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

Flashcards in Unit 2 Deck (40)
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1

Compensation and licensure requirements

1-if commissioned must be a licensed broker

2-if salaried no license is required


2

What is a property manager?

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

3

FARM AREA?

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

4

What is appraising?

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

5

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

6

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.

7

What is a BPO

Broker's price opinion

It is a written opinion of value of real property.

8

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

9

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

10

What is speculative construction

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

11

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

12

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

Administer and enforce license law

13

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

14

FL Statute 120

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

15

FL STATUTE 455

governs the DBPR and professionals under the department.

16

FL STATUTE 475

Called the
REAL ESTATE PROFESSIONAL PRACTICE ACT

Governs real estate brokers, sales associates and schools

17

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

18

Ch 61J2

Governs FREC rules

19

What are the three general licensing provisions in real estate

1-sales associate
2-broker
3-broker associate

20

What is an owner developer?

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

Staff are exempt from licensure if salaried

21

What is a broker associate?

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

22

What are the application requirements for real estate licensure?

18 years of age

HS Diploma or equivalent

SS #

23

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

30 days

24

What is expungement?

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

25

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

60 days

26

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

10 Days

27

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

28

Reciprocity Agreements

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

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

30

Failure notice and examinee rights

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