Florida Real Estate Rules And Regulations

Front 1

Real estate brokerage

Back 1

business of bringing together buyers & sellers

Hint 1

owners & renters

Front 2

residential

Back 2

real estate as 4 or fewer residential units

Hint 2

vacant land zoned for 4 or fewer units

Front 3

Division of Real Estate (DRE)

Back 3

supports the Commission (FREC). under the Dept. of Business & Professional Regulation (DBPR)

Front 4

commercial

Back 4

income-producing properties

Hint 4

investment analysis

Front 5

agricultural

Back 5

property of more than 10 acres. Need to be familiar with operation of farms & the economic problems associated with the various types of farming

Front 6

business brokers

Back 6

real estate licensees who engage in the sale

Hint 6

purchase

Front 7

business opportunity brokerage

Back 7

involves the sale or lease of an existing business

Hint 7

including the sale of tangible & intangible assets

Front 8

farm area

Back 8

one specific portion of a city

Hint 8

where a broker and sales associate are experts in that particular portion

Front 9

property management

Back 9

the leasing

Hint 9

managing

Front 10

absentee owner

Back 10

property owner who does not reside on the property & who often relies on a professional property manager to manage the investment

Front 11

property manager

Back 11

local representative of the owner. Their primary task is to produce the greatest possible net income over the longest possible time.

Front 12

appraisal

Back 12

process of estimating the value of real property. Fee based

Hint 12

unethical to get a commission. An art not a science.

Front 13

USPAP

Back 13

Uniform Standards of Professional Appraisal Practice.

Front 14

Uniform Standards of Professional Appraisal Practice

Back 14

USPAP. set of guidelines to follow when providing appraisal services. Only applies to appraisals

Hint 14

not CMAs or BPOs.

Front 15

Florida Real Estate Appraisal Board (FREAB)

Back 15

regulates state-certified

Hint 15

licensed

Front 16

Appraiser duties

Back 16

analyzes past sales

Hint 16

computes the cost to reproduce a structure

Front 17

conflict of interest

Back 17

appraisers charge a fee based on the time & difficulty of the work. appeasers are not paid a commission - to reduce the possibility of a ____________

Front 18

Comparative Market Analysis (CMA)

Back 18

licensees prepare to help potential sellers determine an asking price and for buyers to help them make informed decisions when offering to purchase real property

Front 19

Comparative Market Analysis (CMA)

Back 19

developed by collecting information concerning real estate activity in the area

Hint 19

including recent sales of similar properties

Front 20

Comparative Market Analysis (CMA)

Back 20

marketing tool. may NOT be referred to or be represented as an appraisal. Licensees MAY charge a fee or otherwise be compensated for preparing

Hint 20

either as part of a or in addition to the normal sale commission (typically it's included)

Front 21

Broker's price opinion (BPO)

Back 21

written opinion of the value of real property

Hint 21

typically requested by relocation companies & lenders involved in short sales. Licensees may prepare & charge for

Front 22

restrictive covenants

Back 22

imposes limitations on the use of land in an entire subdivision. Examples: min allowable sq footage

Hint 22

whether the garage doors may face the street

Front 23

deed restrictions

Back 23

placed by an owner who has created a restriction on future owners of the parcel of real estate. Example: may prevent future landowners from selling alcoholic beverages on site.

Front 24

subdivision plat map

Back 24

engineer's plan for land use superimposed on a map of the land to be developed

Front 25

dedication

Back 25

gift of land by an owner to a government body for public use

Front 26

Residential construction

Back 26

speculative (spec) homes

Hint 26

custom homes & tract homes

Front 27

speculative (spec) homes

Back 27

Residential construction; building "on speculation" involves purchasing one or more lots & constructing a home(s) without a buyer in advance of construction

Front 28

custom homes

Back 28

Residential construction; a custom builder constructs homes under contract with a buyer

Hint 28

often using building plans provided by architects or buyers

Front 29

tract homes

Back 29

Residential construction; type of speculative building

Hint 29

a new subdivision will typically feature several model homes. Buyers select a floor plan from the models and a lot on which to build in the new subdivision

Front 30

multiple listing service (MLS)

Back 30

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

Front 31

local government planning agency.

Back 31

A developer acquires a tract of land that he divides into 25 home sites. Prior to marketing the home sites

Hint 31

the developer must submit the subdivision plat to the:

Front 32

follow-up

Back 32

what a sales associate does for buyers and sellers after the sale

Front 33

as long as she does not represent herself as a state-certified or licensed appraiser

Back 33

and complies with the USPAP.

Hint 33

Even though certain exceptions apply

Front 34

the increase in the # of absentee owners

Back 34

The field of property management has experienced growth & specialization primarily because of

Front 35

Appraisals

Back 35

Real estate licensees must comply with the Uniform Standards of Professional Appraisal Practice (USPAP) when conducting what type of value estimates?

Front 36

not decrease the value of neighboring properties

Back 36

When a developer makes lots available for custom building in a newly developed subdivision

Hint 36

the overall purpose of restrictive covenants is to ensure that custom-built homes will

Front 37

property management

Back 37

the real estate activity that is devoted to leasing

Hint 37

managing

Front 38

real estate license

Back 38

type of license required to sell or lease business opportunities for another person

Front 39

Residential real estate

Back 39

as defined in Chapter 475 FS

Hint 39

vacant land zoned for 4 or fewer residential units

Front 40

caveat emptor

Back 40

let the buyer beware

Front 41

FL Real Estate Commission (FREC)

Back 41

administers & enforces the license law. Authority to keep records

Hint 41

conduct investigations

Front 42

FL Statute 20

Back 42

FL Statute chapter concerns the organizational structure of Florida's government (legislative

Hint 42

executive & judicial)

Front 43

FL Statute Chapter 475

Back 43

law is the Real Estate Professional Practice Act. Establishes legal rights & responsibilities of real estate licensees & appraisers. 4 parts. Real estate licensees are responsible for knowing the provisions of this chapter. FREC implements

Hint 43

interprets & enforces the regulatory provisions

Front 44

FL Statute Chapter 475

Back 44

Part I

Hint 44

which chapter & part of a FL Statute pertains to real estate brokerage?

Front 45

FL Statute Chapter 475

Back 45

Part II

Hint 45

which chapter & part of a FL Statute pertains to real estate appraisers & sets forth the requirements for licensed & certified appraisers according to federal statute?

Front 46

FL Statute Chapter 475

Back 46

Part III

Hint 46

which chapter & part of a FL Statute is known as the Commercial Real Estate Sales Commission Lien Act? This gives a broker lien rights for earned commission. This act applies only to commercial property and is only against the owner's net proceeds from the sale & does not attach to the commercial real property

Front 47

FL Statute Chapter 475

Back 47

Part IV

Hint 47

which chapter & part of a FL Statute is known at the Commercial Real Estate Leasing Commission Lien Act? This gives a broker lien rights for earned commission associated with a brokerage agreement to lease commercial real estate

Front 48

Florida Statute 455

Back 48

Which FL Statute defines the general legal practice & procedure for the Dept of Business & Professional Regulation (DBPR) & the licensees of all professions regulated by the DBPR

Hint 48

including RE?

Front 49

Administrative Procedure Act

Back 49

FL Statute 120 defines the procedural process by which regulatory agencies decide & implement agency action

Hint 49

including the licensing & disciplinary process for RE licensees.

Front 50

FL RE Commission (FREC)

Back 50

Chapter 61J2 is the rules of _____. It is a set of administrative rules developed by _____

Hint 50

pursuant to the rule making process outlined in Ch 120

Front 51

Sales Associate

Back 51

person who performs RE services for compensation but who does so under the direction

Hint 51

control or management of a broker or an owner-developer

Front 52

Broker

Back 52

person who

Hint 52

for another & for compensation or other consideration (or anticipation of compensation or other consideration)

Front 53

voluntary inactive

Back 53

sales associate applicants who have completed the required education & passed the license exam are initially licensed as

Front 54

Dept of Business & Professional Regulation (DBPR)

Back 54

inactive sales associates can become active by finding an employer & filing the information with

Front 55

owner-developer

Back 55

an unlicensed entity that sells

Hint 55

exchanges or leases its own property

Front 56

broker associate

Back 56

an individual who holds a broker's license but who chooses to register and work in RE under the direction of another broker (an employee status only

Hint 56

not a license)

Front 57

nolo contendere

Back 57

no contest (latin)

Front 58

Mutual recognition agreements

Back 58

FREC has _____ with licensing authorities in 9 states: Alabama

Hint 58

Arkansas

Front 59

moral turpitude

Back 59

conduct contrary to honesty

Hint 59

good morals

Front 60

Florida resident

Back 60

a person who has resided in FL continuously for a period of 4 calendar months or more within the preceding year

Hint 60

regardless of where they reside

Front 61

active

Back 61

new sales associates must change their license to ___ status before legally operating as a sales associate

Hint 61

which is accomplished by submitting form DBPR RE-10 (Request to Become ______) must be signed by broker who employs associate

Front 62

first renewal

Back 62

sales assoc.'s are required to successfully complete a prescribed post-licensing education requirement before the _____ of their licenses = probationary period. Failure to complete education causes license to become null and void

Front 63

14 hours every 2 years

Back 63

after completing the post-licensure educational requirement during the initial license period

Hint 63

active & inactive licensees must complete at least ____ hours of continuing education during every __ year license period after that

Front 64

Prima Facie Evidence

Back 64

a legal term used to refer to evidence that is good & sufficient on its face (at first view) to establish a given fact or prove a case. Unless it is refuted by evidence to the contrary

Hint 64

_____ will prove a case (presumptive evidence).

Front 65

registration

Back 65

the process of submitting info to the DBPR that is entered into the Dept's records. Info that is placed on record with the DBPR includes the name and address of each licensed broker and sales assoc; name and business address of each assoc.'s employer; assoc.'s & broker's license status & persons involvement as an officer

Hint 65

director

Front 66

real estate services

Back 66

FL RE License law IDs 8 RE-related activities referred to as ______ that require a FL RE License

Hint 66

which include any RE activity involving compensation for performing the service for another

Front 67

A BAR SCALE

Back 67

RE services as defined by FL RE License law: