Bert Rodgers real estate – Flashcards
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Outlines requirements necessary to engage in the practice of real estate
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Chapter 475 of the Florida Statues
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Regulatory agency that implements and enforces the state licensing laws
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FREC - Florida real estate commission
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Enforces the rules and regulations imposed by the FREC
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Division of real estate
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Florida's licensing agency
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Department of business and professional regulation
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This person holds property as a necessity or convenience for residential, personal, or business use. The property is also being held for long term benefits like appreciation and tax shelter
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Owner user
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Holds property for production of long term benefits such as appreciation. Tax shelter, and income from eventual sale of the property
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Owner investor
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Employed by the public to perform services of real estate as either a transaction broker, single agent or in a no brokerage capacity
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Real estate broker
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When a broker offers limited representation to one or both parties in a residential real estate transaction, but does not represent either in a fiduciary capacity or as a single agent
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Transaction broker
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Broker owes the principal fiduciary duties of obedience, loyalty, confidentiality, accounting, and full disclosure. Principal usually pays compensation, but any party in the transaction could pay for it
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Single agent
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An individual who has entered a single agent relationship with a broker. He is owed fiduciary duties
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Principal
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When a broker is not acting as an agent for others or as a transaction broker, but must still disclose all known facts that materially affect the value of residential real estate property and are not observable by the buyer, and account for all funds entrusted to the broker.
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No brokerage
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Can only perform real estate services involving the owner-employers property. Compensation must only come from the owner emloyer
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Owner employer
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Must work under the supervision of broker employer or owner employer
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Sales associate
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Has completed broker education and licensing requirements and chooses to work under the supervision of a broker employer or owner employer
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Broker associate
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Supported, defended estimate of the value of property rights as of a given date
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Appriasal
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A report that provides information helpful in establishing a list price for a property. Not as involved as an appraisal
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Comparative marker analysis
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Broker price opinion. Used to obtain the probable sales price and marketing time of a property
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BPO
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Uniform standard of professional appraisal practice -beats forth standards for all types of appraisal services
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USPAP
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Florida real estate appraisal board regulates Florida appraisers
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FREAB
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Concerts a raw parcel of land into smaller parcels
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Subdividing
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Involves the construction of improvements to parcels
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Development
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1. Purchase land 2. Development of land with regards to streets, utilities, sewer, water and drainage and dedication of those site improvements to the public 3. Construction of improvements on the land and selling or marketing of these improvements
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Three part development process
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Improvements built by a developer, contractor or builder at the customer (property owners) request to his specifications aka custom building
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Contract construction
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Improvement is built by developer, contractors or builder to his specifications, on his land with the goal of selling the land and building. It is ____because the person building is not sure who the purchaser will be. Aka building on spec, spec building and subdivision building
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Speculative contruction
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Builder constructing homes from a variety of floor plans which act as examples of what the builder offers the subdivision. Aka tract building
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Model home construction
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Brings borrowers and lenders together for a fee. Limited to acting as an agent and do not have authority to approve or reject a loan. Not loan money to borrowers. Paid a fee if the loan is approved
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Mortgage broker
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Individuals, firms or corporations engaged in the business of lending mine on the security of improved real estate. Usually take the title to loans
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Mortgage bankers
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Provide skilled. Independent. And professional guidance based on analysis of problems or potential problems relative to real property ownership
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Real estate counseling
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Gives states power to condemn a property for public use, but pay owner fair market value for any property seized
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Eminent dlmain
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Legal action used by state governments to take private property
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Condemnation
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Buyer beware
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Caveat emptor
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63 hrs education, 70% pass within two years of course. Must be 18, mentally competent, high school diploma. 75% pass on state test
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Sales associate requirements
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Task is to provide efficient and effective regulation of numerous industries
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Function of Department of Business and Professional Regulation
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Investigation. Prosecution of complaints. Administration of licenses. Use of monies
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Dbpr responsibilities
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Responsible for examination, licensing, and regulation of more than 300,000 individuals, partnerships, limited liability corporations, real estate schools, and instructors. Provides support for FREC and FREAB
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DRE
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Not employed or supervised and not working with the public on real estate transactions
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Inactive licensees
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Sales associates or broker associates supervised by employer, or brokers who chose to supervise themselves and or others
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Active licensees
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Licenses that are suspended but not void
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Ineffective licenses
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Expired or revoked
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Voided license
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Issued only when a broker wishes to be a broker for more than one company
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Multiple licenses
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Issued to active sales or roller associates employed by owner employers and enable licenses to work from any of the owner employers properties
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Group licenses
