Unit 2 Real Estate License Law and Qualifications for Licensure

Question 1

Cite the fee waiver for military veterans and their spouses.

Answer 1

The DBPR has the authority to waive the “initial application, license, and unlicensed activity fees” for military veterans and their spouses who apply for a real estate license within 60 months after honorable discharge from the armed forces, including the Florida National Guard. “ The waiver applies to all types of professional licenses issued by the DBPR. Does not include examination fee and fingerprint processing fee.

Question 2

What criminal history must be disclosed on the real estate license application?

Answer 2

Felonies, misdemeanors, and traffic offenses ( other than parking, speeding, inspection, or traffic signal violations).

Question 3

Know the purpose of requiring applicants to have a U.S. Social Security number.

Answer 3

U.S. social security number is required to apply for a real estate license to determine whether applicants are in compliance with child support obligations.

Question 4

Know the experience requirements necessary to obtain a Florida broker’s license.

Answer 4

A broker applicant must have held an active real estate license for at least 24 months during the “five year period” preceding application to become a Florida real estate broker.

Question 5

Name the individuals exempt from licensure under FS 475

Answer 5

• Property owners do not need a real estate license to buy, sell, exchange, or lease their own real estate.
• Corporations, partnerships, trusts, and joint ventures may buy, sell, exchange, or lease their own property. “Salaried employees of these business entities may buy, sell, exchange, or lease real property for their employer.
• 40% real estate partner is allowed to receive 40% of the profits of the business without having a real estate license. If more than 40% they will need a license.

Question 6

Extended list of exempt individuals FS 475

Answer 6

• Persons who sell cemetery lots
• Individuals who rent lots in a mobile home park or recreational travel park.
• Attorneys-at-law when acting within the scope of their professional duties in an attorney-client relationship.
• CPAs when performing accounting duties within the scope of their professional duties.
• Power of attorney (called an attorney-in-fact)
• Owners of time-share periods for their own use and occupancy/ resale.
• State-certified and licensed real estate appraisers who are licensed under chapter 475, Part II, for the purpose of conducting appraisal services.
• Court appointed individuals.
• Hotel and motel clerks who rent on behalf of establishment lodging.
• federally regulated banks and dealers registered with the SEC selling business enterprises to accredited investors.
• Apartment property owners or property managment firms for the purpose of paying a finder’s fee of no more than $50 to a tenant of the complex for a rental referral.