Real Estate License Law and Commission Rules Flashcards

1
Q

Active/Inactive

A

An active licensee is one who is legally performing real estate services while an inactive licensee holds a license but may not practice real estate while inactive.

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2
Q

Canceled

A

A license will be automatically canceled if it is not returned from an involuntary
license status within two years.

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3
Q

Cease to be in Force

A

A license ceases to be in force when DBPR has not been notified in a timely manner of certain changes such as a broker failing to notify the FREC of changes to their business address.

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4
Q

Current

A

A current license is an active license.

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5
Q

Group License

A

An owner-employer requiring a licensee to work from several locations or for several owner-employer business names is required to register as a Group Employer.

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6
Q

Involuntarily Inactive

A

Status when a licensee fails to renew an active license or works under a broker whose license is no longer in effect.

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7
Q

License Authority Voided

A

A license that ceases to exist due to non-renewal.

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8
Q

Multiple Licenses

A

A broker requires a multiple brokers’ licenses if he manages more than one brokerage firm.

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9
Q

Null and Void

A

Meaning no longer in existence. If a license becomes null and void, all pre-license requirements need to be met once again and the required courses and state required exams will need to be retaken.

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10
Q

Voluntarily Inactive

A

A licensee may choose a voluntary inactive status if they do not currently want to practice real estate but want the option to reactivate their license at a later date. While an inactive licensee holds a license, they may not practice real estate.

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