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FRE - Associate Pre-licence > Chapter 02 - Real Estate License Law and Qualifications for Licensure (P08) > Flashcards

Chapter 02 - Real Estate License Law and Qualifications for Licensure (P08) Flashcards

1
Q

Purpose of the real estate license law

A

To protect the public

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2
Q

Principle in effect prior to statutory law that “let the buyer beware” on property defects

A

Caveat Emptor

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3
Q

Date that the first Florida real estate license law was enacted

A

1923

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4
Q

Florida statute prescribing the real estate license law

A

Florida Statute (F.S.) 475

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4
Q

Four simultaneous conditions requiring a Florida real estate license

A
  • Performing a Service of Real Estate
  • In the State of Florida
  • For another
  • For compensation
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4
Q

Persons or entities that are exempt from Florida real estate licensure requirements under the law

A
  • Attorneys in fact
  • Attorneys at law
  • CPAs
  • Court appointees
  • Salaried employees
  • cemetery lot salespersons
  • salaried condo managers
  • individuals selling their own property
  • corporations buying or selling their own real estate
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5
Q

Statutory services of real estate requiring a real estate license

A

“A BAR SALE”

A - Appraising
B - Buying
A - Auctioning
R - Renting
S - Selling
A - Advertising
L - Leasing
E - Exchanging

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6
Q

Qualifications for a Florida real estate license

A
  • Social Security Number
  • 18 years of age or older
  • High school diploma or equivalent
  • Honest, truthful, trustworthy, of good character
  • Have a good reputation for fair dealing

(Florida Residency or U.S. citizenship not required)

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6
Q

Agreements with certain states that recognize the similarity in the content of education and licensing requirements for real estate licensing

A

Mutual Recognition

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7
Q

A licensed individual who performs the services of real estate for another and receives compensation for those services

A

Broker

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8
Q

A licensee who is qualified to receive a broker license, but chooses to be employed by an actively licensed broker or owner-developer acting as a sales associate

A

Broker Associate

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9
Q

A licensed individual who is employed by either a broker or owner-developer to perform services of real estate

A

Sales Associate

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10
Q

An individual or entity who is in the business of buying, owning, and/or developing real estate and hires sales person to sell their property

A

Owner-Developer

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11
Q

The experience necessary to qualify for a broker license

A

Employed by an actively licensed broker as an active sales associate for 24 months of the last 5 years (employment by an owner-developer does not count)

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12
Q

Educational requirements (steps) in the licensing and renewal process

A
  • Pre-licensing and state exam to obtain the initial license
  • Post-licensing for the first renewal
  • Continuing Education (CE) for all subsequent 2-year renewal periods
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13
Q

Individuals or entities that must both be licensed and registered with the DBPR

A

Brokers, Sales Associates, Broker Associates

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14
Q

Individuals or entities in Florida that must be registered with the DBPR, but are not required to be licensed

A

Brokerage corporations, partnerships, branch offices, and Owner-Developers

15
Q

Individuals in Florida who buy, sell, or perform services of real estate for themselves

A

Exempt from Licensure (individuals may perform services of real estate for themselves without a license)

16
Q

An individual who performs a service of real estate in Florida as a favor for a friend without receiving any compensation

A

Exempt from Licensure (Since no compensation was provided)

17
Q

Individual who auctions Florida real estate on behalf of another for a fee

A

Non Exempt (a Florida real estate license is required)

18
Q

A Florida court appointee to perform services of real estate for a fee

A

Exempt from Licensure (they may do so for a fee or salary without a real estate license, but not for a commission)

19
Q

An individual who sells Florida timeshare units on behalf of other owners for compensation

A

Non Exempt (a Florida real estate license is required)

20
Q

An individual who sells cemetery lots in Florida

A

Exempt from Licensure

21
Q

An individual who leases Florida residential property on behalf of others for compensation

A

Non Exempt (A Florida real estate license is required)

22
Q

A Florida corporation that sells, exchanges, or leases real property owned by the corporation

A

Exempt from Licensure

23
Q

Steps in the licensing and renewal process

A
  • Pre-licensing and state exam to obtain the initial license
  • Post-licensing for the first renewal
  • Continuing Education (CE) for all subsequent 2-year renewal periods
24
Q

Steps to obtain an initial (inactive) sales associate license

A
  • Take 63-hr pre-license course and pass final exam (70% or higher)
  • Submit state application and fee
  • Submit electronic fingerprints, used for background check
  • Pass the state exam (75% or higher)
25
Q

Activation of a sales associate

A

Obtain and register employment with an active broker or owner-developer

26
Q

Criminal convictions or investigations that must be disclosed in the DBPR application for sales associate license

A

ANY criminal convictions in any jurisdiction, including felony or misdemeanor convictions or pleas, regardless of adjudication. Includes DUI, but not minor traffic offenses.

27
Q

Conditions in which a license application would be denied “without prejudice”

A

Application is incomplete or contains minor error such as forgetting application fee or signature

28
Q

Timeframe within which an applicant whose application was denied by the DBPR may request a formal hearing before an administrative law judge

A

Within 21 days from the date of receipt of the written notification of application denial

29
Q

Timeframe within which a license applicant must pass the state exam once the application has been approved by the DBPR

A

2 years

30
Q

Licensing exemption for actively licensed Florida attorneys who are in good standing with the Florida Bar

A

Exempt from taking the 63-Hour pre-license course and end-of-course exam, but must take and pass the state license exam

31
Q

The individual or entity from whom a real estate sales associate or broker associate may receive compensation for performing services of real estate

A

The employing broker or owner-developer ONLY (NOT by a member of the public)

32
Q

Required steps for sales associate first license renewal

A
  • Take 45-hour post-license course and pass final exam (75% or higher)
  • Pay renewal fee with DBPR
32
Q

Licensing exemption for individual with 4-year degree or higher in real estate

A

Exempt from all pre- and post-license courses, but must pass the state licensing exam

33
Q

Required steps for sales associate or broker associate continuing education renewal

A
  • Complete the 14-hour continuing education course every 2 years
  • Pay renewal fee with DBPR
34
Q

The person responsible for complying with license renewal requirements and deadlines

A

The licensee

34
Q

License status of a sales associate who failed to complete the first renewal requirements prior to the expiration of the initial license

A

Null and Void

35
Q

Information shown on the real estate license

A
  • Name of the licensee
  • Type of license
  • Licensee’s address
  • Effective date
  • Expiration date
  • Seal of Florida
  • Name of the governor (not signature)
  • Name of the secretary of the DBPR
36
Q

License status of a licensee who fails to complete the required continuing education renewal requirements prior to the expiration of their license (after the first renewal)

A

Involuntary Inactive

37
Q

Length of time that a licensee should retain their completion certificates for pre-licensing, post-licensing, and CE courses

A

at least 2 years

FRE - Associate Pre-licence (19 decks)

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