Section 3: License Law, Qualifications for Licensure, and Commission Rules

Question 1

Sales Associate

Answer 1

can perform real estate services only under the supervision of a licensed broker

Question 2

Caveat Emptor

Answer 2

Let the buyer beware”) is the legal principle that the buyer is responsible for checking the quality of the product before making a purchase.

Question 3

Broker Associate

Answer 3

A licensed broker who chooses to work under the supervision of another licensed broker

Question 4

Broker

Answer 4

A person (or entity) who performs real estate services for others for compensation and may supervise other real estate licensees

Question 5

Mutual Recognition Agreement (MRA)

Answer 5

A contractual agreement with some states in which the education and experience of individuals licensed in those states is recognized.

Question 6

Florida’s MRAs

Answer 6

Florida currently has mutual recognition agreements with Georgia, Alabama, Mississippi, Arkansas, Nebraska, Illinois, Connecticut, Rhode Island, Kentucky and West Virginia.

Question 7

DBPR

Answer 7

Department of Business and Professional Regulation

Question 8

Prima Facie Evidence

Answer 8

Evidence is sufficient on its face to prove a case.

Question 9

Real estate services include

Answer 9

advertising real estate services, buying, appraising, renting, selling, auctioning, leasing, or exchanging real estate.

Question 10

Renewing Licenses

Answer 10

Biennial license fee, unlicensed activity fee, and, if required, a Real Estate Recovery Fund fee

Question 11

Updating Your Address

Answer 11

You’re required to notify the DBPR in writing within 10 days of a change in your current residential mailing address. Failure to do so puts you at risk of a citation and a $500 fine.

Question 12

March Renewal

Answer 12

Initial licensing from April - September

Question 13

September Renewal

Answer 13

Initial licensing from October - March

Question 14

Involuntary Inactive

Answer 14

If you do not renew your license before the expiration date

Question 15

Voluntary Inactive

Answer 15

Status after passing the exam, before registering with a broker. You’re qualified to practice real estate but choose not to. You can return to real estate at any time.

Question 16

Group License

Answer 16

Sometimes issued to a broker/sales associate who works for an owner/developer who owns property under different business names.

Question 17

Multiple Licenses

Answer 17

Issued to a broker who is the broker for more than one business entity.

Question 18

Florida Real Estate Commission (FREC)

Answer 18

Made up of seven commissioners including active licensees and consumers. 4 active brokers (5 years experience), 1 active licensee (2 years experience), and 2 never licensed individuals. 1 must be 60 or older.

Question 19

Commision’s Powers

Answer 19

Executive: Regulate and enforce real estate laws
Quasi-Legislative: Enact and revise administrative rules
Quasi-Judicial: Grant or deny license applications, determine violations of license law, and administer penalties

Question 20

Executive Duties

Answer 20

Adopt a seal
Foster the education of applicants and licensees
Regulate professional practices
Report criminal violations

Question 21

Quasi-Legislative Duties

Answer 21

Pass rules and regulations
Establish fees

Question 22

Quasi-Judicial Duties

Answer 22

Grant or deny applications for licensure
Suspend or revoke licenses
Impose administrative fines

Question 23

DBPR Divisions

Answer 23

Division of Professions
Division of Service Operations
Division of Florida Condominiums, Timeshares, and Mobile Homes
Division of Real Estate

Question 24

Division of Real Estate (DRE)

Answer 24

Provides the administrative services and ministerial duties needed for the examination and licensing of real estate professionals in Florida.

Question 25

Where would you look to find the Florida Administrative Code with the rules regulating the real estate profession?

Answer 25

Chapter 61J2

Question 26

Where can you find the Florida Statutes that regulate real estate?

Answer 26

Chapter 475