FL Real Estate License Renewal Study Set 2023

Code of Ethics: Duties to clients and customers: - 1. Do not provide misleading information 2.Represent both parties in the same transaction only after full disclosure and with both parties being consented and informed. 3. Submit all offers and counteroffers quickly and objectively. 4. Maintain the obligation to preserve confidential information during and following the termination of a clients relationship. 5. Avoid exaggeration, misrepresentation or concealment of pertinent facts relating to the property or transaction. 6. Cooperate with other brokers except when cooperation is not in the clients best interest. 7. Inform sellers or purchasers of the licensee's own interest in a or any interested product or service. 8. Do not accept any type of commission, rebate or profit on expenditures made for the client without the clients knowledge and consent. 9. Do not accept compensation from more than one party, even if permitted by law without disclosure and consent from all parties. 10. Keep a special account in a good financial intuition, sperate from personal funds for monies related to real estate transactions. 11. Provide agreements to all parties. When presenting themselves to the public, who may use the designation of REALTOR? - Members of NAR Which duties are apart of NAR code of ethics? – 1. Duties to clients and customers. 2. Duties to the public in general 3. Duties to other real estate licensee's. What is a common NAR designation? - Graduate REALTOR institute Real estate professional is expected to have expert knowledge in which three areas? – 1. Valuation 2. Marketing 3. Property Transfer What are the most commonly used forms? – 1. Sales and purchase contract addeumdum. 2. Brokerage relationship disclosure. 3. Listing Contracts 4. Lead paint notices 5. Sellers's property disclosure. 6. Leases and intent to enter into a lease. 7. Commission agreements. Real Estate Law: F.S. 455 - Law that regulates specific professions, including real estate. Real Estate Law:F.S. 475 - Is the law that regulates, real estate licensees, schools and appraisers. F.A.C. 61J2 - FERC was formed to enforce the Florida Real Estate Law in F.S. 475. Foreign Investment in Real Property Tax Act: - Is concerned with the sale of residential real property in excess of over 300k when the property is owned by a foreign investor. Who enforces the code of ethics? - local real estate boards What are considered to be extenuating, and reduce the degree of culpability? - Mitigating circumstances The commission has heard cases where the sales associate's employing broker does not handle property management, so the sales associate set up their own company to handle property management. - If a licensee acts as an investor, the licensee must ensure that all parties are aware that the licensee is not acting as what? - Real Estate Licensee A licensee who practices beyond their scope as a sales associate could be subject to a full disciplinary hearing and what other penalty for their first violation? - First violation may include a fine from $250 to $1,000 and license suspension to revocation.