Section 1: License Law and Qualifications For Licensure Flashcards Preview

Real Estate Exam Florida > Section 1: License Law and Qualifications For Licensure > Flashcards

Flashcards in Section 1: License Law and Qualifications For Licensure Deck (27)
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1
Q

Broker

A

A person who, for another and for compensation or other consideration, performs real estate services

2
Q

Broker Associate

A

A person who meets the requirements of a broker but who chooses to work in real estate under the direction of another broker

3
Q

Caveat Emptor

A

A policy of letting the buyer beware

4
Q

Compensation

A

Anything of value or valuable consideration, directly or indirectly paid, promised, or expected to be paid or received

5
Q

License

A

A written document issued by the DBPR that serves as a prima facie evidence that the person is licensed on the date shown

6
Q

Mutual recognition agreement

A

A transational agreement between Florida and another state that provides for the two states to recognize each other’s real estate prelicense education

7
Q

Nolo contendre

A

A plea of no contest

8
Q

Owner Developer

A

an unlicensed entity that sells, exchanges, or leases its own property

9
Q

Prima Facie Evidence

A

a legal term to refer to evidence that is good and sufficient on its face to establish a given fact

10
Q

Real estate services

A

Include any real estate activities involving compensation for performing the service for another

11
Q

Reciprocity

A

the practice of mutual exchanges of privileges. Some states have reciprocal arrangements for recognizing and granting licenses to licensed real estate professionals from other states

12
Q

Registatration

A

the official placement of a real estate business or individual into the DBPR’s records

13
Q

Resident of Florida

A

Someone who has resided in Florida Continuously for a period of four calendar months or more within the previous year, regardless of Whether the person resided in a recreational vehicle, hotel, rental unit, or other temporary or permanent solution.

14
Q

Sales associate

A

a person who performs real estate services for compensation but who does so under the direction, control, and management of an active broker or owner-developer

15
Q

Withhold adjudication

A

occurs when the court determines that a defendant is not likely to again engage in a criminal act and that the ends of justice and the welfare of the society do not require the defendant to suffer the penalty imposed by law.

16
Q

Two types of real estate licenses

A

Sales associate and Brokers License

17
Q

How long is a real estate license good for?

A

Two years from the date of the complete application

18
Q

Real Estate Services (A B.A.R. S.A.L.E.)

A

A- Advertise

B- Buy
A- Appraise
R- Rent or provide rental information

S- Sell
A- Auction
L- Lease
E- Exchange

19
Q

Who is required to hold a real estate license?

A

A person who performs any real estate service for compensation OR implied compensation unless specifically exempt.

20
Q

Application requirements

A
  • 18 years or older
  • High SChool Diploma
  • Social Security Card
  • Be of good character
  • Have not violated Chapter 475
21
Q

Can real estate attorneys receive compensation for performing real estate services?

A

No, UNLESS they have a license.

22
Q

Post-Licensing Requirements

A
  • Florida sales associates must complete the 45-hour post-licensing course before the expiration of the initial sales associate license
  • Failure to do so will make the license null and void
23
Q

Broker Requirements

A
  • Complete Course II with a passing score of 70

- Complete at least 24 months of real estate experience during the preceding 60 months

24
Q

Continuing Education REquirement

A

Requires 14 hours of continuing education during each subsequent license period following the initial license period

25
Q

General Exemptions from real estate licensure

A
  • Property owners who buy, sell, exchange, or lease their own property
  • Part owners provided that they do NOT receive a larger share of the profits than their proportional investment
  • Business entities that sell, exchange, or lease their own real property
  • Slaried employees of business entities who sell, exchange, or lease real property for their employer
26
Q

Who must comply with all F.S. 475 Requirements and FREC rules?

A

Both non-residents AND licensees

27
Q

Who do mutual recognition agreements apply to?

A

Exclusively to nonresidents licensed in other jurisdictions