Fl Law And Licencing

Question 1

FREC

Answer 1

FLORIDA REAL ESTATE COMMISSION

making, administration, and discipline in the real estate field

Question 2

Chapter 475

Answer 2

the collection of statutes that deals with real estate.

Question 3

61J2

Answer 3

It is the set of rules created by the FREC to enforce Chapter 475.

Question 4

Chapter 20

Answer 4

deals with the executive branch of the Florida government. DBPR lives in the executive branch.

Question 5

DBPR

Answer 5

The Department of Business and Professional Regulation

the entity that actually issues and records licenses. They take care of most of the administrative tasks for the FREC

Question 6

Chapter 455

Answer 6

sets out the general rules governing all of the professions regulated by the DBPR. The DBPR regulates all kinds of jobs, not just real estate: cosmetologists, vets, hotels and restaurant workers, and lots of other professions that require a license.

Chapter 61J2 of the Florida Administrative Code contains the FREC’s regulations for license holders in Florida.

States one does not need to be a U.S. citizen to get a professional license in Florida

Question 7

Chapter 120

Answer 7

lays out how all regulatory agencies like FREC carry out their licensing procedures and DISCIPLINARY processes.

Question 8

nolo contendere

Answer 8

when criminal defendant accepts conviction as though they were guilty, but without admitting guilt

Question 9

Who need a Real Estate License

Answer 9

if you are doing any of these:

NASAL BRACE

Negotiating
Advertising
Selling
Appraising
Leasing

Buying
Rental
Auctioning
Closing
Exchanging

Question 10

FREC

Answer 10

Florida Real Estate Commission

government office that regulates real estate education and licensure for the state of Florida.

Question 11

customer

Answer 11

a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship

A party outside of the principal-agent relationship.

may or may not be represented by a licensee
is NOT owed fiduciary duties

Question 12

fiduciary

Answer 12

is expected to put their client’s interests ahead of their own.

have clients, not customers

puts their client’s interests ahead of everyone else’s
have clients, not customers

Question 13

Client

Answer 13

is represented by a fiduciary, not an agent

also known as a principal

Question 14

Agent

Answer 14

has customers NOT clients
an individual with authority to act on behalf of another

Question 15

example of a general agency relationship

Answer 15

a broker and a sponsored licensee