Chapter 1 & 2 - Becoming A Licensed Broker

Question 0

What are the requirements for licensure?

Answer 0

18 years old
High school diploma 
Social Security Number
Honest, truthful, trustworthy, good reputation 
Competent
(U.S. Citizenship is not required)

Question 1

What real estate services require a license?

Answer 1

A advertise

B buy
A appraise
R rent or provide rental information

S sell
A auction
L lease
E Exchange

Question 2

Who can apply for licensure under Mutual Recognition?

Answer 2

Non residents of Florida who are licensed in a mutual recognition state.

There is no reciprocity with any state

Question 3

What does a non Resident Mutual Recognition applicant do to get a Florida license?

Answer 3

Apply

No Pre license education class.

Pass 40 question law exam

Question 4

How soon after moving must you give DBPR notice of new address?

Answer 4

Within 10 days of moving.

Question 5

When must you inform FREC that you moved out of state?

Answer 5

Within 60 days.

Question 6

What are the Broker experience requirements?

Answer 6

Active real estate license for at least 24 months of the previous 5 years; or

Active real estate license while working as a govt employee practicing real estate under Ch 475 for 24 months of the previous 5 years; or

Active Broker license in any other jurisdiction for at least 24 months of the previous 5 years.

No experience counts if under an unlicensed developer.

Question 7

What happens if you don’t complete the post-licensing education before your renewal date and you’re not exempt?

Answer 7

Initial license becomes null and void.

Can drop back to Sales Associate status if complete 14 hours of CE within 6 months of expiration of the Broker license.

Question 8

What is the license’s initial effective date?

Answer 8

Date the applicant requested the license be issued.

Question 9

What is the armed forces exemption from renewal requirements?

Answer 9

On active duty, renewal requirements are abated until 6 months after you come of active duty.

If active duty outside Florida, then soldier’s spouse is exempt while out of state plus six months after discharge.

If validly Licensed outside Florida, and spouse transfers into Florida, can get a one-time temporary six-month license.

Question 10

What happens if license is involuntary inactive more than 24 months?

Answer 10

License is null and void

Must start over anew

Question 11

What happens if license is involuntary inactive for 12 months or less?

Answer 11

Must satisfy education by taking 14 hours of CE

Question 12

What happens if license is involuntary inactive for more than 12 but less than 24 months?

Answer 12

Must take 28 hours of CE to renew and go active

Question 13

What is a group license?

Answer 13

Owner-developer is registered for multiple projects. Any licensees working under them would have a group license.

Question 14

What happens to a Brokers license when he moves Offices?

Answer 14

License is ineffective until he notifies DBPR of new address. No business can be conducted till new location is registered. DBPR must be notified within 10 days. Automatically updates address of all the sales associates too.

Question 15

Who is exempt from licensure?

Answer 15

Individuals selling their own properties

Entities selling/Leasing their own properties (can be handled by their SALARIED employees

Individuals selling personal property

Lawyers, CPAs, POAs, hotel clerks

Question 16

Who can be officers, general partners, or managers of an entity brokerage?

Answer 16

Licensed Brokers or unlicensed non-professionals only. Sales associates are not permitted.

Question 17

To what types of places does the ADA apply?

Answer 17

Public accommodations
Commercial facilities

Real estate offices are both

Question 18

What type of entities can NEVER register as brokerages?

Answer 18

Ostensible partnerships (illegal)
Joint ventures
Corporation Sole
Business Trusts
Unincorporated associations

Question 19

What is a blind ad?

Answer 19

Ads that don’t clearly reveal the Licensed name of the brokerage firm

Any ad that has the licensee’s name must include their last name.

Question 20

Who and what are protected under the Fair Housing Act?

Answer 20

Residential housing only

Race, color, national origin, religion, sex, handicap, and familial status (children)

Exception: Private owners who don’t use a licensed Broker or advertise for same can discriminate (except on race), or if 1-4 family, and seller also lives in one of the units.

Question 21

What are the rules of rental info lists?

Answer 21

Contract or receipt required that gives buyer notice of right of refund

If no rental obtained, entitled to 75% refund if requested in 30 days;
If info provided is not current or accurate, entitled to 100% refund

If inaccurate, 1st degree misdemeanor and $1000 fine

Question 22

What are penalties for violating do not call?

Answer 22

Fed = $11k for each call
Fla = $10K for each call

Can call a FSBO if have a legitimate potential buyer.