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55 Cards in this Set
- Front
- Back
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Brokers Price Opinion (BPO) |
Written opinion of value of Real property can charge. It's not an appraisal often requested by the lenders from short sales. Payment of a BPO goes to the broker |
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License Application
what is required? |
Social security # Finger prints (child support)
Real Estate application is good for 2years after completed application. |
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Part 3 Chapter 475 Commercial Real Estate Sales commission Lein Act
Part 4- Sales Commission Lein Act
Florida Statute 455
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Part 3- Commercial Property -Lein rights to broker for earned commission -Lein is only against net(cash earned) proceeds
Part4-broker Lein rights for earned commission on commercial property.
*Florida Statute 455- Regulation of professionals and occupations licensees must inform DBPR within 30days of convictions ,crime, guilt, plea wherever occurred |
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Broker Experience Requirements |
*Must have Real Estate license for 2years 24 month (5year period) (Florida or non-Florida) *Applicant held broker license in another state or foreign jurisdiction for 24 months -must perform 45hrs. Post-license education |
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What are Real Estate services?
*a bar sale* ch.2 pg. 30 |
A- advertise real estate services
B- buy A- appraise R- rent
S- sell A- auction L- lease E- exchange |
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Who is exempt from real estate license? |
*property owners *corporations, partnerships, trusts, joint ventures (non commission) Salaried employes- non commission -on site rental/ leasing capacity -manager of condos/ cooperative apartment complex who don't rent longer than 1year -owner developer. *cemetery lots -government agency. *rents mobile home -business entity(radio station). *attorney>attorney/client relationship -CPAs -person who has power of attorney -owner of time share -state certified& licensed real estate appraisers -court appointed individuals -hotel/motel clerks -federal regulated banks -apartment property owners/property managements purpose: finders fee no more than $50
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Florida Real Estate commission (FREC) 7 members |
4 brokers 5years 1broker or sales associate 2years 2consumer members
Governor choice, approved by senate
*can not serve more than 2consecutive 4 year terms
*1member must be 60 years or older |
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Commission powers duties |
Executive- enforced law Quasi legislative- revise law/ rules/ regulations Quasi judicial - enforce/ admin penalties
*FREc can not hold criminal actions- can't impose imprisonment |
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Department of business and professional regulation ( DBPR)
What is this?
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Agency in charge of regulation business and professionals in Florida
-DBPR has authority to investigate consumer complaints-issues sopena ,conduct investigations-chief admin. Is appointed by governor- confirmed by senate |
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Mailing address - *current* |
Licensees are responsible to notify DBPR in writing their current address, and place of practice.
Notify in 10days of moving License Renewal citation= $500 -> |
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License renewal periods |
March 31 or September 30
*do not exceed 24months license will expire after 24months
i.e. September 10,2013 issue date Renew March 31,2015 |
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Inactive status: voluntary inactive Or involuntary inactive |
*Voluntary-apply to be placed on inactive status=fee / still take CE (continued education)
*Involuntary inactive- you fail to renew after 2years- license expires |
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Armed Forces Exemption (license....DBPR) |
US armed forces exempt from provisions during active duty & 3months after discharge .
spouse can get temp license if moving to florida , must get florida license after 6months
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Group License |
Sales associate can sell multiple subdivisions under an owner enveloped |
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Multiple licenses |
Broker only: more then one office
ex.(3) different locations under Keller Williams |
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Caveat Emptor |
Buyer Beware |
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Special Agent |
Authorized by principal to handle specific business transaction
I.e. I hire a CPA they are special agent 1act |
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Universal agent |
Authorized by principal to perform all acts that the principal can perform and be legally delegated .
lawyer is a universal agent to mentally disabled.
All acts |
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General agent |
Authorized by the principle to perform acts associated to a job
a property manager
sales associate (general agent) to an employing broker
everything but for 1job |
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Residential transactions *residential sale |
Residential sale-sale of 4 or fewer units Agriculture 10 or fewer acres
DO NOT APPLY- *nonresidential transactions *rent/lease *auctions *appraisal *disposition of any interest |
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Transaction Brokerage |
Signature needed!
Needed if 2agents from same brokerage
Broker can represent both buyer and seller |
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No brokerage |
Broker can work with buyer and seller *no signature needed |
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Single agent |
*no signature required I.e. *1 represent jack and only jack (C.O.L.D) cant work with buyer/seller
(million dollar homes) tells everything to client. |
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C.O.L.D
When is it applicable? |
Confidentiality Obedience Loyalty Disclosure (full) |
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Designated Sales Associate |
Non residential buyer & seller ... $1million in assets Can act as single agents(buyer+seller) |
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NAR- National Association of Realtors |
Must be a member to be called Realtor
3hrs. Of entities training required |
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Office signs |
Trade name Brokers name "Licensed Real Estate Broker" |
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Fl Telemarketing Law-
(department of agriculture) |
Contact allowed: *18 months after sale/purchase *90days for non business contact *No solicitation *Calls restricted 8am-9pm *$10,000 fine (Federal fine: $11,000) *FSBO exception
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Commingle |
Mix money with your own |
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Conversion |
Use money for personal use |
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Escrow deadlines |
Sales associate= end of next business day *Broker end of 3rd business day *Broker must inform FREC in 15 business days with conflicting days *30 must have solution (EDO- 10 business days) |
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Escrow immediately defined |
*Entered $ into trust fund $ will be used towards purchase of house.... *Sales associate has until next business day to deliver to broker *Broker has until end of 3rd business to |
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M.A.L.E Settlement procedures |
Mediation. Non binding Arbitration Binding Litigation Escrow disbursement order
when do you notify FREC? 15 business days
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Exceptions to settlement procedures (MALE) |
*HUD owned property *condo -> condo act deliver a written act
*financing buyer doesn't get approved .... You can get $ back |
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Who can not register as a Broker? |
Church Co-op Joint venture Business trust |
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Complaint process |
*File complaint *Investigate *Probable cause (2 commissions) *Formal complaint *Informal complaint *Final order *Judicial review
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Moral turpitude |
Honest, good morals, justice...... |
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Judicial Review (appeal) |
30 days to file an appeal appeal the decision -request stay of enforcement |
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3types of penalties: administrative civil criminal |
FREC- *suspend license up to 10years *probation *fine up to 5,000 *citations
15 days to comply to notice... Then maybe issued a citation
30 days to accept/reject/ violations |
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1st degree misdemeanor |
-Failing to provide accurate info on rental information.
$1,000 fine or up to 1year in jail |
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Felony of 3rd degree |
Perform real estate compensation without license
Fine= $5,000 or up to 5yrs in jail |
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Claim form (EDO) |
*No penalty to broker *eligible for reimbursement $50,000 from recovery fund-to broker *FREC has to re-pay attorney fee and court costs |
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FRSH CRN |
Family Race Sex Handicap
Color Religion National origin |
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What is steering? what is blockbusting? What is redlining? |
*steering people a certain neighborhood/ direction *blockbusting-scamming people to sell warning them certain types are coming *redlining- different terms/conditions due to applications in certain areas |
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Coastal zone management is administered by who? |
EPA Environment Protection Agency |
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Land sales full disclosure act |
*antifraud provision -property report *2 years to cancel contract if not given report *7days to cancel contract after given report
*registration required land developers must register subdivisions of 100+ with HUD
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RESPA -> Borrowers apply for mortgage loan. What are the disclosures? (RESPA-Real estate settlement procedures act) |
*special information booklet: HUD-1 costs homebuying process
*good faith estimate - likely to pay at closing
*servicing disclosure settlement informing loan is going to be transferred |
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Deposits & advance rents |
*hold money in non interest *hold $in interest-give tenant 75% of interest no commingle *post a surely bond |
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Method of annexation |
How it is attached.... tape/nails/bolts..... |
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Bundle of Rights DUPE |
Disposition-can I sell it Use- can I use it for a bar? Possession- can I occupy it? Exclusion- quiet enjoyment |
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Tenancy without specific term |
After lease written or verbal week to week 7 days notice to terminate month to month-15 days notice to terminate |
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4 unities of int tenancy P.I.T.T |
Possession Interest Title (deed) Time |
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Homestead |
Protections of homestead: *protection- if you aren't paying car payment they can't go after house *size- restricted to 160 acres -outside cities in city=1/2 acre *personal property>shed, carport $1000 *protection of family -bloodline *tax exemption- not my assessed value the state/county evaluation |
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Protection for surviving spouse (homestead) |
*elective share 4houses-and I'm not on will 1house Homestead-entitles 3other houses-entitled to 30%
divorce- seperate property non marital assets |
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Disclosure and cancellation period condos..... |
Prospectus- summarizes major points given to purchasers after prospectus *buyer of unit can cancel contract in 15 calendar days *private property you must receive FAQ, Financial, Bylaws (see figure on page.177) |
