Unit 13: Florida License law

Question 1

Real Estate Broker Defined

Answer 1

Any person who for ANOTHER and for COMPENSATION provides a REAL ESTATE SERVICE

Question 2

Real Estate Service

Answer 2

Doing or attempting to or offering any of the following related to an interest in real property (includeing mineral rights) business enterprice, or business opportunity.
MUST DO THIS STUFF UNDER A BROKERAGE FIRM

A BAR SALE

Advertise - 
Buy
Appraise
Rent
Sell
Auction
Lease
Exchange

Question 3

Major Exception to who needs a license

Answer 3

Review page 295 & 6 in book

Question 4

Advertising Rental property info or list

Answer 4

1. Must operate under a brokerage
2. If info inaccurate, 100% refund
3. If they don’t find anything, 75% refund
4. Demand for refund must be within 30 days from receipt

Question 5

Group License means what/

Answer 5

1. Owner developer ONLY

2. You can sell at any of their developments

Question 6

Licensing Authority

Answer 6

DBPR - Division of Real Estate

Question 7

Individual Sales Associate Licensing requirements

Answer 7

• 18 urs
• high school or GED
• Not guilty of losing a vocation license of any kind any where
• Ill Conduct that could cost you a license
• Criminal conduct
  Pay App Fee
  Pass Class
  Pass Exam - Approval
  Don’t need to be a resident or US citizen but DO need a social security number.

Question 8

Activate License by

Answer 8

1. Registering with Brokerage OR Developer Owner

They will register you with the DBPR

Question 9

IF you’re under an Owner Developer

Answer 9

• They don’t have real estate license, sell their own property
• Commissioned staff must be licensed
• Group License

Question 10

Under a Brokerage

Answer 10

• Licensed Broker registered as sole proprietership

- Qualifying Broker registered for an entity

Question 11

Ostensible/Quasi

Answer 11

2 or more people give the impression that they are ar RE partnership.
Must be dissolved OR created as a ligitimate partnership

Question 12

Advertising & Broker name

Answer 12

Brokerage firm must be listed on all advertising by sales associates registered to the firm

Question 13

Business broker

Answer 13

Licensee who specialize in teh sale, purchase or lease of buisnesses

Question 14

Legal Complaint

Answer 14

After a legally sufficient complaint has been filled and the DBPR has investigated it, the next step is to determine probable cause.

Question 15

Daily per diem for FREC members receive for each day they participate in FREC meetings

Answer 15

$50

Question 16

A resident sales associate who wants non-resident licensce status must

Answer 16

file an irrovocable consent to service to servicewithing 60 days of the change in residency

Question 17

A broker who requests that FREC settle the escrow dispute,

Answer 17

they need to tell FREC within 10 days if it gets resolved

Question 18

A salaried employee of an on site rental apartment complex who gets a signing bonus for each new tenant must_____________

Answer 18

BE LISCENCED under FL statute 475

Question 19

Reciprocity

Answer 19

FL does not have it

Question 20

Mutual Recognition

Answer 20

8 states

Take the state portion of the test