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Details Title: Florida Real Estate Description: Chapter 3 Total Flash Cards: 31 Created: 06/05/2005 12:12:37	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term canceled Definition a license ceases to exist Term current mailing address Definition where licensee receives letters and so forth through the USP Term executive power of FREC Definition set policy and no one can question Term group license Definition permits sales associates to work from different offices throughout state owned by affiliated entities under one owner developer. Term ineffective Definition status of license when it becomes inactive or has been suspended. Term involuntarily inactive Definition license status that results when a license is not renewded at the end of the license period. Term multiple license Definition broker holds more than one brocker license; multiple real estate offices Term prima face evidence Definition requiring no further proof Term quasi-judicial power of FREC Definition Grant or deny applications, determine violations, administer penalties Term quasi-legislative power of FREC Definition power to interpret and enact administrative rules and regulations Term voluntarily inactive Definition licensee chooses not to engage in real estate and even though has met all requirments to engage. Term Purpose of FREC? Definition To protect the general public by regulating the real estate industry Term FREC consists of how many members? Definition 7 (4 licensed Florida real estate broker who have held a license for the last 5 years, 2 non-licensed consumers, 1 licensed broker or associate who has held an active license during the last two years Term Who appoints FREC members? Definition Governor Term FREC members (Commissioners) serve how many years? Definition 4 years Term How many consecutive terms may a FREC Commissioner serve? Definition 2 Term * at least one of the seven FREC members must be 60 years of age or older Definition * Term Can FREC send a licensee to jail? Definition No Term Who carries out the decisions and policies set forth by the commission? Definition Division of Real Estate (DRE) Term Purpose of Division of Real Estate (DRE)? Definition Provide all services required to administer the Florida Real Estate License Law Term Who appoints the Director of the DRE? Definition Secretary of the DBPR Term * DBPR employees all DRE personnel to support FREC activities Definition * Term Licensees must notify the DBPR in writing of any change in address within how many days Definition 10 days Term How often must your license be renewed? Definition Every 2 years Term What is the status of your license if you failed to renew? Definition Involuntarily inactive status Term Who issues and renews all licenses? Definition DBPR Term * A Florida licensee who joins the US Armed Forces is exempt from all renewal requirements while on active duty & for 6 months thereafter Definition * Term Who handles all testing, grading and storing of exams? Definition DBPR Term What must a licensee do if his/her license has been involuntarily inactive for more than 12 months but less than 24 months? Definition Complete two 14-hour continuing education courses Term A license becomes void when? (3) Definition 1) expired 2) revoked 3) canceled Term A license becomes ineffective when? (2) Definition 1) inactive 2) suspended