Section 1: License Law and Qualifications For Licensure Flashcards
Broker
A person who, for another and for compensation or other consideration, performs real estate services
Broker Associate
A person who meets the requirements of a broker but who chooses to work in real estate under the direction of another broker
Caveat Emptor
A policy of letting the buyer beware
Compensation
Anything of value or valuable consideration, directly or indirectly paid, promised, or expected to be paid or received
License
A written document issued by the DBPR that serves as a prima facie evidence that the person is licensed on the date shown
Mutual recognition agreement
A transational agreement between Florida and another state that provides for the two states to recognize each other’s real estate prelicense education
Nolo contendre
A plea of no contest
Owner Developer
an unlicensed entity that sells, exchanges, or leases its own property
Prima Facie Evidence
a legal term to refer to evidence that is good and sufficient on its face to establish a given fact
Real estate services
Include any real estate activities involving compensation for performing the service for another
Reciprocity
the practice of mutual exchanges of privileges. Some states have reciprocal arrangements for recognizing and granting licenses to licensed real estate professionals from other states
Registatration
the official placement of a real estate business or individual into the DBPR’s records
Resident of Florida
Someone who has resided in Florida Continuously for a period of four calendar months or more within the previous year, regardless of Whether the person resided in a recreational vehicle, hotel, rental unit, or other temporary or permanent solution.
Sales associate
a person who performs real estate services for compensation but who does so under the direction, control, and management of an active broker or owner-developer
Withhold adjudication
occurs when the court determines that a defendant is not likely to again engage in a criminal act and that the ends of justice and the welfare of the society do not require the defendant to suffer the penalty imposed by law.
Two types of real estate licenses
Sales associate and Brokers License
How long is a real estate license good for?
Two years from the date of the complete application
Real Estate Services (A B.A.R. S.A.L.E.)
A- Advertise
B- Buy
A- Appraise
R- Rent or provide rental information
S- Sell
A- Auction
L- Lease
E- Exchange
Who is required to hold a real estate license?
A person who performs any real estate service for compensation OR implied compensation unless specifically exempt.
Application requirements
- 18 years or older
- High SChool Diploma
- Social Security Card
- Be of good character
- Have not violated Chapter 475
Can real estate attorneys receive compensation for performing real estate services?
No, UNLESS they have a license.
Post-Licensing Requirements
- Florida sales associates must complete the 45-hour post-licensing course before the expiration of the initial sales associate license
- Failure to do so will make the license null and void
Broker Requirements
- Complete Course II with a passing score of 70
- Complete at least 24 months of real estate experience during the preceding 60 months
Continuing Education REquirement
Requires 14 hours of continuing education during each subsequent license period following the initial license period
General Exemptions from real estate licensure
- Property owners who buy, sell, exchange, or lease their own property
- Part owners provided that they do NOT receive a larger share of the profits than their proportional investment
- Business entities that sell, exchange, or lease their own real property
- Slaried employees of business entities who sell, exchange, or lease real property for their employer
Who must comply with all F.S. 475 Requirements and FREC rules?
Both non-residents AND licensees
Who do mutual recognition agreements apply to?
Exclusively to nonresidents licensed in other jurisdictions
