Melodee's Highlights Flashcards
The real estate professional brings to the transaction expert knowledge regarding:
valuation, marketing and property transfer
Being able to discern important differences and properly understand how they translate into value is:
valuation
Knowing where and how to ___ property is knowledge the licensed professional brings to the transaction.
market
The overwhelming majority of real estate licensees are involved in:
residential brokerage
A RESIDENTIAL transaction is defined as:
- The sale of any improved residential property of four units or less.
- Unimproved property intended for four units or less.
- Agricultural properties of 10 acres or less.
- Leases with options to purchase all or a portion of improved property of four or less residential units.
- Dispositions of business interests involving property of four or less residential units.
Concentrating on one type or style of property or on one particular neighborhood is a practice called:
farming
The art of estimating the value of real property is called:
appraising
Appraisers must present a ___ defensible ___ of ___.
non-biased, defensible opinion of value
Appraisal fees are based on the ___, ___ and ___ involved for completion of the assignment.
time, effort and expense
Appraisal fees are NOT based on the ___ of the ___.
value of the property
Appraisals used in a ___ ___ ___ must be prepared in compliance with USPAP by appraisers registered, licensed or certified under Part ___ of F.S. 475.
federally related transaction, Part II of F.S. 475
A federally related transaction is one in which a loan is made by a federally regulated lending institution with a transaction value greater than $___.
$250,000
USPAP stands for:
Uniform Standards of Professional Appraisal Practice
___ ___ ___ can perform an appraisal under the real estate license law if the appraisal is not to be used in a federally related transaction, the transaction value is $___ or less and is prepared in accordance with ___.
Real estate licensees, $250,000, USPAP
Real estate brokers and sales associates typically prepare CMAs, also known as a:
comparative market analysis
A ___ may not be referred to as an appraisal.
comparative market analysis
___ is a highly specialized service and requires a greater level of knowledge and experience than any other facet of the real estate profession.
counseling
The ___ ___ ___ ___ awards the designation “CPM,” Certified Property Manager.
Institute of Real Estate Management (IREM)
CPM stands for:
Certified Property Manager
A developer that acquires a large tract of land and builds a model center from which sales may be made is called:
tract building
The transfer of ownership of streets and sidewalks from developer to the city or county upon completion of a subdivision is referred to as:
dedication
___ is when a contractor builds on their own land with the hope of locating a purchaser after construction has completed.
speculative building
When a contractor is employed to build on an owner’s land to the owner’s specifications, it is called:
custom building
Zoning, property taxation, building and health codes, and regulations and building moratoriums affecting development are done at the:
local level
A broker who is working for an employer is said to be an:
agent
The Real Estate License Law was officially designed Chapter ___ of the Florida Statutes in ___.
475, 1941
Applicants for a Florida real estate license are NOT required to be a ___ of Florida or a ___ of the U.S.
resident, citizen
Applicants for a Florida real estate license must be ___ or older, with a ___ education or equivalent.
18, high school
Members of the ___ ___ are exempt from taking the 63-hour prelicense course for sales associate.
Florida Bar
If an application to take a state examination is denied by the Florida Real Estate Commission, the applicant is allowed ___ days to file for a formal hearing before an ___ ___ ___.
21 days, administrative law judge
Sales associates may be licensed under a ___ or ___.
broker or owner-employer (such as a developer)
Owner-employers are ___ with the ___ but are NOT licensed.
registered with the DBPR
All sales associates, whether active or inactive, must complete a ___-hour post licensing course prior to the expiration date of their ___ ___ ___.
45-hour, initial licensing period
Failure to complete the required post licensing course will cause the license to become ___.
void (sorry, start over)
Only licensees who have received a 4-year degree in real estate are ___ from taking the ___ ___ ___.
exempt, post licensing course
Licensees, whether active or inactive, must complete ___ hours of ___ ___ PRIOR TO renewal during every ___ year license period.
14, continuing education, 2
Florida does not have ___ with any other state with regard to real estate licensing.
reciprocity
Currently, Florida has ___ ___ agreements with real estate commissions of eight states.
mutual recognition
If ___, “He who collects, pays his own debts.”
unlicensed
The most common services of real estate are (hint: A BAR SALE)
Appraising Buying Auctioning Renting Selling Advertising Real Estate Services Leasing Exchanging
Persons granted authority under a power of attorney to act for others are known as:
attorneys in fact
Persons appointed by a court of law to perform services of real estate are known as:
court appointees
Court appointees may perform services of real estate, but only for a ___ or ___, NOT a ___.
fee or salary, NOT a commission
The Florida Real Estate License Law requires a sales associate or broker associate to be employed as an ___ of either a broker or owner-employer before performing real estate services for ___.
agent, compensation
Sales associates and broker associates both act as a broker’s ___ and can only work for ___ broker at a time.
agents, one
An ___ is an individual or entity that is in the business of buying, owning and/or developing real estate and is registered with the ___.
owner-developer, DBPR
F.S. ___ created the Department of Business and Professional Regulation (DBPR).
455
The DBPR is authorized to issue ___ and ___ orders, administer ___, take ___, issue ___ and adopt ___ concerning violations that may be submitted for ___.
cease and desist orders, administer oaths, take depositions, issue subpoenas, and adopt rules
The Department does NOT have the authority to ___ ___ against unlicensed person but may seek one from the ___.
issue injunctions, courts
For specified offenses by a licensee, the DBPR may issue a ___ ___ ___ or ___.
notice of noncompliance or citation
The DBPR DOES have the power to issue a ___ ___ ___ ___ against an UNLICENSED party, and citations may be issued with an administrative fine not to exceed $___ per ___.
cease and desist order, $5000 per offense
The DBPR may act as a plaintiff in a ___ ___, in which case a civil penalty of not less than $___ or more than $___ may be imposed.
civil action, $500 or more than $5000
There are ___ members on the Florida Real Estate Commission.
seven
Members of the FREC are ___ by the ___, subject to confirmation by the ___.
appointed by the Governor, Senate
___ members must be actively licensed ___ ___ ___, licensed in Florida for at least ___ years prior to their FREC appointment.
Four members, real estate brokers, 5 years
___ member of the FREC may be any actively licensed real estate licensee, licensed in Florida for at least ___ years prior to their appointment.
ONE, 2 years
The ___ members of the FREC who cannot hold or ever have held a real estate license are known as ___ ___.
TWO, lay members
One member of the Commission must be at least ___ years of age.
60 years of age
FREC members are appointed for a ___-year term and may not serve more than ___ consecutive terms.
4-year term, 2 consecutive terms
FREC members have ___ ___ number of years they may serve, as long as no more than two terms are consecutive.
no maximum number of years
The FREC is an ___ ___, delegated certain powers under F.S. ___.
administrative agency, F.S. 475
The publication of books, keeping licensees and the public informed of changes in the law or rules governing real estate and furthering the education of potential and current licensees, as well as investigating complaints falls under the ___ ___ of the FREC.
executive powers
The power to make and pass rules regulating the operation of licensees and the real estate profession fall under the FREC’s ___ ___.
quasi-legislative powers
A ___ vote of the Commission is required enact rules and do not require ___ of any agency or the legislature.
quorum vote, approval
Rules enacted by the FREC do not become effective until ___ days after they have been filed with the ___ ___ ___.
20 days, filed with the Secretary of State
Licensees may be issued a ___ or ___ ___ of up to $___ per offense, placed on ___, ___ for up to ___ years or permanently ___.
reprimand or administrative fine, $5000 per offense, placed on probation, suspended for up to 10 years or permanently revoked.
Upon passing the state examination, an applicant received an ___ license status.
inactive
All real estate licenses expire on ___ or ___ of the appropriate year.
March 31st or September 30th
A licensee who fails to renew a license at expiration, in OTHER THAN the initial license period, automatically becomes ___ ___ and can remain in this status for ___ years.
involuntarily inactive, 2 years
