Section 2: License Law and Administration Flashcards Preview

Real Estate Exam Florida > Section 2: License Law and Administration > Flashcards

Flashcards in Section 2: License Law and Administration Deck (27):
1

Active license

Status that is required to engage in real estate services. Sales associates achieve status by finding an employer and registering with the DBPR under the employing broker or owner-developer.

2

Address of record

The licensee's current mailing address or email address to which the DBPR sends official communication

3

Canceled

means to become void without disciplinary action

4

Cease to be in force

(or cease to be in effect) means that when certain events occur, such as a broker changing a business address, the licensee cannot conduct business until the DBPR receives notification of the change

5

Current mailing address

The current residential address a licensee uses to receive mail through the U.S. Postal Service

6

Executive

Powers of the Florida Real Estate Commission include the power to regulate and enforce license law

7

Group license

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 and entitles the licensee to work for the separate sales projects owned by the owner-developer

8

Ineffective

refers to a license that exists, but the licensee cannot use it because it is either inactive or has been suspended

9

Involuntary inactive

results when a license is not renewed at the end of the license period

10

Ministerial duties

Duties of the Division of Real Estate that involve recordkieeping

11

Multiple Licenses

refers to when a broker holds more than one broker's license

12

Promulgate

means to enact and publish rules

13

Quasi-Judicual

Powers of the FREC include the power to grant or deny license applications, to determine license law violations, and to administer penalties

14

Quasi-legislative

powers of the FREC include the power to enact administrative rules and regulations and to interpret questions regarding the practice of real estate

15

Void

means to no longer exist

16

Voluntary inactive

results when a licensee has applied to the DBPR to be placed on inactive status

17

Who are the 7 Florida Real Estate Commissioners of FREC

- 4 real estate brokers with active licenses for the last 5 years preceding
- 1 real estate broker or sales associate with an active license for the last 2 years preceding
- 2 consumer members who have never been real estate brokers or sales associates`

18

Requirements of FREC appointees

- Appointed by the governor, confirmed by the senate
- Appointed to 4 year staggered-terms
- May NOT server more than 2 consecutive terms
- Paid $50 per day per diem
- At least one of the 7 members must be 60 years or older

19

FREC powers

- Executive power to regulate and envorce license law
- Quasi-legislative power to enact and revise administrative rules
- Quasi-judicial power to grant or deny applications and administer penalties

20

What is the DBPR?

- Department of Business and Professional Regulation
- Under the executive branch of the governor

21

What is the DRE

Division of Real Estate
- The Director of the DRE is appointed by the Secretary of the DBPR, subject to FREC approval

22

How long to Licensees have to notify the DBPR of a change in address?

10 days

23

What is the initial effective date?

The date the applicant has passed the license exam.

24

How many days does a sales associate, broker associate, or instructor have to notify the FREC of a change of employer?

10 days

25

Active Status

Required to operate as a licensee

26

When do real estate licenses expire?

2 years after the passing of a license exam
- All licenses expire on either March 31st or September 30th

27

How long does the US Armed Forces exemption last?

While the licensee is on active duty AND 6 months after.
- Also applies to the spouse when they are out of state IF the spouse is licensed.