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Real Estate Course Chapter 1 > WHAT I NEED TO KNOW > Flashcards

Flashcards in WHAT I NEED TO KNOW Deck (370)
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1

What are the 3 general phases of real estate:

1) Land acquisition and development 2) Subdividing and development 3) Construction

2

The 3 general categories of residential construction are:

1) Speculative-purchasing one or more lots and constructing a home (or homes) without a buyer in advance of construction
2) Custom homes - A custom builder constructs homes under contract with a buyer, often using building plans provided by architects or buyers
3) Tract homes - a type of speculative building. A subdivision will pre-build several style model home types. They buyer select the floor plan from the models and a lot on which to build in the new subdivision

3

Deed restrictions refer to a

single parcel of land. Deed restrictions are placed by an owner who has created a restriction on future owners of the parcel of real estate

4

Restrictive Covenants impose limitation on the use of land in

an entire subdivision

5

Chapter 475 is divided into 4 parts:

1) pertains to real estate brokerage
2) pertains to real estate appraisers
3) Commercial Real Estate Sales Commission lien act, pertains only to commercial property
4) Commercial Real Estate Leasing Commission Lien Act, give a broker lien rights for earned commission associated with a brokerage agreement to lease commercial real estate

6

What does Fla Statute 455 define?

the general legal practice and procedure for the Dept of Business and Professional Regulation (DBPR)

7

What chapter of the Fla statutes define the procedural process by which regulatory agencies decide and implement agency action?

Florida Statute 120

8

Name the particular chapter pertaining to the administrative rules developed by the FREC, pursuant to the rulemaking process outlined in Chapter 120 Fla Statutes.

Chapter 61J2

9

Define a Florida resident

A person who resided in Florida continuously for a period of four calendar months or more within the preceding year - whether they lived in a recreational vehicle, hotel, rental unit or temporary or permanent location.

10

Define Moral Turpitude

Conduct contrary to honesty, good morals, justice, or accepted custom. Embezzlement and crims of larceny, including writing bad checks, are considered moral turpitude.

11

What is the broker experience requirement?

They must have held an active real estate license for at least 24 months during the the five-year period preceding application to become a Broker

12

Define Prima Facie

evidence that is good and sufficient on its face to establish a given fact or prove a case

13

Define Real Estate Services

Any real estate activity involving compensation for performing the service for another

14

What are the 8 services of Real Estate?

A Advertise real estate services
B Buy
A Appraise
R Rent
S Sell
A Auction
L Lease
E Exchange

15

Who appoints the commission members of the FREC?

The Governor, subject to confirmation by the state Senate. Each member of the commission is accountable to the Governor, not the DBPR for proper performance

16

The FREC’s powers and duties fall into what three general areas?

Executive powers - to regulate and enforce the license law.

Quasi-legislative-the power to enact and revise administrative rules.

Quasi-judicial-the power to grant or deny license applications, to determine license law violations, and to administer penalties.

17

Who appoints the Director of the DRE?

The Secretary of the DBPR subject to approval by majority vote of the FREC.

18

What are the perks for military veterans?

Fee waiver of the initial application fee, biennial license fee, and unlicensed activity fee are waived for military veterans who apply for a real estate license within 24 months after honorable discharge.

19

involuntary inactive –

a) If a licensee fails to renew an active or voluntary inactive license (other than the first renewal).
b) suspended
c) revoked

20

When does a license become void?

a) after 24 months of inactive status
b) when it is cancelled
c) revocation

21

When a license becomes VOID it

NO LONGER EXISTS

22

Ineffective -

the license exists, but can not be used.

23

Examples of INEFFECTIVE are

a) voluntary inactive
b) fails to renew a license prior to expiration date (other than first renewal) and is involuntary inactive (that two year period before becoming void).
c) when an associate's broker is suspended or revoked but they are not
d) Suspended. The license is "ineffective" during the period of suspension.

24

Are there any exceptions to permanent revocation?

YES, A license may reapply AFTER FIVE YEARS when they: A) filed for renewal but did not comply with the education requirement. B) Filed an application for a license that contained false or fraudulent information

25

Cease to be in force -

That period when a sales associate leaves one brokerage firm and is not yet registered under another or a school changes address and has not yet notified the state after 10 days.

26

Armed Forces exemption -

A license in good standing who is a member of the U.S. armed forces is exempt from the renewal provision during the licensee's period of active duty and six months after discharge from active duty. If the military is out of state, the exemption also applies to a licenses spouse.

27

When was dual was revoked in the state of Florida?

1997

28

Duties of a no brokerage relationship

( DDA)

1) Deal honestly and fairly
2) Disclose all known facts affect value of residential property
3) Account for all funds

29

What are the duties of a Transaction brokerage relationship

(DDAUPEP)
1) Deal honestly and fairly
2) Disclose all known facts affect value of residential property
3) Account for all funds
4) Use skill, care and diligence
5) Present all offers and counteroffers
6) Exercise limited confidentiality
7) Perform additional duties that are mutually agreed to

30

What type of broker provides limited representation to a buyer, a seller, or both, but who DOES NOT represent either in a fiduciary capacity or as a single agent

A transaction broker