Licensing Flashcards
What types of real estate licenses can you get
Broker – provide services for another for compensation
Sales associate – same as broker but under the direction, control and management of a broker
Broker associate – broker who acts as a sales associate under another broker
Who with ownership interest does not need a real estate license
Owner – can’t pay more than $50 finders fee
attorney in fact - poa
trustee
What kind of employee does not need a real estate license
Public utility, state, local,
full-time grad
transient occupancy
Salaried employee/registered broker in an on-site rental office leasing an apartment community is salaried
employee who is manager of condo co-op apartment complex renting individual units less than one year
When is the license effectively
When notified that you pass the course
You are now involuntary inactive
After passing of course when can you practice real estate
When you place with an employing broker and a license number has been issued
How does a voluntary in active work
Must renew
do continuing education
pay Fee
may be done in definitely
What is the time limit and process for activating involuntary inactive
After two years license is canceled
If less than 12 months 14 hours continuing Ed
13 to 24 months 36 hours continuing Ed
What are the characteristics of a legal real estate school
Must be permitted with chief administrator
instructor certified as real estate teachers
can’t promise graduation
can’t say endorsed by FREC
no false misleading or exaggerated statements
cannot guarantee employment without bona fide contract
exception colleges community, university, areas text schools
How often and when do you renew your real estate
Every two years on March 31 or September 30
What are the renewal requirements in the first year of a real estate sa license
Post license course required, written exam, completed before renewal
Re-new 18 to 24 months
Reminder mailed 90 days prior to renewal
Noel and void if Miss renewal
What are the renewal requirements for a SA after the first renewal
14 hours – three hour core law +11 specialty hours
If don’t renew becomes involuntary in active
How do you get a brokers license
24 months Sa experience
72 hour class prep
pass frec2 test
What are the broker renewal requirements
Two courses of 30 hours each
Failure to renew reverts to S a license
How many brokers may a SA work for
Only one
Can I work in another state
Only if there is a mutual recognition agreement
What will happen to my application if I have performed or attempted to perform real state ask for help myself out to be a real estate professional within one year prior to application or while application is pending
I may be denied
When do I need to submit my Florida sales associate application – form or a
Before finishing this course
What would constitute an authorized practice of law by a real estate agent
Give an opinion on title
interpret a contract
provide advice as to the proper actions for buyer or seller in execution of items outside what is written in the contract
Who can a broker pay a finders fee to
Only a licensed real estate person
Can a broker pay another brokers sales associate
No brokers can only pay other brokers
How are commissions Splits paid
Only broker to broker
How can I work with a broker outside of Florida
Only with a contract agreement can I pay a portion of the commission
called inbound and outbound brokers
To get a license must you be a association member
No
What kind of knowledge does a real estate professional need
Property transfer
Market conditions
How to market real estate
What do you call a person who ask primarily for another is a benefit
A feduciary
What is involved with fiduciary duties
Good faith
Trust
Special confidence
Candor
What is the result of a breach of fiduciary
Preacher in cars liability for any damage caused by such an action
What do community association managers do
License to manage CAN and homeowner associations and cooperative association’s
Day to day business practices
Maintenance of the common areas
What must all mortgage loan originators do
Comply with Dodd Frank act of 2010
Register with newly created consumer financial protection bureau
Who are mortgage loan originator’s
Those who finance – lenders
Those who bring lenders and consumers together – mortgage brokers
Sellers to finance 2+ properties in a two-year timeframe
What do sellers of property who provide financing have to do
Register with Florida department of agriculture as a mortgage loan originator
if they finance 2+ in a two-year timeframe
What three areas do real estate agents need to know
Property transfer
Market conditions
How to market real estate
What are the different types of property
Deed
Will
Inheritance
Rent
What must a sales agent know about market
Potential rent
Rate of return on investment property
What. Does a real estate agent need to know on how to market real estate
Proper pricing
Disclosure to buyers and sellers
Service to buyers and sellers
Maintaining relationships with other real estate professionals
