FL Real Estate Sales Associate 63 HR COURSE Exam Chapters 1-10

FL Real Estate Sales Associate 63 HR COURSE Exam Chapters 1-10 One Acre - 43560 sq ft One Mile - 5280 feet Township - 36 Sections (6m x 6 m) Section - 640 acres (1m x 1m) Follow-up - what a sales associate does for buyers/sellers after a sale Property Management - involves leasing, managing, marketing & maintenance of property CMA - Comparative Market Analysis: a marketing tool & many not be referred to or represented as an appraisal - CMAs do not have to conform to USPAP standards Categories of real estate licenses (3) - 1. Sales Associate (under direction of Broker) 2. Broker 3. Broker Associate (under direction of Broker) Key to Real Estate Application - Truthfulness Mutual Recognition - If approved for MUTUAL RECOGNITION applicants are exempt from prelicense education course, must pass 40 question test on FL real estate law w/75% (30 correct) or higher. Term of Application validity - 2 years - RE Lic. applications good for 2 years w/DBPR. Power of Attorney (Attorney-in-fact) - A person cannot appoint another individual as an attorney-in-fact for the purpose of conduction real estate services for others (only for self). Quasi-judicial - Responsibility of FREC: 1. power to grant/deny applications mine lic. law violations & administer penalties (CANNOT impose imprisonment - FREC handles administrative not criminal violations) Temporary License - 6 month expiration - NOT renewable Voluntarily Relinquish - Or XCL, only allowed if NO investigation or discipline pending Multiple License - Issued to Broker if more than one business. Each business (location) needs separate lic. "Arm's Length" - conduct business on own behalf w/out trusting other's fairness/integrity (caveat emptor applies). Caveat Emptor - Buyer beware! Agency Relationship - Business transactions i.e. Attorney (agent) and Client (principal) Disclosure Document Held for how many years? - 5 years - Broker of all residential transaction that result in written contract must be held by Broker for 5 years. Designated Sales Associate - Non-residential transactions: Broker may appoint 2 (DUAL AGENTS) of his/her sales agents to each be a single agent to the buyer and the other to the seller - ONLY IF buyer & seller have assets of 1 Million or more and sign a disclosure to state assets & includes duties of single agent Reasons for Termination of Brokerage Relationship btwn Principal (customer) & Broker - 1. Fulfillment 2. Mutual Agreement 3. Expiration