Unit 3 - Real Estate License Law and Commission Rules

Question 1

Active License

Answer 1

A current, valid license registered with the DBPR. The status required to actively engage in the real estate business.

Question 2

Cancel

Answer 2

A license ceases to exist, effective as of the date approved by the Commission, and does not involve disciplinary action.

Question 3

Cease to be in force

Answer 3

A licensee cannot perform real estate services because certain events to occur, such as when a broker changes business address

Question 4

Current Mailing Address

Answer 4

The residential address a licensee uses to receive mail through the US Postal Service

Question 5

Current Status

Answer 5

Indicates a licensee is up to date with respect to the DBPR’s licensure requirements.

Question 6

Executive

Answer 6

Duties related to the education of licensees, the regulating of professional practices, and the publishing of materials.

Question 7

Group License

Answer 7

A group license is for an owner/developer who owns properties through various entities, but all such entities are connected so that such ownership or control is by the same individual or individuals. A sales associate or broker associate may have a “group license” in order to sell for all the entities owned by the owner/developer.

Question 8

Involuntary Inactive

Answer 8

The licensee has not completed a timely renewal of their license. (e.g. past their expiration date)

Question 9

Ministerial Duties

Answer 9

The recordkeeping duties of the Division of Real Estate

Question 10

Multiple Licenses

Answer 10

Multiple licenses give the broker the ability to hold the title of broker at numerous real estate agencies at the same time. The broker can also remain a sole proprietor of his agency.

Question 11

Null and Void

Answer 11

A license becomes “null and void” after a licensee fails to renew the license for two consecutive licensure cycles.

Question 12

Probation

Answer 12

An administrative penalty imposed by the FREC that allows the licensee to continue to practice real estate under the guidance of the FREC

Question 13

Promulgates

Answer 13

The formal act of announcing a statute or an administrative rule

Question 14

Quasi-judicial

Answer 14

Powers delegated to the FREC to enact rules and regulations, decide questions of practice and validate records

Question 15

Quasi-legislative

Answer 15

Powers designated to the FREC to enact rules and regulations, decide questions of practice and validate records

Question 16

Voluntary Inactive

Answer 16

A licensee who has qualified for a real estate license but who voluntarily chooses not to engage in the real estate business during a given period and requests such a change is placed on voluntary inactive status.

Question 17

Voluntary Relinquish

Answer 17

The licensee requests that the DBPR cancel the license