Unit 3 Key Terms Flashcards
active license
A current, valid license registered with the DBPR. the status required to actively engage in the real estate business.
cancel
A license ceases to exist, effective as of the date approved by the commission, and does not involve disciplinary action.
cease to be in force
A licensee cannot perform Real Estate Services because certain events occur, such as when a broker changes business address.
current mailing address
The residential address a licensee uses to receive mail through the U.S. Postal service.
current status
Indicates a licensee is up to date with respect to the DBPR’s licensure requirements.
executive powers
Powers delegated to the FREC to regulate and enforce license law. These powers include: 1) Foster the education of applicants and licensees. 2) Adopt a seal that when affixed to rules, regulations, or other official documents, properly signed, becomes prima facie evidence that the document is authentic. 3) Establish fees
group license
A right granted a sales associate or broker associate to work various properties owned by Affiliated entities under one owner developer.
involuntary inactive
The license status that results when a license is not renewed at the end of the license period.
ministerial duties
The duties of the Division of Real Estate that involve recordkeeping.
multiple licenses
Licenses held by a broker in two or more real estate brokerage firms.
null and void
The license status when a sales associate has failed to successfully complete post license education prior to the first renewal of the license or when a licensee has failed to renew two or more renewal cycles; the license status has been involuntary and active for more than 24 months.
promulgates
The formal act of announcing a statute or an administrative rule. To publish and officially announce a new or amended rule or statute. The FREC may promulgate rules and regulations.
quasi-judicial
Powers delegated to the FREC to discipline real estate licensees for violations of real estate license law and Frac administrative rules.
quasi-legislative
Powers delegated to the FREC to enact rules and regulations, decide questions of practice, and validate records (imprint with FREC’s seal).
voluntary inactive
The license status that results when a licensee has met all of the requirements for licensure, if the licensee chooses not to engage in the real estate business and has requested that the license be placed in this status.
