Free 5-question sample test with instant feedback. See how ready you are.
Question 1
Which Florida statute governs the licensing and regulation of real estate brokers and salespersons?
Answer: Chapter 475, Florida Statutes, known as the Real Estate License Law, governs the licensing and regulation of real estate brokers, salespersons, and schools.
Question 2
What is the maximum fine the Florida Real Estate Commission (FREC) can impose per violation of Chapter 475?
Answer: FREC can impose a maximum administrative fine of $5,000 per violation of Chapter 475.
Question 3
How many members serve on the Florida Real Estate Commission (FREC), and how many must be licensed real estate brokers?
Answer: FREC has seven members; four must be licensed real estate brokers with at least five years of experience, and three must be consumer (lay) members.
Question 4
Under Florida law, what is the penalty for practicing real estate without a valid license?
Answer: Practicing real estate without a valid license is a third-degree felony in Florida, punishable by up to five years in prison and a $5,000 fine.
Question 5
What is the purpose of Florida's Real Estate Recovery Fund?
Answer: The Real Estate Recovery Fund compensates members of the public who suffer monetary damages caused by the fraudulent or dishonest acts of a licensed real estate professional.