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Broker Exam > Section 2 - Becoming a Real Estate Broker in FL > Flashcards

Section 2 - Becoming a Real Estate Broker in FL Flashcards

1
Q

Do you need a real estate license to rent lots in mobile home parks?

A

No.

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2
Q

Services that require a real estate license

A
  • Advertising
  • Buying
  • Appraising
  • Renting
  • Selling
  • Auctioning
  • Leasing
  • Excahnging real property
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3
Q

People that do not need a real estate license

A
  • Selling own property
  • Salaried employees not paid a commission
  • Attorneys or CPA’s
  • Cemetary lot salespeople
  • Person renting lots in mobile home parks
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4
Q

A licensee in another state with a mutual recognition agreement with Florida applies. What does she have to do?

A

Pass a Florida-specific 40 question exam

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5
Q

How many years of experience do you have to have as a sales association to be a broker?

A

2 years

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6
Q

What score does a candidate need to pass the broker exam?

A

75%

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7
Q

What is the prelicensing education requirement for broker applicants?

A

72 hours

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8
Q

Florida real estate license applicants must report what?

A

Convicted or found guilty of a crime

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9
Q

How long is the 72 hour broker prelicensing course good for?

A

2 years

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10
Q

How many questions are on the broker exam?

A

100 multiple choice questions

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11
Q

How long do you have to wait to take the exam again if you fail?

A

30 days

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12
Q

Mutual recognition agreement states

A
  • Georgia
  • Alabama
  • Mississippi
  • Arkansas
  • Nebraska
  • Illinois
  • Connecticut
  • Rhode Island
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13
Q

What does a mutual recognition agreement candidate have to do?

A
  • Have active real estate license in home state
  • Show knowledge of FL real estate law by passing 40 question exam
  • Exempt from prelicensing education course requirement
  • Must do post-licensing continuing ed in FL
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14
Q

Changing address or brokerage requirements

A
  • Notify the DBPR within 10 days of address change (home or business address)
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15
Q

Continuing education requirements

A
  • 3 hours of core law
  • 3 hours of business ethics
  • Eight hours of specialty education
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16
Q

Failure to complete continuing ed

A
  • license becomes involuntarily inactive
  • 12 months to complete CE requirement and pay fee
  • If you don’t complete CE in 12 months, license stays involuntary inactive and then pass 28 hour reactivation education course
16
Q

Continuing education exam

A

Must pass every renewal period with 80% score.
Failing means taking the exam again

17
Q

Involuntary inactive license for 24 months becomes…

A

null and void

18
Q

What happens if brokers let their license become inactive?

A

All licensees at the brokerage have licenses placed in involuntary inactive status.

19
Q

Cindy’s license became involuntary inactive when she did not renew her license by the September 30 expiration date. How much time does she have to renew her license before it becomes null and void?

A

2 years

20
Q

Once brokers complete their post-licensing education and renew their licenses, how many hours of continuing education are required during each two-year renewal period?

A

14 hours

21
Q

Tim’s license is in voluntary inactive status and it’s time for renewal. What happens if he does not renew before the license expiration date?

A

License reverts to involuntary inactive status

22
Q

Nia took all her continuing education courses and got a 60% on her exam. What happens now?

A

She must repeat her continuing education courses and pass a different exam with a score of 80% or better.

23
Q

Florida broker’s post-licensing requirements?

A

Must complete 60 hours of post-licensing education before first renewal date

24
Q

What happens if someone doesn’t complete continuing education and waits longer than 2 years to complete it?

A

License becomes null and void

25
Q

How many hours of continuing education are “specialty education?”

A

8 hours

26
Q

Deadline dates for license renewal

A

March 31 or September 30.
It’s the date between 18 and 21 months from licensure

27
Q

Continuing education requirements for Voluntary Inactive Licenses

A

Must renew license every 24 months or it becomes involuntary inactive.
Returning to active requires 14 hours of continuing ed

28
Q

Reactivate an involuntary inactive license

A

28 hours of reactivation education within 2 years or it becomes null and void (must start over)

29
Q

Practicing real estaet without a license

A

third degree felony (5 years in prison and $5,000 fine)
Fines of $250 and $2,500 if no prior history
$1,000 to $5000 if you have history

30
Q

Multiple licenses

A

Required when broker wants to work for more than one brokerage
Only brokers can get multiple licenses

31
Q

Group Licenses

A

When sales associates and brokers sell properties for different entities as long as those companies are controlled by the same person

32
Q
A

Broker Exam (2 decks)

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