Flashcards in Real Estate Course Chapter 2 Deck (21)
The Florida Real Estate Commission
The Division of Real Estate
What law is often referred to as the Real Estate Professional Practice Act?
Florida Statute Chapter 475
Chapter 475 is divided into four parts. What does each part pertain to?
1) pertains to real estate brokerage
2) pertains to real estate appraisers
3) Commercial Real Estate Sales Commission lien act, pertains only to commercial property
4) Commercial Real Estate Leasing Commiission Lien Act, give a broker lien rights for earned commission associated with a brokerage agreement to lease commercial real estate
What does Fla Statute 455 define?
defines the general legal practice and procedure for the Dept of Business and Professional Regulation (DBPR)
What chapter of the Fla statutes defines the procedural provess by which regulatory agencies decide and implement agency action? This is where the licensing and disciplinary process for real estate licensees is outlined
Florida Statute 120
Name the particular chapter pertaining to the administrative rules developed by the FREC, persuant to the rulemaking process outlined in Chapter 120, Fla statutes
Is U.S. citizenship required of applicants
No, but they will still need a social security card
What are mutual recognition agreements
They are agreements between certain states. They exclusively apply to non-residents who are licensed in other jurisdictions. They do not have to take the pre-license education course.
They will still need to a Fla law license exam consisting of 40 questions and need 75% to pass.
Note: a resident of Fla who is licensed in a mutual recognition state CANNOT apply for a Fla R.E. license under mutual recognition.
Define Florida resident
A person who resided in Florida continuously for a period of four calander months or more within the preceding year
Define Moral Turpitude
Conduct contrary to honesty, good morals, justice, or accepted custom. Embezzlement and crims of larceny, including writing bad checks, are considered moral turpitude.
How many times can you retake the R.E. test before you have to take the pre-license course over again?
1 time. They also must wait 30 days after failing the first time to take the test again.
Summary of Education Exemptions for 4 year degree
Prelicense Course 1: exempt
Prelicense Course 2: exempt
Con't Education: NOT exempt
Summary of Education Exemptions for Attorney
Prelicense Course 1: exempt
Prelicense Course 2: NOT exempt
Post-License: NOT exempt
Con't Education: exempt
How many hours is the post-licensing requirement for Sales Associates?
After one has completed the post-licensing requirment, what is the continuation requirement?
14 hours every two years. 3of these hours must be in core law.
What is the Broker experience requirement?
they must have held an active real estate license for at least 24 months during the the five-year period preceding application to become a Broker
What is the Broker Post-licensing education requirement?
Define Prima Facie
evidence that is good and sufficient on its face to establish a given fact or prove a case.
Define Real Estate Services
Any real estate activity involving compensation for performing the service for another