what are the the areas a realtor should be an expert in?
Marketing
Valuation & Market Conditions
Property Transfer
“MVP”
Does one need to be a resident of the state or a citizen of the U.S. to get a FL real estate license?
to get a FL real estate license, you don’t need to be a citizen
What must an applicant for a real estate license do if he has been convicted of a crime?
must disclose all convictions
Employment
an associate can only have one employer at a time
What’s the grace period for a Sales associate’s first renewal? Post Licensing
no grace period, void and null
Individuals who are exempt from licensure
Salaried Employees
How long can one stay involuntary inactive?
2 years
What happens to an associates license if a broker’s license is void, suspended, or revoked?
their license automatically becomes inactive
Multiple Licenses
issued only to active brokers if it is clearly shown that such additional licenses are necessary to the conduct of legitimate business
What is a Transaction broker
a broker who provides limited representation to a buyer, seller, or both, in a real estate transaction
not an AGENT
Presenting Offers
must present all offers
A broker is entitled to compensation if they…
bring a buyer who brings an offer the seller was looking for
Listing Contract
broker’s employment contract that states the terms and conditions that the broker must meet to become eligible for compensation
Referral Fees:
I as the sellers agent promise kickback commission. Is this allowed?
yes, as long as this is disclosed to all interested parties
what if an attorney asks for a fee because they referred a client to you?
you cannot give him a referral fee for sending you a client
Principal Brokerage office
-registration is good for 2 years
-can switch locations
branch brokerage office
-registration is good for 2 years
-cannot move locations if not the principal location… in order to move it would need a new registration for the new location and must pays fees associated with it
What are the requirements for a Principal Office?
-at least one enclosed room in a building of stationary construction
-must maintain documents for a minimum of 5 years
What are the requirements for an associate advertising with a website?
-must have brokerage name and his/her last name
Advertising
must have name of brokerage
When should one disclose that they are a licensed agent?
prior to entering serious negotiations
Escrow Account pg.75* ESCROW ACCOUNT PG 75*
Earnest Money Deposit
provide written verification within 10 days of request
A buyer drops off an escrow check on Monday. To avoid any trouble with FREC, the broker must deposit the check by close of business on which day?
Thursday
Which of the following 4 uses/has an interpleader?
Mediation
Escrow Disbursement Order
Arbitration
Litigation
Litigation
Escrow Disbursement Exemptions
when a sales contract is subject to a contingency (financing/appraisal/etc) and it’s not met
When a sales associate has not received his compensation, what can they do?
sue employing broker only
How many days does one have to notify the commission of a change of address or employer
60
Real Estate Brokerage Partnership
-all must register w. DBPR
If all the partners in a Real Estate Brokerage Partnership want to be active in real estate sales, what must they do/be?
all must be a licensed broker
Does a corporation for profit between a broker and associate dealing with investments need to be registered?
No, a for profit corporation dealing w. investments does not need to be registered with any department
What are the 7 businesses that may register with the department to perform brokerage services?
6 of 7 have the letter P… the only one that doesn’t is LLC
-sole Proprietorship
-corporation for Profit
-Not-for-Profit corporation
-LLC
-general Partnership
-limited Partnership
-limited liability Partnership
what do the following businesses that may not register to broker real estate have in common
they don’t have the letter P in it or LLC
culpable negligence
occurs if a broker operates in a reckless, careless, and excessively negligent manner. negligence for which one can be held legally accountable
misrepresentation
omission or misstatement of facts
Appeal a final order
request review with district court of APPEAL
Where does the money come from for the Recovery Fund?
fees and fines
Steering or Channeling
_ an individual, directly or indirectly, into or away from a neighborhood or location in a multi-unit building on the bases of race, color, religion, sex, or national origin
Redlining
refusal by a lender to approve a mortgage loan based on a property being located in a certain geographical area, the age of the property, the income level of the residents, or the racial composition of the area
Blockbusting
consists of inducing an owner to list or sell on the basis that the neighborhood is deteriorating or becoming transitional due to an influx of minority persons
When a landlord is holding a security deposit, which can’t he do?
cannot hold money in an out of state banking institution
Do Not Call List “DNC”
-cannot call someone before 8am and after 9pm
-can call someone from the DNC if you have a buyer interested in purchasing the property
-CANNOT Solicit for sale by owner
-can face a 40k fine
Which term refers to physical land, improvements, & intangible rights?
Real Property
Riparian Rights
rights of an owner whose property borders a flowing waterway (RIVER)
Fee Simple
the owner has a complete bundle of rights