Chapter 6

Card Set Information

Author:
lacyelliott
ID:
150075
Filename:
Chapter 6
Updated:
2012-04-25 14:00:41
Tags:
real estate recovery fundr
Folders:

Description:
Violations of license law: Penalties and Procedures
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user lacyelliott on FreezingBlue Flashcards. What would you like to do?


  1. Second Degree Misdemeaners
    $500 fine/ imprisoned for up to 60 days

    Includes false and misleading advertisements
  2. First Degree Misdemeanor
    $1000 fine and up imprisonment not to exceed 1 year


    Only Rental List Violations
  3. Third degree Felony
    fine up $5000 and/or imprisonment of up to 5 years


    Practicing without a real estate license
  4. FRECs penalties listed lowest to highest are:
    • 1. reprimand
    • 2. fine
    • 3. probation
    • 4. suspension
    • 5. revocation or denial
  5. How much of an administrative fine can be imposed by the FREC?
    up to $5000 per offense
  6. How long does a licensee have to correct a notice of non compliance violation?
    15 days
  7. Reimbursement from the real estate recovery fund for a single judgement is ___________ and the maximum reimbursement for multiple judgements is __________.
    • $50,000
    • $150,000
  8. What are the amounts of the fees paid by licensees to fund the real estate recovery fund?
    $3.50/yr license fee for both new licenses and renewals of licenses for brokers.

    $1.50/yr for new lecenses and renewals of licenses for sales associates

What would you like to do?

Home > Flashcards > Print Preview