Section 3: License Law, Qualifications for Licensure, and Commission Rules Flashcards
(26 cards)
Sales Associate
can perform real estate services only under the supervision of a licensed broker
Caveat Emptor
Let the buyer beware”) is the legal principle that the buyer is responsible for checking the quality of the product before making a purchase.
Broker Associate
A licensed broker who chooses to work under the supervision of another licensed broker
Broker
A person (or entity) who performs real estate services for others for compensation and may supervise other real estate licensees
Mutual Recognition Agreement (MRA)
A contractual agreement with some states in which the education and experience of individuals licensed in those states is recognized.
Florida’s MRAs
Florida currently has mutual recognition agreements with Georgia, Alabama, Mississippi, Arkansas, Nebraska, Illinois, Connecticut, Rhode Island, Kentucky and West Virginia.
DBPR
Department of Business and Professional Regulation
Prima Facie Evidence
Evidence is sufficient on its face to prove a case.
Real estate services include
advertising real estate services, buying, appraising, renting, selling, auctioning, leasing, or exchanging real estate.
Renewing Licenses
Biennial license fee, unlicensed activity fee, and, if required, a Real Estate Recovery Fund fee
Updating Your Address
You’re required to notify the DBPR in writing within 10 days of a change in your current residential mailing address. Failure to do so puts you at risk of a citation and a $500 fine.
March Renewal
Initial licensing from April - September
September Renewal
Initial licensing from October - March
Involuntary Inactive
If you do not renew your license before the expiration date
Voluntary Inactive
Status after passing the exam, before registering with a broker. You’re qualified to practice real estate but choose not to. You can return to real estate at any time.
Group License
Sometimes issued to a broker/sales associate who works for an owner/developer who owns property under different business names.
Multiple Licenses
Issued to a broker who is the broker for more than one business entity.
Florida Real Estate Commission (FREC)
Made up of seven commissioners including active licensees and consumers. 4 active brokers (5 years experience), 1 active licensee (2 years experience), and 2 never licensed individuals. 1 must be 60 or older.
Commision’s Powers
Executive: Regulate and enforce real estate laws
Quasi-Legislative: Enact and revise administrative rules
Quasi-Judicial: Grant or deny license applications, determine violations of license law, and administer penalties
Executive Duties
Adopt a seal
Foster the education of applicants and licensees
Regulate professional practices
Report criminal violations
Quasi-Legislative Duties
Pass rules and regulations
Establish fees
Quasi-Judicial Duties
Grant or deny applications for licensure
Suspend or revoke licenses
Impose administrative fines
DBPR Divisions
Division of Professions
Division of Service Operations
Division of Florida Condominiums, Timeshares, and Mobile Homes
Division of Real Estate
Division of Real Estate (DRE)
Provides the administrative services and ministerial duties needed for the examination and licensing of real estate professionals in Florida.
