Real estate sale associate pre license course exam prep (GOLD COAST HIGHLIGHTS)

Real estate sale associate pre license course exam prep (GOLD COAST HIGHLIGHTS) Farming licensee concentrate on one type or style of property or on one particular neighborhood Farm area or target market Finding and specializing in a particular neighborhood or type of property. Considered to be one of the best ways to succeed in the real estate business Tract building When a developer acquires a large tract of land, records a subdivision plat map, and uses a model center from which sales may be made Local level Government Regulation: At the local level, planning and zoning, property taxation, building, and health codes and regulations, and building moratoriums that affect development, play a significant role in the cost and desirability of real estate Purpose of the law F.S. 475 to protect the public Commission or FREC Refers to the Florida real estate commission Department or DBPR Refers to the department of business and professional regulation Division or DRE Refers to the division of real estate License Means any permit, registration, certificate, or license issued by the department Licensee Refers to any person to whom a permit, registration, certificate or license is issued by the department A BAR SALE The most common services of real estate: Appraising Buying Auctioning Renting Selling Advertising Leasing Exchanging Sales associate Must be employed by a real estate broker or owner developer to practice real estate *must complete all pre license requirements to obtain their initial license as a sales associate Broker A person who performs services of real estate as an agent for another and receives compensation for those services either directly or indirectly A Sales Associate transitioning to a Broker Must have been employed under one or more actively licensed brokers for at least 24 months writhing the last 5 yrs before becoming eligible to take the state broker examination Additional applicants who qualify to apply for a brokers license [F.A.C.61J2-2.027(1)(b)] Actively licensed real estate sales associates from another STATE OR NATION who have been Licensed for at least 24 months during the preceding 5 yrs Broker Associate Someone who is qualified to receive a broker license but chooses instead to be employed under the direction, control and management of an actively licensed broker or owner developer. In this capacity the broker acts as a sales associate NOT as a broker Florida real estate license requirements An applicant for a Florida real estate license requirements is NOT required to be a resident of the state of Florida, or to be a citizen of the United States Florida Mutual recognition Florida has entered into "Contractual agreements" with 7 states that recognize the similarity in the content of their mutual education and experience requirements for real estate licensing. Alabama Arkansas Connecticut Georgia Mississippi Illinois Nebraska Form #1 DBPR RE 1 "Have you ever been convicted or found guilty of, or entered a plea of Nolo contendere (no contest) or guilty to, regardless of adjudication, a crime in any jurisdiction, or are you currently under criminal investigation?" The question further defines which offenses are covered For practical purposes, this question requires the disclosure of any criminal convictions, including felony or misdemeanor convictions or pleas ( other than minor traffic offenses). DUI is not a minor traffic offense and must be disclosed Application Denial If an application to take state exam is denied, the applicant will be notified in writing. The notification will identify the reasons for denial and advise the applicant they they have 21 days from the date of receipt to request a formal hearing before an administrative law judge Compensating broker or sales associate Florida real estate license law requires a sales or broker associate to be employed as an agent of either a broker or owner developer before performing real estate services for compensation. They may NOT be directly compensated for real estate services by a member of the public. Only their employing broker or owner developer Employment by owner developer The owner developer must register with the department but does not receive a real estate license Post licensing course All licensees, whether active or inactive, must satisfactorily complete a Commission prescribed post licensing course before the first renewal expiration date, following initial licensure. Sales associate first renewal Sales associate must complete a 45 hour post license course. Failure to complete this requirement will result in licensee being out of business and voided license Continuing education All licensees active or inactive, broker or sales assoc., must complete 14 hrs of commission approved continuing education and pay a renewal fee during each license renewal period, excluding the first renewal period of their current license. If CE requirements are no met within the renewal deadline, the licensees license will be changed to INVOLUNTARY INACTIVE CE courses may be completed by classroom or distance learning(online) Attorney-in-fact Persons who are granted authority under a power of attorney to act for others in some capacity, such as signing documents Salaried employees Of an owner, or of a registered broker for an owner, of an apartment community who work in an onsite rental office of the apartment community in a leasing capacity Powers of the "Department or DBPR" The department does not have the authority to issue injunctions against unlicensed persons, but may seek an injunction from the courts for failure to follow a department order. The department also has the power to issue a cease and desist order against an unlicensed party for violation of any rule or law under its administration Executive powers Can be exercised by the chairperson acting alone or can be delegated by quorum vote to any other commission member Quasi judicial powers Allow the commission to impose disciplinary action for violations of laws and rules. Similar to the actions of a court of law. The commission has the authority to deny an application, and to reprimand , fine, or place a licensee on pro a Tiod, or suspend or revoke a license A guilty licensee May receive one of the following disciplinary actions Issued a reprimand or admin. fine up to $5,000 per offense Be placed on probation Or Have their license suspended for up to ten years or permanently revoked Subsequent renewal 14 hr CE Failure to do so results in null and Void license The licensee may not practice real estate while his or her license is involuntary inactive. The license can remain in this statutes for up to two years Voluntary inactive Individual who had attained their license but does not wish to engage actively in real estate can request a voluntary inactive. May remain In this status indefinitely Suspended brokers license Suspended, revoked, or otherwise void or ineffective brokers license results in all persons license who are employed under such broker to become automatically inactive Cancelled licensed If a licensee no longer wishes to practice real estate, they can return their license to the department. The license would be... Group license A single real estate license that can be obtained if the sales associate or broker associate works for one owner developer with affiliated organizations, which provides real estate services in different geographic areas Multiple licenses A broker can be issued additional licenses in two or more capacities by requesting... NOT available to sales associates or broker associates *broker cannot own stock in any of the corporations Examples of administrative agencies empowered by statutes Statutes can authorize the creation and operation of administrative agencies to administer and enforce certain laws. The DBPR created by F.S. 455 FREC created by F.S. 475 are examples. Special agent Authorized under agency law by the employer to perform a single act. General agent ...Of his or her broker or owner developer.. (Sales associate or broker associate) Sub agent Extension of another agency, a party who has been granted authority to act on behalf of another agent. NOT a type of agency What a sales associate is to his or her broker, and automatically becomes to all of the brokers principals *Under agency law a sub agent has the same duties to the principal as the agent who was empowered by the principal. Transaction broker A broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent *provide limitless confidentiality unless waived in writing by a party. *the licensee has a duty not to discuss price (other the price quoted in the listing), motivation, terms, or other information a party deems to be confidential, which may harm that parties bargaining position Duties: Deal honestly and fairly Account for all funds Disclose all known facts that affect the value of residential property Skill, care, and diligence Present all offers and counteroffers Limited confidentiality Additional agreed duties Concealment or Breach of trust Failure to present an offer. Could result in disciplinary action against the broker Single Agent or Single agency When a broker accepts employment under a.... A broker may represent a seller or a buyer, or a land lord or tenant. Any attempt to represent both parties in a transaction would create an illegal dual agency Duties: Deal honestly and fairly Account for all funds Disclose all known facts that affect the value of residential property Skill, care, and diligence Present all offers and counters offers Confidentiality Obedience Loyalty Full disclosure Dual Agency An attempt to represent both parties in a transaction would create a dual agency Single agency relationship The employer becomes the principal , who authorizes the broker as an agent to perform certain services on his or her behalf. The party whom the broker does not represent as an agent, and with whom the broker attempts to be successful in achieving the purpose of his or her employment by the principal, is the brokers customer. The brokers sales associate is now their general agent, and becomes a subagent of all the brokers principals Brokers customer The party whom the broker does not represent as an agent, and with whom the broker attempts to be successful in achieving the purpose of his or her employment by the principal. Fiduciary duties owed by a broker to principal Confidentiality- required to keep any harmful information received from the principal confidential, even after relationship ends. Obedience- an agent must obey all legal instructions of the principal or withdraw from the relationship. If Illegal instruction is given and principal persists, agent must withdraw. Loyalty- may not place the interest of anyone else above those of the principal. Full disclosure- required to report any fact or rumor to the principal that may affect his or her decision Consent to transition to Transaction Broker may be change at any time during the relationship between an agent and principal, provided the agent gives the written disclosure required and the principal gives his or her written consent before a change in the relationship occurs. Must be in writing to the principal as a separate and distinct document or included as part of other documents such as listing agreement or others agreement for representation. Non representation (No Brokerage relationship)