Chapter 1 - Becoming A Licensed Real Estate Broker Flashcards
Broker License Requirements
Active sales associate’s license for at least 24 months during the preceding five years in the office of one or more brokers in this state or any other state, territory, or jurisdiction of the United States or in any other foreign national jurisdiction.
What is considered the beginning date of the Sales Associate’s employment service?
The beginning date is the date on which the active sales associate’s employment began. The service requirement is not satisfied when an owner-employer employs a sales associate.
Change of Address - Licensees
All licensees are required to notify DBPR in writing within 10 days of any change in the licensee’s mailing address.
What is a “Resident”
A resident is anyone who has resided in the state 4 months or more during the previous year, or who presently resides in Florida with the intent to reside continuously for a period of 4 or more months. Residency can include a recreational vehicle, hotel, rental unit, or any temporary or permanent location in Florida.
Licensed vs Registered
Brokers, broker associates, and sales associates are licensed and registered, whereas brokerage corporations, brokerage partnerships, and branch offices are registered.
Multiple Licenses
Multiple licenses are issued ONLY to active brokers. An active broker may be issued active broker licenses in more than one capacity only if it is clearly shown that such additional licenses are necessary to the conduct of legitimate business, and that no opportunity exists for such licenses to be used in a manner prejudicial to the public or to the business associates of the license holder.
Inactive Licenses
A licensee may remain voluntary inactive indefinitely.
Explain an Involuntary Inactive License
An involuntary inactive license is one in which a licensee who does not renew their license, other than the first renewal, will automatically revert to involuntarily inactive status.
License Renewals Time Frame
Licensee issues are valid for a licensee period of up 2 years and are staggered on a 2-year expiration schedule. Licenses expire on either March 31 or September 30 of the appropriate year. Although licenses may be issued for a 4-year period, the current license period is a minimum of 18 months to a maximum of 2 years. 18-24 Months
License Renewals - Effective Date
The effective date is the date licensure is granted - usually the date the applicant receives official notification in writing of passing the state exam.
Initial Renewal - Broker and Broker Associates
A broker must complete 60 hours of FREC-approved online or classroom post-license education. The license is null and void for any broker who does not complete this course prior to initial license renewal. If a broker does not complete the post-license education for brokers, a sales associate’s license can be issued upon request. Completion of the 14-hour continuing education course within 6 months of broker license expiration is required to obtain a sales associate’s license.
Subsequent Renewals - Expired License Penalties
It is unlawful to perform real estate services with an expired real estate license. The FREC’s usual action will be to impose a penalty of suspension or revocation on licensees practicing real estate without a valid and current license.
Subsequent Renewals
All licensees must complete 14 hours of FREC-approved CE for each license renewal after initial renewal.
“For Another”
Services of Real Estate - Memory Aid - FICA
For Another - This statement indicates that the service is performed for another person or entity, not for the one who performs the service.
“For Compensation”
Services of Real Estate - Memory Aid - FICA
Compensation has been defined to include anything or any service of value for which is paid, received, expected to be paid, or received in exchange for the performed service.
