The Florida Real Estate Commission – An Overview
On one hand, Florida is a high-growth real estate market in the USA, and on the other, it is an ideal location for investors and homebuyers. Hence, it is not surprising that more than 200k real estate professionals practice in this state. It is also the perfect career launching pad for real estate agents and brokers.
Due to its pristine natural beauty, pleasant weather, and thriving economy, Florida continues to enjoy a thriving real estate market.
Have you ever wondered what these stands for and how are they relevant to the real estate industry?
In this article, we are going to explain what DBPR stands for and what FREC stands for.
Additionally, you will also learn about the significance of both these terms, especially if you are considering making a career in Florida’s real estate market. Hence check out first how to get a Florida real estate license.
One of the requirements to get a Florida real estate license is to complete 63 hours of pre-licensing coursework. This Florida real estate license course can be taken from any school or online. Only after you go through the course will you be eligible to sit for the licensing exam and be awarded with a real estate license in Florida.
In this article, we aim to resolve your doubts and queries regarding these terms so you can update your knowledge.
FREC or the Florida Real Estate Commission looks after all aspects related to the functioning of the real estate sector in the state of Florida.
Seven members look after the workof the FREC. Of these, four are licensed brokers with five years of experience in this sector. All of these members are appointed by the Governor of the state of Florida and they have to serve the membership for a minimum of four years.
An Insight Into The Functioning of the Florida Real Estate Commission
Florida Real Estate Commission (FREC) was founded to look after all aspects of the real estate sector in the state including framing relevant rules and guidelines.
FREC provides the state’s code of laws and ethics and all licensed real estate professionals have to follow them.
Why the Role of the Florida Real Estate Commission is Important
FREC is not just a regulatory body to protect the rights and interests of consumers. It is also the governing authority that establishes and enforces the highest standards in the code of conduct and ethics.
Without FREC’s guidelines and regulations, it would be nearly impossible to set and follow a certain standard in real estate transactions. FREC also issues licenses to all categories of real estate professionals in the state.
Whether you are an agent, broker, or appraiser, if you have an active Florida state license, you must comply with the FREC rules and regulations.
Wondering what exactly are these rules and where can you find them?
If you are interested in learning more about real estate laws, then you can visit the official website of the FREC or explore Florida statute 475, Chapter 475, part 1.
Understanding DBPR and its Relation to Real Estate
Aspiring real estate professionals and students often face a common question during their preparation - what does DBPR stand for in real estate?
DBPR or the Department of Business and Professional Regulation issues licenses in the state of Florida. It is a government agency that can boast of having more than 1 million business entities and professionals under its control.
It is the responsibility of the DBPR to ensure only eligible candidates can apply for a Florida state license, be it a real estate agent and brokers, cosmetologists, hotels, veterinarians, and many other specialized fields.
The Florida Governor and the Secretary appoint the head of the Department of Business and Professional Regulation who can serve as long as the Governor chooses to.
Explanation of DBPR’s Connection to Real Estate
After you have fulfilled the pre-licensing requirements and completed all the mandatory steps to submit your license application, the DBPR role starts.
The Department of Business and Professional Regulation (DBPR) is responsible for issuing (or rejecting) a salesperson, broker, or appraiser’s license in the state of Florida.
When an application for a license is submitted to the DBPR, it verifies the information provided to decide whether a license may be issued or not.
Every applicant must visit the Department of Business and Professional Regulation’s website to obtain and renew their real estate license.
FREC Real Estate License - How to Obtain and Maintain
What is a FREC Real Estate License
Are you interested in starting a career in Florida's thriving real estate market? If yes, then you must obtain a FREC real estate license to get started.
As per FREC guidelines anyone wanting to be actively involved in any real estate transaction on behalf of a third party for a fee must have a real estate license.
Whether you want to become a salesperson, broker, or real estate appraiser, you will need to obtain a state-approved license first and foremost.
A licensed real estate professional is considered more trustworthy and credible in the industry.
Thus, getting your license is a crucial and critical step in your journey toward building a successful real estate career.
How to Obtain A Real Estate License Issued By FREC
An aspiring real estate agent in Florida must go through the steps given below.
The first condition is to be at least 18 years old and a citizen of the USA. Next, he/ she must go through 63 hours of pre-licensing education and submit fingerprints for verification of past criminal records.
The next step is to apply for a license, sit for and pass the licensing exam, and find a sponsoring broker. A license to practice as a real estate professional will now be issued by FREC.
Educational Requirements for Getting A Real Estate License Issued by FREC.
As per the FREC, you are required to complete the mandatory 63-hour pre-licensing coursework as part of educational requirements after which you must take the licensing exam.
The pre-licensing coursework will cover important topics about the real estate industry, its laws, rules, and guidelines.
You will learn about the fundamental topics of the real estate
market such as - real estate laws, principles of real estate, and contract forms among others.
Renewing FREC Real Estate License – Continuing Education
Continuing education (CE) courses help real estate professionals update their knowledge base about the latest developments in the real estate industry. This continuing education (CE) must be completed between two license renewals that is every two years.
As per the Florida Real Estate Commission rules, CE requirements for first-time renewals are more than subsequent ones. For example, a real estate agent has to go through 45 hours of CE to renew a license the first time. For the second renewal after two years, the number of CE hours drops to 14.
CE courses consist of Florida Real Estate Law Core: 3 hours (mandatory), Real Estate and Business Ethics: 3 hours (mandatory), and Specialty Elective Courses: 8 hours (mandatory) for a total of 14 hours.
Now, what is the process of meeting CE requirements?
First, complete the mandatory hours of CE. Then create a Florida DBPR account and enter the number of your current license. Apply online for renewal and pay the required fee.
These steps must be gone through for renewal of your license after every two years. Your license will become invalid if you fail to do so.