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Chapter 1 & 2

Real Estate Business & License Law & qualifications

QuestionAnswer
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
Created by: dmboo