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14 Cards in this Set
- Front
- Back
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Persons who are required to be licensed |
-Performing a service of real estate -In the state of Florida -For another (this refers that the service is performed for another person or entity) -For compensation |
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Many licensees will concentrate on one type or style of property or on one particular neighborhood a practice called |
Farming |
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Property transfers |
Conveying ownership or rights in property is a complex process. There are laws documents disclosures that can be difficult to understand. |
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Valuation and market conditions |
No two properties are ever exactly alike. Real estate licensees must be able to discern important differences and properly understand how those differences translate into value |
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Real estate agents typically prepare what is known as |
Comparative market analysis, which is a value estimate based on recent sales of similar properties in the same neighborhood. (Recent being 6 months ) |
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A real estate licensee who wishes to perform an appraisal must do so under the development and reporting requirements of the |
Uniform standards of professional appraisal practice (uspap) |
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Appraising |
Is the process of development an opinion of value of real property. Appraisal fees are based on the time, effort and expense involved for completion of the assignment, not on the value of the property |
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In the 1980’s due to many institutions failing financially, part of the responsibility was put on the appraisal profession for preparing faulty appraisals. |
Legislation was passed due to this known as the financial institutions reform, recovery, and enforcement act of 1989 (firrea) |
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Nations largest trade and professional association is |
National association of realtors (nar). The term REALTOR is a registered trademark of the nar and may be used only by those who are members of the organization. |
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Government regulation |
Local level - planning and zoning, property taxation, building and health code regulations are controlled by local governments. Local government bodies can also impose a moratorium or temporary delay for a building project. |
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State level - |
At the state level, developments of regional impact (DRI) the department of environmental protection (DEP) and the department of economic opportunity (DEO) all play an important part in real estate development. Roads, waterways and other factors that affect multiple political jurisdictions are impacted at the state level |
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What is the purpose of the national association of realtors? |
Preserve the right of individuals to own real property through an exchange of information. |
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Which of the following best describes licensees who are involved in business opportunity brokerage |
They must be able to analyze financial statements and understand balance sheets |
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Composition of the commision |
-7 members appointed by the governor, and subject to confirmation by senate. -4 members must be licensed brokers, each of who must held license for the 5 years preceding appointment -1 member must be licensed broker or sales associate who has held an active license for two years preceding appointment -2 members called “lay members” must be persons who are not and have never been brokers or associates. |
