What government entity was created for the purpose of administering and enforcing Real Estate License law?
What government entity was created for the purpose of administering and enforcing real estate license law? The Florida Real Estate Commission (FREC). You just studied 35 terms!
Why was the Florida real estate Commission Frec or the commission created?
The Florida Real Estate Commission (FREC) was created to protect the public through education and regulation of real estate licensees. The Commission consists of seven members appointed by the Governor, subject to confirmation by the Senate.
What is Chapter 475 Florida?
475.001 Purpose. —The Legislature deems it necessary in the interest of the public welfare to regulate real estate brokers, sales associates, and schools in this state.
What is secret profit in real estate?
A financial benefit an agent takesfrom a transaction without authorization fromthe principal, nor informing the principal of thebenefit retained.
Who of the following do not require a real estate license?
A real estate investor may, or may not need to have a real estate license. If an investor is buying and selling their own properties, they don’t need a real estate license. Anyone can buy and sell their own property without representation, and without a license.
Which of the following are exempt from real estate licensing?
Exemptions to the license requirement include: resident managers of apartment buildings and complexes or their employees; short-term (vacation – only if under 30 days) rental agents; employees of certain lending institutions; employees of real estate brokers for specific, limited functions; certain agricultural …
What is the primary purpose of real estate licensing laws?
Real estate licenses, authorizations issued by state governments, give agents and brokers the legal ability to represent a home seller or buyer in the process of buying or selling real estate.
Which power is not given to the Florida real estate Commission?
Which power is NOT given to the Florida Real Estate Commission? The answer is imposing jail sentences. Jail time must be imposed by a criminal court. The FREC is empowered to make determinations of license law violations and impose administrative penalties.
Who are the members of the Florida real estate Commission?
Tallahassee, Fla. — Today, Governor Ron DeSantis announced the appointment of Patricia “Patti” Ketcham, Renee Butler, Patricia Fitzgerald, Randy Schwartz and Richard Barbara to the Florida Real Estate Commission.
Which individual is not exempt from holding a Florida real estate license?
Which individual is NOT exempt from holding a Florida real estate license? Certified public account (CPA) who is employed by a real estate corporation and received a salary plus bonuses based on real estate transactions. CPAs, when acting within the scope of their professional duties, are exempt from licensure.
Do you need an attorney to buy a house in Florida?
In the State of Florida, it is not mandatory for the buyer or the seller to hire a real estate attorney for the closing of the sale of residential real property. Many operations are conducted through negotiations between the parties; real estate agents, and the involvement of a title company.
Where is Florida real estate law found?
Real estate law is found under Chapter 475, Part 1, Florida Statutes. The Commission is allowed to write the rules regarding real estate under these statutes, and those rules are found in Chapter 61J2, Florida Administrative Code.
What is the Florida real estate law exam?
The exam tests knowledge of Florida real estate license law, statutes and administrative rules. The exam is the same for salespersons and brokers. A score of 75%, or at least 30 out of 40 questions correct is required to pass.