Real Estate License Law Quiz

Questions and Answers

Which law in Florida was passed first to regulate real estate?

Real estate license law, chapter 475 of the Florida statutes was passed in 1923.

When was the Florida Real Estate Commission founded and why?

Founded in 1925 by the FL legislature to administer and enforce the license law.

Which organization provides support to the Florida Real Estate Commission?

The Division of Real Estate (DRE).

What does Florida Statute Chapter 20 govern?

Establishes the structure of the executive branch of Florida's government. Signup and view all the answers

What is Florida Statute 475 commonly referred to as?

The Real Estate Professional Practice Act. Signup and view all the answers

Describe Part I of Florida Statute 475.

Pertains to real estate brokerage. Signup and view all the answers

Describe Part II of Florida Statute 475.

Regulates real estate appraisers and sets requirements for licensed and certified appraisers. Signup and view all the answers

Explain Part III of Florida Statute Chapter 475.

Gives the broker lien rights for earned commission related to commercial property. Signup and view all the answers

Explain Part IV of Florida Statute Chapter 475.

Gives the broker lien rights for earned commission associated with a brokerage agreement to lease commercial property. Signup and view all the answers

What does Florida Statute Chapter 455 govern?

Business and professional regulation. Signup and view all the answers

What does Section 455.10 of Chapter 455 state?

An individual cannot be disqualified from practicing an occupation solely because they are not a US citizen. Signup and view all the answers

What is Florida Statute 120 known for?

The Administrative Procedure Act. Signup and view all the answers

What does Chapter 6IJ2 govern?

Rules of the Florida Real Estate Commission. Signup and view all the answers

What does Chapter 475, Part I, Florida Statute govern?

Real estate brokers, sales associates, and schools. Signup and view all the answers

What does Chapter 455, Florida Statute govern?

The Department of Business and Professional Regulation. Signup and view all the answers

What does Chapter 120, Florida Statute govern?

The procedural process for regulatory agencies. Signup and view all the answers

Study Notes

Florida Real Estate License Law Overview

Real estate license law, Chapter 475 of Florida statutes, was established in 1923 to regulate real estate practices.
The Florida Real Estate Commission (FREC) was founded in 1925 by the Florida legislature to administer and enforce the license law.

Roles and Responsibilities

FREC has authority to maintain records, conduct investigations, and manage the granting, denial, suspension, and revocation of licenses.
The Division of Real Estate (DRE) supports the FREC and operates under the Department of Business and Professional Regulation (DBPR).

Legal Framework

Florida Statute 20 outlines the organizational structure of the executive branch, including the DBPR's role in executing policies adopted by the Legislature.
Florida Statute 475 is known as the Real Estate Professional Practice Act, defining the rights and responsibilities for real estate licensees and appraisers, divided into four parts.

Parts of Florida Statute 475

Part I deals with real estate brokerage, requiring licensees to understand its provisions and allowing FREC to enforce these regulations.
Part II focuses on real estate appraisal, detailing requirements for licensed and certified appraisers, regulated by the Florida Real Estate Appraisal Board (FREAB).
Part III grants lien rights to brokers for earned commissions related to the sale of commercial properties only, not affecting residential properties.
Part IV extends lien rights to brokers for brokerage agreements associated with leasing commercial properties.

Additional Statutes

Florida Statute 455 involves general provisions for business and professional regulation, including the unlicensed practice of real estate and procedures for disciplinary actions.
Section 455.10 ensures non-U.S. citizens are not disqualified from practicing regulated professions in Florida.
Florida Statute 120, known as the Administrative Procedure Act, describes the procedural process for agency actions, including licensing and discipline of real estate licensees.
Chapter 61J2 contains administrative rules from FREC, following the rulemaking process defined in Chapter 120, including appraisal rules published in the Florida Administrative Code (FAC).

Summary of Statutes

Chapter 20 governs the executive branch of Florida's government.
Chapter 475, Part I specifically pertains to real estate brokers, sales associates, and schools.
Chapter 455 regulates the DBPR and associated professions.
Chapter 120 outlines administrative procedures for regulatory actions.

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Description

Test your knowledge on the history and qualifications related to real estate licensing in Florida. This quiz covers key legislation and the establishment of the Florida Real Estate Commission. Ideal for future real estate professionals looking to validate their understanding of essential laws.