Chapter 2 Flashcards

1
Q

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

A

To protect the public

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2
Q

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

A

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

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3
Q

When do you not need a real estate license?

A

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

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4
Q

Which services require a real estate license?

A

Buying
Selling
Leasing
Renting

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5
Q

What are the requirements for becoming a broker?

A

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

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6
Q

What is a broker associate

A

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

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7
Q

What are the requirements for a real estate license?

A

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

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8
Q

Do you have to be a resident of FL?

A

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

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9
Q

What is considered a resident of FL?

A

having resided in FL for 4 months in a year

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10
Q

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

A

Yes, any convictions

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11
Q

What happens when a license application gets denied?

A

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

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12
Q

Can a sales associate work for more than one broker?

A

NO

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13
Q

Does a developer need to register with the DBPR?

A

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

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14
Q

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

A

Their license becomes void. No grace period

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15
Q

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

A

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

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16
Q

What happens if your broker becomes inactive?

A

You become inactive

17
Q

Who is exempt from having a real estate license?

A

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