Unit 3

Question 1

Department of Business and Professional Regulation (DBPR)

Answer 1

• The department of Business and Professional Regulation (DBPR) is the agency charged with licensing and regulating businesses and professionals in Florida.
• The DBPR is under the executive branch of the governor and it’s governed by chapter 120, F.S

Question 2

Division of Real Estate

Answer 2

The division of real estate (DRE) performs all functions related to the related to the regulation of general real estate in Florida.

Question 3

Florida Real Estate Commission

Answer 3

The Florida real estate commission (FREC) is the regulatory body charged by the Florida Legislature with protecting the general public by regulating real estate brokers and brokerage firms, broker associates, sales associates and real estate schools and instructors.

Question 4

Composition and Qualifications

Answer 4

The Florida Real Estate commission (FREC) consist of seven members.

• 5 Of the members are professional (Licensed) members of which:
• 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 who has held an active license during the two years preceding appointment.
• Two remaining members are consumer (unlicensed or lay) members who never been real estate brokers or sales associates.
• At least one of the seven members must be 60 years of age or older.

Question 5

Term of Office and Compensation

Answer 5

• There is no legislated maximum number of years commissioners may serve, through commissioners may not serve more than two years of consecutive terms.
• Commission members do not receive a salary. In lieu of salary, they are paid $50 per day for each day they attend an official meeting and for each day they participate in other Commission business.

Question 6

License Renewal Period

Answer 6

The initial effective date of a real estate license is the date DBPR issues the license. All real estate licenses are issued with and expiration date of either March 31 or September 30.

Question 7

Active Vs. Inactive

Answer 7

Active license- is required to engage in real estate brokerage services.
Voluntary Inactive- A license who has qualified for a real estate license but who chooses not to engage in the real estate business during a given period and request such changes.
Involuntary Inactive- If a licensee fails to renew an active or voluntary inactive license before the expiration date (other than the first renewal) reverts automatically to involuntary inactive.

Question 8

Multiple Licenses and Group Licenses (Multiple Licenses)

Answer 8

Multiple Licenses are issued to a broker who qualifies as the broker for more than one business entity. For each business that a person is a broker, a separate broker license must be obtained.

Question 9

Multiple Licenses and Group Licenses (Group Licenses)

Answer 9

A group license is sometimes issued to a sales associate or broker associates who are registered under an owner-developer.