Violation of License Law, Penalties & Procedures.

Question 1

7 steps for complaint process?

Answer 1

1) Complaint is filed 2) Investigation 3) Probable cause determination 4) Formal Complaint 5) Informal/Formal hearing 6) Final Order 7) Judicial review

Question 2

Most severe penalty that FREC imposes?

Answer 2

Revocation of license is permanent

Question 3

Penalty for Second-Degree Misdemeanor

Answer 3

Fine of $500 or 60 days imprisonment

Question 4

Penalty for First-Degree Misdemeanor

Answer 4

Fine of $1000 or 1 year imprisonment

Question 5

Penalty for Third-Degree Felony

Answer 5

Fine of $5000 or 5 year imprisonment

Question 6

Florida Real Estate Recovery Fund

Answer 6

Reimburse individual or business for monetary damages

Question 7

Monetary Limits

Answer 7

$50,000 for one transaction, $150,000 on more than one transaction.

Question 8

Fraud

Answer 8

Intentional deceit for the purpose to inducing another to rely on information to part with some valuable asset or legal right.