Real Estate license law and condition rules

Question 1

What is FREC?

Answer 1

Florida real estate commission

Question 2

Who regulates enforces the license law that is delegated to the commission by the legislature

Answer 2

Executive powers

Question 3

What is the composition of the Florida Real Estate commission

Answer 3

Seven. Members total
4 brokers
1 sales associate or broker
2 consumer members

Question 4

Florida Real Estate commission
FREC

Answer 4

The regulatory body charged by the Florida legislator with protecting the general public.
Regulating, brokers and brokerage, firms, brokerage, associates, sales, associate, and Real Estate schools and instructors

Question 5

FREC composition

Answer 5

Seven members
Five members are professional licensed
For must be Real Estate brokers who have held active licenses during five years preceding appointment
Juan must be either a Florida Real Estate broker or sales associate who has held an active license two years proceeding appointment
Two remaining members are consumer unlicensed members who have never been Real Estate brokers or sales associate
One of the seven members must be 60 years of age or older

Question 6

FREC composition

Answer 6

The governor appoints commissioner members to 4 years, staggered terms
There is no legislated maximum number of years. Commissioners may serve.
The commissioners may not serve more than two consecutive terms
Each commissioner is accountable to the governor
Commission members do not receive a salary
They are paid $50 per day for each day. They attend an official meeting.
Commissioners are reimbursed for out-of-pocket travel expenses, including milage, Miles, and hotel charges associated with their official duties

Question 7

 FREC continued

Answer 7

The FRE meetings are held each month at the division of Real Estate headquarters in Orlando, Florida
There must be quorum consisting of four commission members to conduct official business

Question 8

When does a license need to be renewed?

Answer 8

The effective date of a Real Estate license is the date DBPR issues the license
All Real Estate licenses are issued with an expiration date of your March 31 or September 30

Question 9

Why is required to engage in Real Estate brokerage services?

Answer 9

Active license

Question 10

A licensee who has clarified for a Real Estate license, but who voluntarily chooses not to engage in the Real Estate business during a given period

Answer 10

Voluntary inactive

Question 11

A licensee fails to renew an active or voluntary inactive license before the expiration date

Answer 11

Involuntary inactive status

Question 12

License that no longer exists

Answer 12

Null and void

Question 13

Cease to be in force
The DBPR must be notified within 10 days of the following

Answer 13

A brokerage business address
Real Estate school change business address
A sales associate changes employer
An instructor changes employer

Question 14

Licensee must notify the DBPR in writing within ______ days of a change in parent, mailing address, or email

Answer 14

10 calendar days

Question 15

The DBPR may issue a citation of ______for a first time failure to timely notify of an address change

Answer 15

$500 citation

Question 16

A Florida, real estate licensee who moves out of state and becomes a non-resident is required to notify the commission within how many days?

Answer 16

60 days of the change in residency

Question 17

Hey broker, who qualifies as the broker for more than one business entity may have?

Answer 17

Multiple licenses
One is required for each business

Question 18

What license is sometimes issued to a sales associate or broker associate who are registered under an owner developer.

Answer 18

A group license

Question 19

Group licenses are for

Answer 19

Sales associates

Question 20

Multiple licenses are for

Answer 20

Brokers