Florida Real Estate Chapter 1 Review Flashcards

Florida Real Estate Chapter 1 Review Flashcards 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 Owner EmployerF.S. 475.011 -Individual or entity that buys, sells or develops their own real estate. -If they pay commissions or compensation on a transactional basis, must hire licensed sales or broker associates, who can perform services only with regard to property owned by the owner- employers.Florida Statute 475The Florida statute designated as "The Real Estate License Law." Licensing ActivitiesF.S. 475.01Performing a service of real estate-In the state of Florida-For another-For compensation Local Government RegulationsPlanning, zoning, real estate taxes building and health codes.Speculative BuildingA contractor builds on his/her own land and looks for a buyer after completing construction.Real Estate MarketingBecause supply and demand are always changing, licensees must know how to market properties efficiently.Associate BrokerF.S. 475.01-Has held an active sales associate license for

• out of the last 5 years

State Government RegulationsRoads, waterways, state documentary taxes on all property transfers.No Brokerage RelationshipF.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 CounselingHighly specialized service that requires a greater level of knowledge and experience than any other area of real estate.Exemptions from the sales associate license qualificationsFREC 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 LicensedF.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.

Federal Government RegulationsNational monetary supply, legislation affecting lending institutions.Business BrokerageF.S. 475.01Specializing in the sale or listing for sale of business enterprises or business opportunities.DedicationWhen a developer conveys the streets and sidewalks in a subdivision to the city.Real Estate SpeicalizationResidential, Commercial, industrial, agricultural, business brokerage, property management, appraising and counseling.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 Post- Licensing EducationF.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) Transaction BrokerF.S. 475.255One of three ways a licensee can be employed by the public. The license law presumes a transaction brokerage relationship offereing limited representation.Real Estate Property TransferLicensee must possess the the necessary expertise when writing contracts so that the property and attached rights and attached rights can be successfully conveyed from one owner to another.List the Services of Real EstateF.S. 475.01A AppraisingB BuyingA AuctioningR RentingS SellingA AdvertisingL LeasingE Exchange AppraisingThe 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.Real Estate ValuationBecause no two properties are exactly alike, licensees must be able to discern property differences and apply that knowledge to value.Single AgentF.S. 475. 278ONe of three ways a licensee can be employed by the public.The licensee owes fiduciary duties to their principal.Certified Property ManagerDesignation awarded by the Institute of Real Estate Management (IREM) FarmingSpecializing in one type or style of property, or in a particular neighborhood.Property ManagementManaging property for absentee owners by maximizing profits and preserving the property.

Custom BuildingBuilding to the owner's specifications.Residential Sales defined by FloridaF.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 Tract BuildingDevelopers utilizing model homes to make sales from.