Questions and Answers
What does 'Farming' refer to in real estate?
What is the purpose of the law according to F.S. 475?
To protect the public
The Florida Real Estate Commission is referred to as __________.
Commission or FREC
What is required to practice as a sales associate?
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A Sales Associate must be an employee of an actively licensed broker for at least 24 months before becoming a broker.
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What is the definition of a 'Broker' in real estate?
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Which states have mutual recognition agreements with Florida for real estate licensing?
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Florida real estate license requirements state that an applicant is ________ required to be a resident of Florida.
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What happens if an application to take the state exam is denied?
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A salesperson may receive compensation directly from the public.
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Study Notes
Farming
- Licensees focus on a specific type of property or neighborhood to enhance success in real estate.
Target Market
- Specializing in a neighborhood or property type is essential for success in the real estate business.
Tract Building
- Developers obtain large tracts of land, create subdivision plat maps, and set up model centers for sales.
Local Government Regulation
- Local planning and zoning, property taxation, health codes, and building regulations significantly impact real estate costs and desirability.
Purpose of the Law
- Florida Statute 475 aims to protect the public in real estate transactions.
Florida Real Estate Commission
- Known as FREC, it oversees real estate practice in Florida.
Department of Business and Professional Regulation
- Referred to as DBPR, it regulates professional practices, including real estate.
Division of Real Estate
- Known as DRE, it is a part of DBPR focusing on real estate licensing and regulation.
License Definition
- A license encompasses any permit, registration, certificate, or license issued by the DBPR.
Licensee
- A licensee is an individual granted a permit or license by the department to conduct real estate activities.
Common Real Estate Services (A BAR SALE)
- Key services include Appraising, Buying, Auctioning, Renting, Selling, Advertising, Leasing, and Exchanging.
Sales Associate
- Must work under a licensed broker or owner developer and meet pre-license requirements to obtain their license.
Broker
- A broker acts as an agent for clients offering real estate services and receives compensation for services.
Transitioning to Broker
- Sales Associates need at least 24 months of employment under licensed brokers within the last five years to qualify for the broker examination.
Additional Broker Applicants
- Associates from other states or countries may apply if they have been licensed for at least 24 months in the past five years.
Broker Associate
- A qualified broker who chooses to work under a licensed broker rather than operating independently acts as a sales associate.
Florida License Requirements
- Applicants do not need to be Florida residents or U.S. citizens to obtain a real estate license.
Mutual Recognition
- Florida recognizes similar education and experience from seven states for real estate licensing, including Alabama and Connecticut.
Disclosure of Criminal Convictions
- Applicants must disclose any criminal convictions, including DUI, as these are not considered minor traffic offenses.
Application Denial Process
- If an application is denied, the applicant receives written notification detailing reasons and has 21 days to request a hearing.
Compensation Structure
- Real estate associates cannot receive direct compensation from the public; they must be employed as agents of brokers or owner developers.
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Description
Prepare for the Real Estate Sales Associate pre-licensing exam with this quiz focused on key terms and concepts. Each flashcard covers essential vocabulary that will help you succeed in your real estate career, emphasizing farming and target markets. Whether you're a beginner or brushing up on your knowledge, this quiz is designed to enhance your learning experience.
