FL Sales Associate Pre-Licensing Course.
Complete Verified Solution.
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?
Rules on fees for licenses and examinations, education requirements, and disciplinary
matters
How many years of experience as a real estate salesperson must a broker
applicant have in Florida?
Two
How many members are on the Florida Real Estate Commission?
Seven: five professionals with real estate licenses (four with five or more years of
experience and one with two or more years of experience), and two consumers
When do Florida real estate licenses expire, and when are they renewed?
Licenses are issued with an expiration date of either March 31 or September 30, 18 to
24 months after the initial effective date and are renewed every two years
Unless the DBPR is notified within ______ days, a license will cease to be in force
when a broker changes business address or a sales associate changes their
employing broker.
10
Group license
A license issued to a sales associate or broker associate who works for an
owner/developer under more than one related business entity
Client
One who the agent acts for; is owed fiduciary duties
Customer
A person related to the transaction who is not represented by the agent
Fiduciary
One in a position of trust for another (e.g., agent for client)
Special agent
One with limited authority to act on the behalf of a client (e.g., buyer or seller agent)
General agent
One with ongoing responsibility for all of the dealings related to a specific area (e.g., a
property manager)
Dual agency with designated sales agents
Two agents from the same firm represent opposing sides of a transaction
Dual agent
One agent represents both the buyer and seller in the same transaction
Sub-agent
One who works for the agent representing the seller, and also for the seller
Single agent
One who represents only one party in the transaction
Agent
One who acts on behalf of another
What two duties survive the termination of agency?
Confidentiality and accountability
Complete Verified Solution.
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?
Rules on fees for licenses and examinations, education requirements, and disciplinary
matters
How many years of experience as a real estate salesperson must a broker
applicant have in Florida?
Two
How many members are on the Florida Real Estate Commission?
Seven: five professionals with real estate licenses (four with five or more years of
experience and one with two or more years of experience), and two consumers
When do Florida real estate licenses expire, and when are they renewed?
Licenses are issued with an expiration date of either March 31 or September 30, 18 to
24 months after the initial effective date and are renewed every two years
Unless the DBPR is notified within ______ days, a license will cease to be in force
when a broker changes business address or a sales associate changes their
employing broker.
10
Group license
A license issued to a sales associate or broker associate who works for an
owner/developer under more than one related business entity
Client
One who the agent acts for; is owed fiduciary duties
Customer
A person related to the transaction who is not represented by the agent
Fiduciary
One in a position of trust for another (e.g., agent for client)
Special agent
One with limited authority to act on the behalf of a client (e.g., buyer or seller agent)
General agent
One with ongoing responsibility for all of the dealings related to a specific area (e.g., a
property manager)
Dual agency with designated sales agents
Two agents from the same firm represent opposing sides of a transaction
Dual agent
One agent represents both the buyer and seller in the same transaction
Sub-agent
One who works for the agent representing the seller, and also for the seller
Single agent
One who represents only one party in the transaction
Agent
One who acts on behalf of another
What two duties survive the termination of agency?
Confidentiality and accountability
