Chapter 2 Flashcards
The Division of real estate (DRE) is under what department
DBPR
Florida statute 20 chapter 20 established the structure of the _______ branch of Florida government
Executive
Florida statute Chapter ___ is divided into 4 parts and established the legal rights and responsibilities of real estate licensees and appraisers
475
Part __ of chapter 475 pertains to real estate brokerage.
1
_____ implements, interprets, and enforces the regulatory provisions of chapter 475
FREC
Part __ of chapter 475 pertains to real estate appraisers and is regulated by the Florida real estate appraisal board
2
Part _ and _of chapter 475 is the Commercial real estate sales commission lien Act giving a broker lien rights on only commercial property and NOT residential and is only against the owners net proceeds, not the real property
3 and 4
Chapter ___ pertains to the DBPR
455
Florida statute ___ Is the administrative procedure Act and defines the procedural process by which regulatory agencies decide and implement agency action
120
Chapter ____ is a set of administrative rules and regulations developed by the FREC
61j2
Define an owner developer
An unlicensed entity that sells, leases or exchanges it’s own property
Unlicensed sales person must be paid on a ______ basis
Salaried
An owner developer who wants to hire real estate sales associate must register with the ____
DBPR
He DBPR exempts what 3 groups from initial licensing fee
Low income applicants
Military personnel and spouses
Military veterans and spouses
Military veterans and spouses are exempt from 3 types of fees as long as they application is made __ months after honorable discharge
60
__________ is the practice of mutual exchange of privilege. Example when one state recognizes someone’s real estate license from a different state
Reciprocity
What act provides license reciprocity to active and former active honorably discharged armed force veterans
The occupational opportunity Act
Define a Florida resident
Someone who resided in Florida for a period of 4 months within the proceeding year
True or false? A person who is licensed in a mutual recognition state must complete the process of Florida licensure before becoming a resident of Florida. They will not be allowed to receive a license through mutual recognition other wise
True
An applicant applying for mutual recognition must obtain a certification of _________ history from the commission where the applicant is licensed
License
Real estate applicants approved for mutual recognition are _______ from pre license course
Exempt
A mutual recognition applicant must complete a __ question exam and complete the same post license and continued education as other Florida licensees
40
What is reciprocity
An agreement between two states that allows a real estate licensee with a valid license in one state to obtain a real estate license in another.
Florida has _________ _________ instead of reciprocity
Mutual recognition
List qualification of a sales associate
18+
High school diploma or equivalent
Possess us social number
Be honest, truthful, trustworthy, and deal fairly
Be competent and qualified to make real estate transactions
Who issues real estate licensee
Dbpr
New sales associate must change their license to ______ before legally operating real estate
Active
A person who has A 4 year degree in real estate are exempt from what education requirements
Frec course 1 and 2 for sales and brokers and post license education
A Florida licensed attorney is exempt from what real estate licensing education
Frec sales course 1 and continuing education
A real estate license application is valid for _ years from the date the complete application is received by the DBPR
2
A request to review your answers or for a formal hearing before an administrative law must be filed within __ days of the on-site grade notice
21
True or false. Failure to complete the post license education before your first renewal will make your license null and void
True
Licensees must complete ___ hours continued education before the first renewal of their license and must receive a ___ percent in the post license exam
45, 75
What is a physical hardship detention
An extension for someone who is unable to complete licensee requirements due to a long term illness or illness of close relative
Licensees after completing post license education must complete __ hours of continued education weather active or inactive
14
To fulfill experience requirements, a broker applicant must have held an active real estate license for at least ___ months as well as __ hours of instruction and a 3 hour test
24, 69
Brokers must complete __ hours post license education before first renewal of license
60
________ is the process of submitting info to the DBPR that is entered into the departments records including the name and address of each licensed broker and associate
Registration
Sales and brokers associate may only be registered with __employer at any given time.
1
Explain prima facile evidence
A legal term used to refer to evidence that is good and sufficient at first few (on its face) to be accepted by the court as fact.
List the exemptions from a real estate license
Owner exemption
Exemption based on career
Salaried employee
Court and legally appointed person
Miscellaneous exemption
True or false? Salaried employees may not be paid on a transactional basis
True
True or false? Salaried employees who work for an apartment community who work in an onsite rental office are exempt from licensure, as well as a condominium or co-op manager who rent individual units NO LONGER than 1 year
True
True or false? Salaried employees of an owner developer are not exempt from real estate licensure
False, they are exempt
Explain an attorney in fact
is a person who has been authorized by another person to act in his place
True or false? Persons who sell cemetery lots, dealers registered with the sec selling business enterprises, hotel and motel clerks are all exempt from licensee status
True
Give 4 owner exemptions for licensure
Property owners as well as officers and directors of corporations may buy, sell, exchange, and lease their own property or that of the business entity
Partners in a real estate partnership are exempt from licensure if selling property for partnership as long as the portion of profits is equal to the portion of interest the partner had in the property
Owners of time share units who own the time share for their own occupancy may sell their interest
List 3 career based exemptions to licensure
Attorney at law, ONLY when acting within the scope of their professional duties.
Certified public accountants (CPAs) are exempt when performing accounting duties within the scope of their professional duties
Satiate certified and licensed appraisers are exempt when conducting appraisals
List the salaried employee exemptions
Salaried employees of a business entity may buy sell exchange and lease property for their employers without receiving commission
Salaried employees of an apartment community who work in an on-site rental office
Salaried managers of a condominium or cooperative apartment complex who rent individual units for periods no longer than one year and do not receive compensation based on transactions
Salaried employees of an owner developer (real estate developer)
When can a salaried employee receive commission
Never
What is the difference in exemption from licensure between a salaried rental apartment agent and a condominium or cooperative unit?
Salaried rental apartment agents has no restriction on the duration of the leases. managers of condominiums and co-ops are limited to leases of one year or less.
List court and legally appointed persons for exemption of licensure
A personal representative of a designated will, or an executor of an estate of a deceased person is exempt from real estate license
An attorney in fact
True or false? Persons who rent lots in mobile home or recreational travel spots, persons who sell cemetery lots are exempt from licensure
True
Hotel and motel clerks are exempt from _________
Licensure
Tenants of an apartment community may receive a referral fee of up to __ dollars
50
Dealers who register with the securities and exchange commission selling business enterprises to accredited investors are ______ from licensure
Exempt
Property managers of residential community associations are required to obtain a community association manager license from the Department of business and professional regulations for communities of more than __units or when the annual budget exceeds _______
10, 100,000
Explain an intangible tax. Give an example
Tax on documents that transfer ownership such as a deed or a tax on a written obligation to pay money such as a mortgage or promissory note
