Unit 1: Becoming a Licensed Florida Real Estate Broker - Florida Real Estate Broker Course

True or false? A licensee who is a member of the U.S. armed forces is exempt from the renewal provisions during active duty and 24 months after discharge.

True A licensee who is a member of the U.S. armed forces is exempt from the renewal provisions during active duty and 24 months after discharge.

Which statement BEST describes the legal term nolo contendere? A) It is a plea of no contest. B) It is a court decision to place a defendant on probation. C) It is an order by a court of law to stay the sentence. D) It is the process of expunging the criminal record.

A) It is a plea of no contest. Nolo contendere is a plea of no contest that is entered into a criminal court of law. The defendant does not admit or deny the charges. A fine or a sentence may be imposed by the court.

A Florida broker applicant has been licensed as a salesperson in Texas from 1970 through 1995. The applicant recently moved to Florida and has completed the Florida broker prelicense course. The applicant earned a score of 76 on the end-of-course exam and has submitted the license application to the Department of Business and Professional Regulation (DBPR). Which statement is TRUE regarding this situation? A) The applicant has not fulfilled the experience requirement. B) The applicant must successfully complete the sales associate prelicense course before becoming a Florida real estate broker. C) The applicant has met the requirements to become a licensed broker and is qualified to take the state license exam. D) The applicant must apply for a broker license under mutual recognition.

A) The applicant has not fulfilled the experience requirement. Applicants who have held an active real estate license in another state may apply their experience toward a Florida broker license, provided they have held an active salesperson or broker license for at least 12 months during the preceding five-year period.

Which information does NOT have to be disclosed on a real estate license application? A) A plea of nolo contendere for domestic violence B) Denied licensure as an appraiser in Massachusetts C) Driving under the influence (DUI) conviction that occurred 15 years ago D) Ticket for failing to stop at a red light six months ago

D) Ticket for failing to stop at a red light six months ago Applicants must disclose history concerning felonies, misdemeanors, and traffic offenses other than parking, speeding, inspection, or traffic signal violations.

A broker works as an active broker for more than one real estate company. In this situation, the Department of Business and Professional Regulation (DBPR) will issue the broker A) a group license. B) a single broker license and require the broker to appoint an office manager at each location. C) one broker license and register the various companies as affiliated businesses. D) multiple licenses.

D) multiple licenses. Multiple licenses are issued to brokers who qualify as broker for more than one business entity.

A licensee who lives in Jacksonville and holds a Florida real estate license is in the process of moving to Alabama. What action must the licensee take regarding the Florida license? A) Request a nonresident waiver of education requirements B) Notify the Department of Business and Professional Regulation (DBPR) within 60 days of the change in residency C) File an application for mutual recognition with Alabama D) File a request for involuntary inactive status

B) Notify the Department of Business and Professional Regulation (DBPR) within 60 days of the change in residency

Which activity is NOT one of the eight real estate services? A) Auction real property B) Finance real property C) Exchange real property D) Appraise real property

B) Finance real property There are eight real estate services that when performed for compensation require a real estate license: advertising real estate services, buying, appraising, providing rental lists for a fee, selling, auctioning, leasing, and exchanging real property. Financing services requires a mortgage broker license.

A person applying for a real estate broker license must A) be a citizen of the United States. B) disclose any denials of a real estate license in another state. C) be a Florida resident. D) disclose personal financial information.

B) disclose any denials of a real estate license in another state. When completing an application for licensure, applicants must disclose whether they have ever been denied a license or have had a license suspended or revoked by the real estate licensing agency of another state or nation.

True or False? If a broker applicant's past criminal history is not discovered until after the applicant becomes a broker, the DBPR will likely take no action.

False. The Commission may revoke a broker's license for failure to disclose past criminal history.

An out-of-state real estate licensee moved to Tampa Bay, Florida, six months ago. The out-of-state licensee has requested a Florida real estate license based on mutual recognition. The out-of-state licensee A) must complete the real estate prelicense course and pass a 40-question Florida-specific real estate law exam. B) must complete the real estate prelicense course and pass the Florida state license exam. C) must simply register her license information with the Florida Department of Business and Professional Regulation (DBPR) because she moved from a mutual recognition state. D) is exempt from the real estate prelicense course; however, she must pass a written Florida-specific real estate law exam.

B) must complete the real estate pre-license course and pass the Florida state license exam. The applicant is a Florida resident because the applicant moved to Florida six months ago. A resident of Florida who is licensed in a mutual recognition state cannot apply for a Florida real estate license under mutual recognition. The out-of-state licensee must satisfactorily complete the Florida prelicense course and pass the state license exam.

Which qualification is required for licensure as a Florida broker? A) Two-year college degree B) U.S. Social Security number C) U.S. citizenship D) Florida resident

B.) U.S. Social Security number Broker applicants must possess a U.S. Social Security number. They do not have to be U.S. citizens or Florida residents, nor do they need to possess a two-year college degree.

An employee of a real estate developer sells homes in a new subdivision. In addition to a salary, he receives a $500 bonus for each home he sells after meeting his monthly quota of home sales. Which statement applies to this situation? A) The employee is not required to hold a real estate license because he receives a salary. B) The real estate developer must be a licensed real estate broker. C) The employee must hold a real estate license because he receives compensation based on sales. D) Both the employee and his employer must be licensed real estate brokers.

C) The employee must hold a real estate license because he receives compensation based on sales. A real estate developer's sales staff must hold active real estate licenses if they are paid a commission or a bonus based on actual sales (on a transactional basis).

Which individual is NOT exempt from licensure under real estate license law? A) Person selling cemetery lots for compensation B) Individual serving as a personal representative and acting within the statutory limits of that designated role C) Person conducting an auction of real property D) Salaried employee of a company selling real estate owned by the company as part of the employee's normal work-related duties

C) A person conducting an auction of real property Auctioning real property is one of the eight real estate activities that require a real estate license.

Which statement is TRUE regarding obtaining a real estate license through mutual recognition? A) Florida residents who hold a real estate license in another state may apply for a Florida real estate license through mutual recognition. B) States that have a mutual recognition agreement with Florida provide reciprocity to Florida licensees to conduct real estate in other states. C) Applicants applying for a Florida real estate license through mutual recognition must pass a Florida-specific real estate law license exam with a grade of at least 75%. D) Real estate applicants who apply for a Florida real estate license through mutual recognition are exempt from the post-license education requirement.

C) Applicants applying for a Florida real estate license through mutual recognition must pass a Florida-specific real estate law license exam with a grade of at least 75%. Mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam. The exam consists of 40 questions worth 1 point each. A grade of 30 points (75%) or higher is required to pass the exam.

If the post-licensing requirement is NOT fulfilled before the first renewal and a broker associate licensee wishes to continue in the real estate business, the licensee A) must requalify for licensure. B) is allowed 30 days to make up the post-license course but is charged a late fee. C) must retake the broker prelicense course within one year. D) may request to receive a sales associate license, provided the licensee completes 14 hours of continuing education within six months following expiration of the broker license.

D) may request to receive a sales associate license, provided the licensee completes 14 hours of continuing education within six months following the expiration of the broker license. provided the licensee completes 14 hours of continuing education within six months following expiration of the broker license. The license of a broker who does not complete the post-license requirement becomes null and void. However, the broker may request and receive a sales associate license by completing 14 hours of continuing education within six months following expiration of the broker license.

Which individual is exempt from the continuing education requirement? A) Individual who has received a four-year degree in real estate B) Nonresident licensee C) Inactive real estate licensee D) Active member of The Florida Bar

D) An active member of The Florida Bar Active members in good standing with The Florida Bar are exempt from the continuing education requirement for real estate licensees.

Which statement is TRUE regarding the pre-license end-of-course exam? A) Students who fail the end-of-course exam may retake the exam until they receive a passing score. B) Students must pass the end-of-course exam with a grade of 75 or higher. C) If failing the end-of-course exam, the student must repeat the entire course before retesting. D) Students who fail the end-of-course exam may retest one time with a different set of exam questions within one year of the original exam.

D.) Students who fail the end-of-course exam may retest one time with a different set of exam questions within one year of the original exam. Within one year of the original exam, a student may retest one time. Schools must administer a different form of the end-of-course exam to a student who is retaking the exam.

True or False? The DBPR has 90 days after receiving an application to check for errors and omissions and to send a notice of insufficiency concerning any additional information required.

False. The DBPR has 30 days to check for errors and omissions and to send the applicant a notice of insufficiency.

True or False? Florida Real Estate Broker applicants must complete at least 12 months of real estate experience during the previous five years working for a broker or an owner-developer.

False A broker applicant fulfills the experience requirement by holding an active real estate license for at least 24 months during the five-year period prior to applying to become a Florida real estate broker.

True or false? An involuntary inactive license will expire and become null and void after one year.

False A license is placed in involuntary inactive status for no more than two years. After two years, the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action.

True or false? Registration and licensure are synonymous.

False Registration is the process of submitting information to the DBPR for entry into the Department's records. Licensure is achieved by meeting the requirements for licensure under Chapter 475.

True or false? A sales associate who is employed by an owner-developer is not registered with the DBPR.

False The name and address of the owner-developer is registered with the DBPR. Once the owner-developer information is registered into the DBPR database, sales associates and broker associates are registered under the owner-developer.

True or false? A resident licensee who becomes a nonresident must notify the Commission of the change in residency within 15 days.

False. A Florida real estate licensee who moves out of state and becomes a nonresident of Florida is required by law to notify the Commission within 60 days of the change in residency.

True or false? An individual who specializes in the sale of business opportunities is exempt from a real estate license.

False. Because the definition of real property includes any interest in business enterprises or business opportunities, individuals who specialize in the sale of businesses, known as business brokers, must hold Florida real estate licenses.

True or false? A person employed by a real estate developer receives a salary plus commission for each lot the employee sells. The employee is exempt from real estate licensure.

False. Because the employee receives a commission in addition to a salary, the person must hold a real estate license.

True or False? A person who has resided in Florida for three months every winter is considered a Florida resident for licensure purposes.

False. A Florida resident is a person who has resided in Florida continuously for a period of four calendar months or more within the preceding year.

True or false? A broker associate may be issued multiple licenses.

False. Because sales associates and broker associates may have only one registered employer at a time, sales associates and broker associates may not hold multiple licenses.

True or False? An applicant who is applying for a broker's license holds a valid broker's license in a state with which Florida has a mutual recognition agreement. The applicant is exempt from the broker pre-license course but must pass the broker state license exam.

False. Instead of the broker state license exam, mutual recognition applicants must demonstrate mastery of Florida's real estate license law by passing a written Florida-specific real estate law license exam.

True or False? A real estate broker did not complete the broker post-licensing education requirement because the broker was undergoing cancer treatment. Eight months following expiration of the broker's initial license, the licensee requested a post-license hardship extension. The Commission is authorized to grant the broker an extension to complete the post-licensing education.

False. There is no legislative authority to extend the post-license requirement beyond six months following the initial license expiration.

True or False? U.S. citizenship is required of Florida real estate applicants.

False. U.S. citizenship is not required of Florida real estate applicants.

True or False? A real estate licensee who has attained a four-year degree or higher in real estate from an accredited institution of higher education is exempt from the post-license education requirements.

The statement is true. Individuals who have attained a four-year degree or higher in real estate from an accredited institution of higher education are exempt from the post-license education requirements.

Florida Licensed Attorney are exempt from completing which of the following for their real estate course requirements: Pre-License Course I Pre-License Course II Post License Continuing Education

They are exempt from : Pre-License Course I Continuing Education They are required to take Pre-license courses II and post-license.

People who have earned a 4-year degree or higher are exempt from completing which of the following for their real estate course requirements: Pre-License Course I Pre-License Course II Post License Continuing Education

They are exempt from : Pre-License Course I Pre-License Course II Post License They are required to take continuing education.

True or false? A real estate license is the document issued by the DBPR that serves as evidence that the individual named on the face of the license possesses a valid license.

True The license is a written document that serves as prima facie evidence that it is good and sufficient on its face (at first view) that the licensee (holder) is duly licensed as of the effective date shown on the license.

True or false? A licensee who is a member of the U.S. armed forces is exempt from the renewal provisions during active duty and 24 months after discharge.

True The penalty for a first-time offense of a broker employing a sales associate who is not the holder of a valid and current license is an administrative fine of $250 to $1,000 and license suspension to revocation.

True or false? A broker relocates her brokerage office across town. The broker must notify the DBPR of the change in business address before business can be conducted.

True When a broker opens a new brokerage office, no new brokerage business may be conducted (the license ceases to be in force) until the DBPR is notified of the new business location and it is properly registered.

True or false? A real estate broker who legally operates as the broker for more than one real estate brokerage holds multiple licenses.

True. A broker who holds multiple licenses legally acts as the broker for more than one brokerage firm.

True or False? Broker applicants are required to disclose misdemeanor offenses on the license application.

True. Applicants must disclose on the license application whether they have ever been convicted or found guilty of, entered a plea of nolo contendere, or found guilty of a criminal violation, including felony, misdemeanor, and traffic offenses (but not parking, speeding, inspection, or traffic signal violations).

True or False? A broker applicant who received a master's degree in real estate from an accredited institution is exempt from the broker pre-license education course.

True. Broker applicants who have received a four-year degree or higher in real estate from an accredited institution of higher education are exempt from the pre-license education course.

True or False? Broker applicants must possess a U.S. Social Security number.

True. Florida law requires that an applicant's Social Security number be disclosed on all professional license applications.

True or False? Before the first renewal of a broker license, brokers must complete 60 hours of a Florida Real Estate Commission (FREC)-approved broker post-license course.

True. The broker post-license course requirement is satisfied by completing one or more courses totaling 60 hours of 50 minutes each, including the end-of-course exam.