not include examination fee and fingerprinting processing

Bob Hogue Real Estate Flashcards The duties of the Division of Real Estate that involve recordkeeping.Multiple licenses Fee Waiver for Low-Income ApplicantsDBPR waives initial licensing fee for certain low income applicants. Applicants must pay the application fee.Applicants may also be charged the Unlicensed Activity Fee and Real Estate Recovery Fund fee. Fee waiver does not include examination fee and fingerprinting processing fee.What are the two important units under the Division of Service Operations?

• The Customer Contact Center handles all incoming

telephone, postal, and email inquiries from licensees and the general public.2. The Central Intake Unit processes all the license applications and licensee fees as well as the issuance of all licenses and licensee renewal notifications for the DBPR.They may satisfy the requirement by completing 14 hrs of continuing education When a licensee has been involuntary inactive for more than 12 months but less than 24 months = Real estate sales associates involved in sales and leasing specialize in one of which 5 areas?

• Residential2. Commercial3. Industrial4. Agricultural5.

Businesses Section 455.10 of Chapter 455The statue provides that an individual cannot be disqualified from practicing an occupation or profession regulated by the State of Florida solely because the person is not a US citizen.Property ManagerInvolves the leasing, managing, marketing, and maintenance of property Rental AgentA person who, for a fee, acts as an intermediary between a person seeking to lease a housing accommodation and a property owner seeking to acquire a lease for a housing accommodation.AppraisalThe process of developing and communicating an estimate of a property's Where are the DRE offices located?Orlando, FL Fee Waiver for Military Veterans and Their SpousesWaives the application fee, initial licensee fee, and the unlicensed activity fee for those who apply for a license within 60 months after honorable discharge. Applies to all types of professional licenses issued by the DBPR. Fee waiver does not include examination fee and fingerprinting processing fee.Qualifications for Reexamination in a foreign Language15 or more translated into the native language SubdividingA separation of the land into smaller parcels The powers and duties of the FREC fall into what three general categories?

• Executive2. Quasi-legislative3. Quasi-judicial

Land AcquisitionsDevelopers and builders require raw land and then prepare the site for construction.Multiple Listing Service (MLS)database that allows real estate brokers representing sellers under a listing contract to share information about properties with real estate brokers who may represent potential buyers The Executive powers of the FREC include? 1. Create and pass rules and regulations2. Regulate professional practices SealedStatutes in some states permit a person's criminal record to be sealed, and thereafter such records cannot be examined except by order of the court or by designated officials.Florida Real Estate Commission (FREC)The Florida Legislature created this organization to administer and enforce license law, authority to keep records, conduct investigations, and the power to grant, deny, suspend, and revoke licenses.Real estate professionals provide expert information in which three areas?

• Knowledge of property transfer2. Knowledge of market

conditions3. Knowledge of how to market real estate and businesses What are the four parts of Chapter 475?1. Real estate brokerage2. Real estate appraisers3.Commercial Real Estate Lien Act4. Commercial Real Estate Leasing Commission Lien Act The Legislature believes professions under the DBPR should be regulated when?

• The regulated practice can harm the public, the potential

harm is recognizable, and the danger outweighs any anti-competitive impact that might result from regulation;2.The public is not adequately protected by other state statues, local ordinances, or federal laws; or3. Less restrictive means of regulation are not available.nolo contendere (no contest)A pleading of no contest by a defendant; a plea in a criminal action not admitting guilt but subjecting the defendant to punishment as though it were a guilty plea.RegistrationAuthorization by the state to place an applicant on the register (record) of officially recognized individuals and businesses.Business BrokerReal estate licensees who engage in the sale, purchase, or lease of businesses.Florida residentFor application and licensing purposes, a person who has resided in Florida continuously for four calendar months or more within the preceding year.Broker Experience Requirements; A broker applicant can

fulfill the experience requirement in one of three ways:

• 24 months under a licensed real estate broker.2. Held a

sales associate license while working as a salaried employee of a governmental agencies performing the duties authorized in Chapter 475 for at least 24 months.3.Held an active broker license in another state or foreign jurisdiction for at least 24 months.

LicenseAn individual who has qualified for, and been registered as, a real estate broker, broker associate, or sales associate.Active LicenseA current, valid license registered with the DBPR. The status required to actively engage in the real estate business.is the license status that results when a licensee has applied to the DBPR to be placed on inactive status.voluntary relinquish Commercial Real Estate Lien ActGives the broker lien rights for earned commission associated with a brokerage agreement to lease commercial real estate.real estate servicesA: Advertise real estateB: BuyA: Appraise (non-federally

related transactions)R: Rent or provide rental information or

listsS: SellA: AuctionL: LeaseE: Exchange What are the three general phases of development and

construction:

• Land Acquisition2. Subdivision and development3.

Recording the subdivision plat map Owner-developerAn unlicensed entity that sells, exchanges, or leases its own property.Mortgage Loan Originator (MLO)Anyone who takes residential mortgage loan applications or offers to negotiate the terms of residential mortgage loan applications for compensation must be licensed as an MLO Florida Statue 120The Administrative Procedural Act defines the procedural process by which regulatory agencies decide and implement agency action.The formal act of announcing a statute or an administrative rule. To publish and officially announce a new or amended rule or statute. The FREC may promulgate rules and regulations.Quasi-judicial Uniform Standards of Professional Appraisal Practice

(USPAP)

States that it is unethical for an appraiser to accept compensation that is contingent on the value of the property.The Executive powers of the FREC include? 1. Foster the education of applicants and licensees;2.Adopt a seal;3. Establish fees The Executive powers of the FREC include? 1. Grant or deny applications for licensure;2. Suspend or revoke licenses and impose administrative fines;3. Makes determinations of violations.Powers delegated to the FREC to discipline real estate licensees for violations of real estate license law and FREC administrative rules.Quasi-legislative A right granted a sales associate or broker associate to work various properties owned by affiliated entities under one owner developer.Involuntary inactive Community Association Manager (CAM)must hold a CAM license when the community association consists of more than 10 units or has an annual budget in excess of $100,000.

real estate servicesReal estate activities involving compensation for performing the activities for another.Business OpportunityThe sale or lease of an existing business, including the sale of tangible and intangible assets The license status that results when a license is not renewed at the end of the license period.Ministerial duties Florida Statue Chapter 475Often called the Real Estate Professional Practice Act.Chapter 475 was created by the Florida Legislature to establish the legal rights and responsibilities of real estate licensee and real estate appraisers. First set of laws passed by the legislature in Florida Fee Waiver for Military Personnel and Their SpousesApplies to all types of professional licenses issued by the DBPR. Waives the initial licensing fee. Applicants may also be charged the Unlicensed Activity Fee and Real Estate Recovery Fund fee. Fee waiver does not include examination fee and fingerprinting processing fee.Indicates a licensee is up to date with respect to the DBPR's licensure requirements.executive DevelopmentThe process of improving raw land so that it can be put to productive use Recording the subdivision plat mapMost local governments require that developers submit a subdivision plat map of a new development for review by the planning board.Florida Real Estate Commission (FREC) member rules1. Five professional licensed members- four licensed real estate brokers, active license for 5 years proceeding appointment- Broker or real estate associate who has an active license for two years proceeding appointment.2. Two or are unlicensed or lay (consumer)3. One must be 60+4. 4 year staggered terms, no more than 2 consecutive must complete 28 hrs of a commission prescribed reactivation course The DBPR must be notified within 10 days when the

following occurs:

Absentee OwnerA property holder who does not reside on the property and who usually relies on a property manager to manage the investment.Division of Real Estate (DRE)Supports the Commission (FREC). under the Dept. of Business & Professional Regulation (DBPR) The residential address a licensee uses to receive mail through the U.S. Postal Service.current status Property ManagementThe leasing, managing, marketing, and overall maintenance of property for others.How is the real estate business regulate or influenced by the federal governments?Impacts through physical and monetary policies. HUD,

FHA, EPA, VA

Florida Statue 20Governs the exectuve branch of Florida's government Real Estate BrokerageA part of the real estate business that is concerned with bringing together buyers and sellers and owners and