Chapter 3: License Law and Commission Rules Flashcards
Condo rentals in Florida are regulated by the Division of _____ within the DBPR.
Florida Condominiums, Timeshares, and Mobile Homes
Florida residential home sales are regulated by the Division of _____ within the DBPR.
Real Estate
The DBPR offices are located in ______.
Tallahassee
DRE stands for _____.
Division of Real Estate
The DRE offices are located in _____.
Orlando
The seven members of FREC are appointed by the _____ and confirmed by the _____.
Governor
Senate
_____ member(s) of the FREC must be actively licensed real estate brokers for at least 5 years.
4
_____ member(s) of the FREC may be an actively licensed broker or sales associate.
1
_____ member(s) of the FREC must be lay.
2
FREC members are appointed for a _____ term.
4 year
FREC members receive an allowance of _____ per day plus expenses.
$50
FREC meets at least once every _____.
month
A quorum is a _____ of members.
majority
The power of the FREC to investigate complaints against licensees is an example of their _____ powers.
executive
The powers of the FREC to make and pass rules regarding licensees is an example of their _____ powers.
quasi-legislative
The power of the FREC to deny applications, reprimand, or suspend licensees is an example of their _____ powers.
quasi-judicial
Since the FREC has no staff, ministerial duties are performed by the _____.
DRE
Licensees may be fined up to _____ per offense.
$5,000
Licenses of licensees can be suspended up to ______ years.
10
true/false: The Commission is required to report any violation of law to the State Attorney General’s office for possible prosecution.
true
An applicant’s _____ is the first license recieved in the category in which they’re qualified.
initial issue
Upon passing the exam, an applicant receives _____ license status.
inactive
Renewals are effective when _____ by the Department.
received
A licensee who choses not to be employed by a broker will be _____ _____ .
voluntarily inactive
A voluntarily inactive license status can be maintained for a period of _____.
forever
true/false: An inactive licensee must maintain license fees and CE courses.
true
Licensees who do not request renewal, do not pay necessary fees, or do not maintain CE requirements will automatically be placed in _____ status.
involuntarily inactive
Involuntarily inactive licensees can maintain that license status for no more than _____.
2 years
Months 13-24 after becoming involutarily inactive require a _____ and _____ before becoming active again.
28-hour reactivation course
additional fee
When a broker’s license is suspended, all other broker associates and sales associates licenses underneath them become _____.
inactive
Licensees _____ turn in their license if they no longer want to practice real estate.
can
One umbrella corporation has many smaller companies. A sales associate is registered to sell properties for all of those companies. This is called a _____ license.
group
true/false: Brokers can be issued multiple licenses if they are broker of record for multiple offices.
true
Real estate schools must have permits for each _____ and each _____.
location
instructor
The FREC Education and Research Foundation was founded in 1986 by a transfer of _____ from the Real Estate Trust Fund.
$3,000,000
