Chapter 3: License Law and FREC Rules Flashcards
State Exam Emphasis
Cease To Be In Force
If a licensee fails to timely provide the DRE with any type of required notification
Group License
License issued to sales associates and broker associates when there is proof that ownership or control of various properties is substantially held by the same individual(s), although the properties are owned in the name of different interlocking or affiliated entities
Ineffective
When a license is suspended or ceases to be in force, cancelled, or involuntary inactive because a broker of record has been suspended or revoked
Involuntary Inactive
A licensee fails to renew their license in a timely manner, or when a sales associate or broker associate are registered with a broker whose license has been suspended or revoked
Multiple License
Additional license(s) issued to a broker when necessary for the conduct of brokerage business
Null and Void
Applies after a license declared expired after two years of Involuntary Inactive status due to failure to renew; Also applies when a licensee fails to complete the post license education course
Voluntary Inactive
When a licensee chooses not to have an active license or files the proper form with the DRE requesting inactive status
Active
A sales associate license is active (also known as “active and current”) when it is registered with a broker and the licensee is not delinquent with their education or renewal requirements
Cancelled
Status of a brokerage’s registration if a brokerage’s sole broker of record dies, resigns, or is otherwise removed as broker of record, and no replacement broker is designated within 14 days.
Revoked
A disciplinary sanction issued by FREC that permanently prevents a licensee from performing real estate services
Suspension
A disciplinary sanction issued by FREC that prevents a licensee from performing real estate services for compensation for a maximum of 10 years.
Where is the Florida Real Estate Commission located? in:
Orlando
What does a group license do?
Allows licensees to work for various properties owned and developed by the same individual(s), although the properties are owned in the name of different interlocking or affiliated entities
Randy has just passed his state real estate exam. His initial license status will be:
Voluntary Inactive
If Kathy’s license expired 28 months ago, what is her license status now?
After 24 months, it becomes Null and void
Broker John resigned yesterday. All his associates are now:
Licensee’s remain Active for 14 days, after which their stats goes to Involuntary Inactive if they fail to register under another broker.
How does a person become a member of the Florida Real Estate Commission?
Appointed by the Governor and confirmed by the Florida Senate
Which of the following could cause sales associate Jim’s license to become Involuntary Inactive?
A Jim did not complete 14 hours of continuing
education before his license expiration date
B His employing broker was suspended
C His employing brokerage had its registration
cancelled
D All of the above
All of the above
If Jorge wants to be the broker of record for Hiahleh Realty, Inc. and Dade Properties, Inc. simultaneously, what type of license should he acquire?
Multiple License
If a sales associate license is voluntary inactive and expires on Sept. 30th, but the licensee has not completed their 14 hours continuing education, then on October 1st their license will be declared:
Involuntary Inactive
Bill works for Broker Jeff, but Broker Jeff’s license has just been suspended for a year. If no replacement broker is appointed, Bill’s license status will be considered:
Involuntary Inactive
How many members of the Florida Real Estate Commission hold a real estate license?
5
If a brokerage has their only broker of record resign, how many days does the brokerage have to appoint a replacement and avoid cancellation?
14 days
Sales associate Donna has just moved her license to a new broker. Which of the following statements is most correct?
A The Division of Real Estate must be notified
of her change of employer within 10 days
B The Division of Real Estate must be notified
of her change of employer within 60 days
C If the Division of Real Estate is not timely
notified, Donna's license will be declared
involuntary inactive
D If the Division of Real Estate is not timely
notified, Donna's license will be declared
cancelled
A The Division of Real Estate must be notified of
her change of employer within 10 days
If Derek renews his license on September 30, 2017, and he never goes to real estate school again, how many years will it take for his license to become null and void?
4
Which of the following sanctions is not within the jurisdiction of the Florida Real Estate Commission?
A Imprisonment B Revocation C Suspension D Letter of reprimand
Imprisonment
If a license has been involuntary inactive for 15 months, what must the licensee do in order to reactivate their license?
Submit the proper renewal form, pay the appropriate fees (including late fee) and show completion of 28 hours education reactivation credit
Which of the following is an example of the Florida Real Estate Commission’s quasi-legislative powers?
Make rules
