The Knowledge of Property Transfer -
by deed, will, inheritance or the use of contracts, or trusts.
Knowledge of Market Conditions -
the level of
... [Show More] listings on the market, how the property may be financed, how quickly property sells and the value of a property
Knowledge of How to Market Real Estate -
techniques that include proper pricing, disclosure to both the buyer and the seller, service to the buyers and sellers, and maintaining relationships with other real estate professionals.
real estate brokerage business brings interested parties together to ...
sell, lease, rent or exchange real property.
Real estate professionals often specialize in one particular geographic area or property type. In real estate world, this is known as .
Farming
Licensee may choose
Sales
Leasing
Management
Counseling
There are Six Major Real Estate Property Types:
Residential property - a family home that is 4 units or less, or vacant land that has been zoned for 4 units or less.
Commercial property - income producing property - retail center or an apartment (4+ units)
Industrial property - usually manufactures or distributes products
Agricultural property - a farm or ranch land 10+ acres.
Business opportunity - an investor purchasing an income producing business.
Special Purpose property - schools, churches, nursing homes, post offices and hospitals.
property manager is defined as
the professional who preserves the value of an investment (by an owner) while generating income as an agent for the owner and acts as a fiduciary to the owner.
Fiduciary is a person ...
that has a duty to act primarily for another's benefit,
four types of maintenance a property manager may be tasked to perform:
Preventative Maintenance,
Routine Maintenance,
Repair Maintenance, and Construction Maintenance.
3 Methods to determine value
Appraisal - conducted by appriasers
Broker Price Opinion - local expert opinion
Comparative Market Analysis -
3 Types of residential contruction
Spec homes - inventory
Tract homes - built to certain guidelines
custom homes - built for a specific buyer
There are a variety of professional organizations which also support and endorse the real estate business. The largest is the
National Association of REALTORS®, whose Code of Ethics and certification/designations are influential in their goals to protect private property rights, promote home ownership, and lobby to maintain reasonable credit and other standards at the federal level for shelter for everyone.
Which is NOT commonly an area of federal government interference in real property?
zoning laws
Local communities regulate real estate by
creating zoning laws.
One example of a Loan Originator would be a(n)
seller who finances more than two homes in a two year period.
2 years (3 items)
1. Time an application remains effective for state exam
2. Time pre-licensure course is effective for state exam
3. Minimum experience time for a sales associate to become a broker
4. months
Minimum time for establishing residency in Florida
5 days
Minimum timeframe between submitting fingerprints and applying for a license
5 years
Time for reapplication allowance after revocation of a license
6 months
Time that FDLE will expunge fingerprint background records from their files
10 days
Time to notify DBPR/FREC of change of address within Florida
14 hours
Continuing Education Requirements after initial Licensing period for renewal
18-24 months (2 items)
Time an initial license may be active depending upon the date of authority
Time an initial licensee MUST complete Post-Licensing Education
21 days
Time for an applicant to submit for a formal hearing if denied application for licensure
24 Hours
Time to wait to retest should applicant fail state licensure exam
24 months
Maximum time for an active license to renew
28 Hours
Required education for involuntary inactive licensees who are more than 12 months inactive
30 days (2 items)
Time to review license application and return if incomplete or missing information
Time to re-test if student fails the Pre-license course exam
45 Days
Requirements for Post-licensure education for Sales Associates
60 Days
Time to notify the FREC of changing residency - out of state
60 Hours
Requirements for Post-licensure education for Broker
60 Months
Time for an honorable discharged veteran to be waived licensure fees after discharge
63 Hours
Educational time for FREC-I course including exam
72 Hours
Educational time for FREC-II course including exam
3 Hours
Maximum exam time for the course exam
3.5 Hours
Maximum exam time for the State Exam
:::: under the Department of Business and Professional Regulation (DBPR) enforces real estate rules and disciplines those in violation of the law. The :::: Regulates license law.
The Florida Real Estate Commission (FREC)
The three types of real estate licenses in the state of Florida are:
Sales associate
Broker (qualifying)
Broker Associate [Show Less]