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Real Estates > Unit 3 & 2 License Law Administration & Qualifications for Licensure > Flashcards

Unit 3 & 2 License Law Administration & Qualifications for Licensure Flashcards

1
Q

Chapter 475

A

Real Estate License Law

  • Part 1) Real Estate Brokerage
  • Part 2) Appraisal
  • Part 3) Commercial Sales Lien Right
  • Part 4) Commercial Leasing Lien Right
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2
Q

Chapter 455

A

Regulation of Businesses and Professions
Defines general practices and procedures for DBPR, including unlicensed practice of real estate.

Adopt rules and regulations; prepare and administer examinations; issue licenses; investigate complaints; seek evidence in investigation or proceeding

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3
Q

FS 120

A

Lisencing and disciplinary procedures for real estate lisencees

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4
Q

61J2

A

Rules of FREC
- The Florida Real Estate Commission consists of seven members
- Five Commissions are professional (licensed) members
- Four must be Florida Real Estate brokers who have held active licenses during the five years preceding appointment
- One must be either a Florida Real Estate broker or sales associate that has held an active license during the two years preceding appointment
- Two remaining members are consumer (unlicensed or lay) members
- Consumer members have been Real Estate brokers or sales associates
- Seven Florida Real Estate Commissioners
- Appointed by the governor, subject to conformation by the Florida Senate
- Appointed to four year terms
- May not serve more than two consecutive terms
- Paid $50 per diem for official business and meetings
- At least one of the seven members must be 60 years old
Commission powers include three general areas
- Executive power to regulate and enforce license law include
- Foster the education of applicants and licensees
- Adopt a seal
- Establish fees
- Quasi- legislative power to enact and revise administrative rules include
- Create and adopt (promulgate) rules and regulations
- Regulate professional practices
- Quasi- judicial power to grant or deny applications and administer penalties include
- Grant and deny applications for licensure
- Suspend and revoke licenses, and impose administrative fines
- Make determinations of violations
FREC may not impose imprisonment as a punishment
- FREC powers are limited to administrative matters and do not extend to criminal actions
- FREC must inform the Division of Florida Condominiums, Timeshares, and Mobile Homes when disciplinary action is taken against a licensee

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5
Q

Department of Business and Professional Regulation

A

DBPR or BPR; regulates business and professions; Secretary of DBPR appointed by governor, confirmed by the Senate

  • Agency charged with licensing and regulating businesses and professionals
  • Under the executive branch of the governor
  • Governed by Florida Statute 120
  • Secretary of DBPR is appointed by the governor, subject to conformation by the Florida Senate
  • Has authority to investigate consumer complaints, issue subpoenas when conducting investigations, issue cease and desist orders to unlicensed individuals, and issue citations to licensed individuals
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6
Q

Powers and duties of DBPR

A

Adopt rules and regulations; standing to challenge any rule of Commission;
Prepare and administer examinations;
Issue licenses;
Investigate complaints;
Seek evidence in investigation or proceeding (take depositions and issue subpoenas)

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7
Q

Division of real estate

A

DRE, Director appointed by Secretary of DBPR subject to approval by Commission; provides all services concerning Chapter 475
- Administrative ditties of DRE include routine duties and clerical functions on behalf of the FREC

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8
Q

Duties of Division

A

Executive (investigation of complaints);
Ministerial (maintenance of records);
Administrative (clerical and routine duties)

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9
Q

FREC (Floria Real Estate Commission)

A

7 members: 4 brokers, 1 broker or sales associate, 2 consumer members; 1 member 60 years or older

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10
Q

Appointment of Members

A

Appointed by governor for 4 years term; confirmed by the senate

  • may not serve more than two consecutive terms
  • paid $50 per dime for official business and meetings
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11
Q

Commission powers

A

Executive power to regulate and enforce license law include;
- foster the education of applicants and licensees
- adopt a seal
- establish fees
Quasi-legislative power to enact and revise administrative rules include
- create and adopt (promulgate) rules and regulations
- regulate professional practices
Quasi-judicial power to grant or deny applications and administer penalties include
- grant and den applications for licensure
-suspend and revoke licenses, and impose administrative fines
-make determinations of violations

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12
Q

FREC may not impose imprisonment as a punishment

A

FREC power are limited to administrative matters and do not extend to criminal actions
FREC must inform the Division of Florida Condominiums, Timeshares, and Mobile Homes when disciplinary action is taken against a licensee

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13
Q

Legislative (Quasi-Legislative) Powers

A

Enactment of rules and regulations;
Can NOT conflict with constitution, statutes, and other laws;
Decide questions of practice ;
Validate records (imprinted with seal)

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14
Q

Petition Regarding rules

A

Any person regulated by FREC may petition the Commission to adopt, amend, or repeal a rule

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15
Q

Judicial (Quasi-Judicial) Powers

A

Suspend, revoke, reprimand, census, probation and administrative fines

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16
Q

Pubic hearing

A

Any person may present evidence and argument a t hearing

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17
Q

Specific powers and duties of FREC

A

Adopt a seal; certify documents (signed by authorized person) and imprinted with seal;
Certificates are prima facile evidence of authenticity in al courts in Florida; foster education ; establish fees

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18
Q

Prima facie evidence

A

“On its face” a document or and action is presumed to be true; may be refuted in court by evidence to the contrary

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19
Q

Real Estate License required IF

A

Person performs A BAR SALE services, involving real estate in Florida, FOR ANOTHER FOR COMPENSATION or the implied intent to collect compensation
UNLESS specifically exempt

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20
Q

A BAR SALE services

A

Advertise, buy, appraise, ret, or provide rental inflation or lists, seal, auction, lease, and exchange

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21
Q

License also required IF

A

Advertises engaged in business of providing agency services; takes part in procuring sellers, purchasers, lessors, leases, or in negotiation or closing of real estate transaction; sell timeshare plan

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22
Q

Operating as a broker or sales associate

A

Single act continues operating

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23
Q

Contract to employ unlicensed person

A

Contract, option or other device employed to permit unlicensed person to sell or lease real estate is null and void

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24
Q

Real estate for purpose of licensure

A

Any interest or estate in land; any interest in business enterprise or opportunity;
Including assignment, lease, leasehold, sublease hold, or mineral right; timeshares

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25
Q

NOT real estate for licensure

A

Cemetery lot; renting of mobile home lot in mobile home park

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26
Q

Payment to unlicensed person

A

Violation of Chapter 475, including payment of referral fees; attorneys not exempt

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27
Q

Compensation to foreign broker

A

Not violation if paid by Florida broke to foreign (outside Florida) broker AND foreign broke does not violate any law of Florida; foreign broker may pay compensation to Florida broker

28
Q

Owner

A

Exempt when he or she buys, sells, exchanges or leases own real estate; however exemption not available if agent, employee, or independent contractor is compensated strictly on a transactional basis

29
Q

Part-Owner (General Partner0

A

Exempt unless receives a large share of profits from sale of partnership real property than proportional investment would justify.
Profits MUST be paid in direct proportion to ownership interest

30
Q

Leasing agent for apartment

A

Exempt if salaried employee, works in onsite rental office, in leasing capacity (NO LIMITS ON LENGHT OF LEASE)

31
Q

Manager of condominium and coorperative

A

Exempt if employed for a salary and if rentals area for periods no greater than 1 year

32
Q

Attorney -at-law

A

Exempt within scope of his duties as attorney; Not exempt when performing services of real estate for compensation , including referral of clients and prospects

33
Q

Court appointee

A 
Personal representative (PR), 
Receiver, trustee,  master is. Exempt when appointed by will or by order of court
34
Q

Property management firm

A

Or apartment property owners may NOT pay a finder’s fee of more than $50 to a tenant of the complex for a rental referral

35
Q

Broker

A

Provide A BAR SALE services for another for a compensation; including general partner of real estate brokerage corporation

36
Q

Sales associate

A

Perform any act specified in definition of broker but must perform act UNDER direction, control, or management of another person; may be licenses as a professional limited liability company.
License issued in licensee’s legal name and appropriate include P.A., LLC OR PL (OR PLLC) after the name

37
Q

Employer of sales associate

A

Only one broker OR one owner- developer, “employment” including independents contractor relationship; sales associate ca manage branch office

38
Q

Owner-developer

A

Unlicensed entity which sells, exchanges, or leases its ow property

39
Q

Registered owner- developer

A

A developer registered within DBPR; employs licensees for commission sales

40
Q

Broker -associates

A

Qualified to be a broker bu operates as a sales associate in the employment of another

41
Q

Qualifications for practice

A

18 years of aged; high school diploma or its equivalent; no residency required to age state examinations; US citizenship not operated in violation of Chapter 475 within one year prior to application

42
Q

Application not residents

A

No resident require to take exam

43
Q

License become nonresident

A

Notify FREC of change of mailing address within 10 days; must notify

44
Q

Education pre- requisite for broker

A

Active license for 24 months during preceding 5 years in office of 1 o more real estate brokers in Fl or any other states, territory, possession of US or foreign national license

45
Q

Experience pre requisite for broker

A

Active license fro 24 months during preceding 5 years in office of 1 or more real estate brokers in Florida or any other state, territory, possession of US or Foreign National License jurisdiction

46
Q

Processing of application

A

DBPR has 30 days to determine if complete and 90 days to approve or deny application;
Commission may intervenes on behalf of either applicant or DBPR

47
Q

Initial application fees

A

Broker $91.75

Sales associates$83.75 + $36.75 test fees

48
Q

Fee waiver for military veterans

A

Initial application/licensing fees waived for honorable discharged

49
Q

Group license

A

Employment by more than one entry;
One owner developer may provide proof of properties owned in name of various entities but ownership and control in same individuals;
Sales associate or broker-associate may be issued group license

50
Q

Multiple license

A

Additional license;
Applies to brokers only ( not sales associate or broker-associate);
Must show additional licenses necessary to conduct brokerage business and will not be prejudicial to any person

51
Q

Active status

A

File appropriate form with employment information;

Required to operate as broker or sales associate

52
Q

Officers and directors;

General partners

A

Active broker status required if perform sales, direct sales force, direct advertising, contact with owners or investing public;
Active status not required if no duties, only clerical duties,accounting,office policy and procedures

53
Q

Contract for compensation

A

No contract for commission valid unless licensee has active status at time act or service was performed;
May be paid while holding inactive status

54
Q

Null and void license status

A

Has no license;
License null and void due to:
1) failure to complete post license education or expired more than 2 years
2) revoked by FREC
3) voluntarily relinquished or cancelled by FREC by request of license

55
Q

Voluntarily inactive status

A

License has requested inactive status;
License may be activated upon request;
Licensee may renew as inactive indefinitely

56
Q

Involuntarily inactive status

A

Status when license (other than initial license) is not renewed;
After two years in this status, license will automatically become null and void;
When only broker of a brokerage is no longer active (suspended or revoked) all licenses become involuntarily inactive

57
Q

Initial issue

A

First license as sales associate or broker;
Effective date is the date the license is issued by DBPR ;
Upon passing the exam, status is inactive;
Status is active when request is received by DBPR;
Expiration date is date indicated on license

58
Q

Expiration date

A

All licenses, permits and registrations expire on ether March 31 or September 30

59
Q

Renewal issue

A

Biennial renewal ;
Notice 90 days prior to end of license period;
Retain certificate of course completion for at least 2 years

60
Q

Effective date of renewal

A

Application received on or before expiration date- the day following expiration received after expiration - date application received by DBPR

61
Q

Reciprocity of Armed Service Members and spouse

A

Active duty and former active duty members and their spouses holding a valid real estate license in another jurisdiction must be issued a Florida real estate license upon applications

62
Q

Member of Armed Force renewal

A

Had license at time of becoming a member, kept in good standing without registering;
Paying fees, performing any other act while on active duty and 2 yrs after discharge, provided not engaged in practice of real estate for profit;
Similar provision for spouse only applies in case of licensee’s absence from the state because of member’s duties

63
Q

Change name or address

A

Notify DBPR using appropriate form;
Applies to change of resident mailing address;
Notify within 10 days

64
Q

License ceases to be in force

A

When broker OR school changes business address;
Sales associate OR instructor changes employer;
And until DBPR is notified ($500 citation if later than 10 days after change);
Both sales associate and broker must notify DBPR when sales associate ends employment

65
Q

Change principle office address

A

Business entity must reissue of license;

Everyone licensed with that entity is attached to that business entity’s license and address change

66
Q

Broker suspended or revoked

A

Licenses of all sales associates and broker-associates automatically involuntarily inactive;
License is inactive until new employment or connection secured

67
Q

Reinstatement after discipline

A

Commission must certify that licensee has complied with terms and conditions of final order

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