State Exam Flashcards
Five major specialities are
Residential Commercial Industrial Agricultural Businesses
Farm area
A selected and limited geographic area to which a sales associate devotes special attention and study
Business opportunity brokerage
Involves the sale or lease of an existing business.
A real estate license is required to sell and lease business opportunities for others.
Property management brokerage
Is devoted to leasing, managing, marketing, and overall maintenance of property for others.
Absentee owners
Property owners who do not reside on the property and who often rely on a professional property manager to manage the investment
Florida law requires appraisers and real estate licenses to abide by
The uniform standards of professional appraisal practice (USPAP)
USPAP
Is a set of guidelines (standards of practice) to follow when conducting appraisal services.
Real estate licensees may not represent themselves as state-certified, registered, or licensed appraisers unless they also hold those licenses.
A comparative market analysis (CMA)
A marketing tool that is prepared for a potential buyer or seller based on recent sales of similar properties, properties currently in the market, and recent listings.
A CMA is not an appraisal
A brokers price opinion (BPO)
A broker’s written opinion of the value of real property. A broker may charge a separate fee for a BPO, provided it is not used in connection with originating a federally related loan and it is not labeled as an appraisal
Developers must submit
A subdivision plat map to the local planning board (commission)
Local municipalities responsible for-:
The streets, parks and other improvements for public use
Dedication
The gift of land by an owner to the government body for public use.
The developer installs the improvements and the local municipality agrees to maintain the improvements as part of the subdivision plat approval process
Three categories of residential construction are
1-speculative (spec) homes
2-custom homes
3-tract homes
A realtor
Is a real estate professional who is a member of a local board (association)of REALTORS and is affiliated with the Florida REALTORS an NAR
Chapter 20 Florida statute
Executive branch of Florida government
Chapter 475 Florida statute
Real estate brokers, sales associates and schools
Chapter 455 Florida statute
Department of business and professional regulation and the professions under the department (DBPR)
Chapter 120 Florida statute
Procedural process for all governmental entities authorized under the Florida constitution
Chapter 61J2 Florida administrative code
Real estate commission rules
Sales associate
A person who performs real estate services for compensation but who does so under the direction,control, or management of a broker or an owner-developer.
Broker
A person who, for another and for compensation or other consideration (or anticipation of compensation or other consideration) performs real estate
Background check of criminal history applicants are asked
Convicted of a crime, found guilty, or entered a plea of guilty or nolo contendere ( no contest) to a criminal charge, even if the applicant received a withhold of adjudication.
Nolo contendere
Is a plea of no contest entered in a criminal court of law.
The defendant does not admit or deny the charges, though a fine or sentence may be imposed by the court.
Rules pertaining to nonresident licensees
Any resident licensee who becomes a nonresident must notify the commission within 60 days of the change in residency and comply with all nonresident requirements.
A Florida resident licensee who fails to notify the commission of becoming a nonresident as prescribed in section 475 may be issued a citation and fined $300
Reciprocity
Is an agreement between 2 states that allows a real estate licensee with a valid license in one of the states to practice real estate in both states.
There is no reciprocity between Florida and any other state.
Mutual recognition agreements
Florida has entered into contractural agreements, called mutual recognition agreements with some other states.
Florida has mutual recognition agreements with 8 states. Must complete 40 questions state law test for that state.
Alabama Arkansas Connecticut Georgia Illinois Mississippi Nebraska Oklahoma
Sales associate applicant must:-
Be 18 yrs or older
Have high school diploma or equivalent
Possess a social security number
Be honest, truthful, trustworthy, of good character and have a reputation for fair dealing
Competent & qualified to make real estate transactions and conduct negotiations with safety to investors & others
Prima facie evidence
A legal term used to refer to evidence that is good and sufficient on its face at first view to establish a given fact or prove a case.
Example a real estate certificate
Real estate services
A- advertise real estate services
B- buy
A-appraise ( non federally related transactions)
R-rent or provide rental information or lists
S-sell
A-auction
L-lease
E-exchange
A bar sale.
Individuals who are exempt from real estate license
Property owners (own real estate) Corporations, partnerships, trusts,& joint ventures(salaried employees) All salaried employees Owner-developer salaried employees Governmental agencies
Chapter 475 states no real estate license required
For the sale of cemetery lots
Individuals who rent lots in a mobile home park or recreational travel park
Attorneys at law
Real estate brokers provide specialized service for others in return for
Compensation in the form of commission,fee, or other valuable consideration
