Florida Broker Practice Exam

Who among the following must be licensed as active brokers in a limited partnership?

1. General partners who deal with the public

2. All partners regardless of their role

3. Only limited partners

4. Sales associates

The correct answer is: General partners who deal with the public

In a limited partnership, it is essential for general partners who deal with the public to be licensed as active brokers. General partners typically have a significant role in the management and operations of the partnership, including engaging in real estate transactions that involve public interaction. Since they are actively involved in providing real estate services, their licensing ensures compliance with state regulations, protects consumers, and upholds the standards of practice in the real estate industry. Limited partners, on the other hand, usually do not participate in the day-to-day management and operations of the business and their role is generally as investors rather than active participants in real estate transactions. Therefore, they are not required to be licensed. Sales associates, while they play a crucial role in real estate, are not general partners and are instead licensed to work under the supervision of a broker. Thus, only the general partners who engage directly with the public are obligated to obtain their broker's license. This distinction is critical for understanding the regulatory framework surrounding different types of partners in a limited partnership.