Unit 2

Question 1

What entity administers and enforces real estate license law in Florida

Answer 1

Florida Real Estate Commission (FREC)

Question 2

How are the DRE and DBPR related to FREC

Answer 2

The Department of Real Estate is under the Department of Business and Professional Regulation and supports the Florida Real Estate Commission

Question 3

Define the three categories of real estate licensure

Answer 3

Sales Associate - A person who performs real estate services for compensation under the direction control, or management of a broker or an owner-developer

Broker - a person who, for another and for compensation or other consideration, performs real estate services

Broker Associate - a person who holds a Broker’s license but chooses to register and work under the direction of another broker

Question 4

Requirements for licensure

Answer 4

• 18+ years old
• High school diploma or equivalent
• Possess social security number
• Honest and of good character
• competent and qualified to make real estate transactions and conduct negotiations

Question 5

Does Florida have Reciprocity with other states?

Answer 5

NO. Florida has a mutual recognition agreement. applicants must prove knowledge of Florida specific law by passing a 40 question quiz with a score of 75% (30 questions) or higher

Question 6

What are the post-licensing education requirements in Florida

Answer 6

you must complete a 45 hour post license course and past the exam with 75% or higher

Question 7

What are the continuing education requirements in Florida

Answer 7

14 hours every two year license period

Question 8

What are the requirements to become a broker

Answer 8

• successfully complete course II (69 hours of instruction)
• hold active sales associate license under one or more real estate brokers for at least 24 months OR worked as a salaried employee of a governmental agency performing duties authorized in chapter 475 FS OR held an active broker license in another state for 24 months

Question 9

Does experience working for an owner-developer count towards broker work requirements?

Answer 9

No, unless they are a licensed broker

Question 10

Define the two letter codes preceding license numbers:
BK
BL
SL
BO
CQ
PR

Answer 10

BK- Broker
BL - Broker Associate
SL - Sales associate 
BO - Branch Office 
CQ- Corporations and LLCS
PR- Partnerships and LLP

Question 11

What are examples of Real Estate Services

Answer 11

Real Estate Services are defined as any real estate activity involving compensation for performing the service for another:

A Advertise

B Buy
A Appraise
R Rent

S Sell
A Auction
L Lease
E Exchange

Question 12

What are the exemptions to performing real estate activities without license. Provide example

Answer 12

1. Owner
2. Career based (attorney)
3. Salaried Employee (leasing agent)
4. Court and legal appointed persons (power of attorney)
5. Miscellaneous (transient rentals, cemetery plots, tenant referrals