Florida Real Estate State Exam Prep

Joint Ventures is a temporary form of business arrangement often encountered in real estate business. Trade Names is a business name other than the legal name of the person doing business. The letters T/A are used to indicate "trading as." Chapter 120, F.S. Administrative Procedures Act Chapter 455, F.S. Regulation of Professional and Occupations Chapter 28, Sections 101-110 Division of Administrative Hearings (DOAH Rules), Florida Administrative Code (F.A.C.) Chapter 61J2 Florida Real Estate Commission, Fl Administrative Code (F.A.C.) Recovery Fund Claim must be paid with in 2 yrs. Max payment $50,000 (single transaction) Max payment on multiple $150,000 Punitive Damages and Interest CANNOT be reimbursed from fund Accumulation of the Recovery Fund total of $1 million is the limit for fund at any one time. Accumulated by charging Licensees a Recovery Fund Fee when a new lic is issued or renewed. Fines imposed by FREC and collected by DBPR. Collection stops when limit is reached and restarts when amount drops below $500k. At that time, a fee of $3.50 per yr. for brokers and $1.50 per year for sales Assoc. is added to Lic fee. Civil Rights Act of 1964 (Titles II and III) ended racial segregation in schools, the work place, and public accommodations. Civil Rights Act of 1968: The Fair Housing Act Prohibits discrimination on the basis of Race, Color, Religion, Sex and National Origin when selling or renting residential property. 7 Protected Classes (FRSH CRN aka Fresh Corn) Race Color Religion Sex Handicap Status (mental or physical) Familial Status (18 or younger or Pregnant Women) National Origin