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FL REAL ESTATE -39th Edition 2016 > Unit 2 > Flashcards

Unit 2 Flashcards

1
Q

Compensation and licensure requirements

A

1-if commissioned must be a licensed broker

2-if salaried no license is required

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2
Q

What is a property manager?

A

A person or company hired to maintain and manage property on behalf of property owners

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3
Q

FARM AREA?

A

Portion of a city chosen by brokers and associates for which they become an expert

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4
Q

What is appraising?

A

Process of developing and communicating opinion about a property’s value

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5
Q

How are appraisers compensated?

A

Appraisers charge a fee based on time and difficulty of assignment.

It is unethical for an appraiser to except compensation contingent on the value of property

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6
Q

What is a CMA?

A

Comparative market analysis

It is a collection of information regarding real estate activity in a certain area

it is typically free as a courtesy to the seller.

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7
Q

What is a BPO

A

Broker’s price opinion

It is a written opinion of value of real property.

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8
Q

May a sales associate perform a BPO?

A

Sales associates may perform BPOs only at the direction and under the control and management of their employing broker

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9
Q

May a sales associate or broker associate be compensated for a BPO?

A

If a sales associate or broker associate performs a BPO, compensation must be paid directly to their employing broker

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10
Q

What is speculative construction

A

Purchasing one or more lots and constructing a home without a buyer

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11
Q

Who may use the term Realtor?

A

Only a real estate professional who is a member of a local board of realtors

I.e. NAR -National Association of realtors

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12
Q

What are the duties of the Florida real estate commission or FREC

A

Administer and enforce license law

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13
Q

Fl Statute 20

A

Governs executive branch of Florida government

Executes programs and policies adopted by legislature

Established the DBPR-department of business and professional regulation

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14
Q

FL Statute 120

A

Governs procedural process for all government entities authorized under the Florida Constitution

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15
Q

FL STATUTE 455

A

governs the DBPR and professionals under the department.

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16
Q

FL STATUTE 475

A

Called the
REAL ESTATE PROFESSIONAL PRACTICE ACT

Governs real estate brokers, sales associates and schools

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17
Q

Identify the four parts of Florida statute 475

A

Pt 1 Real estate brokerage

Pt 2 Real estate appraisers

Pt 3 Commercial real estate sales commission lien act

Pt 4 commercial real estate leasing commission lean act

18
Q

Ch 61J2

A

Governs FREC rules

19
Q

What are the three general licensing provisions in real estate

A

1-sales associate
2-broker
3-broker associate

20
Q

What is an owner developer?

A

And unlicensed entity that sells, exchanges, and leases its own property.

Staff are exempt from licensure if salaried

21
Q

What is a broker associate?

A

A person who holds a brokers license but chooses to register and work under another broker

22
Q

What are the application requirements for real estate licensure?

A

18 years of age

HS Diploma or equivalent

SS #

23
Q

What is the timeframe for a licensee to report any conviction to the DBPR?

A

30 days

24
Q

What is expungement?

A

Criminal conviction is destroyed or sealed after expiration. It is not automatic

25
Q

What is the timeframe for a NON-RESIDENT notify the capital FREC of change in residency?

A

60 days

26
Q

What is timeframe for a NON-RESIDENT Licensee to notify the FREC of a change in mailing address

A

10 Days

27
Q

Mutual recognition agreements

A

Exclusive to non-residents licensed in other jurisdictions

Applicants who are approved for licensure:

  • are exempt from pre-license course
  • must pass a written Florida specific real estate license law exam
28
Q

Reciprocity Agreements

A

Agreement between two states that allows a real estate licensee in one state to practice in both.

Florida has no reciprocity with any other state

29
Q

What are the pre-licensing and continuing education exemptions

A

A four-year or higher real estate degree-exempt from all courses except continuing education

A Florida licensed attorney exempt from prelicensing course 1 and continuing education

30
Q

Failure notice and examinee rights

A

Failure notice is given at the test site

Request to review the exam must be received within 21 days after the date of exam. You may only review incorrect answers

31
Q

Post licensing education

A

45 hours

Sales associates are required to successfully complete a prescribed post licensing education requirement before the first renewal of their license (2yrs)

Failure to complete the requirement renders the license no and void

32
Q

Continuing education

A

After completion of the 45 hr post licensing course licensees must

complete 14 hours of continuing education every two year license period

Three of the 14 hours consists of core law

33
Q

Legal agenda sessions

A

A licensee may substitute one legal agenda session of the FREC 43 classroom hours of continuing education

34
Q

Broker experience requirements

A

Must have held an active real estate license for at least 24 months during the 5 year period preceding application to become a broker.

Employment can be under Florida real estate broker or broker license in another state or in any foreign jurisdiction.

Applicant held an active sales associates license while working as a salaried employee of a government agency and performing the duties authorized in chapter 475F. S., For at least 24 months during a 5 yr period.

**EXPERIENCE Cannot be earned by working for an owner/developer unless they are a licensed broker holding a current valid and active real estate license

35
Q

Broker post licensing education

A

Brokers are required to complete 60 hours of post licensing education before first renewal

Broker may request/receive sales associate license after completing 14 hours of continuing education within six months following expiration of brokers license

36
Q

PRIMA FACIE EVIDENCE

A

Evidence good/sufficient on its face to establish a given fact or prove a case

37
Q

What is Compensation

A

Anything of value or valuable consideration directly or indirectly paid, promised, or expected to be paid or received.

Includes money in the form of salary, bonuses, commissions and gratuities. Dinner, flowers, event tickets etc.

38
Q

Real estate license exemptions

A

1-SALARIED EMPLOYEES

 - no commission
 - employees of condominiums        or co-ops who rent individual units for no longer than 1yr and not paid commission

2- OWNER DEVELOPERS-not pd commissions

3- GOV’T AGENCY

39
Q

CH 475 F.S., License Exemptions

A
  • selling cemetery lots
  • rent lots in a mobile home park
  • person given power of attorney in order to sign contracts and conveyances on someone’s behalf
  • apartment property owners or management firms for purpose of paying a finders fee of more than $50 to a tenant of a complex for a rental referral
40
Q

REAL ESTSTE SERVICES

A

A-advertise

B- buy
A-appraise
R-rent

S-sell
A-auction
L-lease
E-exchange

FL REAL ESTATE -39th Edition 2016 (10 decks)

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