Section 2 Review Flashcards
When is Business regulation required?
when the unregulated practice can harm the public, the public is not adequately protected by other laws, and less restrictive means of regulation are not available.
What does caveat emptor mean?
buyer beware
real estate law involves which three branches of Florida Government?
Legislative, Executive and Judicial
What does F.S Chapter 20 F.S. establish?
Department of Business and Professional Regulation.
DBPR
What does Chapter F.S 455 establish? RPO
Regulation of Professions and Occupations
The (DRE) Division of Real Estate was established under who?
Department of Business and Professional Regulation.
DBPR
What is the purpose of DRE? (Division of RE)
to protect the public by regulating real estate and appraisal licensees through education and compliance.
DRE provides administrative support to who?
FREC - Florida Real Estate Commission
What does Chapter 475 F.S. establish? REPA
Real Estate Professions Act
What is the intent of real estate regulation?
to protect the health, safety, and welfare of the public.
where are rules published under FREC?
61J2 F.A.C (FL. ADMINISTRATIVE CODE)
Chapter 120 F.S. covers what?
Disciplinary processes for licensees under the DBPR. (Administrative Procedure Act)
What are the 3 RE License Categories
A) Broker B) Sales associate C) Broker associate.
What must an applicant disclose?
if under investigation, convicted of a crime or ever entered a plea of nolo contendere / no contest or guilty, any aliases, if denied, or had a license disciplined or pending discipline in another jurisdiction, surrendered, or revoked license or registration to practice a regulated profession in any jurisdiction
Licensees must report if found guilty of any conduct or practice that would be grounds for suspension or revocation under Chapter 475, F.S. with how many days?
Within 30 days
Is U.S. citizenship required to hold a professional license in Florida?
No, (Chapter 455.10)
Military and their spouse are exempt from what?
initial licensing fees per Occupational Opportunity Act
The state has ___ days from the receipt of an application to notify the applicant of any errors or omissions.
30
The Department of Business and Professional Regulation has ____ days from the time a complete application is received to approve or deny the application
90
The application shall expire __ years after the date received if the applicant does not pass the appropriate examination.
2
Who is exempt from licensing courses?
College graduates with a 4-year degree in real estate, must take the state licensing exam and maintain continuing education.
Florida attorneys are exempt from what?
63 Hr Sales Associate Pre-Licensing course and cont. edu, however, they must take the state exam and all subsequent post or broker courses.
A 63-hour sales associate pre-license course must be successfully passed with a score of ___.
70%
The State licensure examination requires a score of __.
75%
The 72-hour broker course must be passed with a score of __.
70%
Qualifications for the broker exam?
individual must have 2 out of the previous 5 years as an active real estate licensee in or outside of Florida.
Florida currently has mutual recognition agreements with what 8 other states?
Alabama, Arkansas, Connecticut, Georgia, Illinois, Mississippi, Nebraska, and Rhode Island.
All (Alabama) Miss (Mississippi) Nebraska's (Nebraska) Cough (Connecticut) And (Arkansas) Get (Georgia) Really (Rhode Island) Ill (Illinois)
A Florida resident is anyone who has resided (or intends to reside) in Florida continuously for a period of ?
four calendar months or more within the preceding year.
Failure of a sales associate to take the post-license course within___would result in ?
24 months
the license being null and void.
Prima Facia Evidence
Verifiable proof
Carrying a copy of a real estate license provides required prima facia evidence that holder of a real estate license possesses current and valid licensure.
What are the req. cont. ed. hours after the first year?
14 hours of continuing education is required past the first renewal period ever 2 yrs. 3 of the 14 hours must be core law and 3 must be in ethics.
Past the first renewal period: a licensee whose license has expired may renew the license if within _____ by completing _________
12 months 14 hours
24 months 28 hours
Past the first renewal period: a licensee whose license has expired past twelve months but less than twenty-four months, may take a _____ reactivation course to become active.
28 hrs (makes up for 2 year of 14 hrs missed)
Past the first renewal period: a licensee whose license has expired past twenty-four months would be ?
null and void.
Performing real estate services for compensation requires?
a real estate license
Advertising, Buying, Selling, Exchanging, Renting, Leasing, and Appraising are considered?
real estate activity.
5 types of People exempt from having a license to perform RE duties?
owners
Power of Attorneys
court-appointed individuals
attorneys acting within the scope of their duties.
public accountants acting within the scope of their duties.
Salaried managers of a condominium or cooperative are exempt if rental periods are
less than one year.
Apartment complexes or the property management firm of such may offer up to ___ as a
finder’s fee to a current tenant for referring a new tenant
$50
adjudication withheld
being given probation by a judge, instead of being found guilty of a crime
Broker
A person who has education past the real estate agent level and has completed broker licensing requirements per the rules of Statute 475.
Broker Associate
Qualifies for licensure as a broker, however, chooses to work under the direction of a broker.
chapter 475 regulated what?
Brokers, sales associates, and schools.
compensation
The term “compensation” includes monetary compensation as well as valuable consideration, which includes benefits other than cash or tangible goods.
Florida resident
A person who has resided in Florida continuously for a period of four calendar months or more within the preceding year is considered to be a Florida Resident.
the 7 Members of FREC are made up of who?
Florida Real Estate Commission
4 brokers (5+ years holding license)
1 additional broker OR associate with 2 + years of experience
2 unlicensed members of the general public. one of the 7 must be over the age of 60
license/registration
meeting the requirements to legally perform certain skills as dictated by law
Registration indicates that a person whose name is listed on an official record or register has met certain requirements in their particular profession.
nolo contendere / no contest
Nolo contendere is a Latin term meaning “I will not contest” the charges, which is a plea made by a defendant to a criminal charge, allowing the judge to then finds him/her guilty. It has the same effect as a plea of guilty.
prima facie evidence
Prima facia is Latin meaning “at first sight”; on the first appearance; on the face of it; so far as can be judged from the first disclosure; presumably.
real estate services
Services include Buying, Selling, Auctioning, Exchanging, Renting, Leasing, Appraising property or business as a non-appraiser (BPO).
sales associate
Real estate sales associates are licensed and registered by the DBPR to work under the direction of a broker. They are employed by the broker and receive compensation from the broker.
sealing vs. expungement
sealed - hidden from the public
expunged - physically removed so that the record no longer exists.
What is FREC’s purpose?
To implement, interpret, and enforce the provisions of Chapter 475.
