At a brokerage compliance meeting in Miami, all of the following statements about frec structure are correct under Florida law EXCEPT.
Correct Answer
A) Every FREC member must be a currently active broker for at least five years.
Only four seats require the five-year active-broker background; the remaining seats follow different qualifications. F.S. § 475.02; F.S. § 475.25; Rule 61J2-20.009, F.A.C.; FREC Real Estate Law Book supports the correct Florida rule.
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Related Topics & Key Terms
Key Terms:
Related Concepts
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
A group boycott is an illegal antitrust practice in which two or more competing real estate businesses agree to refuse to work with a specific person, company, or entity in order to harm that party's ability to compete.
In real estate, the distinction between an independent contractor and an employee determines tax treatment, liability, and the level of control a broker may exercise over the agent's daily activities. Most real estate agents operate as independent contractors.
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