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Questions and Answers
A sales associate's license may be?
A sales associate's license may be?
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.
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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.
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Real estate licenses, once received, are good for __________ period of time.
Real estate licenses, once received, are good for __________ period of time.
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A broker's unlicensed secretary may refer interested clients to whom?
A broker's unlicensed secretary may refer interested clients to whom?
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A broker may use escrow moneys held on behalf of others for?
A broker may use escrow moneys held on behalf of others for?
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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 __________.
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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.
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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.
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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?
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A licensed sales associate __________.
A licensed sales associate __________.
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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.
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A person who is employed to sell real estate must be __________.
A person who is employed to sell real estate must be __________.
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The Florida real estate licensing laws are part of the __________.
The Florida real estate licensing laws are part of the __________.
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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.
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Broker Johnson may deposit the money into the __________ trust money bank account.
Broker Johnson may deposit the money into the __________ trust money bank account.
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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.
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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.
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A licensed broker may act independently under which conditions?
A licensed broker may act independently under which conditions?
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The Real Estate Commission is composed of __________ members.
The Real Estate Commission is composed of __________ members.
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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.
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The license renewal fee for a real estate sales associate is __________.
The license renewal fee for a real estate sales associate is __________.
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Real estate broker's and sales associate's licenses are good for __________.
Real estate broker's and sales associate's licenses are good for __________.
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The license application fee for a real estate broker is __________.
The license application fee for a real estate broker is __________.
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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.
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Unlicensed practice of real estate is considered a third-degree felony.
Unlicensed practice of real estate is considered a third-degree felony.
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Licensees must pay fees for which of the following?
Licensees must pay fees for which of the following?
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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.
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A real estate associate's compensation is __________.
A real estate associate's compensation is __________.
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A Florida real estate license is good only in __________.
A Florida real estate license is good only in __________.
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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 __________.
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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?
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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.
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The unlicensed practice of real estate in Florida is a __________ felony.
The unlicensed practice of real estate in Florida is a __________ felony.
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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.
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A real estate license is not required in Florida to __________.
A real estate license is not required in Florida to __________.
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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?
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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 __________.
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The powers of the Florida Real Estate Commission include?
The powers of the Florida Real Estate Commission include?
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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 __________.
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A licensee can become inactive by?
A licensee can become inactive by?
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An ineffective license is one that exists but cannot be used.
An ineffective license is one that exists but cannot be used.
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A sales associate may __________.
A sales associate may __________.
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An active broker must display an office entrance sign that includes?
An active broker must display an office entrance sign that includes?
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A broker must reconcile the escrow account __________.
A broker must reconcile the escrow account __________.
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A broker's escrow account may be at a __________.
A broker's escrow account may be at a __________.
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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 __________.
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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?
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The complaint process includes which of these initial steps?
The complaint process includes which of these initial steps?
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A real estate licensee may request an informal hearing if he __________.
A real estate licensee may request an informal hearing if he __________.
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A formal hearing is mandatory when the licensee disputes the allegation.
A formal hearing is mandatory when the licensee disputes the allegation.
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The FREC can impose which of these penalties?
The FREC can impose which of these penalties?
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Limits on amounts from the Recovery Fund are up to __________.
Limits on amounts from the Recovery Fund are up to __________.
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People ineligible to collect from the Recovery Fund include?
People ineligible to collect from the Recovery Fund include?
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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 __________.
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Kickbacks are not allowed when they __________.
Kickbacks are not allowed when they __________.
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DBPR stands for __________.
DBPR stands for __________.
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To be licensed to sell real estate in Florida, an applicant must __________.
To be licensed to sell real estate in Florida, an applicant must __________.
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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 __________.
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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.
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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?
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Net listing is prohibited by licensing law in many states because __________.
Net listing is prohibited by licensing law in many states because __________.
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__________ can sell any real estate without further licensing.
__________ can sell any real estate without further licensing.
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Those exempt from licensure include?
Those exempt from licensure include?
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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?
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The number of consumer members of the Florida Real Estate Commission is __________.
The number of consumer members of the Florida Real Estate Commission is __________.
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The duties of the Florida Real Estate Commission include:
The duties of the Florida Real Estate Commission include:
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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.
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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.
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Active Brokers must __________.
Active Brokers must __________.
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Ads by brokers must include?
Ads by brokers must include?
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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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Description
This quiz covers the essential aspects of Florida real estate license laws, including licensing requirements, trust account management, and activities requiring a license. Whether you're preparing for an exam or refreshing your knowledge, this overview is designed to ensure you're well-informed about the regulatory framework governing real estate in Florida.
