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LAW I |
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I. LICENSE LAW AND QUALIFICATIONS FOR LICENSURE: |
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A.
The purpose: |
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1.
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Chapter
475 F.S. is the real estate license law in Florida |
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2.
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The
purpose of the license law is to protect the public |
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B. There are three categories of licensure: |
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1.
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Sales associate |
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2.
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Broker |
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3.
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Broker-associate
(possess a broker license, but employed by either a broker or
owner-developer) |
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C. To become licensed as a Sales
associate: |
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1.
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Complete
63-hour in-class pre-license course (FREC course I) and pass an end
of course exam with a grade of 70% or better. |
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2.
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End
of course report is good for two years. |
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3.
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Make
application to the DBPR. |
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4.
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DBPR
has 30 days to review and notify applicant of errors. |
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5.
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DBPR
has 90 days to deny or approve application. |
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6.
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Pass
the state exam with a grade of 75% or better. |
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7.
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Initial
license will be inactive (submit proper form to activate). |
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D. To qualify for licensure: |
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1.
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Complete
FREC course I |
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2.
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18
years of age or older |
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3.
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High
school diploma or equivalent (GED) |
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4.
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Show
good character and reputation |
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E. To become licensed as a Broker: |
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1.
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Must
be an active salesperson for one or more active brokers for
at least 12 months of the preceding 5 years |
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2.
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Out-of-state
experience is allowed (reciprocity). |
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3.
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Take
72-hour pre-license course (70% to pass) |
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4.
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Pass
a state examination with a grade of 75% or better |
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5.
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Florida
licensed salespersons must first complete the Florida Salesperson
post-license course (45 hours). |
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F. Mutual Recognition allows licensees in certain states to obtain the
same license in Florida by applying for and taking a
40-question law exam. The licensee can not live in Florida. |
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G. Post-license education for Sales
associate: |
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1.
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45-hour course must be completed before
initial license expires |
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2.
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Failure
to do so, the license becomes null and void |
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H. Post-licensing for Brokers: |
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1.
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60-hour course must be completed before
initial license expires |
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2.
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Failure
to do so, the Broker license becomes null and void |
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I. Services of Real Estate: "BAR SALE": |
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1.
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Buy |
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2.
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Advertise |
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3.
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Rent |
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4.
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Sell |
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5.
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Auction |
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6.
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Lease |
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7.
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Exchange
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J. Anyone that performs any service of real estate, in the state of
Florida, for someone else, and for compensation or the mere
expectation of being compensated must have a real estate license.
Reimbursement of expenses is considered compensation. |
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K. Exemptions from being licensed are: |
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1.
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Salaried employee
of apartment building or complex when renting units from an on-site
rental office and not being paid a commission |
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2.
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Salaried manager
of a condominium when leases do not exceed one year and not being paid
a commission |
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3.
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Employees of the
state of Florida when performing real estate services for the state |
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4.
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Anyone that is Court
appointed |
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5.
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Attorneys
and CPA acting within the scope of their professional duties |
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6.
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Registered,
licensed, or State Certified Appraisers acting within the scope of
their professional duties |
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7.
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Persons that have
been given a power of attorney are exempt for signing documents only |
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8. |
Persons who rent
mobile home lots or recreational vehicle lots in mobile home or travel
trailer parks |
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9.
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An employee of a
real estate developer when paid a salary only and no commission |
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10.
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An employee of a
corporation involved in buying or selling company owned property as
long as it is incidental to their employment |
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11.
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A partner in a
real estate partnership who receives no more than their normal
pro-rata share of profits |
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12.
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Persons selling cemetery lots |
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13.
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Television and
radio announcers and persons in public relations and advertising media
provided the service performed is incidental to their employment |
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14.
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Full time graduate
students in a real estate degree program when doing appraisals for a
licensed broker provided the broker signs all appraisals |
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15.
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Persons appraising
railroads for tax purposes |
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16.
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Short tem rental
clerks (hotels, motels, and property management) |
