Part 1 (Units 1) Getting Started In Real Estate Brokerage Business Flashcards
The DBPR has 90 days after receiving an application to check for errors and omissions and to send a notice of insuffiency concerning any additional information required.
a. True
b. False
b. False
Ex: The DBPR has 30 days after receiving an application to check for errors and omissions and to send a notice of insuffiency concerning any additional information required.
Broker aplicants must possess a U.S. Social Security number.
a. True
b. False
a. True
Ex. A U.S. Social Security nunber is required to apply for a real estate License. Florida law requires that an applicant’s Social Security number be disclosed on all professional license applications. The Social Security number is used in determining child support obligations.
U.S. citizenship is required for Florida real estate applicants.
a. True
b. False
b. False
Ex. Proof os U.S. citizenship is not required of applicants to get a Florida real estate license.
Broker applicants are required to disclose misdemeanor offenses on the license application.
a. True
b. False
a. True
Ex. Applicants are cautioned to complete the application carefully, particularly with respect to past history concerning felonies, misdemeanors, and traffic offenses (other than parking, speeding, inspection, or traffic signal violations.) Applicants must disclose:
- If ever convicted, found guilty, or entered a plea of nolo contendere; or if under criminal investigation.
- If the applicant has done business under any name or alias ( including a maiden name.)
- If disciplinary action has been taken against a license to practice a regulated profession.
- If ever denied a real estate license in any state.
If a broker applicant’s past criminal history is not discovered until after the applicant becomes a broker, the DBPR will likely take no action.
a. True
b. False
b. False
Ex. The Summary of Applicants’ (SOA) criminal history records are reviewed by the Commission in its monthly meeting. The Commissioners decide whether an applicant listed on the SOA must appear before the Commission. If the nature of the previous offenses are of a serious nature, there is a history of past criminal history, or the offenses are recent, the Commission will require the applicant to appear before the Commission at its next monthly meeting. The applicant will be given an opportunity to explain the previous offenses, present letters of character or have persons present to speak on the applicant’s behalf, and indicate why the applicant is fit for licensure. At the conclusion, the Commission will vote to approe or deny the application.
A person who has resided in Florida for three (3) months every winter is considered a Florida resident for licensure purposes.
a. True
b. False
b. False
Ex. Florida resident defined:
- A person who has resided in Florida continuously for a period of four(4) months within the proceding year.
- A person who currently resides in Florida with the intention to reside continuously in Florida for a period of four (4) months or more.
Broker applicants must complete at least 12 months of real estate experience during the previous five (5) years working for a broker or an owner-developer.
a. True
b. False
b. False
Ex. The experience cannot be earned by working for an owner-developer unless the owner-developer is a licensed broker who holds a current, valid active real estate license. Broker experience requiremets:
- The applicant has held an active sales associate license under one (1) or more real estate brokers for at least 24 months during the five-year period pro.ceeding application to become a Florida real estate broker. The employment can be under Florida real estate broker or a broker licensed in another state or in any foreign jurisdiction.
- The applicant held an active sales associate license while working as a salaried empoyee of a government agency and performing the duties authorized in Chapter 475, FS., for at least 24 months during the five-year period preceding application to become a Florida real estate broker.
- The applicant held an active broker license in another state or in any foreign juridiction for at least 24 months during the 5 year period preceeding application to become a Florida real estate broker.
A broker applicant who received a master’s degree in real estate from an accredited institution is exempt from the broker prelicense eduation course.
a. True
b. False
a. True
Ex. Exceptions/Exempt from prelicense course requirement:
- An dividuals with a 4 year degree or higher in the real estate from an accredited institiution of higher education are exempt from Course I, but must pass the license exam.
- Attorneys who are active members of The Florida Bar are exempt from Prelicense Course I, but must pass the licenses exam.
An applicant who is apply for a broker’s license holds a valid beoker’s license in a state with which Florida has a mutual recongnition agreement. The applicant is exempt from the broker prelicense course but must pass the broker state license exam.
a. True
b. False
b. False
Ex. Mutual recognition agreements recognizes the education and experience that real estate licensees have acquired in another state or nation.
- Applies exclusively to nonresidents licensed in other jurisdictions.
- Requires applicants to submit a certificate of license history from the real estate commission of the state in which they are licensed.
- Requires applicants to pass a 40-question, Florida - specific real estate exam with a 75% or higher.
- Licensees lincensed through mutual recognition must complete the Florida post-licensing requirements.
Before the first renewal of a broker license, brokers must complete 60 hours of a Florida Real Estate Commission (FREC) approved broker post-license course.
a. True
b. False
a. True
Ex. Broker post-licensing education:
- Florida brokers must complete the 60 hour post-licensing course before the first renewal of their license.
- Failure to complete the post-licensing requirement prior to the expiration date will cause the license to be null and void.
- In such cases, the broker may request and receive a sales associate’s license if the licensee completes 14 hours of continuing education within six (6) months following expiration of the broker’s license.
- Brokers who have a 4 year degree or higher in real estate are exempt from the broker post-license education requirement.
A real estate licensee who has attained a 4 year degree or higher in real estate from an accredited institution of higher education is exempt from the post-license education requirements.
a. True
b. False
a. True
Ex. A Broker who has a 4 year degree or higher education is exempt from:
- The post-license education requirement.
- Course II ( prelicense course for broker candidates with a passing score of at least 70 on the end-of-course-exam).
A real estate broker did not complete the broker post-licensing education requirement because the broker was undergoing cancer treatment. Eight months following expiration of the broker’s initial license, the licensee requested a post-license hardship extension. The Commission is authorized to grant the broker an extenstion to complete the post-licenseing education.
a. True
b. False
b. False
Ex. Hardship extention is a 6 month period following the initial license expiration to complete the post-license education requirement.
Hardship cases defined as follows: a licensee long-term illness, or an illness of a close relative or person for whom the licensee has caregiving responsibilities; the required course was not reasonably available; or the licensee had an economic or technical hardship that substantially relates to the ability to complete education requirements.
An involuntary inactive license will expire and become null and void after 1 year.
a. True
b. False
b. False
Ex. Involuntary inactive licensees may activate their licenses during the 2 year period following experiation of a valid current license only after satisfactorily completing FREC prescribed courses of instruction. When licensees have been involuntary inactive for:
- 12 months or less, they may satisfy the education requirements by completing 14 hours of FREC approved continued education plus pay renewal and late fee.
- more than 12 months but less than 24 months, they are required to complete 28 hours of a Commission-prescribed reactivation education course.
A broker can be fines or the license suspended or revoked for hiring a sales associate who is not the holder of a valid active license.
a. True
b. False
a. True
Ex. Penalties for practicing without a current active license:
Rule 61J2-24.001
- Violation: (y) Section475.42(1(c), FS: Broker employ a sales associate who is not the holder of a valid and current license
- First Violation: (y) $250 to $1,000 administrative Fine and suspension to revocation
A licensee who is a member of the U.S. armed forces is exempt from the renewal provisions during active duty and 24 months after discharge.
a. True
b. False
a. True
Ex. Armed forces renewal exemption: A lincesee in goo standing who is a member of the U.S. armed forces is exempt from the renewal provisions during the licensee’s period of active duty and 2 years after discharge from active duty. If the military duty is out of state, the exemption also applies to the licensed spouse, or a licensed surviving spouse provided the member of the armed forces was serving on active duty at the time of death.
