Unit 3 Flashcards
The Department of Business and Professional Regulation (DBPR) is what?
The agency charged with licensing and regulating businesses and professionals in Florida.
The DBPR is under the executive branch of the governor and its governed by Chapter 120 FS
The Division of Real Estate (DRE) provides what?
Provides all services required to administer the Florida real estate license law. The duties of the DRE are essentially administrative and ministerial.
The Florida Real Estate Commission (FREC) is what?
Is the regulatory body charged by the Florida Legislature with protecting our he general public by regulating real estate brokers and brokerage firms, broker associates, sales associates and real estate schools and instructors.
The objective of such regulation is to protect the public (consumer protection) by ensuring that real estate licensees have at least minimal degree of competence.
FREC commissioner is appointed by whom?
The governor, subject to confirmation by the Florida Senate.
What is the FREC commissioners terms of office?
Four-year staggered terms. There is no legislated maximum number of years. Commissioners may not serve more than 2 consecutive terms.
Do FREC commissioners receive a salary? What is their compensation?
Commission members do not receive a salary. In lieu of a salary they are paid $50 per day for each day they attend an official meeting and for each day they participate in other Commission business.
The license renewal periods
The initial effective date of a real estate license is the date the DBPR issued the license. All real estate licenses are issued with an expiration date of either March 31 or September 30.
Voluntary Inactive.
A licensee who has qualified for a real estate license but who voluntarily chooses not to engage in the real estate business during a given period and requests such a change is placed on voluntary inactive status.
Involuntary inactive
If a licensee fails to renew an active or voluntary inactive license before the expiration date (other than the first renewal) the license reverts automatically to involuntary inactive status.
Multiple licenses
Are issues to a broker who qualifies as the broker for more than one business entity. A separate broker license must be obtained for each business.
A group license
Is sometimes issues to sales associates or broker associates who are registered under a broker of record of an owner developer. An owner developer may own properties in the name of various entities.
