Unit 2 Flashcards
Before the latter part of the 19th century, the real estate business was unorganized and extremely competitive. In 1923, the FL legislature passed the Real Estate License Law. Which is what chapter of the Florida statue?
Chapter 475 of the Florida Statue
In 1925, the Florida Legislature created what to administer and enforce the license law?
Florida Real Estate Commission
Today, the Division of Real Estate (DRE) provides support services to the commission. The DRE is under the ___________?
Department of Business and Professional Registration (DBPR)
What are the 3 categories of real estate licenses?
Sales associate
Broker
Broker associate
What is a sales associate?
A person who performs real estate services for compensation but who does so under the direction, control, or management of a broker or an owner-developer.
What is a broker?
A person who, for another and for compensation performs real estate services. Must be a real estate associate for 24 months (within a 5yr period) and take a course to become a broker.
What is a broker associate?
A person who holds a brokers license but chooses to register and work in real estate under the direction of another broker.
An individual typically begins a real estate career in Florida as a ____?
Licensed sales associate
Sales associates and broker associates are employed by and work under the direction and control of a ______ or a _______ of the owner developer.
Broker or a broker of record
What are examples of a broker of record?
New home builder
Leasing community
Timeshare
Applicants must submit fingerprints as part of the license application process. An applicant’s fingerprints are scanned and electronically submitted to the _________ and _______.
Florida Department of Law Enforcement (FDLE) and to the Federal Bureau of Investigation (FBI)
Applicants are cautioned to complete a he application carefully, particularly with respect to past history concerning _________, _________ and _________.
Felonies
Misdemeanors
Certain traffic offenses
Florida resident defined as what for licensing purposes?
For application and licensing purposes, the FREC rules define Florida resident as a person who has resided in Florida continuously for a period of 4 calendar months or more within preceding year, regardless of whether the person resided in a recreational vehicle, hotel, rental unit or other temporary or permanent location.
Mutual Recognition Agreement
(Reciprocal states)
The intent of mutual recognition agreements is to recognize the education and experience of individuals licensed in another state or nation when the other jurisdiction has education and experience requirements comparable to Florida’s requirements.
Sales Associate Qualification for licensure
(US citizenship is not required to become licensed)
The following is required:
- Be 18yrs of age or older
- Have a high school diploma or it’s equivalent
- Possess a US social security number
- Be honest, truthful, trustworthy, of good character and possessing a reputation for fair dealing
- Be competent and qualified to make real estate transactions and conduct negotiations with safety to investors and others with whom the applicant may undertake a relation of trust and confidence.
Sales associate candidates must successfully complete the commission-prescribed prelicense course for sales associates (course 1) or an equivalent FREC-approved prelicense course. What does consist of?
Course 1 consists of 60 hrs of instruction plus 3 hrs for an end of course exam. The exam consists of 100 questions worth 1 pt each. Usually 45 questions on principles and practices, 45 on real estate law and 10 math questions. A passing score of at least 70 is required on the end of course exam.
What are the post licensing post-licensing education requirements? What happens if you don’t complete them?
Sales associates who do not complete the 45 hr post licensing requirements and want to continue in the real estate business are required to requalify for licensing by repeating the prelicense course and end of course exam and again passing the state licensing exam.
What are the continuing education requirements?
After the initial post licensing education requirement are completed, active and inactive licensees must completed at least 14hrs of continuing education during every 2 year license period after that.
Real estate license law identifies real estate activities called real estate that require a Florida real estate license. Real estate services include any real estate activity involving compensation for performing the service for another. What is the acronym?
A BAR SALE
What does the acronym A BAR SALE stand for?
Advertise real estate services
Buy
Appraise (non federally related transaction)
Rent or provide rental information or lists
Sell
Auction
Lease
Exchange
What is compensation?
Anything of value or a valuable consideration, directly or indirectly paid, promised or expected to be paid or received.
What are the exemptions from a real estate license?
- Property owners may buy, sell, exchange and lease their own property.
- Attorneys at law, when acting within the scope of their professional duties in the attorney client relationship.
*Salaried employees
*Court-appointed individuals acting within the limitations of their duties.
*Persons who sell cemetery lots (cemetery lots are not considered real property)
*Hotel and motel clerks who rent transient occupancy of public lodging establishments.
