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Real Estate License Law & Commission Rules


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Who is required to have a real estate license?
Any person or business entity who directly or indirectly engages in
What is a REALTOR?
A licensed agent who is a member of the National Association of REALTORS, a private trade
What are the license status categories of a broker license?
Provisional Broker
What is a Provisional Broker?
Entry-level license status category
What can a Provisional Broker do?
Basically anything a BROKER does, but it must be under direct supervision of
Who can do real estate activities and not need a license?
A partnership, corporation, LLC, association or
What can a non-licensed employee of a real estate brokerage do?
Administrative work, accept leases, showing
Describe the NC Real Estate Commission membership/board
9 members. 7 are appointed by the Governor. 2 appointed by
Can the Commission regulate fees?
No. They cannot make rules regulating commissions, salaries or fees to be
Can a broker pay a fee to a travel agent?
Yes, but the Commission cannot authorize a non-licensed person to
What are the basic requirements for applying for a real estate license?
18 years old, successfully pass a 75-hour
How much continuing education does a broker need each year?
At least 8 hours of continuing education must be
What qualifies a person to be a broker-in-charge?
Must have two years of full-time real estate brokerage
What penalties can the Commission impose?
Reprimand, censure, suspend, revoke. Cannot fine.
Can the courts revoke a real estate license?
No. They can recommend that action to the Commission, but only the
What makes a contract for broker services valid?
It must be in writing and signed by the person to be charged
When do real estate licenses expire?
June 30.
Do you need a real estate license to sell time shares?
Yes.
When can a time share developer offer a time share for sale in NC?
After obtaining a certificate of
What is a time share?
The right to occupy a unit or any of several units during five or more separate time periods
Are time shares considered real estate?
Yes. And, as such, it is governed by the laws of NC regarding real estate.
How long does the purchaser of a time share have to cancel a contract?
Within 5 days of execution of the contract.
Does a time share transfer instrument need to be recorded?
Yes. To protect the interest, it must be recorded in
What happens if a developer fails to provide a purchaser with the statements required?
Purchaser can get 10% of the
Who can prepare a broker price opinion (BPO) or comparative market analysis (CMA) for a fee?
A licensed broker,
Where does a licensee keep his/her proof of licensure?
Each licensee shall carry his or her pocket card on her
What happens when a licensee changes his/her name?
Broker must file the change within 10 days of the change at
What is required for an agreement for brokerage services between a broker and a buyer or tenant to be valid?
Must
What is required for an agreement of exclusivity?
Any agreement between a broker and a buyer or tenant that
What is one thing every listing agreement or agency agreement must have?
The non-discrimination statement
When does an agent need to give a prospective buyer or seller the "Working With Real Estate Agents" brochure?
At
What is a dual agent/agency?
A firm that represents more than one party in the same real estate transaction. Dual
What is designated agency?
When two people in the same firm are designated to represent on the buyer and only
broker under their supervision?
No. A broker-in-charge can be one of the designated agents, but NOT if the other
The Department of Business and Professional Regulation
is a department in the EXECUTIVE branch of Florida State
DPBR has three areas for enforcement:
1. The division of professions
3. BET / Bureau of Education and Testing.
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1. The Division of Regulation
is the enforcement authority for the professional boards and programs.
2. The Division of Professions
is responsible for the licensing of over 396,000 professionals.
The Bureau of Education and Testing
Its purpose is to protect the health, safety, and welfare of the public by
The Florida Real Estate Commission
It's called a regulatory agency, with the responsibility of governing real
Quasi-legislative
power to enact rules.
Quasi-judicial
in the power to impose disciplinary actions.
The Commission is composed of seven members
- FOUR members must be licensed brokers, licensed for at least 5
Commission office terms
Commission term of office is 4 years. Members may not serve more than two consecutive terms
FREC acctions
- Has a corporate SEAL;
The Division of Real Estate
is the ADMINISTRATIVE ARM of the FREC.
The services of the Division include but are not limited to
ecordkeeping services
Licensing Examinations
The Bureau of Education and Testing is charged with the responsibility of HOLDING
Who handle who?
- DPBR: handles the ACTUAL licensing;
License Renewal Period:
- license renewal period is every TWO years, with the exception of the first license period.
To keep a license active (current) and in place, a licensee must do the following: BROKER
A broker renewing
Any subsequent renewal after the first renewal requires continuing education.
A sales associate or broker must
Voluntary Inactive Status for Licensees
A licensee may choose this status if he does not want to practice real
Military Exemption from Licensee Renewal
A licensee who enters military service has his licensee fees and
A license is EFFECTIVE
when it is current and in force
A license is VOID
when it ceases to exist due to non-renewal, nonpayment of fees,
Licenses:
Licensing of Broker and Sales Associates
Licensing of Broker and Sales Associates:
A broker or sales associate may organize as a professional
Multiple Licenses:
A Multiple license can exist if a broker has business of such a nature that more than one
Group Licenses:
One license is issued to a sales associate or a broker-sales associate employed by owner-employers.
The Department of Business and Professional Regulation is a department in the executive branch of
Florida
The purpose of the Department of Business and Professional Regulation, is to operate as a
consumer protection
the public under the
police powers of the state
Biennial means
taking place every other year
The Department of Business and Professional Regulation submits an annual budget to the
Florida Legislature
Florida Real Estate Commission
Executive Director of the Division of Real Estate
the Florida Real Estate Commission, which acquaints members with
procedural laws and rules
Membership with the Florida Real Estate Commission is obtained by
appointment by the Governor, subject to
effective?
after he receives written notice that he passed the examination
The Florida Real Estate Commission has the obligation to perform, sponsor, and approve
real estate educational
Jane cheated on her exam and was caught. What will happen?
Jane will have her application denied
status of the license on Oct. 1st.?
The license will be Involuntary Inactive
Who appoints the Chairperson of the Florida Real Estate Commission?
The Florida Real Estate Commission members
How does the Real Estate Education and Research Foundation pay for its programs?
By interest of a transfer
What is the purpose of the Department of Business and Professional Regulation?
to be a consumer protection agency
Prima Facie Evidence means
evidence that is good and sufficient on its face
Who issues a real estate license?
the Department of Business and Professional Regulation, also called the
Condominium Act is
Division of Florida Land Sales, Condominiums and Mobile Homes
Define Senate
the smaller group of the two groups of people who meet to discuss and make the laws of a country,
The head of the Department of Business and Professional Regulation is the
Secretary
The Florida Real Estate Commission is made up of
selected volunteers, not state employees
How are Florida Real Estate Commission members paid?
per day rate for reimbursement
Who creates the rules for taking the examination and for getting a license?
The Florida Real Estate Commission
to confirmation by the
Senate
The Florida Real Estate Commission has the obligation to
inspect and audit licensees and their business
Cooperative Act is
The Division of Florida Land Sales, Condominiums and Mobile Homes
The Division of Florida Land Sales, Condominiums and Mobile Homes is part of the
Division of Real Estate
confirmation by the Senate
Governor
One thing that the Florida Real Estate Commission has the obligation to do is
inspect licensees and their business
The Department of Business and Professional Regulation is also called
The Department
The purpose of the Department of Business and Professional Regulation is to
operate as a consumer protection
Department shall be entitled to do so as a matter of
right if otherwise qualified
Real estate professions are regulated when
their unregulated practice can harm or endanger health, safety, and
The Powers and Duties of the Department of Business and Professional Regulation include
developing a training
The Division of Real Estate is made up of employees of the ______ handling only real estate needs
Department
The Florida Real Estate Commission is called a
Regulatory Agency
The Florida Real Estate Commission is made of ______ members
Seven
concerning
the ethical, legal, and business principles which should govern their conduct
and investigation of complaints
executive branch
The Florida Real Estate Commission has ______ power to enact rules
Quasi Legislative
The Legislature does not have to approve the Florida Real Estate Commission rules since
the Legislature has already
Rules on their own do not make
policy. On occasion the law will set the effective date for the law. Prior to the
Quasi Judicial is
the power to impose disciplinary actions
The ______ may decide questions of practice arising in the proceedings before it
Florida Real Estate
Printed copies of the rules or written copies under the Seal of the Commission shall be
Prima Facie Evidence of
The duly authorized agents and employees of the Department shall have the power to
inspect and audit in a
preceding appointment
Four
preceding the appointment
two
______ of the members of the Florida Real Estate Commission must be 60 years of age or older
One
One of the members of the Florida Real Estate Commission must be ___ years of age or older
60
______ presides
Vice Chairperson
Four of the members of the Florida Real Estate Commission constitute a
quorum to do business
The principal office of the Florida Real Estate Commission is located at
400 West Robinson Street, Orlando,
A quorum is not necessarily a
majority of members of a group, but the minimum needed in order to conduct business
The Florida Real Estate Commission term of office is ___ years
4
The Florida Real Estate Commission Chairperson and Vice Chairperson are elected
annually by members
The Florida Real Estate Commission Chairperson and Vice Chairperson are elected annually by
its members (FREC
The Florida Real Estate Commission has no staff or
employees
authenticated with the Seal. Certificates can be used as Prima Facie Evidence in any court in Florida
Florida Real
Legal counsel is provided by the
State Attorney General (Department of Legal Affairs)
Florida Real Estate Commissions legal counsel is provided by the
State Attorney General (Department of Legal
State Attorney General is the
Department of Legal Affairs
The Division of Real Estate is also called
The Division
The Division of Real Estate is the ______ of the Florida Real Estate Commission
Administrative Arm
The ______ hires and pays all of the Division of Real Estate employees
Department of Business and Professional
The Department of Business and Professional Regulation hires and pays all of the ______ employees
Division of
An ______ is in charge of the Division of Real Estate
Executive Director
Regulation, subject to the confirmation by a majority of Florida Real Estate Commission members
Division of Real
and Professional Regulation, subject to the confirmation by a majority of
Florida Real Estate Commission
The Division of Real Estate is funded by
fees and assessments of the Commission
A service of the Division of Real Estate is
recordkeeping services
shall be based on estimates made by the
Department of Revenue, required to implement regulation of real estate
Conducting real estate after the expiration date without renewing the license is a violation of
License Law
______ course prior to renewal
Post License
classroom hours and a failure to take this course will result in the license becoming null and void
45
classroom hours and a failure to take this course will result in the license becoming
null and void
If the license becomes null and void, the individual must
meet all pre-license requirements again
A Broker renewing for the first time must have completed a schedule of
two thirty hour post license courses, each
Any renewal other than the first renewal requires
Continuing Education
A Sales Associate or Broker must take
14 hours of Continuing Education prior to renewal
licensee becoming
Involuntarily Inactive
A licensee may choose the Voluntary Inactive status if he does not want to
practice real estate currently but
A Voluntary Inactive licensee holds a license but may not
practice real estate while inactive, nor do real
A Voluntary Inactive license must be
renewed, must pay the same fee as an active license and must complete
For a Voluntary Inactive status licensee to change the status back to active, the licensee completes
the correct
If a real estate Sales Associate or Broker fails to renew an active license, his license will become
Involuntary
Continuing Education), his license will become
Involuntary Inactive
by
paying all back fees and bringing educational requirements to current status
automatically be
canceled
of
service and for 6 months following return to civilian life
The spouse of military personnel can have fees and educational requirements waived
during the period of
A license is Effective when
it is current and in force
A license is considered effective for an initial license when the licensee is
properly notified in writing that he
A real estate license renewal must be received
the day before the current license expires, and it becomes effective
A license is Void when
it ceases to exist due to Non-Renewal, Non-Payment of fees, etc.
A license ceases to be in force when
a Sales Associate working for a Broker changes employer
the change on a form provided by the Commission
10 days
with the Florida Real Estate Commission a
notice of the change of address, along with the names of any Sales
The Associate Broker or Sales Associate may not be an
officer, director, or partner of a Brokerage firm
A multiple license can exist if
a Broker has business of such a nature that more than one Broker's license is needed
A Broker can have multiple Brokers licenses if
he manages more than one Brokerage firm
A Broker can Never be licensed as
either a Sales Associate or a Broker Associate at the same time he holds a
One license is issued to a Sales Associate or a Broker Associate employed by
owner employers
All real estate schools must have a
Chief Administrator, the school permit holder, who is responsible to the
A Chief Administrator must also meet the requirements of
a school instructor if actively engaged in teaching
Each school instructor must be
certified as a real estate school instructor
Each school instructor must be certified as a
real estate school instructor
It is unlawful for a school to teach real estate without a
permit
A school cannot guarantee that
students will pass any examinations for licensure
A school cannot guarantee that a permit issued is an
endorsement of the school by the Florida Real Estate
It is illegal for a real estate school to
make false statements in its advertising
It is illegal for a real estate school to make
exaggerated statements in its advertising
enrolled in school as a form of
inducement to attend the school unless such person offers the student or prospective
A real estate school may advertise in connection with
an affiliated Broker
A real estate school may advertise a
pass fail ratio on the state exam
The Real Estate Education and Research Foundation is made up of
9 members appointed by the governor
The Real Estate Education and Research Foundation is made up of ___ members appointed by the governor
9
The Real Estate Education and Research Foundation elects its own
Chairperson and Vice Chairperson from its
The members of the Real Estate Education and Research Foundation receive
$50.00 for each day in attendance at
Funding for the Real Estate Education and Research Foundation Committee is from the
interest on a $3 million
transfer from the
Professional Regulation Trust
Real Estate Education and Research Foundation Committee members serve
four year terms
One purpose of the Real Estate Education and Research Foundation Committee is
to create and promote educational
One purpose of the Real Estate Education and Research Foundation Committee is to
develop and from time to
power as laws). Rules become effective
20 days after filing with the Department of State unless otherwise noted