Chapter 3 Flashcards
Active/Inactive
An active licensee is one who is legally performing real estate services while an inactive licensee holds a license but may not practice real estate while inactive.
Canceled
A license will be automatically canceled if it is not returned from an involuntary license status within two years.
Cease to be in Force
A license ceases to be in force when DBPR has not been notified in a timely manner of certain changes such as a broker failing to notify the FREC of changes to their business address.
Current Mailing Address
A licensee’s most recent address (either personal and/or business).
Current Status
A current license is an active license.
Group License
An owner-employer requiring a licensee to work from several locations or for several owner-employer business names is required to register as a Group Employer.
Involuntarily Inactive
Status when a licensee fails to renew an active license or works under a broker whose license is no longer in effect.
License Authority Voided
A license that ceases to exist due to non-renewal.
Multiple Licenses
A broker requires a multiple brokers’ licenses if he/she manages more than one brokerage firm or business that requires a real estate broker’s license.
Null and Void
Meaning no longer in existence. If a license becomes null and void, all pre-license requirements need to be met once again and the required courses and state required exams will need to be retaken.
Probation
A period of supervision over a licensee for violations of the state’s statutes.
Promulgates
To declare or announce publically.
Voluntarily Inactive
A licensee may choose a voluntary inactive status if they do not currently want to practice real estate but want the option to reactivate their license at a later date. While an inactive licensee holds a license, they may not practice real estate.
