Chapter 3: License Law & Administration

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Author:
jdubbs88
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90951
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Chapter 3: License Law & Administration
Updated:
2011-06-16 21:45:44
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Real Estate Exam
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Chapter 3
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  1. FREC
    Florida Real Estate Commission- to protect general public by regulating real estate brokers & brokerage firms

    • 4 brokers
    • 1 broker or associate
    • 2 consumers
  2. Powers & Duties of Frec
    • Executive- powers to enforce and Regulate the license law
    • Quasi-Legislative- power to enact and revise administration rules and regulation
    • Quasi- judicial - power to grant or deny license applications to determine license law violation s & admin penalties
  3. Inactive Status
    • Voluntary- licensee who a qualified but chooses not to engage in real estate business
    • Involuntary - results when a licensee is not renewed at end of license period
    • - for 12 mo or less - 14 hours of continuing education
    • - for 12 to 24 mo - 28 hour course
  4. Multiple Licenses
    • Broker who holds more than one Florida broker licenses
    • illegal
  5. Group License
    Sometimes issued to sales associate or broker associates who are registered w/ an owner developer
  6. FREC's Powers & Duties
    • Adopt a seal
    • Foster edu of applicants
    • Make determination of violations
    • Regulate professional practices
    • Creates and pass rules and regulations
    • Establish fees
    • Grant or deny applications for licensure
    • Suspend or revoke licensees and impose administrative fees
  7. License Renewal Periods
    Licenses expire on March 31 or September 30... assigned to give licensee as close to 24 mo of licensure w/o exceeding 24 mo.
  8. Void
    no longer exists

    • -involuntary inactive for more than two years
    • - license that has been revoked
    • - canceled license
  9. Ineffective
    • License exists but can not be used
    • Inactive - real estate licensees may not perform real estate services.
    • Suspended - licensee is prevented from working for a period of time
  10. Cease to be in force
    • licensee can not conduct business
    • Must notify Commission w/ in 1- day if
    • - broker changes bus address
    • - sales associate changes employer

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