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✔✔Post-Licensing education (first renewal) - ✔✔1. Complete req SA or broker education and pass course final exam (75% or more) 2. Pay renewal fee ✔✔Continuing Education (CE) - ✔✔1. Every two years, 14 hours course and pay renewal fee ✔✔Mutual Recognition - ✔✔- Consists of contractual agreements where a limited number of states recognize the similarity in the content of their mutual education and experience requirements for real estate licensing. These states involve, Alabama, Arkansas, Connecticut, Georgia, Illinois, Mississippi, Nebraska, and Rhode Island. - May bypass pre-license req or take 40 questions examination with a 75% or more. Must take all post-licensing and CE. ✔✔Initial License Application - ✔✔Package sent to DBPR must include: 1. Completed license App: SA must send #DBPR RE 1. Must include Full Name and other personal info. 2. Fee Payment: initial license app fee to DBPR 3. Electronic fingerprints: Sent to FDLE and FBI. Retained for 12
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✔✔Post-Licensing education (first renewal) - ✔✔1. Complete req SA or broker education and pass course final exam (75% or more)
✔✔DBPR conformed by - ✔✔- Head: Secretary, appointed by governor and confirmation of senate. No set term limit. ✔✔Main office of DBPR located in - ✔✔Tallahassee, Florida ✔✔Division of Real Estate (DRE) - ✔✔- Protects public by regulation of RE and appraisal licensees through education and compliance, pursuant to F.S. 475.
✔✔Single Agent - ✔✔When a broker accepts employment under a single agency agreement, either seller or buyer. ✔✔Listing - ✔✔broker's employment contract that states the terms and conditions that the broker must meet to become eligible for compensation.
Second-Degree Misdemeanors: Up to $500 and/or imprisonment for max 60 days. [ misleading, false ad ] Third-Degree Misdemeanors: Up to $5,000 and/or imprisonment for max 5 years. [ Acting as a broker/SA without license, misleading information for license, etc ] ✔✔Civil Penalties - ✔✔Fines or financial payments imposed by a state or federal agency for violation of laws or regulations. Imposed to compensate rather than punishment.
✔✔Step 2: Investigation - ✔✔If legally sufficient, complaint is sent to the enforcement section of the DIVISION, case number is assigned and investigator is appointed. The Department issues a subpoena and submit report to Division. CEASE-AND-DESIST ORDER: a written notice demanding that the recipient immediately stop an illegal or allegedly illegal activity. ✔✔Step 3: Probable Cause Panel - ✔✔Determines if it violated any laws and the panel has 15 days in which to make a request for additional information. Once report is completed, the panel has 30 days to recommend dismissal of the case oor the issuance of a formal complaint. ✔✔Step 4: Administrative Complaint - ✔✔Formal complaint, it is filled against the individual who is the subject of the complaint, the respondent.
✔✔Natural Processes - ✔✔Erosion = loss of soil that is carried away by water washing against a riverbank or beach. Accretion = increase in land area as moving water deposits soil in other than its original location. Alluvion = soil resulting from accretion. Reliction = exposure of dry land once covered by water when the level in a lake recedes, or a river or stream changes course. ✔✔Four tests to determine Real vs. Personal property - ✔✔Intent of Parties Relationship of the Parties - lease may indicate that improvements made by tenant during term of contract may be removed at the expiration of it. Method of Annexation - If removal causes damages to real property, then it becomes part of real estate property. Adaptation of Article - necessary to fulfiill purpose and utility for which building was constructed? ✔✔Five Bundles of Legal Rights - ✔✔These rights include the right of possession, the right of disposition, the right of control, the right of exclusion, and the right of enjoyment. ✔✔Estate Defined - ✔✔Degree, quantity, nature, and extent of interest or ownership rights a person can have in real property. Tenant = party entitled to rights Owner of Property = renant with reference to their property ✔✔Freehold Estate - ✔✔An estate in land in which ownership is for an indeterminate length of time, in contrast to a leasehold estate. Estate in Severalty - sole ownership of entire bundle of rights, may leave a will Tenancy in Common - fee estate held by two or more persons, with undivided interest, equal/unequal shares, equal rightsof use, can sell their portion without affecting others, NO RIGHT OF SURVIVORSHIP. Joint Tenancy - Equal and undivided interests. Created when possession, interest, time, and title are present. RIGHT OF SURVIVORSHIP. Tenancy by the Entireties - husband and wife only, RIGHT OF SURVIVORSHIP.
Life Estate - Grantor creates party, may wish to have property ownership returned to them or to their heirs (Reversion Estate), or passed to another person. Remainder Estate = Someone else other than original owner., third party. ✔✔Non-Freehold Estate - ✔✔Tenancy at Will - tenant in lawful possession of property under agreement with the landlord, no definite time limit for the rights to terminate. Period-to-period tenancy. Tenancy for Years - tenant in lawful possession of property under agreement with the landlord, specified time limit for the rights to terminate ✔✔Elective Share - ✔✔Florida enacted share provisions to create a balance of rights in property between marital partners. Provides for surviving spouse to be entitled to 30% of decendent's real and personal property pwned at the time of death. ✔✔Constitutional Homestead Rights - ✔✔Exempts homestead property from the execution and for sale of the property to satisfy personal judgment lien such as personal loans or credit card debt which are held against the head of the household. These override any attempted disposition in a will, with only one exception. May be left in fee simple to the surviving spouse if no minor children. ✔✔Master Insurance Policy - ✔✔A policy obtained by a condominium association that covers replacement or repairs of the buildings and liability. The policy generally covers the four walls outside of an individual condominium. ✔✔Required HOA Disclosures - ✔✔F.S. 720.401 requires homeowners association disclosure be provided to buyers when membership in such association is required. ✔✔CH10 Legal Descriptions - ✔✔Used to identify a parcel's location on the face of the Earth in a manner that rules our duplication or confusion with any other parcel. Used in legal documents for properties. ✔✔Surveyor's Method (Metes and Bounds) - ✔✔The oldest method of land description and provides the most accurate type of legal description. Describes regularly or irregularly shaped tracts of real estate, using: Metes = distance such as inches, feet, yards, and miles. Bounds = angles and directions. Monuments = fixed objects used to establish boundaries, fixed markers Point of beginning (POB) = survey gives directions from monument to the edge of property, called POB. Directions always start with either S or N followed by the number of degrees E or W up to a max on 90 degrees.
This agreement is used to grant first lien status to a lienholder who would otherwise be secondary to a first lien. ✔✔Defeasance Clause - ✔✔Provides protection for the borrower as it requires the lender to acknowledge performance by the borrower ✔✔