florida real estate state exam(key
notes)
-Brokerage dating disclosure act (BRDA) - ANS--The BRDA and FS.475 outline the parties and
diverse relationships a Broker may also have with each in a real estate transaction.
Active and Inactive license reputation - ANS--License may be Active or Inactive
-2 types of INACTIVE
-(1) Voluntary - Licensee now not desires to actively have interaction in actual estate / have to
be requested. Still have to pay required expenses, STILL should do persevering with
training(CE). Still must renew prior to expiration may remain in this state FOREVER.
-INVOLUNTARY -When licensee does now not well timed request renewal, pay required fees,
or do CE- - AUTOMATICALLY IS PLACED IN INVOLUNTARY inactive fame / may additionally
stay this way for two years ONLY.
-May grow to be energetic via; (1)all through the first three hundred and sixty five days entire 14
hrs of CE and pay extra charge or (2) at some point of the subsequent 13 -24 months -complete
28 hr reactivation course and pay add'l price
-NOTE IF LICENSE NOT BROUGHT CURRENT WITH IN THE 2 YRS IT AUTOMATICALLY
EXPIRES
Arms Length Relationship - ANS--When parties deal at arm's duration they may be destructive /
Opposite of fiduciary dating / Caveat emptor-client watch out
Authorized brokerage relationships - ANS--A real property Broker may be hired by a member of
the general public in considered one of (three) unique relationships:(1) Transaction Broker, (2)
Single Agent ; and (3)No Brokerage Relationship .
-Written Disclosure specify the nature of the connection and the Broker's responsibilities
inherent in that dating in required in Single Agency Relationship and in NO BROKERAGE
RELATIONSHIP
-SINGLE AGENCY RELATIONSHIP(SAR) is created whilst a broker accepts employment
beneath a Single Agency Agreement that defines positive offerings to be accomplished on
behalf of a fundamental Broker may represent handiest one aspect of a transaction(consumer
or dealer;landlord or tenant..)
-Attempt to symbolize both events might be an unlawful dual company
-ONLY agency that creates a fiduciary responsibility (allowing principle to location believe and
self belief in Broker)/fiduciary responsibilities consist of:
, --Confidentiality with any dangerous information received from essential(excludes material
defects in a property)
--Obedience -must obey all felony instructions of the foremost
--Loyalty-Required to behave in the best interest of the precept
--Interest of none other above /most favored rate & terms
--Disclosure-Must report any reality or rumor which could affect principals selection
-Accountability-Required to account for all money and assets the agent comes to own for major
--Skill, care, diligence -licensed pros are held to a better preferred of behavior than public
--Single agent be aware for ought to be completed earlier than or on the time of entering into a
listing settlement , settlement for illustration or before showing assets, whichever happens first.
-NO BROKERAGE RELATIONSHIP(NBR) exist while a actual estate licensee has no brokerage
relationship with a customer (for sale by means of owner)/STILL ought to deal fairly and
absolutely ,nevertheless MUST Disclose all material facts affecting fee ,Still must account for a
Authorized Relationships; Duties and disclosures - ANS--COMMON LAW-Derives from English
regulation/ courtroom selections/previous decisions of courts set up recommendations for
similar instances.
-STATUTORY LAW-Based on written statutes enacted through the correct unit of presidency /
enforced through criminal courts
-FS.475 and FS.455 are statues
-ADMINISTRATIVE LAW-Rules installed by way of administrative groups like DBPR and FREC.
Brokers license - ANS--Applicants for a Broker's license might also choose to hold employment
in a SALES ASSOCIATE ability subsequent to passing the State Exam- If so the Broker
applicant may be registered as a Broker Associate after passing the nation exam.
-When inactive , the dealer is issued an Inactive broking's license.
Brokers POST -LICENSE EDUCATION - ANS--All Broker's (Active & Inactive) Must whole 60hrs
of PLE at some point of initial length as a broking
-Failure=License is VOID
-Mutual Recognition candidates are exempt from PLE ONLY if NON-RESIDENTS -Upon
passage of sophistication examination, licensees gets certificate
Brokers Right to Compensation - ANS--Arise whilst a Broker has performed that which they
have been engaged to carry out
Continuing Education - ANS-- 14-HRS of FREC authorized(CE) ought to be completed prior to
each license renewal(Every 2 years)
Employment by a Broker - ANS--Sales Associate or Broker Associate is an AGENT of the
Broker
-Cannot acquire repayment from anybody other than the employing Broker.
-Can most effective work for ONE Broker at a time.
notes)
-Brokerage dating disclosure act (BRDA) - ANS--The BRDA and FS.475 outline the parties and
diverse relationships a Broker may also have with each in a real estate transaction.
Active and Inactive license reputation - ANS--License may be Active or Inactive
-2 types of INACTIVE
-(1) Voluntary - Licensee now not desires to actively have interaction in actual estate / have to
be requested. Still have to pay required expenses, STILL should do persevering with
training(CE). Still must renew prior to expiration may remain in this state FOREVER.
-INVOLUNTARY -When licensee does now not well timed request renewal, pay required fees,
or do CE- - AUTOMATICALLY IS PLACED IN INVOLUNTARY inactive fame / may additionally
stay this way for two years ONLY.
-May grow to be energetic via; (1)all through the first three hundred and sixty five days entire 14
hrs of CE and pay extra charge or (2) at some point of the subsequent 13 -24 months -complete
28 hr reactivation course and pay add'l price
-NOTE IF LICENSE NOT BROUGHT CURRENT WITH IN THE 2 YRS IT AUTOMATICALLY
EXPIRES
Arms Length Relationship - ANS--When parties deal at arm's duration they may be destructive /
Opposite of fiduciary dating / Caveat emptor-client watch out
Authorized brokerage relationships - ANS--A real property Broker may be hired by a member of
the general public in considered one of (three) unique relationships:(1) Transaction Broker, (2)
Single Agent ; and (3)No Brokerage Relationship .
-Written Disclosure specify the nature of the connection and the Broker's responsibilities
inherent in that dating in required in Single Agency Relationship and in NO BROKERAGE
RELATIONSHIP
-SINGLE AGENCY RELATIONSHIP(SAR) is created whilst a broker accepts employment
beneath a Single Agency Agreement that defines positive offerings to be accomplished on
behalf of a fundamental Broker may represent handiest one aspect of a transaction(consumer
or dealer;landlord or tenant..)
-Attempt to symbolize both events might be an unlawful dual company
-ONLY agency that creates a fiduciary responsibility (allowing principle to location believe and
self belief in Broker)/fiduciary responsibilities consist of:
, --Confidentiality with any dangerous information received from essential(excludes material
defects in a property)
--Obedience -must obey all felony instructions of the foremost
--Loyalty-Required to behave in the best interest of the precept
--Interest of none other above /most favored rate & terms
--Disclosure-Must report any reality or rumor which could affect principals selection
-Accountability-Required to account for all money and assets the agent comes to own for major
--Skill, care, diligence -licensed pros are held to a better preferred of behavior than public
--Single agent be aware for ought to be completed earlier than or on the time of entering into a
listing settlement , settlement for illustration or before showing assets, whichever happens first.
-NO BROKERAGE RELATIONSHIP(NBR) exist while a actual estate licensee has no brokerage
relationship with a customer (for sale by means of owner)/STILL ought to deal fairly and
absolutely ,nevertheless MUST Disclose all material facts affecting fee ,Still must account for a
Authorized Relationships; Duties and disclosures - ANS--COMMON LAW-Derives from English
regulation/ courtroom selections/previous decisions of courts set up recommendations for
similar instances.
-STATUTORY LAW-Based on written statutes enacted through the correct unit of presidency /
enforced through criminal courts
-FS.475 and FS.455 are statues
-ADMINISTRATIVE LAW-Rules installed by way of administrative groups like DBPR and FREC.
Brokers license - ANS--Applicants for a Broker's license might also choose to hold employment
in a SALES ASSOCIATE ability subsequent to passing the State Exam- If so the Broker
applicant may be registered as a Broker Associate after passing the nation exam.
-When inactive , the dealer is issued an Inactive broking's license.
Brokers POST -LICENSE EDUCATION - ANS--All Broker's (Active & Inactive) Must whole 60hrs
of PLE at some point of initial length as a broking
-Failure=License is VOID
-Mutual Recognition candidates are exempt from PLE ONLY if NON-RESIDENTS -Upon
passage of sophistication examination, licensees gets certificate
Brokers Right to Compensation - ANS--Arise whilst a Broker has performed that which they
have been engaged to carry out
Continuing Education - ANS-- 14-HRS of FREC authorized(CE) ought to be completed prior to
each license renewal(Every 2 years)
Employment by a Broker - ANS--Sales Associate or Broker Associate is an AGENT of the
Broker
-Cannot acquire repayment from anybody other than the employing Broker.
-Can most effective work for ONE Broker at a time.
