Term
| Purpose of Real Estate License Law |
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Definition
| Purpose of FS 475 is to protect the public. The Dept is essentially a consumer proterction agency. |
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Definition
| Florida Real Estate Commission- created to to administer and enforce the law, thereby streamlininf the process by removing the necessity for court enforcement. |
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Definition
| Real estate law officially designated as ch 475 of Florida Statutes. |
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Term
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Definition
| Refers to the FREC (Florida Real EState Commission |
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Definition
| Refers to the Department of Business and Professional Regulation (DBPR) |
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Term
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Definition
| Refers for the Division of Real Estate |
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Term
| Persons Required to be Licensed |
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Definition
Anyone that
1. Performs a real estate service and
2. is in the state of Fl and
3. for another person and
4. For compensation |
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Term
| Statutory Real Estate Services ( A BAR SALE ) |
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Definition
A -appraising
B- Buying
A- Auctioning
R - Renting
S-Selling
A Advertising
L-Leasing
E - Exchanging |
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Term
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Definition
Someone who is new to the real estate profession applies for, and must complete all pre license requirements to obatin their initial license as a sales associate.
Must be employed by a broker. |
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Term
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Definition
| A licensed associate who wishes to apply to be a broker must have been employed under one or more active licensed brokers for at least 24 months within the preceeding five years. |
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Term
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Definition
| An applicant for a broker's license may choose to continue employment in a sales associate capacity with a current employer subsequent to passing the broker exam. |
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Term
| Qualifications for Licensure |
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Definition
1. have a social security number-NOT US /Citizen
2. BE at least 18 years of age.
3. Must have high school diploma or the equivalent.
4.Must be honest, truthful, trustworthy and of good character and have a good reputation for fair dealing. |
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Term
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Definition
| Anyone who is licensed in a mutual recognition state and who wishes to become licensed in Florida may take a 40 question law exam and pass with a 75% or better. |
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Term
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Definition
| If an application to take the exam is denied by the Department, the applicant will be notified in writing. The notification will identify the reasons for denial and advise the applicant that he or she has 21 days from the date of receipt to file an appeal and request a formal hearing. |
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Term
| Pre License Education for Sales Associates (FREC I) |
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Definition
| An applicant for an initial real estate sales associate license must satisfactorily complete an approved FREC I course that consists of 63 hours including final exam. |
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Term
| Pre License Education for Brokers (FREC II) |
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Definition
| A sales associate who wishes to become licensed as a broker must satisfactorily complete the required pre license FREC II education course consisting of 72 classroom hours including exam. |
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Term
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Definition
100 questions, 45 law 45 RE license law and 10 math.
Pass or fail at least 75% |
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Term
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Definition
| Applicant achieves inactive license status. |
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Term
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Definition
Sales Associate can only work for one broker at a time.
Sales Associate is an agent of the broker.
Sales Associate can receive compensation only from his/her broker. |
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Term
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Definition
An individual or entity that is in the business of buying, owning, and/or developing real estate.
Registered with the state but has no license.
Licensee working for Owner-Developer acts as an agent and can perform only for real estate services related to the owner/developer.
If hires unlicensed must pay salary.
If pays commission then must hire licensed sales associates. |
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Term
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Definition
License indicates
Name of Licensee
Type of License
Licensee's address
Effective Date
Expiration Date
Seal of State
Name of Governor
Name of Secretary of DBPR |
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Term
| Post License Renewal Requirements-Associates |
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Definition
All licensses whether active or inactive must satisfactorily complete a Commission prescribed course and pass exam with 75% or higher, prior to the first renewal expiry following initial licensure.
-Complete a 45 hr course prior to expiration date
if not license void.
-To continue need to retake 63 hr course and retake exam
- If Fail license will become void
-To continue business will need to take 63 hr prelicensing course again.
NO GRACE PERIOD |
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Term
| Post License First REnewal Broker REquirement |
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Definition
| Must complete one or more courses totaling 60 hours piror to expiration and pass course exam with 75% or higher. |
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Term
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Definition
Training that applies after the first renewal..
Every two years 14 hrs of CE. |
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Term
| Distance Learning (online) |
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Definition
| CE may done online but must pass exam with 80% or better. (No exam when done live) |
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Term
| Individuals exempt from Licensure |
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Definition
1. Attorneys in fact (power of attorney)
2. Attorneys at Law-while performing legal services. No commission or referral fees may be received.
3. CPAs-while performing accounting services. No commission or referral fees may be received.
4. Court appointees- people appointed by the court. Salary or fee may be received but no commissions.
5.Salaried employees
6. Individuals buying RE for themselves.
7. partners in a PS (who received based on prorata share of profit.
8. Corps
9. Cemetery lot salespeople
10. Renting of mobile homes
11. Salaried managers for rentals less than 1 yr |
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