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Chapter 1 Becoming a Licensed Real Estate Broker Flashcards

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2
Q

Real Estate Services

A

A BAR SALE: Advertise Real Estate Services, Buy, Appraise, Rent or prove rental lists, Sell, Auction, Lease, Exchange

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3
Q

Compensation

A

is defined as anything of value or valuable consideration, directly or indirectly paid, promised or expected to be paid or received

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4
Q

What is an owner developer

A

An Owner Developer is an unlicensed entity that sells, exchanges, or leases its own property

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5
Q

Requirements for License

A

Be 18 Years of age or older, High school diploma, SSN (child support), Be honest truthful trustworthy of good character and have good reputation for fair dealing, be competent and qualified to make real estate transactions and conduct negotiations with safety to investors and other

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6
Q

Moral Turpitude

A

Moral Turpitude is conduct contrary to honesty, good morals, justice, or accepted custom. Embezzlement and crimes of larceny, including writing bad checks are generally considered moral turpitude.

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7
Q

Background Check of Criminal History

A

FBI and FDLE background check will be conducted

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8
Q

Nolo Contendtre

A

A plea of No Contest, needs to still be listed on the application

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9
Q

Nonresident Application Requirements

A

US Citizenship is not required of applicants, however applicants must posses a social security number, Furthermore, applicants do not have to be residents of Florida

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10
Q

Nonresident applicants: Mutual Recognition

A

FREC has mutual recognition agreements with licensing authorities in eight states Page 7

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11
Q

Nonresident applicants: Mutual Recognition

A

The intent of mutual recognition agreement is to recognize the education and experience of individuals licensed in another state or nation when the other jurisdiction has education and experience requirements comparable to Florida’s. Page 7

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12
Q

Nonresident applicants: Mutual Recognition

A

A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. Page 7

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13
Q

Nonresident applicants: Mutual Recognition

A

Reciprocity is an agreement between two states that allows a real estate licensee with a valid license in one of the states to practice real estate in both states. There is NO Reciprocity between Florida and any other state. Page 9

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14
Q

Nonresident applicants: Mutual Recognition

A

Mutual Recognition is NOT Reciprocity Page 9. Review grey box.

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15
Q

Florida Resident Defined

A

FREC rules define a resident of Florida as a person who has resided in Florida continuously for a period of four calendar months or more within the preceding year. Page 10

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16
Q

Broker Education Requirements

A

69 Hours of instruction (Course II) Page 11

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17
Q

Education Exemptions

A

4 Year Degree: Exempt from Course I,II, Post, but NOT CE / Attorney Exempt from Course I and CE but not Course II or Post License. Page 13

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18
Q

Post Licensing Education

A

Brokers Licensee are required to complete Post Lic Education before 1st renewal of their licenses. 60 hours Page 13

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19
Q

Continuing Education

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A

At least 14 Hours of continuing Education during every two year license period. Page 13

20
Q

License Renewal

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A

The initial effective date of license is the date applicant passed the license exam. Expires either March 31/September30 page 14

21
Q

Voluntary inactive

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A

The licensure status that results when a licensee has applied to the DBPR to be placed on inactive status Page 16

22
Q

Involuntary Inactive

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A

The licensure status that results when a license is not renewed at the end of the license period prescribed b the DBPR Page 16

23
Q

When a license has been involuntary inactive for: 12 months or less

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A

14 hours of FREC CE Page 16

24
Q

When a license has been involuntary inactive for: 12 months or more but less then 24 months

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A

28 hours of commission prescribed course. Page 16

25
Q

Registration

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A

Registration is the process of submitting information to the DBPR that is entered into the Departments records. Page 17

26
Prima Fascia Evidence
is a legal term used to refer to evidence that is good and sufficient on its face (at first view) to establish a given fact or prove a case. (Presumptive evidence) A real estate license serves as prima fascia evidence, holds a current license. Page 18
27
Multiple Licenses
Multiple Licenses are issued to a broker who qualifies as a broker for more than one business entity. Page 19
28
Group License
A group license is sometimes issued to sales associates or brokers associates who are registered under an owner developer Page 19
29
Current Mailing Address
Current mailing address is the current residential address used to receive mail. Must notify the DBPR in writing written ten days of a change in current mailing address. Page 19
30
Individuals Exempt from Real Estate License
Individuals who deal in personal Property page 20
31
Individuals Exempt from Real Estate License
Individuals who specialize in the sale of businesses Known as business brokers MUST hold Florida Real Estate License Page 20
32
Individuals Exempt from Real Estate License
An Owner Developer (real estate broker) provided they do not receive a commission. Page 20
33
CH1 Summary of Important Points
Real estate services include any real estate activities involving compensation for performing the service for another. Compensation is anything of value paid or promised to be paid to an individual for performing services of real estate.
34
CH1 Summary of Important Points
An owner developer is an unlicensed entity that sells, exchanges or leases its own property. Sales staff must hold active real estate licenses to be paid commission. The sales staff is exempt from licensure if paid strictly on salaried basis.
35
CH1 Summary of Important Points
A broker associate is an individual who meets the requirements of a broker but who chooses to work in real estate under the direction (employ) of another broker
36
CH1 Summary of Important Points
Applicants must be at least 18 Years of age and have earned a high school diploma or its equivalent. US citizenship is not required, and applicants do not have to be Florida residents. However applicants must possess a SSN
37
CH1 Summary of Important Points
Resident licensees who move out of state must notify the commission within 60 days of the change in residency.
38
CH1 Summary of Important Points
A resident of Florida is a person who has resided in Florida continuously for a period of four calendar months or more within the preceding year.
39
CH1 Summary of Important Points
Broker applicants must complete at least 24 months of experience during the five year proceeding applicant to become a Florida license real estate broker
40
CH1 Summary of Important Points
Brokers must complete 60 hours of post license education before the expiration of their initial license. Failure to do so will cause the broker license to become null and void
41
CH1 Summary of Important Points
Fourteen hours of continuing education each license period is required for all real estate licensees following the initial license period.
42
CH1 Summary of Important Points
There are two types of inactive status: voluntary and involuntary. A licensee who has qualified for a real estate license but who voluntarily chooses not to engage in the real estate business may request voluntary inactive status. Involuntary inactive status occurs when a licensee fails to renew an active or voluntary inactive license before the expiration date
43
CH1 Summary of Important Points
"Multiple licenses" refers to those cases in which a broker holds more than one brokers license.
44
CH1 Summary of Important Points
A group license is issued to a sales associate or broker associate employed by an owner-developer (real estate developer) who owns properties in the name of various entities. A group license entitles the licensee to work in the various sales projects owned by the owner developer
45
CH1 Summary of Important Points
Licensee must notify the DBPR in writing within ten days of a change in mailing address

Real Estate Broker (2 decks)

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