Exam (elaborations)

FL Real Estate License - Class Exam highlights. Over 300 Questions and Correct Answers 2024, Complete solution.

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FL Real Estate License

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FL Real Estate License

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Uploaded on January 12, 2024
Number of pages 21
Written in 2023/2024
Type Exam (elaborations)
Contains Questions & answers

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FL Real Estate License - Class Exam highlights.
Over 300 Questions and Correct Answers 2024,
Complete solution.
farming
Finding and specializing in a particular neighborhood or type of property. Best way to
find prospects/leads, considered one of the best ways to succeed in real estate
Real Estate Agents must have an understanding of these three things:
Valuation, Marketing, Property Transfer
Tract Building
When a developer acquires a large tract of land, records a subdivision plat map, and
uses a model center from which sales can be made
The role of government regulation at the LOCAL level includes:
Planning and zoning, property taxation, building and health code regulations,
moratoriums or temporary delays on building projects, building permits
When did Florida enact its first real estate license law?
1923
When was the first Florida Real Estate Commission (FREC) established?
1925
Who qualifies to become a real estate broker?
Actively licensed real estate sales associates who have been licensed for at least 24
months during the preceding five years
Broker Associate
A real estate broker who is employed by a brokerage in the capacity of a sales
associate
Do you have to be a resident of Florida to hold a FL real estate license?
NO - you can be from any state or country, do not need to be a FL or US Resident
the application for the sales associate license requires you to:
DISCLOSE whether you have ever been convicted or found guilty of a crime in any
jurisdiction, any criminal convictions, any pleas, any DUIs
What happens if your application is denied by the Department?
1) applicant will be notified in writing of the reasons for denial 2) you have 21 days from
receipt of notice to request a formal hearing before an administrative law judge in
accordance with F.S. 120, the Administrative Procedure Act
How many brokers can a real estate agent be employed by?
Only one
When employed by and licensed under a broker, a sales associate or brokers
associate acts as the broker's ______________ in performing services of real
estate
Agent
Does an owner-developer require a real estate license?
No, they do not need a real estate license but must register with the Department
Sales associate first renewal - what it's required?

,45 hr post-license course prior to the expiration of their initial license period
What happens if a sales associate fails to complete their 45 hour post licensing
course within the first renewal period?
License will become VOID - they will be required to take the 63 hour course again and
pass another state exam
What is the continuing education requirement?
All brokers and sales associates must complete 14 hours of continuing education within
each 2 year renewal period
What happens if a licensee fails to complete their CE requirement within the
renewal deadline?
Licensee status will be changed to involuntary
Attorneys-in-fact
Persons who are granted authority under a power of attorney to act for others in some
capacity, such as signing documents
Attorneys-in-fact and salaried employees are exempt from ___________
Licensure
A tenant in an apartment community may receive up to _________________ for
the referral of a new tenant for the same complex
$50 cash, personal property, or credit toward rent
What powers does the Department have?
The department may seek an injunction from the court against a licensee for failure to
follow a department order
They do NOT have the authority to issue an injunction, it must be issued by a court
Who can exercise executive powers?
Executive powers can be exercised by a the FREC chairperson acting alone or can be
delegated by quorum vote to any other Commission member
What disciplinary authority does FREC have?
The Commission may deny an application for licensure, issue a reprimand, issue an
administrative fine up to $5,000 per offense, place someone on probation, suspend a
license for up to 10 years, or permanently revoke one's license
First Renewal
Licensees must renew by completing the 45 hr post-licensing requirements prior to the
expiration of the initial license. Failure to do so will result in a null and void license
status.
Subsequent renewals
After the initial renewal period, failure to renew prior to license expiration will put the
license into involuntary inactive status
How long can a license remain in involuntary inactive status?
Up to two years
Voluntary inactive
You choose to be inactive, but you still have to continue doing the 14 hr continuing
education requirements, NO time limit on this it can remain this way indefinitely
Void
Expired, revoked or cancelled
Ineffective
Inactive, suspended - can't use it

, Cancelled
YOU returned the license to the department, you are the only one who can cancel your
license
What happens if a broker's license is suspended, revoked, or otherwise void or
ineffective?
The licenses of all persons who are employed under such broker become automatically
inactive
Group License
A single real estate license granted to a sales associate or broker associate that allows
them to work various properties owned by affiliated entities under one owner developer
Multiple licenses
A broker can be issued additional licenses in two or more capacities by requesting
multiple licenses, they must show that the additional licenses are necessary for
legitimate business reasons
What is the function of statutes
Statutes can authorize the creation and operation of administrative agencies to
administer and enforce certain laws. The Department of Business and Professional
Regulation (the Department) created by Florida statute 455 and the Florida Real Estate
Commission (the Commission) created by Florida Statute 475 are examples of
administrative agencies powered by statutes
Special Agent
A person authorized under agency law by the employer to perform a single act. The
employment contract between the employer and agent establishes the limit of authority
granted
What is a sales associate's relationship to their broker?
A sales associate is a general agent of the broker and automatically becomes a sub
agent of all the broker's principals. They hav the same duties to the broker's principals
as the broker does
Transaction broker
A broker who provides limited representation to a buyer, a seller, or both in a real estate
transaction, but does not represent either in a fiduciary capacity or as a single agent
F.S. 475 (this is the standard relationship in FL), transaction brokers may represent both
sides of the same deal
What is the broker's duty in regards to presenting offers?
A broker must transmit any and all offers to the employer including oral offers or offers
made without a binder deposit, failure to present an offer could result in disciplinary
action
Single agent
Single agency is employment under a single agency agreement, you are considered an
employee of your principal and have fiduciary duties to them, The broker may represent
a seller or a buyer NOT both
Fiduciary Duties include
Confidentiality, obedience, loyalty, full disclosure
Non-representation

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Exam (elaborations)

FL Real Estate License - Class Exam highlights. Over 300 Questions and Correct Answers 2024, Complete solution.

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