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Florida RE exam > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

What type of penalties can be imposed by FREC?

A

Administrative Penalties

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2
Q

What type of penalties can be imposed by the courts?

A

Civil or Criminal Penalties

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3
Q

What is a Civil Penalty?

A

Penalty imposed by the court that imposes a fine as compensation for wrongful conduct

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4
Q

What is the criminal penalty imposed for violation of rental list requirements?

A

first degree misdemeanor
up to 1 year in prison
up to $1000 fine

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5
Q

What is the criminal penalty imposed for acting as a broker or sales associate without a license?

A

Third degree felony
5 years in prison
up to $5000 fine

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6
Q

What is the criminal penalty imposed for disseminating false or misleading information?

A

Second degree misdemeanor

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7
Q

What is the criminal penalty imposed for knowingly giving false information when applying for a license?

A

Third degree felony
5 years in prison
up to $5000 fine

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8
Q

What is the criminal penalty imposed for a sales associate collecting money in connection with a real estate transaction other than in the name of the employer?

A

Second degree misdemeanor

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9
Q

What is the criminal penalty imposed for stealing or reproducing DBPR examination materials?

A

Third degree Felony
5 years in prison
up to $5000 fine

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10
Q

What is the range of penalties imposed for a second degree misdemeanor?

A

Fine of up to $500 and or jail for up to 60 days

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11
Q

What is the difference between mitigating circumstances and aggravating circumstances?

A

mitigating can make things better, reducing a penalty
aggravating makes things worse and adds on to the penalty

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12
Q

What is misrepresentation?

A

Misstatement or Omission of facts that could lead to fraud

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13
Q

What is concealment?

A

Agent’s failure to disclose material information to their principal

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14
Q

What is breach of trust?

A

when a broker violates their fiduciary duties to their principal

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15
Q

What is conversion?

A

When a broker uses escrow funds for their personal use

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16
Q

What is an example of culpable negligence for a broker?

A

a broker who operated in a reckless, careless, and excessively negligent manner, costing a sale

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17
Q

What is a conspiracy?

A

Actions of 2 or more licensees acting together to defraud a third party

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18
Q

When may a broker use a lottery to induce a person to buy real estate?

A

When no purchase is required in order to participate

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19
Q

What is the broker’s duty when asked about the title of a property?

A

The broker must advise the buyer to obtain title insurance or obtain an attorney’s title opinion

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20
Q

What must a broker do if they are aware of a lien on the property?

A

Broker must disclose the existence of the lien

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21
Q

What is the max amount of a fine that FREC may impose for violation of a rule?

A

$5000 per violation

22
Q

What is the minimum penalty administered by FREC

A

reprimand

23
Q

What is the maximum penalty administered by FREC?

A

Revocation of the license

24
Q

What does license revocation do?

A

permanently removes a license, preventing further practice of real estate in Florida

25
Q

What is the typical length of the probation period?

A

90 days

26
Q

What is the maximum period of license suspension?

A

10 years

27
Q

What could happen if your license is suspended a second time?

A

revocation

28
Q

What must a licensee do upon receiving a conviction of a crime?

A

report it to DBPR within 30 days

29
Q

When does FREC use notices of non-compliance?

A

To handle first time minor violations that do not result in economic or physical harm to persons

30
Q

How long does a licensee have to correct a violation after receiving a notice of noncompliance?

A

15 days

31
Q

What happens if you do not correct the violation given in the notice of noncompliance in a timely manner?

A

You are issued a citation

32
Q

How many days until an undisputed citation becomes a final order?

A

30 days

33
Q

What are the steps in the FREC disciplinary process?

A

1- Complaint
2- Investigation
3- Probably Cause panel
4- Administrative/Formal Complaint
5- Formal/informal hearing
6- Final order
7- Appeal

34
Q

What is the name given to the person filing a complaint?

A

Complainant

35
Q

What is the type of complaint that contains sufficient supporting evidence?

A

Legally Sufficient

36
Q

What happens when the complaint is found to be extremely serious in nature and poses an immediate and serious danger?

A

Secretary of DBPR issues a Summary (Emergency) Suspension

37
Q

What is the name given to the person whom a complaint is made about?

A

Respondent

38
Q

What is an election of rights form?

A

Form provided by the respondent to indicate whether they dispute the allegations made in a formal complaint

39
Q

What is the time period within which a respondent must file an election of rights form?

A

Within 21 days of the formal complaint

40
Q

What is a stipulation?

A

When the respondent agrees to a disciplinary action without agreeing or denying the complaint allegation

41
Q

When is an informal hearing held?

A

When the respondent does not dispute the facts of the allegations in the complaint

42
Q

What is a petition for review?

A

Document filed with the Florida District Court of appeals within 30 days of a final FREC order when the licensee does not agree with this order

43
Q

When is a writ of Mandamus issued?

A

When the district court of appeals restores a licensee’s privileges after a final order by FREC

44
Q

What can a licensee do if the district court of appeals agrees with FREC’s original decision?

A

They may appeal with the Florida Supreme Court

45
Q

What is the purpose of the Florida Real Estate Recovery Fund?

A

To reimburse members of the public who have lost money as a result of fraudulent actions of licensees

46
Q

When is reimbursement from the recovery fund made?

A

When the member of the public files a civil suit against a licensee and receives a judgement
The licensees personal assets are used first but aren’t enough to satisfy the judgement

47
Q

What is the maximum amount of the reimbursement from the Recovery Fund?

A

$50,000 per single judgment
Up to $150,000 for multiple judgements
Cannot recover court costs from the fund

48
Q

What happens to a licensee’s license when their actions resulted in a disbursement from the recovery fund?

A

Their license is suspended until they repay the money with interest

49
Q

How can the FREC enforce repayment to the recovery fund?

A

They can place a lien against all property owned by the licensee

50
Q

How is the Recovery Fund funded?

A

By fees and fines paid by licensees

Florida RE exam (18 decks)

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