Unit 2: Real Estate License Law & Qualifications for Licensure

Question 1

Part III. F.S. Chapter 475 The Commercial Real Estate Sales Commission Lien Act states that all Florida Commercial Real Estate Sales Creditors may place a lien on the Sales Commission in order to collect past due debt owed by the Sales Associate.
TRUE or FALSE

Answer 1

FALSE

The Commercial Real Estate Sales Commission Lien Act gives a broker lien rights for earned commission. This right applies to Commercial Property Only. The lien is only against the owner’s net proceeds (personal property) from the sale and does not attach to the commercial real property.

Question 2

License application
Background Check of Criminal History
Applicants who have been convicted of a crime found guilty or entered a plea of guilty or nolo contendere, even if court action (___________) was withheld, should attach full details of all cases with dates and outcomes, including any sentence and conditions imposed.

A. Notarization
B. Specific Performance
C. Appurtenances
D. Adjudication

Answer 2

D. Adjudication

When the court determines that a defendant is not likely to again engage in a criminal act and that the ends of justice and the welfare society do not require that the defendant suffer the penalty imposed by law, the court may withhold adjudication of guilt, stay (stop) the imposition of the sentence, and place the defendant on probation.

Question 3

License application - The information that does not require disclosure is Bankruptcy, Foreclosure, and Credit Information. Some criminal matters should be disclosed.
TRUE or FALSE

Answer 3

FALSE

While it is true that Bankruptcy, Foreclosure, and Credit Information are not required to be disclosed. The word “Some” in front of criminal matters should be disclosed made this statement FALSE. All criminal matters should be disclosed.

Question 4

Mutual Recognition
A transactional agreement between Florida and another state that provides for the two states to recognize each other’s real estate license education.
One of the requirements of mutual recognition is that the associate must NOT be a resident of Florida. For application and licensing purposes, a person who has resided in Florida continuously for ______ ______ _______ or more within the _______ year.

A. 12 total months, second
B. 6 calendar months, previous
C. 4 calendar months, previous
D. two springs breaks, last

Answer 4

C. 4 calendar months, previous

A person who has resided in Florida continuously for 4 calendar months or more within the previous year is considered a Florida Resident for the purpose of Real Estate License.

Question 5

The mutual recognition process for applicants includes completing the Florida Real Estate license application, obtain a certification of license history from the RE Commission in the state where the applicant is licensed. Mutual recognition approved for licensure is exempt from the pre-license education course. They must pass the Florida real estate license law with a grade of 75% or higher (30 correct out of 40 questions). Post and CE class requirements are the same as all other Florida real estate licensees.

TRUE or FALSE

Answer 5

TRUE

Question 6

Broker License Requirments

A. Possess a sales associate license
B. Fulfill the post-licensing education before the expiration
C. Complete Course II for a total of 72 hours
D. All of the above

Answer 6

D. All of the above

Question 7

Sales Associate must complete a ____ hour post license class before the 2 yr renewal.

A. 72
B. 14
C. 45
D. 28

Answer 7

C. 45

Question 8

Prima Facie

Answer 8

At Face Value

The license serves as prima facie evidence that the licensee holds a current and valid license.

Question 9

5 Exceptions categories to Licensure

Answer 9

1. Owner Exemptions
   Individuals & business entities that sell their own property.
2. Exemptions based on career
   Attorneys-at-law as long as a commission is not charged for the service
   CPA’s when performing accounting duties
3. Salaried employee exemptions
   An employee that receives a salary and not a commission. Cannot be paid per transaction.
4. Court and legally appointed persons
   Appointed by the court to handle real estate transactions and not receiving a commission
5. Miscellaneous exemptions
   Individuals that rent MH lots