I took the following notes while reading the Real Estate Broker Guide and thought I could share them with you for discussion.
Fines
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If Broker or Associate Practiced Real Estate without renewing license (without a valid license)
-> 3 yr suspension to license revocation
If Broker employed an associate who does not have a valid active license
-> broker pays penalty of $1000 and 90 day suspension up to 2 years.
If licensee renewed his/her license without completing 14 hour course:
if licensee notifies DRE within 30 days then take 14 hour course, -> may get a notice of non-compliance
if licensee notifies DRE after 30 days then take 14 hour course, -> a citation is issued, there is an example of a broker who was fined $1000 and harsher penalties for repeat offences
if licensee does not notify DRE and is found at fault during an audit -> license revocation
If the license is issued in error by the DBPR, the license will be revoked.
Renewal requirements does not apply to US service person during duty and 6 months after his/her return if not practicing real estate. For this rule to apply to a spouse, the service must be outside the US.
Voluntary inactive licensee still have to pay the renewal fee every 2 years and still have to take the 14 hour class.
If a license is not renewed then it goes into involuntary inactive for up to 2 years then it becomes null and void.
to re-activate within 12 months, take 14 hour class and pay renewal fee and late fee.
to re-activate within 12 and 24 months, take 2X14 hour class and pay renewal fee and late fee.
If a brokerage corporation and its officers are not registered properly a citation is issued with a $200 fine.
If a licensee does not notify the DRE of a change in mailing address with 10 days after a change, a citation with a $100 fine is issued.
If a Licensee is disciplined outside Florida they may still be imposed an administrative fine of $1000 and may be imposed a 6-year suspension to revocation.
Courses and requirements
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Lawyers in good standing with the Florida BAR who is otherwise qualified is exempt from FREC course I (Sales Associate Pre-Licensing) and do not have to take the subsequent 14 hour courses. They are not exempt however from FREC course II (Sales Associate Post-Licensing).
Lawyers active with the BAR however DO have to take the Broker and Post licensing Broker course.
Person who hold a 4 year degree in Real Estate from an accredited institution do not have to take the pre-licensing or the post-licensing courses.
Person who hold a 4 year degree in Real Estate from an accredited institution do not have to take the BROKER pre-licensing and post-licensing courses.
They all have to take the appropriate state exams for the respective licenses.
Business brokers must also hold a real estate license because business enterprise is included in the definition of Real Property. Except for federally regulated banks and dealers registered with the SEC selling business enterprises to accredited investors.
Mutual recognition applies to the real estate license and not the broker license.
Alabama, Arkansas, Colorado, Georgia, Indiana, Kentucky, Mississippi, Nebraska, Oklahoma, Tennessee.
Applicants from these states are exempt from the FREC course I (Sales Associate Pre-Licensing) but do have to take a 40 question exam and pass with a grade of 75%.
Mario
Advantage Avenue Real Estate
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