WHAT I NEED TO KNOW Flashcards
What are the 3 general phases of real estate:
1) Land acquisition and development 2) Subdividing and development 3) Construction
The 3 general categories of residential construction are:
1) Speculative-purchasing one or more lots and constructing a home (or homes) without a buyer in advance of construction
2) Custom homes - A custom builder constructs homes under contract with a buyer, often using building plans provided by architects or buyers
3) Tract homes - a type of speculative building. A subdivision will pre-build several style model home types. They buyer select the floor plan from the models and a lot on which to build in the new subdivision
Deed restrictions refer to a
single parcel of land. Deed restrictions are placed by an owner who has created a restriction on future owners of the parcel of real estate
Restrictive Covenants impose limitation on the use of land in
an entire subdivision
Chapter 475 is divided into 4 parts:
1) pertains to real estate brokerage
2) pertains to real estate appraisers
3) Commercial Real Estate Sales Commission lien act, pertains only to commercial property
4) Commercial Real Estate Leasing Commission Lien Act, give a broker lien rights for earned commission associated with a brokerage agreement to lease commercial real estate
What does Fla Statute 455 define?
the general legal practice and procedure for the Dept of Business and Professional Regulation (DBPR)
What chapter of the Fla statutes define the procedural process by which regulatory agencies decide and implement agency action?
Florida Statute 120
Name the particular chapter pertaining to the administrative rules developed by the FREC, pursuant to the rulemaking process outlined in Chapter 120 Fla Statutes.
Chapter 61J2
Define a Florida resident
A person who resided in Florida continuously for a period of four calendar months or more within the preceding year - whether they lived in a recreational vehicle, hotel, rental unit or temporary or permanent location.
Define Moral Turpitude
Conduct contrary to honesty, good morals, justice, or accepted custom. Embezzlement and crims of larceny, including writing bad checks, are considered moral turpitude.
What is the broker experience requirement?
They must have held an active real estate license for at least 24 months during the the five-year period preceding application to become a Broker
Define Prima Facie
evidence that is good and sufficient on its face to establish a given fact or prove a case
Define Real Estate Services
Any real estate activity involving compensation for performing the service for another
What are the 8 services of Real Estate?
A Advertise real estate services B Buy A Appraise R Rent S Sell A Auction L Lease E Exchange
Who appoints the commission members of the FREC?
The Governor, subject to confirmation by the state Senate. Each member of the commission is accountable to the Governor, not the DBPR for proper performance
The FREC’s powers and duties fall into what three general areas?
Executive powers - to regulate and enforce the license law.
Quasi-legislative-the power to enact and revise administrative rules.
Quasi-judicial-the power to grant or deny license applications, to determine license law violations, and to administer penalties.
Who appoints the Director of the DRE?
The Secretary of the DBPR subject to approval by majority vote of the FREC.
What are the perks for military veterans?
Fee waiver of the initial application fee, biennial license fee, and unlicensed activity fee are waived for military veterans who apply for a real estate license within 24 months after honorable discharge.
involuntary inactive –
a) If a licensee fails to renew an active or voluntary inactive license (other than the first renewal).
b) suspended
c) revoked
When does a license become void?
a) after 24 months of inactive status
b) when it is cancelled
c) revocation
When a license becomes VOID it
NO LONGER EXISTS
Ineffective -
the license exists, but can not be used.
Examples of INEFFECTIVE are
a) voluntary inactive
b) fails to renew a license prior to expiration date (other than first renewal) and is involuntary inactive (that two year period before becoming void).
c) when an associate’s broker is suspended or revoked but they are not
d) Suspended. The license is “ineffective” during the period of suspension.
Are there any exceptions to permanent revocation?
YES, A license may reapply AFTER FIVE YEARS when they: A) filed for renewal but did not comply with the education requirement. B) Filed an application for a license that contained false or fraudulent information