Term
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Definition
| Latin for Let the Buyer Beware |
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Term
| Florida Real Estate Commission - Duties |
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Definition
Administer and Enforce License Law
Keep Records, Conduct Investigations and the Power to Grant, Deny, Suspend and Revoke licenses.
Commission or FREC
Quasi-Judicial Body |
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Term
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Definition
Real Estate Professional Practice Act.
Two Parts:
Part I: Brokerage
Part II: Appraisers - Regulated by the Florida Real Estate Appraisal Board (FREAB)
Legal Rights and Responsibilities of licensees |
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Term
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Definition
Defines the general legal practice and procedure for the DBPR and licensees.
.10 - cannot be denied practice solely because not US citizen.
Addresses unlicensed practice.
Requirements concerning license exams and testing services.
Also mandates actions the DBPR may take in regualting licensees. |
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Term
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Definition
Defines procedural process by which regulatory agencies decide and implement agency action.
Licensing and Disciplinary process for real estate licensees is outlined. |
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Term
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Definition
Rules of the FREC.
Published in the Florida Administrative Code FAC |
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Term
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Definition
| Person that performs real estate services for compensation under the direction of a broker. |
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Term
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Definition
| Person who for another and for compensation performs real estate services. |
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Term
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Definition
Unlicensed entity that sells, exchanges or leases it own property.
Staff must be licensed if paid via commission, else not required. |
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Term
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Definition
| Provides that lawsuits and other legal actions may be initiated against the nonresident applicant in any county of Florida where the plaintiff resides. |
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Term
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Definition
Any resident who becomes a nonresident must notify the commission within 60 days.
Failure citation and $300 fine. |
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Term
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Definition
Nonresidents who are licensed in other jurisdictions.
Florida resident who is licensed in another state cannot apply for license under MR.
Irrevocable Consent to Service
Certification of License History from home state.
Florida License Law Exam consisting of 40 questions (passing 75%) |
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Term
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Definition
Agreement between two states that allows a real estate licensee with a valid license in one state to practice in both states.
None in Florida. |
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Term
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Definition
| Person who has resided in Florida continuousley for a period of four months or more within the preceeding year. |
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Term
| Education Exemptions 4 Year Real Estate Degree |
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Definition
Prelicensing Course I - Exempt
Prelicense Course II - Exempt
Post License - Exempt
Continuing Education - Not Exempt
Must Pass License Exam |
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Term
| Education Exemptions - Licensed Attorney |
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Definition
Prelicensing Course I - Exempt
Prelicense Course II - Not Exempt
Post License - Not Exempt
Continuing Education - Exempt
Must Pass License Exam |
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Term
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Definition
Request to the Validation Committee with objections to exam questions within 30 days of date of exam review.
Must be in writing |
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Term
| Exam Review Formal Hearing Request |
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Definition
| within 21 days of on-site grade notice may petition Division of Administrative Hearings for a forma hearing. |
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Term
| Exam Review Formal Hearing Request |
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Definition
| within 21 days of on-site grade notice may petition Division of Administrative Hearings for a forma hearing. |
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Term
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Definition
Must be completed before the first renewal of their license.
Failure to complete course makes license null and void.
45 hour course. |
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Term
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Definition
After completing post ed during initial license period, active and inactive must complete 14 hours CE.
3 Hours must be core law.
FREC legal agenda session may substitute three CE credits per renewal cycle. |
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Term
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Definition
Complete Sales Associate post licensing education.
Complete Course II 72 hours.
Active Real Estate License for at least 24 out of the last 60 months.
Cannot be under Owner-Developer unless also is holds broker license. |
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Term
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Definition
Refers to evidence that is good and sufficient on its face to establish a given fact or prove a case.
Unless it is refuted by evidence to the contrary, will prove a case (presumptive evidence). |
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Term
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Definition
| Information includes: Name and Address of broker and sales associate Name of the business Status of license Only one registered employer. May hold licenses in other states To actively engage in Real Estate must be registered and active. |
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Term
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Definition
BK - Broker
SL - Sales Associate
BL - Broker Associate
BO - Branch Office
CQ - Corporations
PR - Partnerships |
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Term
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Definition
A BAR SALE
Advertise
Buy
Appraise
Rent or provide rental info
Sell
Auction
Lease
Exchange |
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Term
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Definition
It is unlawful to share or pay a fee or compensation to an unlicensed person for the referral of real estate business clients.
However, a Florida Broker MAY pay a referral fee to a broker licnesed in another state so long as the broker does not violate Florida Law. |
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Term
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Definition
Persons who sell cemetary lots or rent lots in a mobile home park.
Attorneys at law when acting within the scope of their professional duties in attorney client relatioinship.
CPA when performing accounting duties witin the scope of their professional duties.
Power of attorney in order to sign contracts and conveyances on someones behalf.
State certified and licensed real estate appraisers who are licensed under Chapter 475 for conducting appraisal services.
Court appointed individuals acting within the bounds of their duties.
Apartment property owners for purpose of paying finders fee of no more than $50 to tenant of complex. |
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