Flashcards in Unit 2 Deck (40)
Compensation and licensure requirements
1-if commissioned must be a licensed broker
2-if salaried no license is required
What is a property manager?
A person or company hired to maintain and manage property on behalf of property owners
Portion of a city chosen by brokers and associates for which they become an expert
What is appraising?
Process of developing and communicating opinion about a property's value
How are appraisers compensated?
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
What is a CMA?
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.
What is a BPO
Broker's price opinion
It is a written opinion of value of real property.
May a sales associate perform a BPO?
Sales associates may perform BPOs only at the direction and under the control and management of their employing broker
May a sales associate or broker associate be compensated for a BPO?
If a sales associate or broker associate performs a BPO, compensation must be paid directly to their employing broker
What is speculative construction
Purchasing one or more lots and constructing a home without a buyer
Who may use the term Realtor?
Only a real estate professional who is a member of a local board of realtors
I.e. NAR -National Association of realtors
What are the duties of the Florida real estate commission or FREC
Administer and enforce license law
Fl Statute 20
Governs executive branch of Florida government
Executes programs and policies adopted by legislature
Established the DBPR-department of business and professional regulation
FL Statute 120
Governs procedural process for all government entities authorized under the Florida Constitution
FL STATUTE 455
governs the DBPR and professionals under the department.
FL STATUTE 475
REAL ESTATE PROFESSIONAL PRACTICE ACT
Governs real estate brokers, sales associates and schools
Identify the four parts of Florida statute 475
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
Governs FREC rules
What are the three general licensing provisions in real estate
What is an owner developer?
And unlicensed entity that sells, exchanges, and leases its own property.
Staff are exempt from licensure if salaried
What is a broker associate?
A person who holds a brokers license but chooses to register and work under another broker
What are the application requirements for real estate licensure?
18 years of age
HS Diploma or equivalent
What is the timeframe for a licensee to report any conviction to the DBPR?
What is expungement?
Criminal conviction is destroyed or sealed after expiration. It is not automatic
What is the timeframe for a NON-RESIDENT notify the capital FREC of change in residency?
What is timeframe for a NON-RESIDENT Licensee to notify the FREC of a change in mailing address
Mutual recognition agreements
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
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
What are the pre-licensing and continuing education exemptions
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