Broker - Gold Coast Schools - Enhance Your Florida Career!

1 Copyright Gold Coast Schools1 Chapter 1 BrokerBecoming A Licensed Real Estate BrokerCopyright Gold Coast Schools2 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 licenseCopyright Gold Coast Schools3 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.

2 And change of business address Identify real estate services that require a real estate license and exemptions from licensureCopyright Gold Coast Schools4 Introduction An active Florida Real Estate license is required unless exempt if Performing service of real estate For another For compensation In FloridaCopyright Gold Coast Schools5 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 employerCopyright Gold Coast Schools6 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)

3 Application good for 2 yearsCopyright Gold Coast Schools7 Nonresident Florida residency or US citizenship are not requiredCopyright Gold Coast Schools8 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 Copyright Gold Coast Schools9 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!

4 !!!!Copyright Gold Coast Schools10 PrelicenseEducation 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 mathCopyright Gold Coast Schools11 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 licensingCopyright Gold Coast Schools12 Mutual Recognition Mutual recognition agreements with seven states Agreements apply exclusively to nonresidentslicensed in

5 Other states 40 question Florida specific law examAlabamaMississippiArkansasGeorgiaIll inoisConnecticutNebraskaNot: ReciprocityCopyright Gold Coast Schools13 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 AgencyCopyright Gold Coast Schools14 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 expirationCopyright Gold Coast Schools15 Hardship Cases Additional 6 months After initial license expiration Cannot complete due to physical hardship Licensees long-term illness Long-term illness

6 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 technologyCopyright Gold Coast Schools16 Continuing Education 14 hours during each two year license period Active members in good standing with The Florida Bar are exempt from the requirements May not practice real estate with an expired licenseCopyright Gold Coast Schools17 License Renewal Initial license In effect for between 18 to 24 months Licenses expire either March 31 September 30 Armed Forces Renewal Exemption Member of the 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 InactiveCopyright Gold Coast Schools18 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.

7 Another state District of Columbia United States territory Foreign jurisdiction Temporary license is valid for 6 months Temporary license is not renewableCopyright Gold Coast Schools19 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 or in any foreign national jurisdiction, or in the employ of a governmental agency Sales AssociateBroker Associate*63-hourPre-Licensing72-hour Pre-licensingClassexam 70%State exam 75%Class exam 70%State exam 75%45-hour Post LicensingClass exam 75%Nostate exam60 hourPost LicensingClass exam 75%No state exam14-hour Continuing EducationEvery 2 years14-hour Continuing EducationEvery 2 yearsLicensing Renewal PeriodsPre-Licensing63-hr Sales Assoc(FREC I)72-hr Broker (FREC II)Initial License1stRenewalPost-Licensing(*)

8 45-hr Sales Assoc60-hr BrokerContinuing Ed14-hr CE2ndRenewalRenewal DateMar 31 or Sept 30 Licensure Date (Date State Exam passed)2 years Missed RenewalDate2 years involuntaryinactive statusnthRenewalKeep renewingby Renewal Date every 2 yearsContinuing Ed14-hr CE4 years to renew license1-12 months13-24 months14-hr CE(Late fee)28-hr Reac-tivation(LateFEE)Active or Voluntary InactiveActive or Voluntary InactiveActive or Voluntary InactiveInvoluntary InactiveLate RenewalLicenseNull & Void2 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.

9 Copyright Gold Coast Schools22 Active vs. Inactive StatusACTIVEINACTIVEC ompensationNo CompensationVoluntaryInvoluntaryHas registered employerNo registered employer (by choice)1. Broker suspended or revokedContinues1. education requirements 2. renewals2. Did not renew (other than first renewal)No time limitMaximum two yearsCopyright Gold Coast Schools23 Inactive Status Voluntarily Inactive Chooses not to engage in the real estate business Has requested such status Must continue to renew every 2 yearsCopyright Gold Coast Schools24 Inactive Status Involuntarily Inactive A licensee who did not renew.

10 May reactivate During first 12 months14 hour continuing education requirement and late fee. More than 12 months and less than 24 months28 hour education and late fee. After 2 years license becomes null and voidCopyright Gold Coast Schools25 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 PartnershipCopyright Gold Coast Schools26 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 entitiesCopyright Gold Coast Schools27 Multiple LicensesActive BrokerABC Realty, Realty.