FREC Study Guide | 100% Correct Answers |
Verified | Latest 2024 Version
Identify the information on the Subdivision Plat Map - ✔✔An engineer's plan for land use superimposed
on a map to be developed .
Distinguish among the three categories of residential construction. - ✔✔Speculative (spec) homes-
building without buyer in advance of construction, Custom home- constructs home with a buyer using
plans, Tract homes- model homes
Cite the fee waiver for military veterans and their spouses. - ✔✔The DBPR has the authority to waive the
application, license, and unlicensed activity fees for military veterans and their spouses who apply for a
real estate license within 60 months after honorable discharged. This fee waiver does not include the
examination fee and finger processing fee.
What criminal history must be disclosed on the real estate license application? - ✔✔1)Whether the
applicant has ever been convicted or found guilty of a crime, ever entered a plea of guilty or nolo
contendere (no contest) to a crime or is currently under criminal investigation. 2) Ever done business
under any name other than the name signed on the application.
3) Had a disciplinary action against a license to practice a regulated profession (including revocation,
annulment, suspension, relinquishment, surrender, or pending investigation against a professional
license). 4) Had an application for a real estate license denied or there is pending proceeding to deny an
application.
Know the purpose of requiring applicants to have a U.S. Social Security number. - ✔✔To determine
whether applicants are in compliance with child support obligations.
Know the experience of requirements necessary to obtain a Florida broker's license. - ✔✔Must have
held an active real estate license for at least 24 months during a five-year period proceeding the
application to become a Florida real estate broker.
Name the individuals exempt from licensure under FS 475. - ✔✔Persons who: sell cemetery plots, rent
lots in a mobile home park , attorneys-at-law in a attorney-client relationship, certified public
accountants, person who has power of attorney (attorney in fact), owners of time-shares, state-certified
and licensed real estate appraisers who are licensed under 475, Part II, court-appointed individuals,
hotel/motel clerks, federally regulated banks and dealers registered with the Securities and Exchange
, Commission(SEC), apartment property owners/management firms paying finders fee of no more than
$50 to a tenant
Identify who appoints and confirms the DBPR secretary. - ✔✔Appointed by the governor, confirmed by
the state senate
Be aware of the penalties that the FREC may NOT impose - ✔✔May not impose imprisonment; but may
evoke your license
Describe the regulations regarding activating an involuntary inactive license. - ✔✔May activate their
license during the two-year period following expiration of a valid current license only after completing a
FREC prescribed course when a licensee has been involuntary inactive for:
*12 months or less, complete a 14 hour FREC approved class
*more than 12 months but less than 24 months, complete 28 hours of a Commission-prescribed
reactivation education course.
Understand the purpose of a group license. - ✔✔Sometimes issued to sales associates or broker
associates who are registered under an owner-developer. If an owner-developer owns properties in
various entities but they are all connected so that ownership is in control with the same individuals they
may be issued a group license.
Define residential transaction as it applies to the disclosure of brokerage relationships. - ✔✔Chapter 475
mandates certain duties and obligations in each type of brokerage relationship. These apply to all real
estate transactions (residential and nonresidential) Written disclosures are only required when dealing in
residential real estate.
Brokerage Relationship Disclosure Act-Residential Transaction -Residential Sale - ✔✔A Residential Sale is
defined as the sale of improved residential property of four or more units, the sale of unimproved
residential property intended for use as four or fewer units, or the sale of agricultural property of 10 or
fewer acres. The disclosure requirements do not apply to:
1) nonresidential transactions 2) the rental or leasing of real property, unless an option to purchase all or
a portion of property improved with four or fewer residential units is given 3) auctions 4) appraisals 5)
dispositions of any interest in business enterprises or business opportunities , except for property with
four or fewer residential units.
Verified | Latest 2024 Version
Identify the information on the Subdivision Plat Map - ✔✔An engineer's plan for land use superimposed
on a map to be developed .
Distinguish among the three categories of residential construction. - ✔✔Speculative (spec) homes-
building without buyer in advance of construction, Custom home- constructs home with a buyer using
plans, Tract homes- model homes
Cite the fee waiver for military veterans and their spouses. - ✔✔The DBPR has the authority to waive the
application, license, and unlicensed activity fees for military veterans and their spouses who apply for a
real estate license within 60 months after honorable discharged. This fee waiver does not include the
examination fee and finger processing fee.
What criminal history must be disclosed on the real estate license application? - ✔✔1)Whether the
applicant has ever been convicted or found guilty of a crime, ever entered a plea of guilty or nolo
contendere (no contest) to a crime or is currently under criminal investigation. 2) Ever done business
under any name other than the name signed on the application.
3) Had a disciplinary action against a license to practice a regulated profession (including revocation,
annulment, suspension, relinquishment, surrender, or pending investigation against a professional
license). 4) Had an application for a real estate license denied or there is pending proceeding to deny an
application.
Know the purpose of requiring applicants to have a U.S. Social Security number. - ✔✔To determine
whether applicants are in compliance with child support obligations.
Know the experience of requirements necessary to obtain a Florida broker's license. - ✔✔Must have
held an active real estate license for at least 24 months during a five-year period proceeding the
application to become a Florida real estate broker.
Name the individuals exempt from licensure under FS 475. - ✔✔Persons who: sell cemetery plots, rent
lots in a mobile home park , attorneys-at-law in a attorney-client relationship, certified public
accountants, person who has power of attorney (attorney in fact), owners of time-shares, state-certified
and licensed real estate appraisers who are licensed under 475, Part II, court-appointed individuals,
hotel/motel clerks, federally regulated banks and dealers registered with the Securities and Exchange
, Commission(SEC), apartment property owners/management firms paying finders fee of no more than
$50 to a tenant
Identify who appoints and confirms the DBPR secretary. - ✔✔Appointed by the governor, confirmed by
the state senate
Be aware of the penalties that the FREC may NOT impose - ✔✔May not impose imprisonment; but may
evoke your license
Describe the regulations regarding activating an involuntary inactive license. - ✔✔May activate their
license during the two-year period following expiration of a valid current license only after completing a
FREC prescribed course when a licensee has been involuntary inactive for:
*12 months or less, complete a 14 hour FREC approved class
*more than 12 months but less than 24 months, complete 28 hours of a Commission-prescribed
reactivation education course.
Understand the purpose of a group license. - ✔✔Sometimes issued to sales associates or broker
associates who are registered under an owner-developer. If an owner-developer owns properties in
various entities but they are all connected so that ownership is in control with the same individuals they
may be issued a group license.
Define residential transaction as it applies to the disclosure of brokerage relationships. - ✔✔Chapter 475
mandates certain duties and obligations in each type of brokerage relationship. These apply to all real
estate transactions (residential and nonresidential) Written disclosures are only required when dealing in
residential real estate.
Brokerage Relationship Disclosure Act-Residential Transaction -Residential Sale - ✔✔A Residential Sale is
defined as the sale of improved residential property of four or more units, the sale of unimproved
residential property intended for use as four or fewer units, or the sale of agricultural property of 10 or
fewer acres. The disclosure requirements do not apply to:
1) nonresidential transactions 2) the rental or leasing of real property, unless an option to purchase all or
a portion of property improved with four or fewer residential units is given 3) auctions 4) appraisals 5)
dispositions of any interest in business enterprises or business opportunities , except for property with
four or fewer residential units.
