Chapter 1 & 2 - Becoming A Licensed Broker Flashcards
What are the requirements for licensure?
18 years old High school diploma Social Security Number Honest, truthful, trustworthy, good reputation Competent (U.S. Citizenship is not required)
What real estate services require a license?
A advertise
B buy
A appraise
R rent or provide rental information
S sell
A auction
L lease
E Exchange
Who can apply for licensure under Mutual Recognition?
Non residents of Florida who are licensed in a mutual recognition state.
There is no reciprocity with any state
What does a non Resident Mutual Recognition applicant do to get a Florida license?
Apply
No Pre license education class.
Pass 40 question law exam
How soon after moving must you give DBPR notice of new address?
Within 10 days of moving.
When must you inform FREC that you moved out of state?
Within 60 days.
What are the Broker experience requirements?
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.
What happens if you don’t complete the post-licensing education before your renewal date and you’re not exempt?
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.
What is the license’s initial effective date?
Date the applicant requested the license be issued.
What is the armed forces exemption from renewal requirements?
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.
What happens if license is involuntary inactive more than 24 months?
License is null and void
Must start over anew
What happens if license is involuntary inactive for 12 months or less?
Must satisfy education by taking 14 hours of CE
What happens if license is involuntary inactive for more than 12 but less than 24 months?
Must take 28 hours of CE to renew and go active
What is a group license?
Owner-developer is registered for multiple projects. Any licensees working under them would have a group license.
What happens to a Brokers license when he moves Offices?
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.
Who is exempt from licensure?
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
Who can be officers, general partners, or managers of an entity brokerage?
Licensed Brokers or unlicensed non-professionals only. Sales associates are not permitted.
To what types of places does the ADA apply?
Public accommodations
Commercial facilities
Real estate offices are both
What type of entities can NEVER register as brokerages?
Ostensible partnerships (illegal) Joint ventures Corporation Sole Business Trusts Unincorporated associations
What is a blind ad?
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.
Who and what are protected under the Fair Housing Act?
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.
What are the rules of rental info lists?
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
What are penalties for violating do not call?
Fed = $11k for each call Fla = $10K for each call
Can call a FSBO if have a legitimate potential buyer.
