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):
1

Broker

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

2

Broker Associate

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

3

Caveat Emptor

A policy of letting the buyer beware

4

Compensation

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

5

License

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

6

Mutual recognition agreement

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

7

Nolo contendre

A plea of no contest

8

Owner Developer

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

9

Prima Facie Evidence

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

10

Real estate services

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

11

Reciprocity

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

Registatration

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

13

Resident of Florida

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

Sales associate

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

Withhold adjudication

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

Two types of real estate licenses

Sales associate and Brokers License

17

How long is a real estate license good for?

Two years from the date of the complete application

18

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

A- Advertise

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

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

19

Who is required to hold a real estate license?

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

20

Application requirements

-18 years or older
-High SChool Diploma
-Social Security Card
-Be of good character
-Have not violated Chapter 475

21

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

No, UNLESS they have a license.

22

Post-Licensing Requirements

- 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

Broker Requirements

- Complete Course II with a passing score of 70
- Complete at least 24 months of real estate experience during the preceding 60 months

24

Continuing Education REquirement

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

25

General Exemptions from real estate licensure

- 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

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

Both non-residents AND licensees

27

Who do mutual recognition agreements apply to?

Exclusively to nonresidents licensed in other jurisdictions