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Florida Real Estate Principles, Practices & Law 38th Edition

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Presentation on theme: "Florida Real Estate Principles, Practices & Law 38th Edition"— Presentation transcript:

1 Florida Real Estate Principles, Practices & Law 38th Edition
Linda L. Crawford Copyright © 2015 Kaplan, Inc. All rights reserved.

2 License Law Administration
Chapter 3 License Law Administration

3 Florida Real Estate Commission
Regulatory body charged by Florida Legislature Protect the public (consumer protection) Regulate real estate brokers, broker associates, sales associates, brokerage firms, and real estate schools and instructors Foster education of licensees ©2015 Kaplan, Inc.

4 Composition and Qualifications
Five members are professional (licensed) members Four must have held active licenses for five years One must be a licensed broker or sales associate who has been active two years Two consumer members never been licensed Exempt from civil liability One must be 60 years of age or older ©2015 Kaplan, Inc.

5 The FREC Appointed to four-year terms by Governor No salary to serve
Confirmed by Florida Senate No more than two consecutive terms Accountable to the Governor No salary to serve $50 per day for each day official business Monthly meetings ©2015 Kaplan, Inc.

6 Commission General Powers and Duties
Executive Power to regulate and enforce license law Quasi-legislative Power to enact rules and regulations Interpret license law questions Quasi-judicial Grant or deny applications, administer penalties ©2015 Kaplan, Inc.

7 FREC’s Duties Adopt a seal Foster education
Make determinations of violations Regulate professional practices Create and pass (promulgate) rules and regulations Establish fees Grant and deny applications for licensure Discipline licensees ©2015 Kaplan, Inc.

8 Department of Business and Professional Regulation (DBPR)
Under the executive branch Secretary of Department Licenses and regulates Businesses Professionals Granted legal powers by legislature Investigate complaints Issue subpoenas Issue cease and desist orders ©2015 Kaplan, Inc.

9 DBPR Division of Professions Division of Service Operations
Division of Florida Condominiums, Timeshares, and Mobile Homes Division of Real Estate (DRE) Division Director Employees of DBPR Provide services needed to administer law Administrative and ministerial duties Office is located in Orlando ©2015 Kaplan, Inc.

10 License Fees Established by the FREC Used to regulate real estate
Include an unlicensed activity fee Fee waiver for military veterans Initial, renewal, and unlicensed activity fees are waived for veterans who apply within 60 months of honorable discharge ©2015 Kaplan, Inc.

11 Current Mailing Address
The current residential address a licensee uses to receive mail 10 days to notify the DBPR of change of address ($500 fine for failing to timely notify) P O box is acceptable mailing address Address of record Where DBPR sends official communication Mailing or address ©2015 Kaplan, Inc.

12 License Renewal Periods
Renewal period is two years Licenses expire on March 31 or September 30 Must renew prior to expiration date Post-license or continuing education requirement must be completed Late fee charged if renewed after expiration date Unlicensed practice of real estate following expiration of license ©2015 Kaplan, Inc.

13 Armed Forces Exemption
A licensee in good standing who is a member of the U.S. Armed Forces is exempt from renewal requirements during active duty and for six months after discharge from active duty If the military duty is out of state, the exemption also applies to a licensed spouse ©2015 Kaplan, Inc.

14 Temporary License DBPR may issue a temporary license to spouse of an active duty member of the Armed Forces assigned to duty in Florida Spouse must hold valid real estate license in another state Temporary license expires six months after the date of issue and is not renewable ©2015 Kaplan, Inc.

15 Active vs. Inactive Status
Active license is required to perform services of real estate for compensation Voluntary Inactive Status Licensee requests inactive status Voluntary inactive licensees must complete all education and renewal requirements Involuntary Inactive Status Licensee fails to renew the license before the expiration date ©2015 Kaplan, Inc.

16 Involuntary Inactive License Reactivation
Involuntary inactive for 12 months or less Complete 14 hour continuing education course Involuntary inactive for more than 12 months but less than 24 months Complete 28 hours of a Commission-prescribed education course ©2015 Kaplan, Inc.

17 Null and Void License A license is null and void when it no longer exists License has been involuntary inactive for more than two years Revoked following disciplinary proceedings; two exceptions to permanent Renewed without completing education Application contained false information Voluntarily relinquish (does not involve disciplinary action) ©2015 Kaplan, Inc.

18 Ineffective License When a license is ineffective, license exists but licensee cannot use it Inactive Voluntary – Licensee has met all license requirements but chooses not to work in real estate Involuntary - A licensee who fails to renew prior to expiration date Suspended Disciplinary action ©2015 Kaplan, Inc.

19 Involuntary Inactive License
When a broker’s license is suspended or revoked for discipline The licenses of sales associates and broker associates employed by the broker are automatically placed in involuntary inactive status Associates may become active again under a new employer ©2015 Kaplan, Inc.

20 Cease To Be In Force Licensee cannot conduct business Two causes
Broker or school changes business address Sales associate or instructor changes employer DBPR must be notified within 10 days of either change ©2015 Kaplan, Inc.

21 Multiple Licenses Multiple licenses are issued to a broker who qualifies as the broker for more than one business entity For each business that a person is a broker, a separate broker license must be obtained ©2015 Kaplan, Inc.

22 Group License Group licenses are issued to sales associates and broker associates who register under an owner-developer (real estate developer) Owner-developer sends DBPR list of legal company names Sales associate or broker associate has One license One employer ©2015 Kaplan, Inc.

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