2. What is the maximum number of years a member may serve on the Florida Real Estate Commission? FREC members are appointed for a 4-year term. Members may not serve more than two consecutive terms, although there is no maximum number of years they may serve as long as no more than two terms are consecutive.
How many terms may a commissioner serve quizlet?
Commissioners are appointed for a term of 2 years.
What is the maximum amount of commission allowed by law quizlet?
8% of the selling price. There is no law, rule, regulation, etc. limiting commissions.
What is the maximum amount that any claimant may receive from the Recovery Fund?
A successful applicant to the Recovery Fund may be paid up to a statutory maximum of $50,000 per transaction, with a possible total aggregate maximum of $250,000 per licensee.
What is the maximum period a real estate license can be suspended?
While suspensions are generally imposed for at least thirty days and not longer than one year, these limits are not applicable when the cause of the suspension is “remediable”, that is something the suspended REALTOR® can correct, thereby lifting the suspension.
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.
Can you pay a referral fee to an unlicensed person in Florida?
The short answer to this question is yes, real estate agents can pay referral fees to licensed persons. But there is one catch. However, most state laws prohibit the paying of referral fees to unlicensed persons. Federal law also prohibits this in most cases.
Which agency is not allowed under Florida law?
This is commonly known as dual agency. Dual agency is NOT legal in the state of Florida, and I will tell you why that is a really good thing! In Florida, it is against the law for a Realtor represent the Buyer and Seller in the same transaction as a fiduciary.
Is the Florida Real Estate Appraisal Board the same as the Florida real estate commission?
Are Florida Real Estate Appraisers Regulated by FREC? Interestingly, Florida real estate appraisers are not regulated by FREC. Appraisers have their own commission, the Florida Real Estate Appraisal Board (FREAB). FREAB is also overseen by DBPR and does for appraisers what FREC does for real estate agents and brokers.
What is the primary purpose of the Florida real estate commission?
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.