UNIT 2- REAL ESTATE LICENSE AND QUALIFICATIONS FOR LICENSURE (CONTENT)
4 views 0 purchase
Module
REAL ESTATE LICENSE
Institution
REAL ESTATE LICENSE
UNIT 2- REAL ESTATE LICENSE AND
QUALIFICATIONS FOR LICENSURE
(CONTENT)
1923(license law) - AnswerFlorida Legislature passed the Real Estate License Law, chapter
475 of the Florida Statutes.
1925 (FREC) - AnswerFlorida Real Estate Commission (FREC/ the commission) to administer
and enforce the...
UNIT 2- REAL ESTATE LICENSE AND
QUALIFICATIONS FOR LICENSURE
(CONTENT)
1923(license law) - Answer✔Florida Legislature passed the Real Estate License Law, chapter
475 of the Florida Statutes.
1925 (FREC) - Answer✔Florida Real Estate Commission (FREC/ the commission) to administer
and enforce the license law. The Commission has the authority to keep records and conduct
investigations, as well as the power to grant, deny, suspend, and revoke licenses, and discipline
licensees.
Division of Real Estate (DRE) - Answer✔provides support services to the Commission. The
DRE is under the Department of Business and Professional Regulation (DBPR).
CHAPTER 20 F.S. - Answer✔The executive branch of Florida's government executes the
programs and policies adopted by the Legislature including the Department of Business and
Professional Regulation (DBPR)
CHAPTER 475 is divided in four parts. - Answer✔This law is called the Real Estate
Professional Practice. The Law was created to establish the legal rights and responsibilities of the
real estate licensees and real estate appraisers.
PART I (chapter 475) - Answer✔Real Estate Brokerage.
Real estate licensees are responsible for knowing the provisions of this chapter. FREC
implements, interprets, and enforces the regulatory provisions of Chapter 475.
PART II(chapter 475) - Answer✔Pertains to real estate appraisers and sets forth the requirements
for licensed and certified appraisers according to federal statute. (FREAB).
The Florida Real Estate Appraisal Board (FREAB) - Answer✔regulates state-certified, licensed,
and registered trainee appraisers.
The FREAB functions very similarly to the Florida Real Estate Commission (FREC). Both
quasi-judicial bodies follow the same procedures for disciplining licensees.
PART III(chapter 475) - Answer✔The Commercial Real Estate Sales Commission Lien Act,
gives a broker lien rights for earned commission. This act applies only to commercial property
(not residential property). The lien is only against the owner's net proceeds (personal property)
from the sale and does not attach to the commercial real property.
PART IV (chapter 475) - Answer✔The Commercial Real Estate Leasing Commission Lien Act,
gives a broker lien rights for earned commission associated with a brokerage agreement to lease
commercial real estate.
CHAPTER 455 - Answer✔DEPARTMENT OF BUSINESS AND PROFESSIONAL
REGULATION and all professions under the department, including real estate. Including section
455.10 and section 455.227
CHAPTER 455.10 - Answer✔provides that an individual cannot be disqualified from practicing
an occupation or profession regulated by the State of Florida solely because the person is not a
U.S. citizen. Another section of this statute sets forth laws regarding Commission and board
organization, meetings, compensation, and so forth. This statutes also concerns the unlicensed
practice of a profession, including real estate. requirements concerning license examinations and
the use of professional testing services are set forth in Chapter 455. This law also mandates what
actions the DBPR may take in regulating licensees.
CHAPTER 455.227 - Answer✔authorizes the Commission to discipline a real estate licensee
who has failed to notify the DBPR within 30 days of a conviction, finding of guilt, plea, or
adjudications of a crime, regardless of where the event occurred.
CHAPTER 120 - Answer✔The Administrative Procedure Act defines the procedural process by
which regulatory agencies decide and implement agency action. The licensing and disciplinary
process for real estate licensees is outlined in this chapter.
Chapter 61J2, Florida Administrative Code - Answer✔It is a set of administrative rules
developed by the FREC, pursuant to the rule making process outlined in chapter 120, F.S.
Administrative rules are published in the Florida Administrative Code(FAC).
The Three categories of real estate licenses are as follow: - Answer✔Sales associate, broker, and
broker associate.
sales associate - Answer✔An typically begins a real estate career in Florida as a licensed SALES
ASSOCIATE. Applicants who have completed the required education and passed the license
exam are initially licensed as voluntary inactive sales associates. Inactive sales associates can
become active by finding an employer and filing the information with the DBPR.
Broker Associate - Answer✔who holds a broker's license but chooses to register and work in real
estate under the direction of another broker.
broker - Answer✔A person who, for another and for compensation or other consideration (or
anticipation of compensation or other consideration), performs real estate services.
requires additional education, experience, and passing the broker license exam
2|Page
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Everly. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.76. You're not tied to anything after your purchase.
