Unit 2 - 6 State - Law and Licenses Qualifications Flashcards
Unit 2
Part III of Chapter 475
Commercial Real Estate Sales Commission Lien Act
-gives broker lien rights (on owner’s personal property only) for earned commission on commercial property
Unit 2
Statutes and Rule
Chapter 475, Part 1, Florida Statute = Real estate brokers, sales associates, and schools
Chapter 455, Florida Statute = DBPR
Chapter 61J2 = FREC rules
Unit 2
Fee Waivers
Low-income applicatnts = no initial fee for qualifying
military personnel and spouses = no initial fee for qualifying
Veterans = no application fee, initial license fee, and unlicensed activity fee BUT must be within 60 MONTHS after honorable discharge
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Background Check for Real Estate Applicants
Must make any crime or criminal investigations on application. Including nolo contendere and withhold adjudication (not likely to do again so court does not punsih but just probation)
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Nolo contendere
Defendant does not admit or deny the charges
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Reciprocity
Not in Florida, ONLY for U.S. armed service members and their spouses
reciprocal license NO prelicense education and NO state exam
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FREC’s definition of Florida resident
reside in Florida continuously for a period for 4 calendar months or more
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Mutual Recognition
Florida agrees to recognize real estate licenses from 8 states but still need to take special exam and score 75%
NON Florida residents ONLY
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What score is needed to pass the 40 question mutual recognition real estate license exam for the nonresidents of the approved 8 states?
75% (30/40)
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Social security number is needed on the license application for what purpose?
compliance with child support obligations
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Education Exemptions for:
4+ year real estate degree
Florida-licensed attorney
Degree = must do continuing education
Attorney = not exempt from Prelicenses course 2 and post-license. only exempt from prelicense 1 and continuing education
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Broker Experience Requirements
24 months experience during last 5 year period
experience cannot be earned by working for an owner-developer unless the owner-developer is licensed broker who holds current, valid, active real estate license
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List the Real Estate Services
A BAR SALE
Advertise
Buy
Appraise (not federally related transactions)
Rent or provide rental info
Sell
Auction
Lease
Exchange
Unit 2
Are onsite rental office employees of an apartment community required to have licenses?
Salaried - NO regardless of the length of tenancy
Salary + bonus = must be licensed
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Real Estate License Exemptions
Owner can sell own property
and
Salaried employees (no other compensation) by:
business entity
apartment rental office employee
managers of condos or coop apartments (rent for no longer than 1 year. If RENT LONGER THAT 1 year, must be licensed)
employer of owner-developer
