Florida Real Estate

Total Flash Cards » 31
 
1. 

broker

 

a licensee who acts an an intermediary between two parties and negotiates contracts between them.

 
2. 

broker associate

 

an individual who is qualified to be issued a broker's license but who operates as a sales associate in the employ of another.

 
3. 

caveat emptor

 

buyer beware

 
4. 

compensation

 

anything of value or valuable directly or indirectly paid promised or expected to be paid or received. Must be licensed to receive!

 
5. 

license

 

privilege granted by the state to operate as a real estate broker, broker associate, or sales associate

 
6. 

nolo contendere

 

pleading of no contest by a defendant (not admitting guilt).

 
7. 

owner developer

 

an unlicensed entity that sells, exchanges, or leases its own property.

 
8. 

real estate services

 

buy, appraise, rent or provide rental information, sell, auction, lease, exchange BARSALE

 
9. 

registration

 

to place and maintain address with DRE

 
10. 

sales associates

 

a licensed individual who, for compensation, is employed by a broker or owner developer.

 
11. 

what is Florida Statute 475

 

real estate license law

 
12. 

Characteristics of a sales associate

 

honest trustworthy good character 18 years or older high school diploma or equivalent must disclose all convictions of guilt of a crime if you ever pleaded no lo contende ever been charged wit dishonest dealings ever been denied or had a license revoked in any profession or denied registartion to any professional license or had a license suspended or revoked

 
13. 

license renewal dates

 

March 31st and September 30th license are for 18 to 23 months

 
14. 

what must you complete within your first year of being an associate

 

a 45 hour post license course before license expires

 
15. 

what are the eight services of real estate

 

buy, appraise, rent, sell, auction, lease, exchange= BARSALE

 
16. 

is a salaried employee who sells exchanges real property exempt from license

 

yes

 
17. 

what it is mutual recognition

 

ten States that allow you to practice real estate with a Florida real estate license

 
18. 

Provides Support to FREC

 

DRE the DRE is under the DBPR

 
19. 

Professional ethics and business practices of the licensee are under the jurisdiction of

 

FREC

 
20. 

Is US citizenship required to be an associate

 

no

 
21. 

to you have to beat a Florida resident to be an associate

 

no

 
22. 

what must nonresident applicants or licensee sign to become an associate

 

irrevocable consent to service

 
23. 

what is irrevocable consent to service

 

this agreements provides that lawsuits and other legal actions may be initiated against the applicant in any county of Florida in which the person bringing suit recides

 
24. 

how long does any licensee have to notify the commission after becoming a nonresident

 

sixty days

 
25. 

what are the experience requirements for becoming a broker

 

they must complete at least twelve months of real estate experience during the five-year period preceding their becoming licensed as brokers

 
26. 

what are the educational requirements for becoming a broker

 

must complete a FREC Course or an equivalent FREC approved course. Course to consist of 69 hours of instruction plus three hours for the end of course examination

 
27. 

Note

 

an individual who wishes to actively engage in the real estate industry must be licensed and registered as active with the DRE

 
28. 

on a real estate license what does the SL stand for

 

sales associates

 
29. 

what happens if a sales associate fails to complete the 45 hours of post licensing course

 

their required to requalify for licensure by repeating the prescribed post license course and end of course exam and by again passing the state licensing exam

 
30. 

what happens that a broker fails to complete the 60 hour post license requirements

 

a broker's license becomes null and void however the broker may request and receive a sales associate license if he or she completes 14 hours of continuing education within six months following expiration of the broker's license

 
31. 

who are exempt from licensure

 

person who buy or sell cemetery lots, individuals who rent lots in the mobile home park, radio and television station sales, attorneys at law and certified public accountants when acting within the scope of the profession, attorneys in fact a person with power of attorney for the execution of contracts and conveyance only,person who deals in personal property only such as mortgage brokers, full-time grad students enrolled in a commission approved degree program, person acting in the limitations of their duties as designated by a will, employees were paid a salary as managers of condominiums, salaried employees of an owner of an apartment community, salaried employees of a public utility who act within the scope of the regular employment, anyone who works the motel or hotel and leases public lodging, timeshares, appraisers certified by the DPBR federally regulated banks selling business enterprises owners of an apartment complex pain defined as the of not more than $50