FL Exam Prep - All About License Law
What are the four elements of intentional misrepresentation?
A lie, the fact that the lie was known, reliance on that lie, and harm to the person who
relied on the lie
Puffery
A statement of opinion or exaggeration that is generally understood not to be a
statement of fact
Misrepresentation
A misstatement of fact—either intentional or inadvertent
What is the penalty for practicing real estate in Florida, without a license?
This is a third-degree felony that carries a penalty of up to $5,000 per violation and up to
five years in jail
What happens when a complaint is filed against a licensee in Florida?
The Florida Real Estate Commission (FREC) will put together a panel of at least two
members to determine if there is probable cause to prosecute the complaint
A formal complaint to the licensee is accompanied by an Election of Rights form
that must be completed within _______ and sent back to the DBPR.
21 days
How many members must be on the probable cause panel reviewing a complaint
against a licensee?
The Florida Real Estate Commission (FREC) will put together a panel of at least two
members, and there must be at least one current commissioner, real estate licensee, or
consumer commissioner.
Real Estate Recovery Fund
A fund that compensates consumers who have been harmed by a licensee and have
been awarded a judgment, but are unable to otherwise collect on that judgment
By when must consumers apply for relief from the Real Estate Recovery Fund?
Within two years of the violation or knowledge of the violation, with a maximum of four
years from the date of the violation
What's the most money a consumer may receive from the Real Estate Recovery
Fund per transaction?
$50,000, even if the final judgment is more
What's the minimum amount that must be maintained in the Real Estate Recovery
Fund?
$500,000, and licensees may be assessed a small fee at license renewal time to ensure
the fund stays above this minimum
What is FREC, and what does it do?
The Florida Real Estate Commission administers and enforces the real estate licensing
laws of the state to protect consumers
What's contained in Chapter 475 of Florida statutes?
Laws on real estate licensing, Florida Real Estate Commission information,
fingerprinting requirements, required agency disclosure, and record retention
requirements
What's contained in Chapter 61J2 of Florida administrative code?
What are the four elements of intentional misrepresentation?
A lie, the fact that the lie was known, reliance on that lie, and harm to the person who
relied on the lie
Puffery
A statement of opinion or exaggeration that is generally understood not to be a
statement of fact
Misrepresentation
A misstatement of fact—either intentional or inadvertent
What is the penalty for practicing real estate in Florida, without a license?
This is a third-degree felony that carries a penalty of up to $5,000 per violation and up to
five years in jail
What happens when a complaint is filed against a licensee in Florida?
The Florida Real Estate Commission (FREC) will put together a panel of at least two
members to determine if there is probable cause to prosecute the complaint
A formal complaint to the licensee is accompanied by an Election of Rights form
that must be completed within _______ and sent back to the DBPR.
21 days
How many members must be on the probable cause panel reviewing a complaint
against a licensee?
The Florida Real Estate Commission (FREC) will put together a panel of at least two
members, and there must be at least one current commissioner, real estate licensee, or
consumer commissioner.
Real Estate Recovery Fund
A fund that compensates consumers who have been harmed by a licensee and have
been awarded a judgment, but are unable to otherwise collect on that judgment
By when must consumers apply for relief from the Real Estate Recovery Fund?
Within two years of the violation or knowledge of the violation, with a maximum of four
years from the date of the violation
What's the most money a consumer may receive from the Real Estate Recovery
Fund per transaction?
$50,000, even if the final judgment is more
What's the minimum amount that must be maintained in the Real Estate Recovery
Fund?
$500,000, and licensees may be assessed a small fee at license renewal time to ensure
the fund stays above this minimum
What is FREC, and what does it do?
The Florida Real Estate Commission administers and enforces the real estate licensing
laws of the state to protect consumers
What's contained in Chapter 475 of Florida statutes?
Laws on real estate licensing, Florida Real Estate Commission information,
fingerprinting requirements, required agency disclosure, and record retention
requirements
What's contained in Chapter 61J2 of Florida administrative code?
