Chapter 2: Real Estate License Law and Qualifications Flashcards
Adjudication Withheld
When a criminal final judgment is withheld or not recorded in public record
Broker
One who is licensed by the State of Florida to carry on the business of dealing in real estate. A broker may receive a commission for their part in bringing together parties in a real estate transaction
Broker Associate
An individual qualified to be issued a broker’s license but who operates as a sales associate in the employ of another
Caveat Emptor
“Let the buyer beware”
Compensation
Any form of remuneration, payment, or value
Florida Resident
A person that has resided in Florida for at least four months, or a person that is residing in Florida with an intent to remain for at least four months
License
A document issued by the Department of Business and Professional Regulation, which certifies that the licensee is or was duly licensed on the effective date shown
Nolo Contendre
A plea of no contest entered in a criminal court of law
Prima Facie Evidence
Evidence that is valid and admissible on its face requiring no further proof of authenticity
Real Estate Services
Buy, advertise, rent, sell, auction, lease, and exchange (BAR SALE)
Registration
Authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses
Sales Associate
A licensed individual who, for compensation, is employed by a broker or owner/developer
How long is the license period for each license issued after the initial renewal period?
2 years
Gary holds an active Georgia sales associate license. Georgia is a mutual recognition state with Florida. After moving to Tampa, Gary wants to acquire a Florida sales associate license. What steps should he take to acquire his Florida sales associate license after submitting his application?
Take the 63 hour pre-license course and pass the 100 question state exam
A fully completed, application for a Florida real estate license is submitted to:
Department of Business and Professional Regulation, Division of Real Estate
How many hours are required to complete the continuing education requirement?
14
A real estate license applicant must possess all of the following except:
Be a Florida resident
If Carla is issued a Florida real estate license on July 22, 2018, when will her initial license expire?
March 31, 2020
Shirley has failed the end of course exam for the FREC Course I. Which of the following applies to Shirley?
She must wait at least 30 days before retaking the test
What is the passing score for the final exam given for the FREC Course I?
70
What is the experience requirement for a broker applicant that presently holds a Florida Sales Associate license?
Must have worked as a licensed sales associate for an active real estate broker for 24 months of the preceding 5 years
What will happen if a Florida real estate licensee fails to timely complete the post-license education requirement?
Null and void
Which of the following statements best describes who must hold a Florida real estate license?
A Anyone that wants to work for a broker
B Anyone who performs any service of real
estate, in the state of Florida, for someone
else, and for compensation, unless they are
exempt by law
C Anyone that wants to sell real estate
D None of the above
B Anyone who performs any service of real estate, in
the state of Florida, for someone else, and for
compensation, unless they are exempt by law
All of the following are services of real estate except:
A Mortgaging B Buying C Renting D Exchanging
A Mortgaging. Remember BAR SALE
Buying, Advertising, Renting, Selling, Auctioning, Leasing or Exchanging
