Test Your Knowledge of Florida Real Estate Regulation

90 Questions

What is the fee for a real estate license in Florida?

$200

What is the purpose of Part I of the Florida Statutes?

To regulate real estate brokers, sales associates, and schools

What is the purpose of Part I of the Florida Statutes?

To regulate real estate brokers, sales associates, and schools

What is the purpose of the Florida Real Estate Commission (FREC)?

To regulate the real estate industry

What is the purpose of the Florida Real Estate Commission (FRC)?

To regulate the real estate industry in Florida

What is the purpose of Part I of the Florida Statutes?

To regulate the real estate industry

True or false: The FRC requires individuals who wish to practice real estate in Florida to register with the FRC and to be licensed.

True

What is the fee for real estate brokers and sales associates?

$200

What is the purpose of Part I of the Florida Statutes?

To regulate all aspects of the real estate industry

What authority does the FRC have to investigate alleged misconduct by real estate professionals?

The power to conduct investigations

What is the minimum age requirement for a real estate broker or sales associate license?

What is the minimum age requirement for a real estate broker or sales associate?

What is the minimum financial responsibility required for an active broker or sales associate license?

$10,000

What is a requirement for an active real estate broker or sales associate license?

Have a financial responsibility to the state in the amount of $10,000

What is the purpose of Chapter 475?

To regulate the real estate industry and protect consumers

True or false: The license fee for real estate brokers and sales associates is $100 per year.

False

What is the annual fee for a real estate broker or sales associate license?

$200

What is the minimum financial responsibility required for an active broker or sales associate license?

$10,000

What is the minimum financial responsibility required for an inactive officer or director of a corporation?

$1,000

True or false: There are four categories of licensees: individual, school instructor, and school.

False

What is the main purpose of Chapter 475?

To regulate the real estate industry

What is the purpose of the Florida Real Estate Commission (FREC)?

To regulate the real estate industry

What is the required financial responsibility for an inactive broker or sales associate license?

$5,000

What is the authority of the Florida Real Estate Commission (FREC)?

To enact bylaws and rules and to decide questions of practice

How often must real estate licenses be renewed?

Every two years

What are the three categories of licensees?

Individual, school, and instructor

What is required for a licensee to maintain an active license?

Provide notice to the commission of any changes in their name or address

What is the purpose of the Florida Real Estate Commission?

To regulate the real estate industry

What is the authority of the FREC?

To impose fees for its services

What is required for a corporation to be registered with the division?

A reference from another corporation

Who has the authority to set standards of practice for real estate brokers, sales associates, and schools?

The FREC

What is the required financial responsibility for an inactive officer or director of a corporation?

$1,000

What is the licensing authority able to do if there is a dispute about a licensee's qualifications?

Conduct informal hearings

True or false: The licensing authority may require pre-licensing education and continuing education for brokers only.

False

What must a licensee do if they are unable to fulfill their obligations?

Provide the commission with notice

What is the status of individuals who wish to practice real estate in Florida?

All of the above

True or false: The licensing authority may reactivate a license if the licensee completes an appropriate education or continuing education program.

True

What are the employment rights of real estate sales associates and brokers?

To use trade names and advertise

What type of licensees are there?

Individual

What is required for a licensee to maintain their license?

Passing examinations

What is required for an individual who is not a Florida resident to practice real estate?

A license from another state or jurisdiction

What is the purpose of Part I of the Florida Statutes?

To regulate real estate brokers, sales associates, and schools

What is the required registration status for a corporation?

By reference

What type of notice must a licensee provide to the commission if they are unable to fulfill their obligations?

Written notice

What is the purpose of the Florida Real Estate Commission (FREC)?

To regulate the real estate industry

What is the minimum financial responsibility required for an inactive officer or director of a corporation?

$1,000

What is required for a person to engage in real estate brokerage?

All of the above

How often must a licensee renew their license?

Every two years

How often must a real estate license be renewed?

Every two years

What type of notice must a licensee provide to the commission if they change their name or address?

Written notice

True or false: The main purpose of Chapter 475 is to regulate the real estate industry and protect consumers.

True

What is the incorporation by reference process?

A process for incorporating documents into a contract

What are the three categories of licensees?

Individual, school instructor, and school

What is the FRC responsible for paying?

The costs associated with its proceedings

True or false: The FRC has the authority to impose fees for its services.

True

What rights do real estate sales associates and brokers have?

The right to office space

What is the purpose of the FREC seal?

To identify the FREC

What is the key purpose of Chapter 475?

To regulate the real estate industry and protect consumers

What type of notices must a licensee provide to the commission?

All of the above

What type of records must a licensee keep?

Records of all real estate transactions

What must individuals who wish to practice real estate in Florida do?

All of the above

What is the required financial responsibility for an active officer or director of a corporation?

$5,000

What is required for a licensee to place advertisements in local newspapers and on radio and television stations?

Place notices in a local newspaper

What are the requirements for real estate office space?

It must have adequate space for conducting business

What must a real estate broker do to maintain their license?

All of the above

What is the maximum administrative fine for a violation of Commission rules?

$100

What is required for a successor partnership to be registered with the Division?

Registration of a corporation by reference

What does the FRC have the power to do?

All of the above

True or false: The FRC has the power to make final orders in cases of alleged misconduct.

True

What type of advertisement must a licensee place?

All of the above

What is required for a licensee to place advertisements?

Placing advertisements in local newspapers and on radio and television stations

What is the authority of the licensing authority?

All of the above

True or false: The FRC is responsible for paying the costs associated with its proceedings.

True

What is the penalty for violating division rules?

A $100 fine

What is the minimum age required for an active officer or director of a corporation?

What must brokers and sales associates do to maintain their license?

Pass examinations

What type of records must a licensee keep?

Records of real estate transactions

What are the kickback and rebate prohibitions?

Prohibitions against providing kickbacks and rebates

What is the penalty for failing to comply with Commission rules?

Disciplinary action

What is not regulated by Chapter 475?

Certain activities

What is the financial responsibility for an inactive officer or director of a corporation?

$1,000

What is the requirement for successor partnerships?

They must be registered with the division

True or false: The FREC has the power to enact bylaws to further regulate the real estate industry.

True

What is the penalty for violation of division rules?

A fine

What is the successor partnership process?

A process for transferring a real estate license to a new owner

What type of advertisements must a licensee place?

Local newspaper advertisements

What is the purpose of the broker’s records?

To provide information about kickback and rebate prohibitions

What is required for an individual who is not a Florida resident to practice real estate in the state?

A license from another state or jurisdiction

What is the FREC responsible for regulating?

All of the above

What is the purpose of the FREC's seal?

To provide evidence of authority

Study Notes

The Florida Real Estate Commission (FREC) is a state agency that regulates the real estate industry.
The FREC has the power to enact bylaws and rules, and to decide questions of practice.
The FREC also has the power to impose fees for its services.
The FREC requires a person who wishes to engage in real estate brokerage to be registered with the agency, and to have a license to do so.
A real estate broker must maintain an office at which the broker is required to sign in, and must also have an office outside of Florida.
A real estate broker must cooperate with any investigation conducted by the FREC.
A real estate contract between a unlicensed person and a commission recipient is invalid if the unlicensed person is paid a commission.
There are three categories of real estate licenses: Broker, Sales Associate, and School Instructor.
Licenses are required to engage in the real estate industry.
Licenses are issued by the Real Estate Commission.
Licenses must be renewed on an annual basis.
Licenses must be registered with the commission.
License renewal fees are determined by category and are subject to review.
Education requirements for license renewal vary by category.
Licensees must complete continuing education requirements and may also need to take a licensing exam.
Licensees must provide the commission with notice of any changes in their name or address.
Licensees must keep records of their real estate transactions.
Licensees must provide notice to the commission if they are unable to fulfill their obligations.
Licensees may face disciplinary action if they fail to comply with Commission rules.
The requirements for an active broker or sales associate license are: be at least 18 years old, have a valid driver's license, be a resident of the state in which the licensee is registered, and have a financial responsibility to the state in the amount of $10,000.
The requirements for an inactive broker or sales associate license are: be at least 18 years old, have a valid driver's license, be a resident of the state in which the licensee is registered, and have a financial responsibility to the state in the amount of $5,000.
Registration of a corporation is by reference.
Successor partnerships must be registered with the division.
The requirements for an active officer or director of a corporation are: be at least 18 years old, have a valid driver's license, be a resident of the state in which the corporation is registered, and have a financial responsibility to the state in the amount of $5,000.
The requirements for an inactive officer or director of a corporation are: be at least 18 years old, have a valid driver's license, be a resident of the state in which the corporation is registered, and have a financial responsibility to the state in the amount of $1,000.
The registration of officers and directors of a corporation is at the discretion of the division.
The division will notify a licensee of any changes to their registration status.
The licensee must place advertisements in local newspapers and on radio and television stations.
The licensee must place notices in a local newspaper if the licensee sells or leases real estate.
The licensee must keep records of all transactions for five years.
The licensee must make monthly interest payments on any escrow account that contains money from a real estate transaction.
The licensee must pay a $100 administrative fine for each violation of division rules.
The purpose of Part I of the Florida Statutes is to regulate real estate brokers, sales associates, and schools.
Definitions are provided for terms such as "broker," "sales associate," and "school."
The Florida Real Estate Commission (FREC) has the authority to regulate the profession and set standards of practice.
The FREC also has the duty to educate members of the profession.
The FREC has the power to enact bylaws and rules of practice, and to decide questions of practice.
The FREC has a seal.
To be licensed to practice in Florida, individuals must meet certain qualifications and pass examinations.
Licensees must renew their licenses every two years.
There are different licensing requirements for general partners, members, officers, and directors of a firm.
Individuals who are not Florida residents may practice real estate, but must hold a license from another state or jurisdiction.
The FREC offers examinations for licenses, and offers continuing education courses for licensees.

This quiz tests your knowledge of the real estate industry. It asks you questions about various requirements and regulations for real estate brokers and sales associates in Florida.

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