Real Estate License Law Flashcards

Questions and Answers

What does 'Caveat Emptor' mean?

Let the buyer beware

What License Law did the Florida Legislature pass in 1923?

The Real Estate License Law; Chapter 475; F.S.

Why did the Florida Legislature create the Florida Real Estate Commission?

To administer and enforce the license law.

What does Florida Statute 20 concern?

The organizational structure of Florida's government. Signup and view all the answers

What is the purpose of Florida Statute chapter 475?

To establish the legal rights and responsibilities of real estate licensees and appraisers. Signup and view all the answers

What does Florida Statute 455 define?

The general legal practice and procedure for the Department of Business and Professional Regulation. Signup and view all the answers

What is covered by Florida Statute 120?

The procedural process for regulatory agencies to decide and implement agency action. Signup and view all the answers

What is Chapter 61J2?

A set of administrative rules developed by the Florida Real Estate Commission. Signup and view all the answers

Study Notes

Key Terms and Definitions

Caveat Emptor: Translates to "Let the buyer beware." Implies that buyers must inspect property for defects at their own risk.

Florida Real Estate License Law

Real Estate License Law (1923): Florida's legislative framework for regulating real estate professionals is outlined in Chapter 475, Florida Statutes.

Florida Real Estate Commission (FREC)

FREC Creation (1925): Established to enforce license laws; responsible for maintaining records, investigations, and regulating licenses.
Purpose: Protects public health, safety, and welfare through real estate regulation.

Florida Statutes Overview

Florida Statute 20: Governs the executive branch of Florida's government and its responsibilities in implementing policies through various departments, including the DBPR (Department of Business and Professional Regulation).
Florida Statute Chapter 475: Enacts the Real Estate Professional Practice Act; delineates rights and responsibilities for real estate agents and appraisers.
- Subsections:
  - Part 1: Pertains to real estate brokerage, enforced by FREC.
  - Part 2: Covers regulation of appraisers by the Florida Real Estate Appraisal Board (FREAB).
  - Part 3: Grants lien rights for brokers on commercial property commissions, limited to the owner's net proceeds.
  - Part 4: Establishes commission liens on commercial lease agreements.
Florida Statute 455: Defines general legal practices and protocols for the DBPR and various licensed professions, including real estate.
Florida Statute 120: Outlines procedural guidelines for regulatory agencies in executing agency actions, including the licensing and disciplinary processes for real estate licensees.

Administrative Rules

Chapter 61J2: Comprises rules created by FREC following the rule-making procedures detailed in Chapter 120, published in the Florida Administrative Code (FAC).

Description

Review key concepts from Chapter 2 of Florida's Real Estate License Law. This quiz includes important definitions and legislative history relevant to future real estate professionals in Florida. Test your knowledge of essential terms and the establishment of regulatory bodies.