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Florida Real Estate Principles, Practices & Law 39th Edition

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Presentation on theme: "Florida Real Estate Principles, Practices & Law 39th Edition"— Presentation transcript:

1 Florida Real Estate Principles, Practices & Law 39th Edition
Unit 3: Real Estate License Law And Commission Rules

2 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 Issue citations

3 Current Mailing Address
The current residential address a licensee uses to receive mail PO box is acceptable mailing address Address of record Where DBPR sends official communication Mailing or address

4 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

5 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

6 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

7 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 on official business Monthly meetings

8 Commission General Powers and Duties
Executive Power Regulate and enforce license law Foster education Adopt a seal Establish fees

9 Commission General Powers and Duties
Quasi-legislative Create and pass rules and regulations Regulate professional practices

10 Commission General Powers and Duties
Quasi-judicial Grant or deny applications Suspend or revoke licenses and issue administrative fines Make determinations of violations

11 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

12 Armed Forces Renewal Exemption
Licensee in good standing who is a member of the U.S. Armed Forces is exempt from renewal requirements during active duty and for 6 months after discharge from active duty If military duty is out of state, the exemption also applies to a licensed spouse

13 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 6 months after the date of issue (not renewable)

14 Active vs. Inactive Status
Active license required to perform services of real estate for compensation Voluntary Inactive Status Licensee requests inactive status Voluntary inactive licensees must complete education and renewal requirements Involuntary Inactive Status Fail to renew license before the expiration date After 2 years, involuntary inactive license is null and void

15 Involuntary Inactive License Reactivation
12 months or less Complete 14 hour continuing education course More than 12 months but less than 24 months Complete 28 hours of a Commission-prescribed education course

16 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

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 Voluntarily relinquish (does not involve disciplinary action)

18 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

19 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

20 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


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