Florida Real Estate Broker Chapter 1 - Licensing

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If a licensee fails to renew their sales associate license in their first renewal period, 24 months
after receiving their initial license, the license will be classed as______.
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Terms in this set (58)
If an employee of an electric company is buying, selling, and negotiating property transactions on behalf of his employer, and receiving a monthly salary, which of the following statements is correct?b. He qualifies for licensure exemption, as he is receiving a regular salary for his work.A nonresident who holds a Florida real estate license MUSTb. Complete all required post-licensing and continuing education requirements.60 hoursThe licensee status that results when a license is not renewed at the end of the license period is referred to as:Involuntary inactive.If an applicant had been convicted of a crime, ten years before applying for a license, and wishes to become a sales associate, which of the following steps should he take?Disclose the conviction on his real estate application, along with any supporting documentation.How many hours of classroom continuing education are required for Florida real estate licensees during each two years of a license period?14What percentage of questions must be answered correctly on the Broker's Pre-License Course exam?70%If an applicant deliberately does not include a felony conviction, on any type of license application form, and the DRE discovers this after running a background check, what action is the most probable?c. The license will be deniedA licensed real estate sales associate or broker who has real estate experience in another state, may apply the experience toward a Florida broker's license, if the applicant has:a. Held an active license in that state for at least 24 months during the preceding five years.Which of the following is FALSE?a. Reciprocity is permitted in the state of Florida.Which of the following subjects is not covered in the state exam?Agency law.Which of the following is a correct statement about multiple real estate licenses in Florida?Only brokers may be issued multiple licenses.All applicants for licensure must submita completed application, electronic fingerprints, and appropriate fee b.If a licensee with a 4-year degree in real estate wishes to upgrade their license from sales associate to broker they must complete the following requirementsApply for a broker's license, and pay a renewal fee, before their sales associate licenseA broker wishes to be issued several broker licenses for business reasons. She may:Hold multiple licenses.Which of the following is responsible for establishing application fees for broker and sales associate licenses?the FRECIf a licensed agent is employed under a broker, whereby the broker's license has been suspended, the agent's license status will be considered:Involuntary inactiveBill receives compensation for showing and selling houses. His license expired in March 2005, but he continued to sell real estate without a current license. He was caught by another broker who checked to see if he was a licensed person. He was reported to the FREC, but now he wants his license renewed. What is the most probable outcome?Bill may receive a punishment of a fine up to $5,000, or imprisonment.Under Florida law a person is a Florida resident if he isa person who has resided in Florida, continuously for a period of 4 calendar months or more, within the preceding one yearWhat does Mutual Recognition mean?a. the state of Florida recognizes the similarities of practising real estate in certain states b. the state of Florida recognizes similarities in real estate educational requirements in certain statesJeff is a sales associate. His license has been categorized as involuntary inactive for 22 months. What must he do to return his license to active status?Complete 28 hours of reactivation creditAll of the following are requirements for a real license in Florida except:be a college graduateWhich of the following best describes a broker?licensed person who has the ability to work independently and receive compensation directly for providing real estate servicesThe DBRP has ___ upon receiving an application to inform the applicant of any errors or omissions.30 daysWhich of the following is TRUE regarding the broker and broker associate 14-hour continuing education course?If not completed prior to their second renewal date, and every two years thereafter, the license will be classed as in-voluntary inactiveWhat Florida Statute provides provisions for real estate licensingFlorida Statue 475.17Any resident licensee who becomes a nonresident shall, within ____ days, notify the Commission of the change in residency and comply with nonresident requirements.60During background check applicants that show evidence of what, will be denied a license applicationa. Unfair Dealings b. Dishonest character c. Previous Criminal HistoryHow many days does the DBRP have to notify of any errors of omissions in the application30 daysHow many days does the DBRP have to notify the outcome of the applicationwithin 90 daysThe applicant has how many days , from receiving the denial notice, to file a petition with the DRE (Division of Real Estate) and appeal the decision21The applicant can file a petition with the DRE (Division of Real Estate) and appeal the decision if denied application either byOption 1: Requesting an informal hearing with the FREC (Florida Real Estate Commission) Option 2: Requesting a formal hearing before an administrative law judgeAny student that fails the end course exam, for sales associate or broker licensure, must wait how many days, before re-sitting the exam30The student's certification is valid fortwo yearsExemptions to these rules, regarding pre-license courses, apply to individuals who:Have a 4-year degree in real estate, or a commission approved equivalentFlorida Licensed Attorneys, who are educated in real estate licensing law, are not required to take the pre-license course for sales associate licensure but are required to take the pre-licensebrokerAlthough the applicant is partially exempt from the 100 questions required of the Florida state exam, they will be required to pass a written Florida Real Estate Law exam consisting ofThe exam consists of 40 questions, each worth one point each. Students must achieve 30 points or more to pass the exam.The state exam follows the same format as the 72-hour broker pre-license course exam and consists of 100 questions to test the students' knowledge of;• real estate appraising • investment • financing • brokerage and management operationsFlorida requires that every real estate licensee that has passed the 72-hour pre-license broker course and has successfully obtained a license as a broker or broker associate take a post-licensing of60 hoursafter passing either the post-license course for sales associates, or the post-license for brokers, on the licensee's second renewal period, and every subsequent renewal period after that must takea 14 hour CEIf the licensee fails to meet the 14-hour education requirementtheir license will then be classified as involuntary inactive.Members of the armed forces, veterans, and their spouses, can receive an initial licensing fee waiver, up to ________ months after an honorably discharge60A voluntarily inactive license occurs whenlicensee has acquired their license, but are not practicing real estateIf the broker fails to notify the Division of real estate of any adress changes, they may face a fine of up$500Any changes to address should be made within10 daysIf a licensee relocates, out with Florida State, they must inform the Commission of their non-residency, within60 daysa license will "cease to be in force" ifa broker, or a real estate school, changes their business address. or associates, or real estate school instructors, change their employer.Licensure also applies to the auction of the property, unlessthe person carrying out these services is a licensed auctioneer