Chapter 3 Flashcards
How many members are on the FREC, (Florida Real Estate Commission)?
Seven members
How many members of the FREC must be brokers that have been brokers for at least five years?
Four members
How many members of the FREC are unlicensed consumers?
Two members
What are the three powers of the FREC?
Executive powers, quasi-legislative powers, and quasi-judicial powers
Can a licensee engage in real estate services including selling real estate for compensation if their license is inactive status?
No
What is the status of a sales associate’s license if his broker’s license is suspended, revoked, the broker dies, or the broker is removed from his position
Involuntary inactive
How many days does a licensee have to notify the DBPR of an employer change?
10 days
What is the penalty if a licensee steals duplicates of listings from his previous employer?
Breach of trust
What is the penalty if a licensee steals original listings from his previous employer?
Larceny
What would a broker be issued if he is the broker of multiple business entities?
Multiple licenses
If a sales associate works for an owner-developer, (builder) and wishes to work at more than one location or entity that the owner-developer owns, what would the sales associate be required to have?
A group license
Can the FREC issue misdemeanor and felonies to a licensee?
No. The FREC is an administrative agency.
