Becoming a Licensed R.E. Broker Flashcards
A BAR SALE | What are the 8 Real Estate Services
A. Advertise
B. Buy
A. Appraise
R. Rent or provide rental information
S. Sell
A. Auction
L. Lease
E. Exchange
Can an out of state real estate agent receive commision
Yes, so long as the out of state agent is not performing the real estate service.
Can an owner or buyer receive a real estate commision
Yes, anyone who is a party of the contract can receive a part of the commission so long as it is agreed to.
How many types of real estate licenses are there?
Only 2. (Sales Associate & Broker)
Broker Associate is a category of Broker not a type of license.
Who would be considered an unlicensed real estate agent employer
An owner or developer.
What is an example of Moral Turpitude
Writing a bad check.
Why is a social security number required when applying for a real estate license.
The social security number is used to determine if an applicant is in compliance with child support obligations.
Does one have to be a U.S. Citizen to become a FL licensed real estate agent.
No
What is the difference between reciprocity and mutual recognition.
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.
How soon can a real estate sales associate be eligible to become a r.e. broker.
24 months active during the five year period preceding application.
What are the prerequisite exemptions for 4-Year Real Estate degree and a FL Licensed Attorney.
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.
Who is exempt from the real estate license renewal periods?
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.
Voluntary Inactive Vs. Involuntary Inactive
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.
What happens when license is Involuntary Inactive?
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.
Who is registered and who is licensed?
A real estate entity is registered and a person is licensed.
What is a multiple license
A multiple broker licenses issued to a broker who is the qualified broker for more than one business entity.
What is a group license
Group licenses are issued to sales associates or broker associates who are registered under an owner-developer.
What is prima facie evidnece
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).
Can a licensees mailing address be a P.O. Box.
Yes
Within how many days does a licensee need to notify the DBPR of a change in mailing address
10 days.
Do you need a real estate license to deal in personal property.
No. Personal Property is defined as any tangible item that is not permanently attached to real property.
What is real property
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.
Apartment property owners or property management firms can pay a finders fee to who and how much?
$50 finders fee to a tenant of the same complex for a rental referral.
