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Questions and Answers
A sales associate's license may be?
A sales associate's license may be?
- Transferred to another state
- Automatically renewed
- Revoked by the Florida Real Estate Commission
- Suspended by the Florida Real Estate Commission (correct)
A person must be licensed if she is to sell ___________ belonging to clients who pay her a commission.
A person must be licensed if she is to sell ___________ belonging to clients who pay her a commission.
property
A broker must place funds belonging to others in __________ account.
A broker must place funds belonging to others in __________ account.
a trust, or escrow
License laws forbid soliciting for listings before one is licensed.
License laws forbid soliciting for listings before one is licensed.
A licensee's license can be revoked for intentionally misleading someone into signing a contract that she ordinarily would not sign.
A licensee's license can be revoked for intentionally misleading someone into signing a contract that she ordinarily would not sign.
Real estate licenses, once received, are good for __________ period of time.
Real estate licenses, once received, are good for __________ period of time.
A broker's unlicensed secretary may refer interested clients to whom?
A broker's unlicensed secretary may refer interested clients to whom?
A broker may use escrow moneys held on behalf of others for?
A broker may use escrow moneys held on behalf of others for?
In order to do business, a licensee must make proper application for a license, pass a licensing examination, and have a license issued by the __________.
In order to do business, a licensee must make proper application for a license, pass a licensing examination, and have a license issued by the __________.
A licensee can lose his license for paying a commission to a __________ person.
A licensee can lose his license for paying a commission to a __________ person.
A licensee can lose her license for selling properties quickly at low prices and buying properties for her own use from her principal.
A licensee can lose her license for selling properties quickly at low prices and buying properties for her own use from her principal.
Which of the following is not required to have a real estate license?
Which of the following is not required to have a real estate license?
A licensed sales associate __________.
A licensed sales associate __________.
In order to sell property belonging to a trust for which he is a trustee, the trustee must have a broker's license.
In order to sell property belonging to a trust for which he is a trustee, the trustee must have a broker's license.
A person who is employed to sell real estate must be __________.
A person who is employed to sell real estate must be __________.
The Florida real estate licensing laws are part of the __________.
The Florida real estate licensing laws are part of the __________.
The arrangement of forming a corporation to bypass broker licensing laws is legal.
The arrangement of forming a corporation to bypass broker licensing laws is legal.
Broker Johnson may deposit the money into the __________ trust money bank account.
Broker Johnson may deposit the money into the __________ trust money bank account.
Morgan, as a treasurer, can negotiate land deals and receive commission without a real estate license.
Morgan, as a treasurer, can negotiate land deals and receive commission without a real estate license.
A Florida Real Estate license is good for negotiating the sale of any kind of __________ in Florida.
A Florida Real Estate license is good for negotiating the sale of any kind of __________ in Florida.
A licensed broker may act independently under which conditions?
A licensed broker may act independently under which conditions?
The Real Estate Commission is composed of __________ members.
The Real Estate Commission is composed of __________ members.
A broker must keep their records of the transaction for __________ after it is concluded.
A broker must keep their records of the transaction for __________ after it is concluded.
The license renewal fee for a real estate sales associate is __________.
The license renewal fee for a real estate sales associate is __________.
Real estate broker's and sales associate's licenses are good for __________.
Real estate broker's and sales associate's licenses are good for __________.
The license application fee for a real estate broker is __________.
The license application fee for a real estate broker is __________.
After initial renewal, licensees must complete __________ hours of qualifying continuing education every two years.
After initial renewal, licensees must complete __________ hours of qualifying continuing education every two years.
Unlicensed practice of real estate is considered a third-degree felony.
Unlicensed practice of real estate is considered a third-degree felony.
Licensees must pay fees for which of the following?
Licensees must pay fees for which of the following?
If a licensee's license has become inactive, the licensee can activate it within __________ without having to retake the examination.
If a licensee's license has become inactive, the licensee can activate it within __________ without having to retake the examination.
A real estate associate's compensation is __________.
A real estate associate's compensation is __________.
A Florida real estate license is good only in __________.
A Florida real estate license is good only in __________.
After one becomes a broker, the most appropriate term for that person is __________.
After one becomes a broker, the most appropriate term for that person is __________.
A valid Florida real estate license application must include which of the following?
A valid Florida real estate license application must include which of the following?
An applicant for a nonresident license must sign the irrevocable consent to service section on the application.
An applicant for a nonresident license must sign the irrevocable consent to service section on the application.
The unlicensed practice of real estate in Florida is a __________ felony.
The unlicensed practice of real estate in Florida is a __________ felony.
Individuals with __________ are exempt from FREC Courses I and II and post-licensing education.
Individuals with __________ are exempt from FREC Courses I and II and post-licensing education.
A real estate license is not required in Florida to __________.
A real estate license is not required in Florida to __________.
If a licensee becomes nonresident, how long does he or she have to file an irrevocable consent to service with the DBPR?
If a licensee becomes nonresident, how long does he or she have to file an irrevocable consent to service with the DBPR?
The number of members of the Florida Real Estate Commission who must have held active licenses for the past five years is __________.
The number of members of the Florida Real Estate Commission who must have held active licenses for the past five years is __________.
The powers of the Florida Real Estate Commission include?
The powers of the Florida Real Estate Commission include?
The director of the Division of Real Estate (DRE) is appointed by the __________.
The director of the Division of Real Estate (DRE) is appointed by the __________.
A licensee can become inactive by?
A licensee can become inactive by?
An ineffective license is one that exists but cannot be used.
An ineffective license is one that exists but cannot be used.
A sales associate may __________.
A sales associate may __________.
An active broker must display an office entrance sign that includes?
An active broker must display an office entrance sign that includes?
A broker must reconcile the escrow account __________.
A broker must reconcile the escrow account __________.
A broker's escrow account may be at a __________.
A broker's escrow account may be at a __________.
A broker may not pay a commission to an unlicensed person, except for __________.
A broker may not pay a commission to an unlicensed person, except for __________.
In a real estate brokerage general partnership, which of the following is correct?
In a real estate brokerage general partnership, which of the following is correct?
The complaint process includes which of these initial steps?
The complaint process includes which of these initial steps?
A real estate licensee may request an informal hearing if he __________.
A real estate licensee may request an informal hearing if he __________.
A formal hearing is mandatory when the licensee disputes the allegation.
A formal hearing is mandatory when the licensee disputes the allegation.
The FREC can impose which of these penalties?
The FREC can impose which of these penalties?
Limits on amounts from the Recovery Fund are up to __________.
Limits on amounts from the Recovery Fund are up to __________.
People ineligible to collect from the Recovery Fund include?
People ineligible to collect from the Recovery Fund include?
A state-regulated account to cover claims of aggrieved parties who have suffered monetary losses from licensee's actions is called the __________.
A state-regulated account to cover claims of aggrieved parties who have suffered monetary losses from licensee's actions is called the __________.
Kickbacks are not allowed when they __________.
Kickbacks are not allowed when they __________.
DBPR stands for __________.
DBPR stands for __________.
To be licensed to sell real estate in Florida, an applicant must __________.
To be licensed to sell real estate in Florida, an applicant must __________.
A broker associate is licensed as a broker but chooses to work under the direction of __________.
A broker associate is licensed as a broker but chooses to work under the direction of __________.
The time for license application and pre-license education expires __________ after the application is received by the DBPR.
The time for license application and pre-license education expires __________ after the application is received by the DBPR.
Which type of listing is discouraged because it creates a conflict of interest?
Which type of listing is discouraged because it creates a conflict of interest?
Net listing is prohibited by licensing law in many states because __________.
Net listing is prohibited by licensing law in many states because __________.
__________ can sell any real estate without further licensing.
__________ can sell any real estate without further licensing.
Those exempt from licensure include?
Those exempt from licensure include?
In a transaction in which the licensed sales associate performed nearly all the work, who is the agent?
In a transaction in which the licensed sales associate performed nearly all the work, who is the agent?
The number of consumer members of the Florida Real Estate Commission is __________.
The number of consumer members of the Florida Real Estate Commission is __________.
The duties of the Florida Real Estate Commission include:
The duties of the Florida Real Estate Commission include:
Mildred may keep the check because she had a license when the commission was earned.
Mildred may keep the check because she had a license when the commission was earned.
The grace period for license renewal by those who are actively serving in the U.S. Armed Forces is up to __________ upon return.
The grace period for license renewal by those who are actively serving in the U.S. Armed Forces is up to __________ upon return.
Active Brokers must __________.
Active Brokers must __________.
Ads by brokers must include?
Ads by brokers must include?
If the type of agency is not noted, in Florida it is presumed to be __________.
If the type of agency is not noted, in Florida it is presumed to be __________.
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Study Notes
Florida Real Estate License Law Overview
- A sales associate's license can be suspended by the Florida Real Estate Commission (FREC).
- Individuals selling property for a commission must be licensed.
Trust Accounts and Fund Management
- Brokers must deposit clients' funds into a trust or escrow account.
- Escrow moneys cannot be used for personal loans, business collateral, or salary advances.
Licensing and Educational Requirements
- Real estate licenses are issued for a limited period and must be renewed.
- To do business, a licensee must apply, pass an exam, and get a license from the state.
- License applicants must disclose prior convictions and aliases.
Activities Requiring a License
- Soliciting listings before obtaining a license is prohibited.
- Paying commissions to unlicensed individuals can result in license loss.
Inactive and Exempt Status
- Licensees can become inactive by requesting it or not renewing the license.
- Trust property sales require a trustee to hold an appropriate license.
Commission Structure
- Broker associates work under a broker and must be compensated through their broker.
- Sales associates must complete post-license education before renewing their license.
Continuing Education and License Renewal
- Licensees must complete continuing education hours every two years to maintain active status.
Florida Real Estate Commission (FREC) Functions
- FREC consists of seven members, including four active real estate brokers.
- The commission can impose penalties such as suspensions, revocations, and fines.
Penalties and Violations
- Practicing real estate without a license is a third-degree felony.
- Complaints against licensees must be filed in writing, and may lead to investigation.
Business Structures in Real Estate
- Real estate brokerage entities may operate as sole proprietorships, partnerships, or corporations.
- In a general partnership, at least one partner must be a licensed broker.
Advertising and Transparency
- Brokers must display signs that include their name and brokerage information.
- Licensees must disclose their licensed status when advertising properties they own.
Financial Management
- Brokers must reconcile escrow accounts monthly and can hold funds at various financial institutions.
Miscellaneous Regulations
- The grace period for renewing licenses for military personnel is up to six months after return.
- A mutual recognition agreement allows out-of-state licensees to bypass some Florida-specific education but requires passing the state exam.
Exemptions and Special Cases
- Certain individuals, such as attorneys and CPAs, are exempt from needing a real estate license under specific conditions.
- The license is void if inactive for two years, evoked, or voluntarily canceled by the licensee.
Commission Fees and Recovery Fund
- Maximum recovery from the Real Estate Recovery Fund is $50,000 per transaction, up to a total of $150,000 for brokers.
- Individuals ineligible to collect from the Recovery Fund include those related to the judgment debtor or inactive licensees at the time of the transaction.
Regulatory Framework and Accountability
- The Department of Business and Professional Regulation (DBPR) oversees the FREC and real estate licensing.
- All licensing applications must be supported by proper documentation, including background checks and proof of education.
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