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Florida Real Estate
Chapter 1
| Question | Answer |
|---|---|
| Caveat Emptor | Buyer Beware |
| DRE | Division of Real Estate |
| Florida Statue 475 part 1 | Real Estate Brokrage |
| Florida Statue 475 Part II | Real Estate Appraisers |
| FREC | Florida Real Estate Commission |
| FREAB | Florida Real Estate Appraisal Board |
| DBPR | Department of Business & Professional Regulation |
| Section 455.10 | Does not need to be a US citizen to have a real estate license |
| Statue 120 | Licensing & Disciplinary process for real estate licensees |
| Chapter 6IJ2 | Rules of the florida real estate commission |
| How does a Sales Associates license become active | initially voluntary inactive. Can become active by finding an employer and filing the information with the DBPR |
| Owner Developer | Unlicensed entity that sells, exchanges, or leases property |
| Owner Developer Sales Staff | Must hold an active real estate license in order to be paid a commission or other compensation based on actual sales. Staff is exempt if paid strickly on salary basis |
| What education does a broker require | Requires additional education |
| Nolo Contendere | No contest |
| FDLE | Florida Department of Law Enforcement |
| Pearson Vue | Where finger prints are scanned |
| Real Estate License Application | Is good for two years from the date the complete application is received by DBPR |
| When must applicant be informed of approval or denial | Within 90 day of receipt of the last correctly submitted application |
| When must you notify the commission of change of residency | within 60 days of change of residency and comply with all nonresidential requirements |
| What are the consiquences for not notifying the commission of residency change | Section 475-180 F.S. may be issued a citation and fined 300.00 |
| Changes in mailing address | Must notify DBPR within 10 days |
| Reciprocity | There is no reciprocity in florida only Mutual recognition. Must take license exam with 40 questions |
| Florida Resident | A person residing in florida continuously for a period of four calendar months |
| Sales associate qualifications | must be 18 years of age, have a high school diploma, possess a Social security number, have a good reputation for fair dealing, competent and qualified to make transactions and conduct negotiations with safety. |
| Sales associate education requirements | course 1 - 60 hours of instruction plus 3 hours for end of course exam of 100 questions |
| Attorneys practicing real estate | Exempt from course 1 |
| Real Estate Agents with 4 year degree | Exempt from prelicense course |
| passing score on license exam | 75% or higher |
| What must new sales associates do before practicing real estate | Must change from inactive to active |
| request to become active | form must include, sales associates name, license number, contact information, employer information, license number & business address |
| Students must not miss how many instructional hours | 8 hours. an instructional hour is considered to be 50 minutes |
| If you fail exam what should you do | wait 30 days from date of original exam |
| new licensees must | complete a prescribed post licensing education requirement before the first renewal of their license. (conditional probation status. |
| how many hours is post licensing for a sales associate | 45 hours- must pass post license exam with a 75% score |
| How many hours of continuing education do you need in florida | 14 hours every 2 years |
| broker education requirements | Must complete course II 69 hours of instruction plus 3 hours of end of course exam |
| Changing from sales person to broker | Hold active license for 24 months during a five year period preceding application plus 45 hours of post licensing additional education |
| Broker continuing education | 14 hours |
| bk | broker |
| bo | branch office |
| sl | sales associate |
| bl | broker associate |
| cq | corporations and LLC, PR partnerships & LLPs |
| Real Estate License is considered | Prima Facie evidence- must have current drivers license |
| A BAR SALE | advertise, buy, appraise, rent, sell, auction lease exchange. |
| Real Estate Includes | Minteral rights, business enterprises or business opportunities. |
| Compensation | Anything of value or a valuable consideration directly or indirectly paid promised or expected to be paid. |
| Compensation includes | form of salary, bonuses, commissions, gratuities, dinner, flowers, wine, gift certificates, event tickets etc |
Created by:
Tinamm2000