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7 Cards in this Set
- Front
- Back
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Caveat Emptor |
A policy of let the buyer beware (buyer is responsible for own knowledge in real estate transactions). |
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Florida Statute 20 |
Chapter 20, Organizational Structure, establishes the structure of the executive branch of Florida's government. The Florida Constitution provides for the legislative, executive, and judicial branches of government. The executive branch executes the programs and policies adopted by the Legislature. The policies are implemented by the departments of the executive branch, including the Department of Business and Professional Regulation (DBPR) |
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Florida Statute Chapter 475 |
This law is often 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 licensees and real estate appraisers. Chapter 475 is divided into four parts. Real estate licensees are responsible for knowing the provisions of this chapter. The Florida Real Estate Commission (FREC) implements, interprets, and enforces the regulatory provisions of Chapter 475. |
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Florida Statute Chapter 475 Part 1 |
Pertains to real estate brokerage |
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Florida Statute Chapter 475 Part 2 |
Pertains to real estate appraisers and sets forth the requirements for licensed and certified appraisers according to federal statute. The Florida Real Estate Appraisal Board (FREAB) regulates state-certified, licensed, and registered trainee appraisers. The FREAB functions very similarly to the Florida Real Estate Commission (FREC). Both quasi-judicial bodies follow the same procedures for disciplining licensees. |
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Florida Statute Chapter 475 Part 3 |
AKA the Commercial Real Estate Sales Commission Lien Act, gives a broker lien rights for earned commission. This act applies only to commercial property (not residential property). The lien is only against the owner's net proceeds (personal property) from the sale and does not attach to the commercial real property. |
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Florida Statute Chapter 475 Part 4 |
AKA the Commercial Real Estate Leasing Commission Lien Act, gives a broker lien rights for earned commission associated with a brokerage agreement to lease commercial real estate. |
