Chapter 2

Question 1

What is the purpose of the Florida Real estate license law?

Answer 1

To protect the public

Question 2

Who is required to have a real estate license in florida?

Answer 2

A person performing a real estate transaction service in Florida for another person and receiving compensation for it

Question 3

When do you not need a real estate license?

Answer 3

to sell your own house
To sell your family member’s house
For an investment property
If you are not compensated for the transaction

Question 4

Which services require a real estate license?

Answer 4

Buying
Selling
Leasing
Renting

Question 5

What are the requirements for becoming a broker?

Answer 5

Must actively work as a sales associate for 24 months in the last 5 years under an active broker. (working for a developer does not satisfy this requirement)
Must take 72 hour pre-licensing course
Must take 60 hour post-licensing course
Must open your own brokerage

Question 6

What is a broker associate

Answer 6

A glorified sales associate
Someone whom obtained their broker’s license but chose to work under another broker
If their license becomes inactive, they have an inactive broker’s license

Question 7

What are the requirements for a real estate license?

Answer 7

must be 18 years of have
must have a SSN
Must have finished high school or equivalent

Question 8

Do you have to be a resident of FL?

Answer 8

No, don’t even have to be a US citizen

Question 9

What is considered a resident of FL?

Answer 9

having resided in FL for 4 months in a year

Question 10

Do all convictions need to be disclosed in the license application?

Answer 10

Yes, any convictions

Question 11

What happens when a license application gets denied?

Answer 11

The Department denies you
gives you a reason in writing
you have 21 days
to request a formal hearing

Question 12

Can a sales associate work for more than one broker?

Answer 12

NO

Question 13

Does a developer need to register with the DBPR?

Answer 13

Yes, they are performing real estate transactions, but they do not need to obtain a license

Question 14

What happens if a sales associate does not complete their 45 hours of post-licensing classes (first renewal)?

Answer 14

Their license becomes void. No grace period

Question 15

What happens if a licensee does not complete their 14 hour CE courses for 2 years after their first renewal?

Answer 15

Their license becomes involuntarily inactive. Can remain in this status for 2 years

Question 16

What happens if your broker becomes inactive?

Answer 16

You become inactive

Question 17

Who is exempt from having a real estate license?

Answer 17

Anyone not making commission from the sale:
Attorney in fact (Power of attorney)
Salaried Employees working in a rental office for a broker
A tenant making a referral can get up to $50 as a fee