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Questions and Answers
What is the title of Chapter 475?
What is the title of Chapter 475?
- Real Estate Brokers
- Property Management
- Real Estate Brokers, Sales Associates, Schools, and Appraisers (correct)
- Real Estate Transactions
What is the primary purpose of 475.001?
What is the primary purpose of 475.001?
To regulate real estate brokers, sales associates, and schools for public welfare.
Define a broker according to 475.01.
Define a broker according to 475.01.
A person who appraises, auctions, sells, exchanges, buys, rents, or offers business enterprises or real property for compensation.
What does 'broker associate' refer to?
What does 'broker associate' refer to?
What is meant by 'Commission' in the context of 475.01?
What is meant by 'Commission' in the context of 475.01?
Who is considered a 'Customer' in real estate terms?
Who is considered a 'Customer' in real estate terms?
What is the 'Department' referred to in 475.01?
What is the 'Department' referred to in 475.01?
Define 'Fiduciary' in real estate.
Define 'Fiduciary' in real estate.
What does 'Involuntarily inactive status' mean?
What does 'Involuntarily inactive status' mean?
Who is referred to as the 'Principal'?
Who is referred to as the 'Principal'?
What does 'Real property' or 'real estate' encompass?
What does 'Real property' or 'real estate' encompass?
Define 'Sales associate' as per the real estate definitions.
Define 'Sales associate' as per the real estate definitions.
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Study Notes
Florida State Law Chapter 475 Overview
- Governs real estate brokers, sales associates, schools, and appraisers within Florida.
Purpose
- Legislation established to regulate real estate entities for public welfare.
Definitions
- Broker: A person or entity that conducts real estate transactions for compensation, which may include appraising, auctioning, buying, selling, renting, or leasing properties, including mineral rights.
- Broker Associate: A licensed broker who operates as a sales associate under the employment of another broker.
- Commission: Refers to the Florida Real Estate Commission overseeing licensing and regulations.
- Customer: A potential buyer or seller of real estate who may or may not have representation from a real estate licensee.
- Department: The Department of Business and Professional Regulation, which oversees real estate regulations.
- Fiduciary: A trust-based relationship where a broker acts as an agent for the principal, obligated to loyalty, confidentiality, and full disclosure.
- Involuntarily Inactive Status: Licensure status when a license isn’t renewed at the end of its prescribed period.
- Principal: The party that enters into a single agent relationship with a real estate licensee.
- Real Property or Real Estate: Involves interests in land and business enterprises, excluding cemetery lots or mobile home parks.
- Sales Associate: A person conducting real estate transactions under the direction of a licensed broker.
Exclusions
- Cemetery lots, burial rights, and rentals in mobile home or travel parks are not considered real property under these definitions.
Key Responsibilities
- Brokers have a fiduciary duty to provide loyalty, confidentiality, and act with skill, care, and diligence in transactions.
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