Real Estate Course Chapter 3 Flashcards
The FREC is consists of how many members?
7
Of the FREC’s 7 members, define their composition.
5 are professional members (4 must be licensed brokers have held active licenses during the five years preceding appointment, one can be a broker or sales associate who has held an active licenses during the two years preceding appointment.)
The two remaining members are consumer (unlicensed) who have never been in real estate
Who appoints the commission members of the FREC?
The Governor, subject to confirmation by the state Senate. Each member of the commission is accountable to the Governor, not the DBPR for proper performance
The FREC’s powers and duties fall into what three general areas?
Executive powers - to regulate and enforce the license law
Quasi-legislative-the power to enact and revise administrative rules.
Quasi-judicial-the power to grant or deny license applications, to determine license law violations, and to administer penalties.
Do the powers of the FREC extend to criminal actions?
No
What division processes all license applications, license fee, issues all licenses ad license renewal notifications for the Department?
The Central Intake Unit
Who appoints the Director of The Division of Real Estate (DRE)?
The Secretary of the DBPR subject to approval by majority vote of the FREC.
New applicants for licensure are assessed what?
An initial application fee in addition to the biennial license fee.
What are the perks for military veterans
Fee waiver of the initial application fee, biennial license fee, and unlicensed activity fee are waived for military veterans who apply for a real estate license within 24 months after honorable discharge.
What is voluntary inactive?
a licensee who voluntarily chooses not to engage in real estate can put his license under voluntary inactive.
What is involuntary inactive
a) If a licensee fails to renew an active o voluntary inactive license (other than the first renewal).
b) suspended
c) revoked
How long can a license be placed in involuntary license status?
no more than two years. After that the license is considered null and void. They will then have to reapply and take the 63 hour prelicense course and pass again.
Within the 24 month involuntary license status what are the educational requirements?
Within 12 months or less: 14 hours
more than 12 months but less than 24 months: 28 hours of a commission-prescribed education course
When a license is void it…
…no longer exists
When does a license become “void”?
a) after 24 months of inactive status
b) when it is cancelled
c) revocation
Are there any exceptions to “permanent revocation?
A license may reapply AFTER FIVE YEARS when they:
A) filed for renewal but did not comply with the education requirement.
B) Filed an application for a license that contained false or fraudulent information.
Define “ineffective” and give examples pertaining to licensing.
The license exists, but can not be used
a) voluntary inactive
b) fails to renew a license prior to expiration date (other than first renewal) and is involuntary inactive (that two year period before becoming void).
c) when an associate’s broker is suspended or revoked but they are not
d) Suspended. The license is “ineffective” during the period of suspension.
What is “cease to be in force.”
That period when a sales associate leaves one brokerage firm and is not yet registered under another or a school changes address and has not yet notified the state after 10 days.
What are “multiple licenses?”
Multiple licenses are issued to a broker who qualifies as the broker for more than one business entity. For each business that a person is a broker, a separate broker license must be obtained.
What is a group license
It is when several brokers and agents are registered under an owner-developer.
Do schools receive a license?
No, they receive a permit
What are the expiration dates for all licenses?
Sept 30th or March 31
How is it decided which expiration date you will have?
The day you receive your license, your renewal date will be either Sept 30th or March 31. It can not be longer than 2 years but no less than 18 months.
(e.g. If you get your license June 1 2013-your renewal date would be March 2013)
What is the armed forces exemption?
A license in good standing who is a member of the U.S. armed forces is exempt from the renewal provision during the licensee’s period of active duty and six months after discharge from active duty. If the military is out of state, the exemption also applies to a licenses spouse.
Can a sales associate or broker associate hold multiple licenses or register with more than one broker?
NO
A post office box is considered to be an acceptable mailing address for license purposes.
TRUE
What is the maximum number of consecutive years a Commissioner may serve on the Florida Real Estate Commission?
EIGHT. A Commissioner may not serve more than two consecutive four year terms.
The Commission's authority to regulate and enforce the license law is which type of power? A)Quasi-legislative B)Executive C)Civil D)Quasi-judicial
EXECUTIVE. The executive powers to regulate and enforce the license law are delegated to the Commission by the Florida legislature.
A broker licensee is the broker for two independent real estate brokerages. How many licenses must he have?
TWO. THE BROKER MUST REQUEST AND BE ISSUED MULTIPLE BROKER LICENSES—ONE FOR EACH BROKERAGE COMPANY
A school administrator relocates her real estate school to a new location. The school administrator is so busy with movers and forgets to notify the DBPR within ten days of her change of address. What, if anything, will happen to the school permit?
THE PERMIT WILL CEASE TO BE IN FORCE until the Commission receives proper notification.
Assume on February 28, 2011, an initial real estate license was issued. What date will this license expire? A) September 30, 2012 B) September 30, 2013 C) February 28, 2013 D) March 31, 2013
The answer is A) SEPTEMBER 30, 2012.
An individual on active duty with the U.S. Navy has up until what period of time after discharge from active duty to renew her license?
6 months
The FREC’s power to determine license law violations is an exercise of which type of power?
C) QUASI-JUDICIAL
Which power is NOT given to the Florida Real Estate Commission?
A) Promulgating rules and regulations
B) Adopting a seal
C) Making determinations of violations
D) Imposing jail sentences
D) IMPOSING JAIL SENTENCES.
Uder which situation does a license become ineffective? A) Canceled B) Revoked C) Suspended D) Expired for 26 months
The answer is C) SUSPENDED. An ineffective license occurs when a license is inactive or suspended.
A sales associate moved from Lake City, Florida to Key West, Florida. What action must the licensee take?
WITHIN 10 DAYS OF MOVING, INFORM THE DBPR IN WRITING OF THE CHANGE OF ADDRESS.
When a broker’s license is revoked, what happens to the licenses of the sales associates that are registered under the broker?
A) The licenses are suspended.
B) The licenses remain in force.
C) The licenses revert to involuntary inactive status.
D) The licenses become null and void.
C)THE LICENSES REVERT TO INVOLUNTARY INACTIVE STATUS
How many Florida Real Estate Commission members may be licensed as a real estate sales associate
one
