Shared Flashcard Set

Details

Sales Associate Pre-Licensing Course
Florida Real Estate License Law and Real Estate Principles and Practices
28
Real Estate & Planning
Professional
09/27/2011

Additional Real Estate & Planning Flashcards

 


 

Cards

Term
A real estate Licensee can NOT,
Definition
prepare legal documents, such as deeds and mortgages.
Term
Real Estate Brokerage Functions (Services) Requiring a License are:
Definition

1- Sales (includes Business Brokerage)

2-Property management

3-Appraising

4-NOT land development or building construction

Term
Five Major SALE SPECIALTIES are:
Definition

1-Residential

2-Commercial

3-Industrial

4-Agricultural

5-Business (business brokers specialize in the sale, purchase, or lease of businesses)

Term
Business Brokerage (BUSINESS BROKERS) are:
Definition

1- A person who specializes in the sale, purchase, or lease of businesses

2-Required to have a real estate license (broker or sales associate

3-There is NO SPECIALTY LICENSE CALL "business broker"

 

Term
Property Management
Definition

1-Renting, leasing, managing, marketing, and overall maintenance of real property for others for a compensation

 

2- Growth in absentee ownership of investment properties has contributed to a growth in the demand for, and the specialization of, property management services.

Term
What is the Primary Objective for Property Management?
Definition
To produce the highest net operating income (profit) and to preserve and enhance the value of the property for the owner/investor.
Term
AFTER the Closing of Title
Definition
"Follow-up" by a sales associate; NOTE: "Follow-up" is the last step in the real estate sales process.
Term
Follow-Up (by a Sales Associate) (LAST STEP)
Definition

Follow-Up involves keeping in contact with buyers and sellers AFTER THE SALE

 

Term
Subdividing
Definition
is the process of convertin a parcel of land into smaller tracts or lots; this is a part of land development.
Term
Subdividing and Development
Definition

Local Government requires a developer to submit a SUBDIVISION PLAT MAP to the applicable local planning agency for approval.

 

The subdivsion plat map indicates how the streets will be laid out, the dimensions of the individual lots, and the location of the utility easements; NOTE: The plat map typically does NOT contain the loaction of public schools.

Term
Custom Homes (Custom Building)
Definition

A builder purchases one or more lots and constructs a home(s) without having secured a buyer in advance of the construction; the builder takes a risk (he or she engages in a "speculation")

 

The builder markets the home(s) to prospective buyers

Term
Which Statement regarding business brokers is FALSE? A business broker,
Definition

A) is a person who specializes in the sale, purchase, or lease of business

B) is required to have a real estate license

C) is required to have a specialty "business broker" license

D) may be licensed as a real estate broker or sales associate

Term
Follow-Up is:
Definition

A) calling owners for a listed apointment

B) calling the lender to determine if the loan has been approved

C) keeping contact with the new owner after the closing of the sale

D) next to the last step in the real estate sales process

Term
A builder constructs a house on an owner's lot according to the owner's plans and specifications. This is called:
Definition

A) custom building

B) spec building

C) spot building

D) tract building

Term
A builder purchases several vacant lots in an established residential subdivision. The builder constructs houses without having secured a buyer in advance of the construction of each home. The builder advertises the houses for sale to prospective buyers. This is which type of residential construction?
Definition

A) custom building

B) modular building

C) spec building

D) tract building

Term
A Real Estate Licence is required if a person,
Definition

1-performs an A BAR SALE real estate service

2- Involving real estate in Florida

3- For another person

4- For a compensation

Term
A BAR SALE Real Estate Services
Definition

1- Advertise (any of the A BAR SALE real estate services)

 

2- Buy, Appraise, Rent (or furnishes a rental property information list to a propestive tenant for a fee)

 

3- Sell, Auction, Lease, Exchange

Term
"Real Property" or "Real Estate"
Definition

1- Any interest or estate in land, including any assignment, leasehold, subleashold, or mineral right.

 

2- Any interest in a business enterprise or business opportunity; for example, a business broker who negotiates a commercial lease is required to be registered and licensed as a real estate broker or sales associate.

Term
NOT classified as "Real Property" or "Real Estate"
Definition

1- Cemetery lot (or right of burial in a cemetery)

 

2- Renting of a mobile home lot in a mobile home park

Term
No Compensation - No Violation
Definition
If there is no compenation paid, promised, or expected, there is no violation of license law
Term
Payment of a Compensation to an Unlicensed person
Definition

1- is a VIOLATION

 

2- The payment of referral fees to an unlicensed person is also a violation of license law

Term
Payment of Compensation to a Foreign Broker
Definition

1- is NOT a violation IF a) the compensation is paid by a Florida broker to a foreign broker and b) the foreign broker does not violate any law of Florida

 

2- Examples of violations : a foreign broker 1) SHOWS property in Florida, 2) takes part in the NEGOTIATION in Florida, or 3) participates in the CLOSING of the transaction in Florida

Term
An Owner is Exempt
Definition

1- When he or she sells, exchanges, or leases his or her OWN real estate; this included out-of-state residents who own Florida real estate

 

2- HOWEVER, this exemption is not available IF an agent, employee, or independent contractor for an owner (such as a corporation or pertnership) is paid a commission or other compensation strictly on a transactional basis

Term
An Owner of a Timeshare Period is Exempt
Definition
IF one or more timeshare periods is for the owner's own use and occupances and he or she later offers the property for resale.
Term
A Leasing Agent for an Apartment Community is Exempt
Definition

1- IF the person is salaried employee and an owner, AND

2- Works in an onsite rental office of the apt community, AND

3- Works in a leasing capacity

4- NOTE: there is no limit to the term of the lease; the 1-year limitation applies to a manager of a condo, not a manager of an apt.

Term
A tenant is an apartment complex is exempt
Definition
IF the tenant is paid a finder's fee or referral fee that does not exceed $50 per transaction
Term
A Manager or Condominium and Coorperative is Exempt
Definition

If the manager is:

 

Employed for a salary AND

Rentals arranged by such person are for periods no greater than 1 year.

Supporting users have an ad free experience!