Florida Mutual Recognition Flashcards

Florida Mutual Recognition Flashcards in Escrow disputes the licensee shall promptly notify the commission of such doubts or conflicting demands and

shall promptly:

• Request that the commission issue an escrow

disbursement order determining who is entitled to the escrowed property;b.With the consent of all parties, submit the matter to arbitration;By interpleader or otherwise, seek adjudication of the matter by a court; orc.With the written consent of all parties, submit the matter to mediation. The department mayconduct mediationmust be successfully completed within 90 days Florida Real Estate Commission.The commission shall consist of seven membersFour members must be licensed brokers,two members must be persons who don't have license1 must be 604 year term A sales associate or broker associate shall have no more than one registered employer at any one time."Principal"means the party with whom a real estate licensee has entered into a single agent relationship.involuntarily inactive licenses can be reactivatedfor more than 12 months but fewer than 24 28hours cont ed When can Salesman give title opinionbased upon a current opinion of a licensed attorney at law,Need to advise a prospective purchaser to consult her or his attorney on the merchantability of the title or to obtain title insurance Transaction brokermeans a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity Any license that has been involuntarily inactive for more than 2 years shall automatically expire. it becomes null and void Criminal arrestinform the commission in writing within 30 days after pleading guilty or nolo contendere to, or being convicted or found guilty of, any felony.Voluntarily inactive status"means the licensure status that results when a licensee has applied to the department to be placed on inactive status and has paid the fee prescribed by rule License to expire on change of address.-A license shall cease to be in force whenever a broker changes her or his business address, a real estate school operating under a permit disciplinemay place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense A licensed broker may be issued upon request additional licenses...as a broker, but not as a sales associate or as a broker associate

What is fl eviction requirementCan California agent get referral fee from fl agent Involuntarily inactive status"means the licensure status that results when a license is not renewed at the end of the license period prescribed by the department.rental listfor a fee paid by the prospective tenant, shall provide such prospective tenant with a contract or receipt, which contract or receipt contains a provision for the repayment of any amount over 25 percent of the fee to the prospective tenant if the prospective tenant does not obtain a rental.rental list of inaccurate natureIf the rental information list provided by the broker or sales associate to a prospective tenant is not current or accurate in any material respect, the full fee shall be repaid to the prospective tenant upon demand within 30days Any person is eligible to seek recovery from the Real Estate Recovery Fund if within 2 years and no more than 4 years Payments from recovery fund(3) Payments for claims arising out of the same transaction shall be limited, in the aggregate, to $50,000, regardless of the number of claimants or parcels of real estate involved in the transaction.(4) Payments for claims based upon judgments against any one broker or sales associate may not exceed, in the aggregate, $150,000 Brokers Door Signmust contain name, trade name, and licensed broker