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Chapter 1 & 2
Real Estate Business & License Law & qualifications
| Question | Answer |
|---|---|
| real estate specialization | residential, commercial, industrial, agricultural, business brokerage, property management, appraising & counseling |
| farming | specializing in one type or style of property, or in a particular neighborhood |
| residential sales defined by Florida | F.S. 475.278 -improved residential property of 4 units or less -unimproved residential property of 4 units or less/agriculture 10acres |
| real estate marketing | because supply & demand are always changing, licensees must know how to market properties efficiently |
| real estate property transfer | licensees must possess the necessary expertise when writing contracts so that the property & attached rights can b successfully conveyed from one owner to another |
| single agent | F.S. 475.278 one of three ways a licensee owes fiduciary duties to their principal |
| no brokerage relationship | F.S. 475.278 one of three ways a licensee must offer representation to the public even if they do not wish to be represented. the licensee is not regarded as a representative of the employer |
| transaction broker | FS 475.255 one of three ways a licensee can be employed by the public. the license law presumes a transaction brokerage relationship offering limited representation |
| real estate valuation | because no two properties are exactly alike licensees must be able to discern property differences and apply that knowledge to value |
| business brokerage | F.S. 475.01 specializing in the sale or listing for sale of business enterprises or business opportunities |
| property management | managing property for absentee owners by maximizing profits & preserving the property |
| appraising | the art of estimating value of property where the fee is based on the time expense & difficulty resulting in a non-biased defensible opinion of value |
| federally related transaction | requires a licensed & certified appraiser per fs475 part II- must comply with uniform standards of professional appraisers practice (uspap) transaction value greater 250,000 - comply with USPAP |
| government regulation | local-planning, zoning, real estate taxes, building & health codes state- roads, waterways, state documentary taxes on all property transfers federal- national monetary supply, legislation affecting lending institutions |
| dedication | when a developer conveys the streets & sidewalks in a completed subdivision to the city |
| tract building | developers utilizing model homes to make sales from |
| speculative building | a contractor builds on her own land & looks for a buyer after completing construction |
| custom building | building to the owners specifications |
| certified property manager | designation awarded by the institute of real estate management (irem) |
| real estate counseling | highly specialized service that requires a greater level of knowledge & experience than any other area of real estate |
| Sales Associate Licensee Qualifications | 18 years of age, High school diploma, honest, truthful, trustworthy, of good character & have a reputation for fair dealing, does not have to be a Fla. resident or us citizen- must file irrevocable consent to service |
| Florida Statue 475 | The Florida statue designated as " The Real Estate License Law" |
| Exemptions from the Sales Associate License Qualifications | members of the Florida bar but must ass the state license exam & take the 45 hr post license course- licensees with a 4 year degree in real estate are exempt from all pre & post licensee courses but must must pass both sales & broker exams |
| Registered & Licensed | qualifying brokers, sales & broker associates are registered & licensed- Brokerage corporations, partnerships, branch offices & owner-employers are registered but licensed |
| Post-Licensing Education | sales associates must complete a 45-hr post licensing course prior the expiration of initial license renewal (18-24 months)- Brokerage associates must complete a 60hr post licensing course prior to to expiration of the initial license 18-24 months |
| Continuing Education | Sales & Broker associates must complete 14hrs every 2 years - Attorneys are exempt from continuing education as long as they are current members of the Florida bar |
| Associate Broker | has held an active sales associate license for 2 out of the last 5 years attorneys exempt as long as they are current members of the bar operates as a sales associate in the employment of another |
| Mutual Recognition | agreements with other states with similar real estate licensing requirements- nonresident licensees must pass a 40 question FL real estate license law exam (75%) must taje a required post license & continuing education course as required |
| Licensing Activities | F.S. 475.01 Performing a service of real estate -in the state of Florida -for another -for compensation |
| Services of Real Estate (most common) | F.S 475.01 ABARSALE appraising, buying, auctioning, renting, selling, advertising, leasing, exchang |
| Exempt Persons | F.S 475.011 attorneys in fact, attorneys at law, certified public accountants, court appointees, salaried condo managers, individuals selling their own, corporations buying or selling their own real estate |
| Owner- employer | Individual or entity that buys, sells or develops their own real estate |
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