Chapter 3 - Learning Objectives & Key Terms

Question 1

Active/Inactive

Answer 1

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.

Question 2

Canceled

Answer 2

A license will be automatically canceled if it is not returned from an involuntary license status within two years.

Question 3

Cease to be in Force

Answer 3

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.

Question 4

Current

Answer 4

A current license is an active license.

Question 5

Group License

Answer 5

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.

Question 6

Involuntarily Inactive

Answer 6

Status when a licensee fails to renew an active license or works under a broker whose license is no longer in effect

Question 7

License Authority Voided

Answer 7

A license that ceases to exist due to non-renewal.

Question 8

Multiple Licenses

Answer 8

A broker requires a multiple brokers’ licenses if he manages more than one brokerage firm.

Question 9

Null and Void

Answer 9

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.

Question 10

Voluntarily Inactive

Answer 10

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.