Florida Real Estate Chapter 1 Review Graded A+

Florida Real Estate Chapter 1 Review Graded A+ Sales Associate License Qualifications (F.S. 475.17) -18 Years of Age -High school diploma -Honest, Trustworthy, of good character and have a reputation for fair dealing -Does NOT have to be a Florida resident or U.S. citizent Custom Building Building to the owner's specifications. Farming Specializing in one type or style of property, or in a particular neighborhood. Appraising The art of estimating value of property, where the fee is based on the time, expense and difficulty resulting in a non-biased defensible opinion of value. Property Management Managing property for absentee owners by maximizing profits and preserving the property. Florida Statute 475 The Florida statute designated as "The Real Estate License Law." Local Government Regulations Planning, zoning, real estate taxes building and health codes. State Government Regulations Roads, waterways, state documentary taxes on all property transfers. Federal Government Regulations National monetary supply, legislation affecting lending institutions. Dedication When a developer conveys the streets and sidewalks in a subdivision to the city. Tract Building Developers utilizing model homes to make sales from. Speculative Building A contractor builds on his/her own land and looks for a buyer after completing construction. Certified Property Manager Designation awarded by the Institute of Real Estate Management (IREM) Federally Related Transaction - Requires a licensed, registered appraiser per F.S. 475 part II. - Must comply with Uniform Standards of Professional Appraisal Practice (USPAP). -Transaction value greater than $250,000 -Comply with USPAP Real Estate Speicalization Residential, Commercial, industrial, agricultural, business brokerage, property management, appraising and counseling. 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. Real Estate Counseling Highly specialized service that requires a greater level of knowledge and experience than any other area of real estate. Exemptions from the sales associate license qualifications FREC RULE 61 J2-3.008 -Members of the Florida Bar are exempt from taking the 63-hr pre-license course but must pass the State licensing exam and taking the 45-hr sales post licensing course. -Licensees with a 4 yr degree in real estate are exempt from all "pre" and "post" license courses, but must pass both the State sales associate and broker exam. Registered and Licensed F.S. 475.15 - Qualifying brokers, sales and broker associates are registered and licensed - Brokerage corporations, partnerships, branch office sand owner- employers are registered bu not licensed. Post- Licensing Education F.S. 475.17/ FREC Rule 61J2-3.020 -Sales associates must complete a 45-hr post-licensing course prior to the expiration of the initial licesne renewal (18-24 months) -Brokerage assoicates must complete a 60-hr post-licensing course prior to expiration of the initial license renewal (18-24 months) Licensing Activities F.S. 475.01 Performing a service of real estate -In the state of Florida -For another -For compensation Business Brokerage F.S. 475.01 Specializing in the sale or listing for sale of business enterprises or business opportunities. 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 - Agricultural properties of 10 acres or less Real Estate Marketing Because supply and demand are always changing, licensees must know how to market properties efficiently. Real Estate Valuation Because no two properties are exactly alike, licensees must be able to discern