Chapter 2 Flashcards
What is Florida Statute 475?
It is the law that establishes the legal rights and responsibilities of real estate licensees and real estate appraisers.
How many parts does Florida Statute 475 have?
Four
What is Florida Statute 455?
The law that defines the general legal practices of the DBPR, (Department of Business and Professional Regulation)
What is Florida Statute 120?
The Administrative Procedures Act
What is Chapter 61j2?
The RULES the FREC, (Florida Real Estate Commission) makes and enforces
If an owner-developer’s sales staff receives a commission, what must thy have?
An active real estate license
If an owner-developer’s sales staff does not receive a commission or compensation based on transactions or bonuses, is the sales staff required to hold an active real estate license?
No
What is the status of a sales associate’s license if he does not complete the required 45-hour post licensing course before the first expiration of his license?
Null and void
After the 45-hour post license course has been completed, how long does a sales associate have to complete the required 14-hour continuing education course?
Two years
Who is required to complete continuing education? It is actively licensed sales associates or actively licensed sales associates AND inactively licensed sales associates?
Actively AND inactively licensed sales associates
How many hours is the business ethics portion of the 14 hours of continuing education?
Three hours
How long is a sales associate required to be licensed under one or more actively licensed brokers before he is eligible to obtain a broker’s license?
Two years
Is the Governor’s name or signature on a sales associate’s license?
The Governor’s name is on the sales associate’s license, not his signature.
If an unlicensed assistant works at a brokerage, can he show property, hold listings presentations, and negotiate contracts?
No
Can a licensee share a portion of his commission with an unlicensed person, (who is not one of the parties to the transaction) for the referral of real estate?
No
Would a salaried manager of a condo who rents units for periods no longer than one year, and does not receive compensation based on transaction or bonuses, be required to hold an active real estate license?
No
Would a salaried manager of a condo who rents units for periods that are longer than one year, but does not receive compensation based on transaction or bonuses, be required to hold an active real estate license?
Yes
