Broker - Gold Coast Schools - Enhance Your Florida Career! · PDF file ·...
Transcript of Broker - Gold Coast Schools - Enhance Your Florida Career! · PDF file ·...
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Copyright Gold Coast Schools1
Chapter 1
Broker
Becoming A Licensed Real Estate Broker
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Learning Objectives
Explain the broker applicant requirements and situations
that may cause an application to be denied
Identify the consequences of failing to disclose a
previous conviction
Explain the brokers education and experience
requirements, mutual recognition, and identify
exceptions to the course requirement
Identify the post-licensing and continuing education
requirements for brokers and sales associates
Explain how it is unlawful to perform real estate services
with an expired real estate license
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Learning Objectives
Distinguish between licensure and registration
Distinguish between multiple licenses and a
group license and explain the provisions for
issuance of multiple licenses
Identify the rules regarding change of address,
residency, and change of business address
Identify real estate services that require a real
estate license and exemptions from licensure
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Introduction
An active Florida Real Estate license is required unless exempt if Performing service of real estate
For another
For compensation
In Florida
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Broker Associate
Person who holds a broker license
Registers and works under the direction of another broker or owner-developer
Sales and broker associates are agents of their employer
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Application Process
Individuals must Be at least 18 years old
Have a high school diploma or its equivalent
Have a social security number
Be honest, trustworthy, of good character, and have a good reputation for fair dealing
Be competent and qualified
Complete and submit application
Electronic finger prints
Notice of satisfactory completion of prescribed
course taken to test site (good for 2 years)
Application good for 2 years
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Nonresident
Florida residency or US citizenship are not
required
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Florida Residency
Florida resident
Reside in Florida for 4 months or more
within the preceding year
Can be an: RV, hotel, rental, etc.
Live in Florida with the intention of residing
continuously for 4 months or more
Begins on the date when the residence
began
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Criminal Background Check
The applicant must disclose if ever convicted or
found guilty of a crime or ever entered a plea of
“nolo contendere” (no contest)
DISCLOSE!!!!!
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Prelicense Education
All broker candidates must successfully complete the Sales Associate 45 hour post-license course prior to submitting broker application
Successfully complete Broker 72 hour pre-license course
Exam – 100 questions – 70% passing score 45 points - law
40 points – principals and practice
15 points – real estate math
– 8 points – closing disclosure calculations
– 7 points – general math
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Broker Course Exemptions
4 year degree in real estate or higher Exempt from 45 hour Sales Associate post lic. course
Exempt from 72 hour broker pre-license course
Exempt from 60 hour broker post license course
Must pass Sales Associate State exam
Remain active for 2 out of 5 years as Sales Associate
Pass Brokers State exam
An active member in good standing with The Florida Bar Exempt from FREC Course I
Must take 45 hour Sales Associate Post license course
Must take Brokers pre-license 72 hour course and brokers 60 hour post licensing
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Mutual Recognition
Mutual recognition
agreements with
seven states
Agreements apply
exclusively to
nonresidents
licensed in other
states
40 question Florida
specific law exam
Alabama
Mississippi
Arkansas
Georgia
Illinois
Connecticut
Nebraska
Not: Reciprocity
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Experience Requirement
24 months of real estate experience during 5
years preceding application
In Florida, other state, or foreign jurisdiction
Not owner-developer, unless licensed
Experience is established by holding an active
real estate license
Broker
Government Agency
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Post-licensing Education
Before first renewal
One or more courses totaling 60 hours
75% passing grade
Failure to meet requirement results in license going null and void
May request sales associate license Complete 14 hours of CE within 6 months after
expiration
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Hardship Cases
Additional 6 months
After initial license expiration
Cannot complete due to physical hardship Licensees long-term illness
Long-term illness of person who licensee has caregiving responsibility
Course not reasonably available
Economic or technological hardship Unable to meet basic living expenses
Inability to complete course due to technology
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Continuing Education
14 hours during each two year license period
Active members in good standing with The Florida Bar are exempt from the C.E. requirements
May not practice real estate with an expired license
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License Renewal
Initial license
In effect for between 18 to 24 months
Licenses expire either
– March 31
– September 30
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Armed Forces Renewal Exemption
Member of the U.S. Armed forces on active duty
Exempt from all renewal requirements until 6
months after discharge of active duty
Exemption will not apply if license active
Applies to spouse if stationed outside Florida
License is Voluntary Inactive
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Temporary License for Military Spouse
Spouse of an active duty member
May be issued a temporary license
Applicants spouse assigned to active duty in
Florida
Applicant must hold a real estate license in:
– Another state
– District of Columbia
– United States territory
– Foreign jurisdiction
Temporary license is valid for 6 months
Temporary license is not renewable
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Licensing Requirements
*Broker prerequisite – Must hold an active sales or broker license
for 2 of the past 5 years with one or more real estate brokers in
this or any other state, territory, or jurisdiction of the U.S. or in any
foreign national jurisdiction, or in the employ of a governmental
agency
Sales Associate Broker Associate*
63-hour Pre-Licensing 72-hour Pre-licensing
Class exam – 70%
State exam – 75%
Class exam – 70%
State exam – 75%
45-hour Post Licensing
Class exam – 75%
No state exam
60 –hour Post Licensing
Class exam – 75%
No state exam
14-hour Continuing Education
Every 2 years
14-hour Continuing Education
Every 2 years
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Licensing Renewal Periods
Pre-Licensing
63-hr Sales Assoc
(FREC I)
72-hr Broker
(FREC II)
Initial
License1st Renewal
Post-Licensing(*)
45-hr Sales Assoc
60-hr Broker
Continuing Ed
14-hr CE
2nd Renewal
Renewal Date
Mar 31 or Sept 30
Licensure Date
(Date State Exam
passed)
2 years
Missed
Renewal
Date
2 years involuntary
inactive status
nth Renewal
Keep renewing
by Renewal Date
every 2 years
Continuing Ed
14-hr CE
4 years to renew license
1-12
months
13-24
months
14-hr CE
(Late
fee)
28-hr
Reac-
tivation
(Late
FEE)
Active or
Voluntary InactiveActive or
Voluntary Inactive
Active or
Voluntary Inactive
Involuntary
Inactive
Late Renewal
License
Null &
Void
2 years (*) Missed 1st renewal deadline:
license null & void.
Brokers may revert to Sales Associate
by completing 14-hr CE within 6
months of license becoming Null &
Void.
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Active vs. Inactive Status
ACTIVE INACTIVE
Compensation No Compensation
Voluntary Involuntary
Has registered
employer
No registered
employer (by
choice)
1. Broker
suspended or
revoked
Continues
1. education
requirements
2. renewals
2. Did not renew
(other than first
renewal)
No time limit Maximum two
years
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Inactive Status
Voluntarily Inactive
Chooses not to engage in the real estate
business
Has requested such status
Must continue to renew every 2 years
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Inactive Status
Involuntarily Inactive
A licensee who did not renew.
May reactivate
During first 12 months
14 hour continuing education requirement and
late fee.
More than 12 months and less than 24
months
28 hour education and late fee.
After 2 years license becomes null and void
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Registration Versus Licensure
Individuals are licensed Serves as prima facie evidence (accepted
on face value)
Business entities are registered Placing on record with DRE
Individuals may be registered Officers and directors of Corporations
General partners in Limited Partnership
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Multiple and Group Licenses
Multiple license May legally act as brokers for more than one
brokerage firm
Sales associates and broker associates may not hold multiple licenses
Group license Issued to sales associates and broker
associates who work for an owner developer
Interlocking or affiliated entities
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Multiple Licenses
Active Broker
ABC Realty,
Inc.
XYZ Realty,
Inc.
LMN Realty,
Inc.
A broker may be the broker for more than one
unrelated company
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Group License
Built Right,
Inc. (Owner
Developer)
AA, Inc.
(Subsidiary
Company)
BB, Inc
(Subsidiary
Company)
CC, Inc.
(Subsidiary
Company)
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Group LicenseBuilt
Right,
Inc.(Owner
Developer)
AA, Inc.
(Subsidiary
Company)
BB, Inc
(Subsidiary
Company)
CC, Inc.
(Subsidiary
Company)
Sales
Associate
Broker
Associate
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Change of Address
Licensees must notify the DBPR of a
change within ten (10) days
I Am Licensee
New address
Any Town, FL
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Change of Address
Current mailing address Any residential location a licensee receives
P O Box may be used
Email address
Change of residency Move out of State
– Notify FREC within 60 days
– Licensee agrees to keep address current
– Must comply with Florida statutes and rules
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Real Estate Services
The eight
services of
Real Estate
are:
Advertise real estate services
Buy
Appraise
Rent
Sell
Auction
Lease
Exchange
A
B
A
R
S
A
L
E
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Exemptions from Licensure
Buy or sell cemetery lots
Renting lots in a mobile home park
Attorney at law and certified public accountants
within scope of their professional duties
Mortgage brokers dealing in personal property
only, may not do leasing
Full time graduate student doing appraisal with
supervision
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Exemptions from Licensure
Court authority – appointed by court or will
Salaried condominium and co-operative managers
and those who work in an on site rental office as
long as leasing for not over 1 year
Appraisers doing appraisals under appraiser
license
Tenants of apartment complex may receive $50
finder’s fee for other tenants