual Recognition is the recognition of education and experience however an applicant must still pass a R.E. law test (40 questions and must score 75% or higher). The applicant can NOT be a FL resident. A FL resident is someone who has been living in FL for 4 months or longer.

Florida does not have reciprocity however it does have mutual recognition agreements with several states.

Question 10

How soon can a real estate sales associate be eligible to become a r.e. broker.

Answer 10

24 months active during the five year period preceding application.

Question 11

What are the prerequisite exemptions for 4-Year Real Estate degree and a FL Licensed Attorney.

Answer 11

4 year Real Estate Degree Exempt from:
Prelicense Coarse I, Prelicense Coarse II (Broker), and Post license coarse. Not Exempt from Continuing Education.

FL Real Estate Attorney
Exempt from Prelicense Course I, Continuing Education. Not exempt from post licensing education and prelicense course II.

Question 12

Who is exempt from the real estate license renewal periods?

Answer 12

U.S. Armed forces are exempt from the renewal requirements during the licensee’s period of active duty and six months after discharge from active duty.

Question 13

Voluntary Inactive Vs. Involuntary Inactive

Answer 13

Voluntary Inactive
education and fees are current but put in inactive status by the licensee. Can be indefinate

Involuntary Inactive
education is not current or not renewed. After 2yrs you have to start over.

Question 14

What happens when license is Involuntary Inactive?

Answer 14

12 months or less involuntary inactive licensee can complete 14 C.E. credits

beyond 12 months but less than 24 licensees are required to complete 28 hrs of commission education.

Question 15

Who is registered and who is licensed?

Answer 15

A real estate entity is registered and a person is licensed.

Question 16

What is a multiple license

Answer 16

A multiple broker licenses issued to a broker who is the qualified broker for more than one business entity.

Question 17

What is a group license

Answer 17

Group licenses are issued to sales associates or broker associates who are registered under an owner-developer.

Question 18

What is prima facie evidnece

Answer 18

evidence that is good and sufficient based upon its face value. I.E. a real estate license. (Unless there is stronger evidence to the contrary).

Question 19

Can a licensees mailing address be a P.O. Box.

Answer 19

Yes

Question 20

Within how many days does a licensee need to notify the DBPR of a change in mailing address

Answer 20

10 days.

Question 21

Do you need a real estate license to deal in personal property.

Answer 21

No. Personal Property is defined as any tangible item that is not permanently attached to real property.

Question 22

What is real property

Answer 22

real property is real estate. any interest in land or business enterprise or business opportunities. If you negotiate a commercial lease you are not exempt fro R.E. license law.

Question 23

Apartment property owners or property management firms can pay a finders fee to who and how much?

Answer 23

$50 finders fee to a tenant of the same complex for a rental referral.