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Real Estate > Unit 2 License Law and Qualifications for Licensure > Flashcards

Unit 2 License Law and Qualifications for Licensure Flashcards

1
Q

In ___, the Florida Legislature passed the Real Estate License Law, Chapter ____ of the Florida Statutes.

A

1923

475

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2
Q

In ____, the Florida Legislature created the Florida Real Estate Commission to administer and enforce the license law.

A

1925

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3
Q

The Florida Real Estate Commission has the authority to:

keep ____ and conduct _____

as well as the power to __, __, __, and __ licenses

A

keep records and conduct investigations

grant, deny suspend or revoke

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4
Q

The _________ provides support services to the Commission. The DRE is under the ______ (DBPR).

A

Division of Real Estate (DRE)

Department of Business and Professional Regulation

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5
Q

Chapter 20, Florida Statute establishes:

It is meant to:

The Dept. of Business and Prof. Regulation is:

A
  1. the executive branch of the Florida government
  2. Execute and implement programs and policies adopted by the Legislature

is a department of the executive branch

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6
Q

Often called the Real Estate Professional Practice Act.

Created by the Florida Legislature to establish the _____ and ____ of real estate licensees and real estate appraisers.

A

Florida Statute Chapter 475

legal rights and responsibilities

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7
Q

In Chapter 475, Part I pertains to _______.

A

real estate brokerage

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8
Q

The Florida Real Estate Commission (FREC) _____, ____, and _____the regulatory provisions of Chapter 475.

A

implements, interprets and enforces

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9
Q

In Chapter 475, Part II pertains to _____.

It sets the requirements according to federal statute for:

A

real estate appraisers

licensed and certified appraisers

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10
Q

The Florida Real Estate Appraisal Board (FREAB) regulates ____, ____, and ____ appraisers.

They follow the same procedures for disciplining licensees as the ____.

A

state-certified
licensed
registered trainee appraisers

Florida Real Estate Commission (FREC)

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11
Q

Part III of Chapter 475 gives brokers ______.

This act only applies to ______.

The lien is only against __________ (personal property) from the sale and does not attach to the ________.

A

lien rights for earned commission

commercial property

the owner’s net proceeds

commercial real property

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12
Q

Chapter 475 is called

A

The Real Estate Professional Practice Act

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13
Q

Part IV of Chapter 475 gives brokers ________.

A

lien rights for earned commission associated with a brokerage agreement to lease commercial real estate.

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14
Q

FREAB:

FREC:

A

for appraisers

for real estate agents

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15
Q

Part I of Chapter 475 is for

A

REAL ESTATE BROKERS, SALES ASSOCIATES, AND SCHOOLS

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16
Q

Part II of Chapter 475 is for

A

APPRAISERS

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17
Q

Part III of Chapter 475 is called

A

THE COMMERCIAL REAL ESTATE SALES COMMISSIION LIEN ACT

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18
Q

Part IV of Chapter 475 is called

A

THE COMMERCIAL REAL ESTATE LEASING COMMISSION LIEN ACT

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19
Q

Chapter 455 is about

A

Business and Professional Regulation: General Provisions, defines the general legal practice and procedure for the DBPR and the licensees of all professions regulated by the DBPR, including real estate.

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20
Q

Chapter 120, Florida Statute

A

The Administrative Procedure Act defines the procedural process by which regulatory agencies decide and implement agency action. The licensing and disciplinary process for real estate licensees is outlined in this chapter.

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21
Q

Chapter 61J2

A

the rules of the Florida Real Estate Commission. It is a set of administrative rules developed by the Florida Real Estate Commission

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22
Q

Chapter 120 Florida Statute

A

Procedural process for all governmental entities authorized under the Florida Constitution

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23
Q

Chapter 61J2 Florida Administrative Code

A

Florida Real Estate Commission rules

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24
Q

Chapter 455 Florida Statute

A

This statute governs the Department of Business and Professional Regulation and the professions under the Department

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25
Q

Chapter 475 Part I , Florida Statute

A

Real estate brokers, sales associates, and schools

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26
Q

Chapter 20 Florida Statute

A

Executive branch of Florida government

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27
Q

Sales Associate

A

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

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28
Q

Broker

A

A person who, for another and for compensation or other consideration performs real estate services. An individual or business entity licensed by the DBPR to perform services of real estate for others for compensation.

29
Q

Broker associate

A

A person who holds a brokers license but chooses to register and work in real estate under the direction of another broker

30
Q

You are first licensed as:

You can change this by:

A

Voluntary inactive sales associate

Finding an employer and filing the information with the DBPR

31
Q

Owner-developer

A

An unlicensed entity that sells, exchanges, or leases it’s own property

32
Q

An example of an owner-developer:

If paid by commission or transactional basis, the sales staff must:

A

A real estate development company that owns land and develops into subdivisions with homes and then sells the homes.

Be licensed agents unless paid salary

33
Q

The application to become licensed is located:

A

Online in the DBPR’s Form Center

It expires 2 years after the date the DBPR receives the signature.

34
Q

Application fees may be:

A 
An application fee
Initial biennial license fee
Unlicensed activity fee
Real estate recovery fund fee
License exam fee
Fingerprint processing fee
35
Q

Fingerprints are submitted:

A

To Florida Department of Law Enforcement and the FBI. Should submit 5 days before submitting license application. Use Livescan device vendors approved by Florida Dept of Law Enforce.

36
Q

Summary of Applicants /SOA

A

A list of flagged applications and placed on FREC agenda.

37
Q

Florida Resident

A

Someone who’s lived 4+ months in Florida in preceding year

38
Q

Mutual Recognition Agreement

A

A transactional agreement between Florida and another state that provides for the two states to recognize each other’s real estate license education. This is only for non residents who are licensed in other jurisdictions.

39
Q

An applicant applying for mutual recognition (in FL) must obtain :

A

A certificate of license history from the real estate commission in the state where the applicant is licensed

40
Q

(To apply for mutual recognition in FL) A certificate of license history must contain:

This certification is submitted with application.

A

Applicants initial license exam info

Current license status

Number of active months of license within preceding 5 years

Whether any disciplinary action has been taken against

41
Q

Florida does not ____ with other states except for US armed service members and spouses

A

Reciprocity

42
Q

On the application, the applicant must disclose:

A
  • regardless of adjudication, if convicted or found guilty of a crime, any guilty pleas or nolo contendere, no contest, or is currently under criminal investigation
  • whether the applicant has ever done business under any name
  • any disciplinary action against a license (registration or permit)
  • had any license denied or there is a pending proceeding to deny an application.
43
Q

4-year or higher real estate degree makes you

A

exempt from everything except continued education

but you have to pass license exam

44
Q

Florida-licensed attorney (part of The Florida Bar) makes you exempt from

but not

A

Prelicense Course I
Continuing Education

the licensing exam
Prelicense Course II
Post-License

45
Q

A change from ____ to ____status is accomplished by submitting DBPR form RE 11: Change of Status for Sales Associates and Broker Associates.

A

inactive to active

46
Q

Applicants who possess a Florida sales associate’s license must fulfill their __________________ before the expiration of the initial sales associate’s license or before ________ whichever occurs first).

A

sales associate’s post-licensing education

applying for a broker’s license

47
Q

Broker applicants must successfully complete ________ or an equivalent FREC-approved course (unless qualifying as a broker under the mutual recognition provision). _____ consists of 69 hours of instruction plus 3 hours for the end-of-course examination.

A

Course II

48
Q

Authorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses.

A

registration

49
Q

Prima Facie Evidence

A

Requiring no further proof; acceptable on the face of.

50
Q

You can only work for one ____ at a time.

A

broker

51
Q

Real estate activities involving compensation for performing the activities for another.

A

real estate services

52
Q 
A	\_\_\_\_ real estate services
B	
A	(non-federally related transactions)
R	\_\_\_\_ or \_\_\_\_\_rental information or lists
S	
A	
L	
E
A 
advertise
buy
appraise
rent or provide
sell
auction
lease
exchange
53
Q

Anything of value or a valuable consideration, directly or indirectly paid, promised, or expected to be paid or received.

A

compensation

54
Q

a Florida broker may pay ______ to a broker licensed in another state so long as the foreign broker does not _____ Florida law.

A

a referral fee

violate

55
Q

The five groups are exempt from being required to be licensed:

A 
Owner exemptions
Exemptions based on career
Salaried employee exemptions
Court and legally appointed persons
Miscellaneous exemptions
56
Q

This group includes individuals and business entities that are exempt from licensure because they are selling their own property.

A

owner exemptions

57
Q

lorida statute exempts certain individuals from real estate licensure because of their career (or occupation).

examples:

A

Exemptions Based on Career

attorneys AT LAW (unless compensated)
certified public accountant
licensed real estate appraisers

58
Q

____ are individuals who receive a salary and do not receive compensation based on the actual real estate transaction. Florida Statute 475 exempts ____________ in specific situations.

A

Salaried employees

59
Q

court of law will require an unlicensed individual to liquidate real estate. In some situations, an individual may authorize another person to sign legal documents on one’s behalf.

A

Court and Legally Appointed Persons

60
Q

a person who has been authorized by another person to act in his place. For example, a seller who is stationed overseas in the armed services may choose to give a power of attorney to a trusted relative to sign legal documents, such as a sale contract or a deed, on the seller’s behalf.

A

attorney-in-fact

61
Q

Individuals who rent lots in a mobile home park or recreational travel park. (Rentals in mobile home parks and recreational vehicle lot rentals are not considered real property.)
Persons who sell cemetery lots. (Cemetery lots are not considered real property.)
Dealers who are registered with the Securities and Exchange Commission (SEC) selling business enterprises to accredited investors.
Hotel and motel clerks who rent transient occupancy of public lodging establishments.
Tenants of an apartment community may receive a fee up to $50 for the referral of a new tenant to the same apartment community.

A

Miscellaneous Exemptions

62
Q

(Q) a requirement a sales associate must have :

A

possess a SS number

63
Q

The administrative rules of the Florida Real Estate Commission are found in

A

Chapter 61J2.

64
Q

For licensing purposes, a resident of Florida is defined as a person who has resided in Florida for what period of time?

A

4 months

65
Q

Within what period of time after passing the end-of-course exam must a sales associate applicant pass the state license exam?

A

2 years

66
Q

Attorneys who are active members in good standing of The Florida Bar are exempt from which education requirement?

A

FREC Course I for sales associates

67
Q

What is the percentage passing score on the Florida-specific real estate law license exam given to applicants who apply for a Florida license through mutual recognition?

A

75

68
Q

An individual who received a four-year degree in real estate from a state university is NOT exempt from which license requirement?

A

State license exam

Real Estate (5 decks)

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