The Florida Real Estate Commission Flashcards
(24 cards)
Describe the composition, appointment, and member qualifications of the Florida Real Estate Commission
Define the powers and duties of the Commission
Who gets to make and enforce the rules that you will have to follow as a license holder? You’ll want to learn about the Florida Real Estate Commission because they have the greatest influence on how you can get and keep your license.
The Florida Real Estate Commission, a.k.a. FREC, exists to protect the public interest by regulation of real estate and appraisal licensees through education and compliance.
The FREC plays a role in regulating:
Sales associates, Brokers, Broker associates, Brokerage firms, Real estate schools, Real estate instructors
The Florida Real Estate Commission’s main purpose is to:
protect the public interest
recruit and incentivize new brokers
generate revenue for the state
protect the interests of license holders
protect the public interest
The FREC is made up of seven members. Each member is appointed by (and accountable to) the governor.
Four members must be real estate brokers who have held an active license for at least five consecutive years immediately prior to serving on the Commission.
One member must be a broker or sales associate who has held an active license for at least the previous two years.
Two members must be consumers and members of the general public who have never held real estate licenses. These consumer members bring an outside perspective to the group of real estate pros.
At least one of the members in the above categories must be 60 years old or older.
The Commission elects a chairperson and vice-chairperson annually.
Each member of the FREC serves
a four-year term.
Members can serve
as many terms as they want, but only two terms can be consecutive. While performing their official duties, FREC members are exempt from civil liability.
FREC membership is not salaried,
but Commissioners are paid $50 for each day they spend on official business, including meetings. They are also reimbursed for expenses related to carrying out official duties, including costs like lodging, meals, and transportation.
How many members make up the Florida Real Estate Commission?
7 members: all licensed real estate professionals with at least 5 years of experience
6 members: 3 with real estate experience and 3 unlicensed consumer members
9 members: 6 licensed brokers and 3 licensed sales associates
7 members: 4 brokers, 1 broker or sales associate, and 2 unlicensed consumer members
7 members: 4 brokers, 1 broker or sales associate, and 2 unlicensed consumer members
Executive powers are granted to FREC by the Legislature. They enable FREC to regulate and enforce the license law. Examples include:
Determining fee amounts for applications, exams, licensing and renewals, certifications, reinstatements, and record making and keeping
Educating real estate professionals in ethical, legal, and business principles
Adopting a seal used to authenticate its proceedings
Administering the Florida Real Estate Commission Education and Research Foundation
FREC can determine license law violations, deny license applications, and give out penalties because of their quasi-judicial powers. Additional examples include:
Issuing real estate licenses to broker associates and sales associates, but not as a general partner, member, manager, officer, or director of brokerage firm
Granting or denying an original or renewal application for a license, permit, or registration
Determining violations and imposing penalties, including suspending and revoking licenses, imposing administrative fees, and placing license holders on probation – which allows license holders to continue practicing real estate as long as they meet certain conditions while under the supervision of FREC.
Reporting any criminal violation of Chapter 475 or disciplinary action against licensees to the state’s attorney having jurisdiction and to the Division of Florida Condominiums, Timeshares, and Mobile Homes
FREC has quasi-legislative powers. This is the power to decide, enact, and revise rules. Here are a few examples of this power in action:
Enacts bylaws and rules for its own government
Promulgates (adopts) license laws, rules, and regulations that enforce the Florida statutory license law
Regulates professional practices, including record keeping and the handling of funds
What the FREC Does NOT do:
Set commissions, rates, or splits
Create standard contracts for real estate transactions
Handle criminal cases
Impose imprisonment as a penalty
Which of these is a responsibility of the Florida Real Estate Commission?
enforcing the license law
setting uniform commission rates for brokers
creating standardized contracts for real estate transactions
increasing the profits of brokerages
enforcing the license law
Which of these is NOT a type of reprimand administered by the Florida Real Estate Commission?
required education
license suspension
license revocation
imprisonment
imprisonment
revoking or suspending someone’s license
executive power
quasi-judicial power
quasi-legislative power
not a FREC power
quasi-judicial power
creating rules that enforce the license law
executive power
quasi-judicial power
quasi-legislative power
not a FREC power
quasi-legislative power
handling a criminal case
executive power
quasi-judicial power
quasi-legislative power
not a FREC power
not a FREC power
denying an application for license renewal
executive power
quasi-judicial power
quasi-legislative power
not a FREC power
quasi-judicial power
imposing imprisonment as a penalty
executive power
quasi-judicial power
quasi-legislative power
not a FREC power
not a FREC power
enforcing the Florida statutory license law
executive power
quasi-judicial power
quasi-legislative power
not a FREC power
executive power
administering the FREC Education and Research Foundation
executive power
quasi-judicial power
quasi-legislative power
not a FREC power
executive power
enacting bylaws and rules for its own government
executive power
quasi-judicial power
quasi-legislative power
not a FREC power
quasi-legislative power
determining application fee amount
executive power
quasi-judicial power
quasi-legislative power
not a FREC power
executive power
