FL REAL ESTATE LAWS QUESTIONS AND ANSWERS 100% PASS

FL REAL ESTATE LAWS QUESTIONS AND ANSWERS 100% PASS The Real Estate License Law - Correct Answer ️️ -1. Protect consumers from loss because of dishonest and incompetent real estate sales associates 2. Protect the good standing of ethical associates from the adverse publicity caused by unprincipled licensees Florida Real Estate Commission (FREC) - Correct Answer ️️ -consists of seven members appointed by the governor and confirmed by the state Senate. The Commission is composed of four real estate brokers (actively licensed for five of the preceding years before appointment), one real estate broker or sales associate (actively licensed for two years prior to appointment), and two consumer members (never licensed as a broker or sales associate). At least one member of FREC must be 60 years of age or older. Members of FREC shall be appointed for four-year terms. FREC administers and enforces the real estate license law, Chapter 475, Part I, Florida Statutes. The license law - Correct Answer ️️ -is not upheld in a court of law but is enforced by FREC at special hearings, which will be discussed later in this chapter. FREC does not settle commission disputes. Commission disputes are settled in a court of law and handled through an attorney if the parties involved cannot settle the matter agreeably. The Division of Real Estate (DRE) - Correct Answer ️️ -is under the Department of Business and Professional Regulation (DBPR). The DRE performs all functions concerning regulation of general real estate in Florida. The DRE is headed by a Director who is appointed by the Secretary of the DBPR, subject to approval by FREC. A real estate broker - Correct Answer ️️ -is someone who holds a broker license issued by the Florida Division of Real Estate (DRE), which operates under the Department of Business and Professional Regulation (DBPR). The license legally permits the broker to perform any acts for which a real estate license is required. A real estate broker is also an independent businessperson who can employ someone who holds a sales associate or a broker license. Brokers are legally responsible for all the business actions of their employees. A real estate sales associate - Correct Answer ️️ -is someone who holds a sales associate license. This is also issued by the Florida Division of Real Estate (DRE). The sales associate must be employed by a real estate broker or owner developer in order to perform any of the activities that require a license. A broker associate - Correct Answer ️️ -is a term used to refer to someone who meets the requirements of being a broker but works under the direction of another broker. Acts Requiring a Real Estate License - Correct Answer ️️ -• Advertise real estate services • Negotiate the purchase of realty • Appraise realty • Rent or provide rental information or lists • Negotiate the sale of realty • Auction realty • Lease realty • Negotiate the exchange of realty Chapter 475 - Correct Answer ️️ -It is unlawful for any unlicensed person to operate as a real estate broker or sales associate. Doing so constitutes a third degree felony, and can mean possible jail time and/or a $5,000 penalty plus possible court costs. The court may impose a fine twice the amount of the gain or loss, depending on any monetary gain the unlicensed person obtained, or any pecuniary (financial) loss