Chapter 3 keywords Flashcards
What is an active status for a licensee?
Upon passing the state exam and applicant refused an inactive license status once employed the licensee can request an active real estate license
What is a council status for a licensee?
If a licensee decides to no longer practice real estate, they could return the license to the department(DBPR) then the license would be canceled
What is ceases to be in force?
When a sales associate changes employer the license is ceases to be in force, the sales associates must notify the commission FREC of the change no later than 10 days after the change on a form provided by the commission F.S 475
What is the current status license?
To prevent the license from expiring, the request of renewal must be prior to the expiration of the current license
What is a group license?
It is a single real estate license that can be obtained if the sales associates or broker associates works for one owner developer with affiliated organizations
What is an inactive license?
There are two types, voluntary and involuntary.
And you cannot legally perform or be compensated for real estate services
What is a multiple license?
A broker can be issued additional licenses in two or more capacities by requesting multiple licenses. The broker must show that the additional licenses are necessary for legitimate business reasons.
What is Null and void?
Licenses must renew by completing the post licensing requirements prior to the expiration of the initial license failure to do so will result in a no and void license status
Probation
The commission FREC has authority to deny an application and to reprimand fine, or place a license on probation
Promulgation
Executive powers include the promulgation of publications, such as books and newsletters to keep licenses, and the public informed of new and important changes in the law, and the rules govern the real estate profession.
Definition : the process of spreading information
What is the definition of volunteer inactive?
An individual who has attained their license, but does not wish to engage actively in the real estate business
