Highlight chapter 3 Flashcards
Powers of the department
The department DBPR may also act as a plaintiff in a civil action, in which case, a civil penalty of not less than 500, or more than 5000 for each offense may be imposed
Composition of the commission
There are seven members on the commission FREC, who are appointed by the governor and subject to confirmation by the Senate.
Subsequent renewals
For all subsequent (biennial) renewal . Following initial license, licenses must renew by completing the 14 hours CE requirements. Failure to renew a license prior to the expiration, and other than the initial license., Will put the license into involuntary inactive status. The licensee may not practice real estate while their license is in involuntary inactive. The license can remain in the status for up to two years.
Involuntary inactive status
An individual who does not request renewal of their second or subsequent license, pay the required fees, or maintain their CE requirements will have their license automatically placed and involuntary inactive status. A license may remain an involuntary inactive status for no more than two years.
Void and ineffective licenses
If a broker license is suspended, revoked, or otherwise, void or ineffective, the licenses of all persons who are employed, and they’re such a broker become automatically inactive
License canceled
If a licensee decides to no longer practice, Real Estate, they could return the license to the department, the license would be canceled
Group license
A group license is a single real estate license that can be obtained. If the sales associate or broker associate works for one owner developer with affiliated organizations, which provides real estate services in different geographic areas.
Multiple licenses
A broker can be issued additional licenses in two or more capacities by requesting multiple licenses. The broker must show that the additional licenses are necessary for legitimate business reasons.
