Section 2 - Becoming a Real Estate Broker in FL Flashcards
Do you need a real estate license to rent lots in mobile home parks?
No.
Services that require a real estate license
- Advertising
- Buying
- Appraising
- Renting
- Selling
- Auctioning
- Leasing
- Excahnging real property
People that do not need a real estate license
- Selling own property
- Salaried employees not paid a commission
- Attorneys or CPA’s
- Cemetary lot salespeople
- Person renting lots in mobile home parks
A licensee in another state with a mutual recognition agreement with Florida applies. What does she have to do?
Pass a Florida-specific 40 question exam
How many years of experience do you have to have as a sales association to be a broker?
2 years
What score does a candidate need to pass the broker exam?
75%
What is the prelicensing education requirement for broker applicants?
72 hours
Florida real estate license applicants must report what?
Convicted or found guilty of a crime
How long is the 72 hour broker prelicensing course good for?
2 years
How many questions are on the broker exam?
100 multiple choice questions
How long do you have to wait to take the exam again if you fail?
30 days
Mutual recognition agreement states
- Georgia
- Alabama
- Mississippi
- Arkansas
- Nebraska
- Illinois
- Connecticut
- Rhode Island
What does a mutual recognition agreement candidate have to do?
- 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
Changing address or brokerage requirements
- Notify the DBPR within 10 days of address change (home or business address)
Continuing education requirements
- 3 hours of core law
- 3 hours of business ethics
- Eight hours of specialty education
Failure to complete continuing ed
- 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
Continuing education exam
Must pass every renewal period with 80% score.
Failing means taking the exam again
Involuntary inactive license for 24 months becomes…
null and void
What happens if brokers let their license become inactive?
All licensees at the brokerage have licenses placed in involuntary inactive status.
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?
2 years
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?
14 hours
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?
License reverts to involuntary inactive status
Nia took all her continuing education courses and got a 60% on her exam. What happens now?
She must repeat her continuing education courses and pass a different exam with a score of 80% or better.
Florida broker’s post-licensing requirements?
Must complete 60 hours of post-licensing education before first renewal date
What happens if someone doesn’t complete continuing education and waits longer than 2 years to complete it?
License becomes null and void
How many hours of continuing education are “specialty education?”
8 hours
Deadline dates for license renewal
March 31 or September 30.
It’s the date between 18 and 21 months from licensure
Continuing education requirements for Voluntary Inactive Licenses
Must renew license every 24 months or it becomes involuntary inactive.
Returning to active requires 14 hours of continuing ed
Reactivate an involuntary inactive license
28 hours of reactivation education within 2 years or it becomes null and void (must start over)
Practicing real estaet without a license
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
Multiple licenses
Required when broker wants to work for more than one brokerage
Only brokers can get multiple licenses
Group Licenses
When sales associates and brokers sell properties for different entities as long as those companies are controlled by the same person
