Florida Statute

Question 1

Florida Statute Chapter 475

Answer 1

Regulates real estate brokers, sales associates, and schools by establishing licensees and appraisers’ legal rights and responsibilities; interpreted and enforced by FREC; divided into 4 parts

Question 2

4 parts of F.S chapter 475

Answer 2

I-Covers real estate brokerage
II-establishes requirements for licensed and certified real estate appraisers in line with federal statutes
III-establishes broker lien rights for earned commission on commercial property; known as the “Commercial real estate sales commission lien act”
IV-establishes brokers lien rights for earned commission related to brokerage agreement to lease commercial real estate; known as the “Commercial real estate leasing commission lien act”

Question 3

Florida Statute Chapter 455

Answer 3

Establishes the general provisions for business and professional regulations including
-provisions for military personnel on active duty, spouses of military personnel on active duty, and immigrants practicing real estate.
-organization, compensation, ect for the Commission
-practicing without a license
-license examinations and professional testing services
-regulation of licenses by the DBPR
-discipline of licensees who fail to comply with Chapter 455

Question 4

Florida Statute Chapter 120

Answer 4

Called Administrative Procedure Act. Establishes regulatory agencies’ procedures for deciding and implementing agency action, including licensing and disciplining real estate licensees.

Question 5

Florida Statute Chapter 20

Answer 5

Established Florida government’s executive branches organizational structure

Question 6

Florida Administrative Code Chapter 61J2

Answer 6

FREC’s administrative rules pursuant to Chapter 120 that include detailed principles for real estate practices; expansion of Chapter 475 provisions