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Real Estate Associates Test > ***Ch 3. Real Estate License Law and FREC Rules*** > Flashcards

***Ch 3. Real Estate License Law and FREC Rules*** Flashcards

1
Q

How does a person become member of the Florida Real Estate Commission (FREC)?

A. Appointed by the Florida Legislature
B. Elected by popular vote
C. Appointed by the Governor and confirmed by the Florida Legislature
D. Appointed by the Governor and confirmed by the Florida Senate

A

D. Appointed by the Governor and confirmed by the Florida Senate

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2
Q

Which of the following sanctions is not within the jurisdiction of the Florid Real Estate Commission (FREC)?

A. Imprisonment
B. Revocation
C. Suspension
D. Letter of Reprimand

A

A. Imprisonment

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3
Q

Sales associate Donna has started working with the new broker. Which of the following statements is correct?

A. The Division of Real Estate (DRE) must be notified of her change of employer within 10 days
B. The Division of Real Estate (DRE) must be notified of her change of employer within 60 days
C. If the Division of Real Estate (DRE) is not timely notified Donna’s license will be declared involuntary inactive
D.If the Division of Real Estate (DRE) is not timely notified Donna’s license will be declared cancelled

A

A. The Division of Real Estate (DRE) must be notified of her change of employer within 10 days

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4
Q

Randy has just passed his state real estate exam. His initial license status will be:

A. Active
B. Voluntary inactive
C. Involuntary inactive
D. Current

A

B. Voluntary inactive

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5
Q

If a license has been involuntary inactive for 15 months, what must the licensee do in order to reactivate their license?

A. Submit the proper renewal for, pay the appropriate fees and confirm that the continuing education requirements have been fulfilled.
B. Submit the proper renewal form and pay the appropriate fees
C. Submit the proper renewal form, pay the appropriate fees and show completion of 28 hours, in class education reactivation credit
D. A license cannot be reactivated after 15 months

A

C. Submit the proper renewal form, pay the appropriate fees and show completion of 28 hours, in class education reactivation credit

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6
Q

How many Florida Real Estate Commission (FREC) members hold a real estate license?

A. 8
B. 7
C. 6
D. 5

A

D. 5

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7
Q

Broker John resigned yesterday. All his associates are now:

A. Cancelled
B. Involuntary inactive
C. Voluntary inactive
D. Active

A

D. Active

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8
Q

If Derek renews his license on September 30, 2008, and he never goes to real estate school again, how any years will it take for his license to become null and void?

A. 1
B. 2
C. 3
D. 4

A

D. 4

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9
Q

If Jorge wants to be the broker of record of Hiahleh Realty, Inc. and Dade Properties, Inc. simultaneously, which type of license should he acquire?

A. Group license
B. Multiple license
C. Complex license
D. Developer license

A

B. Multiple License

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10
Q

Which of the following is an example of the FREC’s quasi-legislative powers?

A. Make rules
B. Enforce rules
C. Discipline licensees
D. Regulate licensees

A

A. Make rules

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11
Q

A group license:

A. Is used for large real estate brokerages
B. Allows licensees to work for various properties owned and developed by the same individual, although the properties are owned in a name of different interlocking or affiliated entities.
C. Allows brokers to be the broker of record for more than one real estate brokerage
D. Is available when a licensee chooses not to have an active license chooses not to have an active license and files a 400.5 form requesting a group license

A

B. Allows licensees to work for various properties owned and developed by the same individual, although the properties are owned in a name of different interlocking or affiliated entities.

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12
Q

Bill works for Broker Jeff, but broker Jeff’s license has just been suspended for 1 year and no replacement broker is appointed. Bill’s license status will become:

A. Cease to be enforce
B. Void
C. Cancelled
D. Involuntary inactive

A

D. Involuntary inactive

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13
Q

The Florida Real Estate Commission (FREC) is located in:

A. Orlando
B. Miami
C. Tallahassee
D. Pensacola

A

A. Orlando

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14
Q

If a brokerage has their only broker of record resign, how many days does the brokerage have to appoint a replacement and avoid cancellation?

A. 14 days
B. 15 days
C. 14 business days
D. 15 business days

A

A. 14 days

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15
Q

If Kathy’s license expired 28 months ago, what is her license status now?

A. Involuntary active
B. Cancelled
C. Null and void
D. Voluntary inactive

A

C. Null and void

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16
Q

If a sales associate license is voluntary inactive and expires on Sept. 30, but the licensee has not completed their 14 hour continuing education, the license will be declared:

A. Involuntary inactive
B. Suspended until the continuing education house are completed
C. Suspended until the continuing education house are completed and the late fee is submitted
D. Ceased to be in force

A

A. Involuntary inactive

17
Q

Which of the following could cause sales associate Jim’s license to become involuntary inactive?

A. Jim did not complete 14 house of continuing education before his license expired
B. His employing broker was suspended
C. His employing brokerage had its registration cancelled
D. All of the above

A

D. All of the above

18
Q

When a licensee is registered as working under a broker or owner-developer, while maintaining all education requirements and license renewal requirements.

A

Active

19
Q

Status of a brokerage’s registration if a brokerage’s sole broker of record dies, resigns, or is otherwise removed as broker of record, and no replacement broker i designated within 14 days

A

Cancelled

20
Q

Status occurs when brokerage fails to notify the DRE of a business change of address with in 10 days, or when licensed associate changes brokers and does not notify the DRE within 10 days

A

Cease to be in force

21
Q

License issued to sales associates and broker associates when there is proof that ownership or control of various properties of substantially held by the same individual, although the properties are owned the name of different interlocking or affiliated entities. (still considered to have only one employer)

A

Group License

22
Q

License status when the licensee fails to timely renew; Also applies to a licensed associate when their employing brokerage is cancelled; Also applies if a licensed associate is registered with a brokerage partnership that is in dispute.

A

Involuntary Inactive

23
Q

Additional license issued to a broker to allow a broker to be the broker of record for more than one brokerage entity, provided the broker can demonstrate a genuine business need and no conflict of interest

A

Multiple license

24
Q

Applies after a license declared expired after two years of involuntary inactive status due to failure to renew; Also applies when licensee fails to timely complete the post license education course.

A

Null and Void

25
Q

A disciplinary sanction issued by FREC the permanently prevents a licensee from performing real estate services for compensation

A

Revoked

26
Q

A disciplinary sanction issued by FREC that prevents a licensee from performing real estate services for compensation for a maximum of 10 years

A

Suspension

27
Q

When an associate’s license is not currently registered with a broker, and the licensee is not delinquent with their education or renewal requirements.

A

Voluntary inactive

28
Q

How many members is FREC composed of and how many are licensed and unlicensed?

A

7 members total
5 must be real estate licensees (4 of the 5 must be brokers with 5 yrs exp.)
2 member must be unlicensed
1 member at least 60 years of age

29
Q

3 powers and duties of FREC and what they do

A

Executive Powers- regulate and enforce (police powers)
Quasi-Legislative- to enact rules and regulations (pass laws & rules)
Quasi-Judicial- to determine violations and administer punishments

30
Q

Any complaint with probable cause submitted to the DRE mutest be promptly reported to who for consideration of criminal prosecution because FREC does not have the power or authority to prosecute criminal cases or determine criminal imprisonment.

A

State Attorney’s Office

Real Estate Associates Test (13 decks)

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