Florida State Law Chapter 475 Flashcards

Questions and Answers

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?

To regulate real estate brokers, sales associates, and schools for public welfare.

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?

A person qualified to be a broker but operates as a sales associate. Signup and view all the answers

What is meant by 'Commission' in the context of 475.01?

The Florida Real Estate Commission. Signup and view all the answers

Who is considered a 'Customer' in real estate terms?

A member of the public who is or may be a buyer or seller of real property. Signup and view all the answers

What is the 'Department' referred to in 475.01?

The Department of Business and Professional Regulation. Signup and view all the answers

Define 'Fiduciary' in real estate.

A broker in a relationship of trust and confidence with the seller or buyer. Signup and view all the answers

What does 'Involuntarily inactive status' mean?

Licensure status that results from not renewing at the end of the license period. Signup and view all the answers

Who is referred to as the 'Principal'?

The party with whom a real estate licensee has entered into a single agent relationship. Signup and view all the answers

What does 'Real property' or 'real estate' encompass?

Any interest or estate in land, including business enterprises, but excludes certain properties like cemetery lots. Signup and view all the answers

Define 'Sales associate' as per the real estate definitions.

A person performing acts specified in the definition of 'broker' but under the direction of a broker. Signup and view all the answers

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.

Description

Test your knowledge on Florida's Chapter 475, which governs real estate brokers, sales associates, schools, and appraisers. This quiz covers key definitions and purposes outlined in the legislation. Perfect for anyone studying real estate laws in Florida.