Section: Real estate license law and qualifications for licensure Flashcards
Owner developer
an unlicensed entity that sells, exchanges, or leases its own property.
-sales staff must hold active real estate licenses to be paid commission or other compensation
-sales staff is exempt from licensure
3 exempt from applicants from initial license fee
- Low income applicants
- Military personnel and their spouses
- Military veterans and their spouses
Waived fees for military spouses
-application fee, initial license fee, unlicensed activity fee for veterans and spouses w/in 60 months after honorable discharge
Time Periods
30-day period to check application for errors
90 days to inform applicant of approval or denial
Florida Resident
person who resided in florida for 4 calender months with the year
intent of 4 months or more
Mutual recognition requirements
recognizes education and another experience in another state or nation
requires to pass a 40 question, Florida
qualifications for licensure
18 years or older
earned high school diploma
has US social #
honest, truthful, trustworthy, good character, fair dealing rep
competent and qualified
Applicants must disclose
if convicted, found guilty, or entered a plea of nolo confidence, or if under criminal instigation
done bus under another name
disciplinary action
denied real estate
Education requirements
complete prelicense course with passing score of 70
has two years to complete course
exemptions of prelicense course
People with a 4-year degree or higher in real estate are exempt from course 1 but must pass license exam
attorneys of the Florida bar exempt from course 1 but must pass exam
Post-licensing education
complete the 45-hour post licensing course before the expiration of the initial sales associate license
failure to complete post-licensing requirement will cause license to become null and void
continuing Education
every two years complete the 14 hours
must take 3 hour buss ethics course each license renewal period
each year taken the buss ethics receive 3 hours of buss ethics and 3 hours of specialty education towards the 14-hour requirement
must complete a 3 hour core law course each license renewal period
Registration and licensure
-real estate license name, issue date, expiration date and serves as prima face evidence that the agent holds a current valid license
Real Estate Services
Advertise real estate services
Buy
Appraise
Rent or provide rental info or lists
Sell
Auction
Lease
Exchange
License required if
compensation (salary, bonuses, commission, gratuities)
compensation (dinner, flowers, wine, gifts cert, event tickets)
Individuals exempt from license
Court and legally appointed persons
Owner exemptions
Miscellaneous exemptions
Exemptions based on career
Salaried employee exemptions
Owner exemptions
property owners can buy, sell, or exchange their own property
officers and directors of corporations
partners in a real estate partnership if selling partnership property as long as both partners receive a share of profits
owners of time-share period
exemptions based on career
attorneys at law
certified public accounts
state cert and licensed appraisers
Salaried employee
salaried employees of buss entity who work in onsite rental office in a leasing capacity and who do not receive commission
salaried manager of apart complexes
salaried employees of an owner-developer
court and legally appointed persons
power of attorneys to sign contracts
court appointed indv
misc exempt
sell cemetery lots
rent lots in a mobile home
dealers who register w/ the SEC
Hotel and motel lodge renting
tenants of apt may get $50 for a referral
