Chapter 2 Flashcards
What is the purpose of the Florida Real estate license law?
To protect the public
Who is required to have a real estate license in florida?
A person performing a real estate transaction service in Florida for another person and receiving compensation for it
When do you not need a real estate license?
to sell your own house
To sell your family member’s house
For an investment property
If you are not compensated for the transaction
Which services require a real estate license?
Buying
Selling
Leasing
Renting
What are the requirements for becoming a broker?
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
What is a broker associate
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
What are the requirements for a real estate license?
must be 18 years of have
must have a SSN
Must have finished high school or equivalent
Do you have to be a resident of FL?
No, don’t even have to be a US citizen
What is considered a resident of FL?
having resided in FL for 4 months in a year
Do all convictions need to be disclosed in the license application?
Yes, any convictions
What happens when a license application gets denied?
The Department denies you
gives you a reason in writing
you have 21 days
to request a formal hearing
Can a sales associate work for more than one broker?
NO
Does a developer need to register with the DBPR?
Yes, they are performing real estate transactions, but they do not need to obtain a license
What happens if a sales associate does not complete their 45 hours of post-licensing classes (first renewal)?
Their license becomes void. No grace period
What happens if a licensee does not complete their 14 hour CE courses for 2 years after their first renewal?
Their license becomes involuntarily inactive. Can remain in this status for 2 years