Real Estate Florida 2023 with complect solution

theres a presumption in the law in Florida law that businesses will have some sort of real property involved, either land w physical improvement or a long term lease why is a real estate license required sell a business? commercial real estate sales commission liens what does chapter 475, part III relate to any criminal records except for minor traffic violations like speeding what information must be disclosed on the real estate application? if you have a license in another state and are/were part of the military, you just have to pass the background check to get approved what are the rules regarding veterans and reciprocity? someone who has lived in FL for 4 months or plans on living in FL for 4 months what is the definition of a Florida resident after they filled out the paperwork, sent it to the DBPR, and changed their license to active When can a new licensee begin working in the field? you must have an active real estate license 2 of the last 5-year period preceding the application what is the requirement to become a broker? one is appointed by the governor, confirmed by the state senate how does 1 become the DBPR Secretary? notify the DBPR in 60 days what are the requirements when a non-resident licensee changes their address a sales associate is a general agent to a broker example of general agent a broker is a special agent to a buyer or seller example of special agent the broker who determines the type of brokerage relationship? Confidentiality Obedience Loyalty Disclosure what are the duties that are exclusive to single agent relationship Presumed Relationship whats a transaction broker single agent for the seller —— no brokerage w the buyer or transaction broker for the seller —— transaction broker or no brokerage relationship w the buyer which relationships can work w each other the disclosure form thats signed by the buyer and seller in certain nonresidential transactions where 2 associates act as single agents for the buyer and seller in the same transaction when is the designated sales associate notice used fulfillment, mutual agreement, expiration of the terms of the agreement, broker renounces, death of seller, death of buyer, destruction of property, bankruptcy, principle revokes how do you terminate a brokerage relationship must have an office w entrance sign on either exterior or interior what are the office requirements of active brokers? name of firm what needs to be included in advertisement? name of company, if you put your first name you must put your last name, and phone number what are the rules regarding personal information and advertising? FL bank, credit union, savings association (not in a state brokerage) where can a broker hold their escrow account the sales associate gives the escrow account to the banker by the end of the next business day, and the broker has till the end of the 3rd business day timelines related to escrow deposits they are considered a promissory note from the buyer as an earnest money deposit what are the rules regarding postdated checks as deposits? Arbitration when the buyer and seller go to a 3rd party that makes a binding determination 15 days to notify FREC, then do one of settlement procedure within 30 days and if the thing you requested was an EDO, the broker must notify FREC within 10 days that the dispute has been settled timelines associated w escrow disbursement orders (EDO) if the buyer cancels the condo within the contract recession period then the broker returns the deposit to the buyer exceptions to NO MEAL the landlord can pay up to $50 for the referral of a new tenant what are the rules regarding kickbacks to tenants can: corporations, general partnerships, limited partnerships, limited liability companies, sole proprietorships cannot: corporations sole, joint ventures, business trusts, cooperative associations, unincorporated associations which business entities can and cannot register as brokerages secretarial stuff like answer questions on the phone; however, they cannot show houses or go to listing appointments what activities can an unlicensed assistant perform Settlement Stipulation an agreement to the facts and penalties if the broker follows the EDO and then gets sued, FREC will pay the judgement up to $50,000 what happens when a broker is defendant in court case regarding an escrow disbursement order blockbusting spreading rumors/trying to scare owners to selling their homes (used minorities) Do Not answer discriminative questions. "I am not entitled to say" how should a sales associate handle client questions related to the Fair Housing Act they put it in the broker's escrow account how does a broker manage security deposits when managing property At first notify the tenant within 30 days where the deposit is held. At the end you return the deposit 15 days if there is no claim and 30 if there is a claim timeframe related to security deposits reliction Gradual receding of water, uncovering additional land Subsurface Rights owners rights to underground minerals, petroleum, natural gas, etc. Also know as mineral rights fixtures an item that was originally personal property that has been permanently attached to real estate (ceiling fan, floating island, screwed into the wall, curtain rods) Intent of the parties Relationship or agreement of the parties Method or degree of attachment Adaptation of the item the standard for judging whether an item is a fixture leasehold estate when the tenant has the right to use and posses the property for a certain amount of time joint tenancy, tenancy by the entirities which tenancies contain right of survivorship 15 days if you buy from a developer; 3 days if you buy resell when can a condominium unit purchaser rescind the contract Prospectus and Estimated Operating Budget what documents must a developer of a condominium provide to the buyer by deed or by will what are the types of voluntary alienation Actual Notice: when you actually see and hear Constructive Notice: recorded in public records difference between actual and constructive notice seisin clause clause that the previous owner has the right to sell their property Special Warranty Deed a deed that warrants against acts of the grantor, used by large corporations gross lease the tenant pays a fixed amount of rent and the landlord pays all expenses associated w the property, including taxes, insurance, and repairs mortgage liens and vendor liens what are the voluntary liens in public record in order for a plat map to work it needs to be in what 1. listing agreement 2. buyer brokerage agreement 3. sale and purchase contract 4. option contract what are the 4 contracts real estate licensees can assist Statutes of Fraud certain real estate contracts need to be in writing and signed to be enforceable Competent parties Offer & acceptance (meeting of the minds) Legal purpose In writing & signed Consideration (valuable/goods) what are the requirements of a valid real estate contract? executory contract a contract that is still pending Executed Contract a contract that has been finished/signed counteroffer what fully terminates an original offer compensatory damages when the court orders damages for the extent of the loss suffered exclusive-agency seller works w 1 agency exclusively but reserves the right to not pay commission if they find a buyer themselves power of attorney authorizes a person to act for on behalf of another person tenants and buyers have to receive the disclosure if the property is from before 1978 lead based paint disclosure Florida Statute 720 what law governs homeowner associations if the disclosure summary is not provided to the buyer before they sign it, the contract is voidable what is the homeowners association disclosure the deed and the mortgage what documents related to the sale of property are typically recorded note the evidence of the loan; includes loan amount, interest rate, maturity date, repayment method Satisfaction of Mortgage the document that is recorded once the loan is payed off title theory: title goes to the lender till paid off lien theory: title goes to the owner, lender puts a lien on the property difference between title and lien theory the mortgage is due once you sell the house which means the buyer cannot assume the mortgage whats the purpose of a due-on-sale clause Assignment of Mortgage used to transfer ownership of the mortgage from 1 company to another index + margin = adjustable rate mortgage formula for adjustable rate mortgage minimum amount of money the buyer must pay in cash define minimum cash investment as it relates to FHA loan Reverse Mortgage Loan when the bank sends you money in exchange for equity of your house (used for old broke people ages 62+) credit to the buyer, debit to the seller how does prepaid rent appear on the closing disclosure credit to the buyer, debit to the seller how does the purchase money mortgage appear on the closing disclosure every piece of real estate is unique/nonhomogenous; the government is in your face; the land is immobile; the market is slow to react in changes to supply and demand characteristics of the real estate market