Chapter 3 Areas of Concern Flashcards
Describe the composition, appointment and member qualifications of the Florida Real Estate Commission?
The FREC is comprised of 7 members (2 laypersons and 5 licenses). The Governor appointes FREC members with confirmation by the state Senate for a four-year term, not to exceed 2 consecutive terms
What are the powers and duties of the FREC/
The powers and duties of the FREC are administrative and include executive (to regulate, quasi-legislative (to make rules, and quasi-judicial (disciplinary).
What’s the difference between and active and inactive license status?
One must hold and ACTIVE real estate license to perform any service of real estate in FL, for someone else, for compensation (unless exempt)
If one has an INACTIVE license (voluntary or involuntary) they are prohibited from practicing real estate.
What are the regulations regarding involuntary inactive status?
Failure to timely renew a license can cause a person to become involuntary inactive for a period not to exceed 2 yrs.
What is the purpose of multiple licenses?
Active brokers can be issued a multiple license that in effect allows them to be a broker of record for more than one brokerage.
What is the purpose of group license?
Sales associates and broker associates working for an owner-employer can be issued a group license.
What is a null and void status?
A null and void status occurs after a license declared expired after two years of involuntary inactive status (due to failure to renew); Also applies when a licensee fails to timely complete the post-license education course
When is a sales associate’s license Voluntary Inactive?
A sales associates license is Voluntary Inactive when it is not currently registered with a broker (unemployed), and the licensee is not delinquent with their education or renewal requirements.
What is a “suspension” of license?
Suspension is a disciplinary sanction issued by FREC that prevents a licensee from performing real estate services for compensation for a maximum of 10 years.
What is license revocation?
A disciplinary sanction issued by the FREC that permanently prevents a licensee from performing real estate services for compensation.
What is “Cease to Be in Force” status?
Cease to Be in Force status occurs when a brokerage fails to notify the DRE of a business change of address within 10 days, or when a licensed associate changes brokers (or owner-developers) and does not notify the DRE within 10 days.
What happens if a brokerage’s sole broker of record dies?
If a brokerage’s sole broker of record dies, resigns, or is otherwise removed as a broker of record, and no replacement broker is designated within 14 days, the brokerage registration is cancelled and all licensees working for the brokerage are declared Involuntary Inactive until they transfer their license to another brokerage or request Voluntary Inactive status.
When does involuntary inactive license status occur?
1) When a licensee fails to timely renew
2) When a licensed associate’s brokerage is Cancelled
3) When a licensed associate is registered with a brokerage partnership that is in dispute
