Chap 3 Flashcards
T/F, A man is the broker for two independent brokerage entities. He needs to apply for and hold a group license.
False. The statement is false. The man needs a broker license for each of the brokerage entities. This is called holding multiple licenses.
T/F, A real estate developer owns several subdivisions that are in the names of different entities. Sales associates who are employed by the developer hold a group license.
The statement is true. A group license is issued to sales associates who are registered under an owner-developer who owns properties in the names of several entities.
The Commission’s authority to regulate and enforce the license law is which type of power?
A) Civil B) Executive C) Quasi-legislative D) Quasi-judicial
B. Executive
After what period of time does an involuntary inactive license automatically expire and become null and void?
A) Four years B) Five years C) Two years D) One year
C. Two Years
Which power is NOT given to the Florida Real Estate Commission? A) Imposing jail sentences B) Promulgating rules and regulations C) Adopting a seal D) Making determinations of violations
A. Imposing Jail Sentences.
The FREC is empowered to make determinations of license law violations and impose administrative penalties.
A sales associate has held an active real estate license since 2008. The licensee neglected to renew his real estate license before the expiration date in March of this year. Which statement applies to this situation?
A)
The sales associate must reapply for licensure.
B)
The sales associate is required to complete 28 hours of a Commission-prescribed education course.
C)
The license is in voluntary inactive status.
D)
The licensee must complete 14 hours of continuing education.
D)
The licensee must complete 14 hours of continuing education.
It would also be considered INVOLUNTARY inactive.
The answer the licensee must complete 14 hours of continuing education. When a licensee has been in involuntary inactive status for 12 months or less, the licensee may satisfy the education requirement by completing 14 hours of FREC-approved continuing education
What is the maximum number of consecutive years a commissioner may serve on the Florida Real Estate Commission?
A) Four B) Two C) Eight D) Six
Explanation
The answer is eight. A commissioner may not serve more than two consecutive four-year terms.
The FREC’s power to determine license law violations is an exercise of which type of power?
A) Quasi-judicial B) Quasi-legislative C) Executive D) Civil
A. Quasi-judicial
A licensed broker is the broker for two independent real estate brokerages. Which statement applies to this situation?
A)
The broker must register as a broker associate for one of the real estate companies.
B)
The broker must request and be issued a group license.
C)
The broker licensee may only be the broker for one Florida real estate company.
D)
The broker must request and be issued multiple broker licenses—one for each brokerage company.
d
he answer is the broker must request and be issued multiple broker licenses—one for each brokerage company. Multiple licenses are issued to brokers who qualify as the broker for more than one business entity. A broker who holds more than one Florida broker license is said to hold multiple licenses.
A brokerage office changes business address. What action must the broker take?
A)
Within 10 days of moving, inform the DBPR in writing of the change in business address.
B)
Notify the FREC within 60 days of the change in residency.
C)
Submit a request to renew the real estate license.
D)
File a new application for licensure.
A. Within 10 days
How many Florida Real Estate Commission members may be licensed as real estate sales associates?
A) Four B) Three C) Two D) One Explanation The answer is one. Four members must be licensed as brokers and two members must be consumer members. The seventh member may be either a licensed broker or a sales associate who has held an active license during the two years preceding appointment.
Explanation D
The answer is one. Four members must be licensed as brokers and two members must be consumer members. The seventh member may be either a licensed broker or a sales associate who has held an active license during the two years preceding appointment.
The director of the Division of Real Estate is appointed by the
A) governor. B) Florida Senate. C) secretary of the Department of Business and Professional Regulation. D) Florida Real Estate Commission chairperson.
C. Secretary of DBPR
Which task must a sales associate complete before the expiration of the initial sales associate license?
A) Complete the 14-hour continuing education course B) Pay a one-time new license education fee C) Complete the 45-hour post-license education course D) Submit a real estate activity log
C. The answer is complete the 45-hour post-license education course. Sales associates must complete 45 hours of post-license education before the first renewal of their initial license.
An individual on active duty with the U.S. Navy has what period of time after discharge from active duty to renew a real estate license?
A) 12 months B) 3 months C) 6 months D) 24 months
Explanation
The answer is 24 months. A licensee in good standing who is a member of the U.S. armed forces is exempt from the renewal provisions during active duty and for a period of 24 months after discharge from active duty.
