Please enable JavaScript.
Coggle requires JavaScript to display documents.
Florida Real Estate Liscense - Coggle Diagram
Florida Real Estate Liscense
I. The Real Estate Business (1%)
An Introduction to the Real Estate Business (S2, U1, All)
Real Estate Brokerage (S2, U1, L2)
Development and Construction (S2, U1, L3)
The Role of Government (S2, U1, L4)
Professional Organizations (S2, U1, L5)
II. Real Estate License Law and Qualifications for Licensure (6%)
Historical Perspective of Florida Real Estate (S3, U1, L1)
Statutes and Rules Important to Real Estate (S2, U1, L4)
General Licensing Provisions (S3, U1, L2-6); (S3 U2)
A licensee with a real estate broker license in Mississippi wants to apply for a Florida real estate license. Which of the following statements is true about the requirements for this nonresident broker? - They will have to show knowledge by taking an exam. MS has a mutual Recognition Agreement.
Sales Associate Qualifications for Licensure (S3, U1, L4)
Post-Licensing Education (S3, U3, L2); (S3, U1, L4)
The first renewal date is approaching for a sales associate with an active license status. What will happen to the license status if the licensee does not complete the post-licensing education requirement for sales associates? - Null and Void and start over because this is past the first renewal.
Continuing Education (S3, U3, L2); (S3, U1, L4)
Broker Requirements (S3, U1, L2); (S3, U1, L4)
Registration and Licensure (S3, U1, L6)
Real Estate Services (S3, U2, L1)
Individuals Who Are Exempt from a Real Estate License(S3, U2, L1)
III. Real Estate License Law and Commission Rules (2%)
Florida Real Estate Commission (S3, U4, L1-2)
FREC consist of 7 Commissioners appointed by the Governor
Four of the licensed commissioners have to be active brokers for at least 5 years (*at least one member has to be 60 or older)
One Active Sales Associate or Broker for at least 2 years
Two of the commissioners have to be consumers who have never been licensed
Real Estate Professional Practice Act Florida Statutes, Ch. 475
475.02 : Age requirement for the commission.
FREC Powers
The power to regulate, control and enforce license law entails these duties:
Adopt and Accept a seal
Foster and Encourage the education of applicants and licensees
Regulate and Control professional practices
Report illegal criminal violations
The power to grant or deny license applications, determine violations of license law, and administer penalties entails these duties:
Grant or deny applications for licensure
Suspend or revoke licenses
Impose administrative fines
The power to enact and revise administrative rules entails these duties:
Pass rules and regulations
Establish fees
The FREC is charged to protect the public and to regulate Real Estate Professionals through its Powers. The FL Statute that grants these powers is Fla. St. §455.203
Department of Business and Professional Regulation (DBPR) (S3, U4, L3)
The Department of Business and Professional Regulation (DBPR) is the agency that licenses and regulates businesses and professionals in Florida.
Fl. St. §455.223-225 states that its powers include:
investigating consumer complaints,
issuing subpoenas during investigations
issuing cease-and-desist orders to unlicensed individuals,
citing licensees.
TEST QUESTION: Which of the following duties best describes the scope of the responsibilities of Florida's DBPR?
Exactly. The Department of Business and Professional Regulations oversees all businesses and professions. The Division of Real Estate and the Real Estate Commission regulate the real estate profession.
The Division of Real Estate (DRE) provides the administrative services and ministerial duties needed for the examination and licensing of real estate professionals in Florida. A ministerial duty is a duty that is carried out by a person in a public position according to the law. Recordkeeping is a ministerial duty, and the DRE is responsible for keeping accurate records of licensees
Real Estate Regulation (S3, U4, L3)
FL St 475 covers Florida Statutes on the Real Estate Professional Practice Act
61J2 is where one would look to find the Florida Administrative Code with the rules regulating the real estate profession.
IV. Authorized Relationships, Duties and Disclosures (7%)
Law of Agency (S4)
Brokerage Relationships in Florida (S4, U2)
Transaction Broker (S4, U2, L4)
Single Agent (S4, U2, L3)
No Brokerage Relationship (S4, U2, L2)
Transition to Transaction Broker (S4, U2, L5)
Misrepresentation and Fraud (S6, U2, L1-2)
Professional Ethics (S6, U1, L1)F
Sales Associate to Broker (S3, U1, L4)
V. Real Estate Brokerage Activities and Procedures (12%)
Brokerage Offices (S5, U1, L2)
Advertising (S5, U2, LAll)
Escrow or Trust Accounts - General Rules (S5, U3, LAll)
Broker Held (S5, U3, L1)
Attorney/Title Company Held (S5, U3, L1)
Rental Information and Lists (S5, U3, L3)
Broker's Commission (S5, U4, L ALL) (S5, U5, L3) (S14, U3, L4)
Anti-Trust Laws (S5, U4); (S5, U5)
Lien Law on Real Property (S9, U6, L ALL)
Sales Associate Commission (S5, U5, L3); (S14, U3, L4)
Math-Commission (S14, U3, L4-5)
Kickbacks (S5, U5, L2)
Change of Employer (S5, U1, L3)
Types of Business Entities That May or May Not Register (S5, U1, L4-5)
Sole Proprietorship (S5, U1, L4-5)
Partnerships (S5, U1, L4-5)
Corporation (S5, U1, L4-5)
LLC- Limited Liability Company (S5, U1, L4-5)
Trade Names (S5, U1, L2;5)
Unlicensed Assistants (S5, U1, L6)
VI. Violations of License Law, Penalties and Procedures (2%)
Complaint Process- Seven Steps (S6, U3, L4)
Violations and Penalties (S6, U3, L1-3)
Grounds for Denial (S6, U4)
Grounds for Suspension (S6, U4)
Grounds for Revocation (S6, U4)
Types of Penalties (S6, U3, L3)
Real Estate Recovery Fund (S6, U4, L3)
Legal Terms to Know (S6, U3, L2-3)
Disciplinary Guidelines (S6, U3, L2)
VII. Federal and State Laws Pertaining to Real Estate (4%)
Federal and State Fair Housing Law (S7, U1-4)
Federal Laws Regarding Land and the Environment (S19, U2, L ALL) (S19, U5, L1-4)
Federal Laws Regarding Mortgage Lending(S13, U3, L ALL)
Florida Residential Landlord and Tenant Act (S7, U4, L3)
Security Deposit (S7,U4, L3)
Advance Rentals (S7, U4, L3)
Commingling (S5, U3, L1)
VIII. Property Rights: Estates, Tenancies; Condominiums, Cooperatives, Community Development
Districts, Homeowner Associations, and Time-Sharing (8%)
The Nature of Property (S8, U1, LAll)
Physical Components (S8, U1, L5)
Personal Property (S8, U1, L4)
General Property Rights (S8, U1, L1-4)
Estate and Tenancies (S8, U2, L1-3)
Fee Simple (S8, U2, L1)
Life Estate (S8, U2, L1-
Tenancy at Will (S8, U2, L1)
Tenancy at Sufferance (S8, U2, L1)
Tenancy in Common (S8, U2, L2-3)
Joint Tenancy (S8, U2, L2-3)
Tenancy by the Entireties (S8, U2, L2-3)
Homestead (S8, U2, L4)
Protection of Homestead (S8, U2, L4)
Tax Exemption (S8, U2, L4)
Cooperatives, Condominiums, and Time Sharing (S8, U3, L1-6)
IX. Titles, Deeds, and Ownership Restrictions (7%)
Title to Real Property (S9, U1, L1)
Acquiring Legal Title (S9, U1, L2-3)
Voluntary Alienation (S9, U1, L2); (U6, L1)
Involuntary Alienation (S9, U1, L2); (S9, U2, L5); (U6, L1)
Types of Notice (S9, U2, L5)
Condition of Title (S9, U2, L1-3)
Deeds (S9, U3, L1-3)
Clauses- Deed (S9, U3, L1-3)
Statutory Deeds (S9, U3, L3)
Special Purpose Deeds (S9, U3, L3)
Ownership Limitations and Restrictions (S9, U3, L4); (S9, U4-6)
Easements (S9, U5, L2,3)
Leases (S9, U5, L4-6)
General and Specific Liens (S9, U6, L1-4)
Public/Government Restrictions (S9, U4, L ALL)
Deed Restrictions (S9, U5, L1-3)
X. Legal Descriptions (5%)
Purposes of Legal Descriptions (S10, U1, L1-2)
Types of Legal Descriptions (S10, U1, L3-6)
Metes and Bounds (S10, U1, L3-4)
Lot and Block (S10, U1, L3; L5)
Government Survey System (S10, U1, L3, 6)
Math- Legal Description (S10, U1, L6); (S10, U3, LAll)
XI. Real Estate Contracts (12%)
Preparation of Contracts (S11, U1-6)
Essentials of a Contract (S11, U1, L3)
Statute of Frauds (S11, U1, L4, 5)
Statute of Limitations (S11, U2, L6)
Transfer of Real Property (S11, U4, L1-3)
Contract Categories (S11, U1, L2)
Contract Negotiation (S11, U6, L1-2)
Termination of Contracts (S11, U2, L1-2)
Contracts Important to Real Estate (S11, U3-5, L ALL)
Listing Contracts (S11, U3, L3)
Brokers Compensation (S11, U3, L1-3)
Buyer-Broker Agreement (S11, U3, L1-2)
Option Contracts (S11, U5)
Sale and Purchase Contracts (S11, U4, L1-3)
Mandatory Disclosures (S11, U4, L4-5)
Material Defects (S11, U4, L4)
Radon Gas (S11, U4, L4)
Lead-based Paint (S11, U4, L5)
Energy Efficiency Brochure (S11, U4, L4)
Home Owners Association (S11, U4, L4)
Property Tax (S11, U4, L4)
Building Code (S11, U4, L4)
XII. Residential Mortgages (9%)
Legal Theories of Mortgages (S12, U1, L1)
Loan Instruments (S12, U1, L2, 4)
Mortgage Clauses (S12, U1, L5)
Types of Mortgage Loans (S13, U1)
FHA (S13, U1, L1, L5)
VA (S13, U1, L1, L6)
Conventional (S13, U1, L1)
Methods of Purchasing Mortgaged Property (S12, U3, L2)
Other Types of Financing (S12, U3, L3)
Qualifying the Buyer (S13, U2, L1-2)
Math- Finance (S12, U2, L3-7); (S13, U2, LAll)
XIII. Types of Mortgages and Sources of Financing (4%)
The Mortgage Market and Money Supply (S13, U2, L4-6)
Federal Regulatory Bodies (S13, U3, L1-3)
Primary Mortgage Market (S13, U2, L4-5)
Secondary Mortgage Market (S13, U2, L6)
Mortgage Fees (S13, U2, L7)
XIV. Real Estate Related Computations and Closing of Transactions (6%)
Math- Computations (S14, U1-5)
Closing Statements (S14, U5, L2)
XV. Real Estate Markets and Analysis (1%)
Characteristics of the Real Estate Market (S15, U1-2)
XVI. Real Estate Appraisal (8%)
Appraisal Regulation/USPAP (S16, U1, L3); (S16, U3); Market Value (S16, U1, L1)
Approaches to Estimating Real Property Value (S16, U2)
Sales Comparison Approach (S16, U2, L1)
Cost-Depreciation Approach (S16, U2, L2)
Income Capitalization Approach (S16, U2, L3)
Comparative Market Analysis (CMA) (S16, U1, L2); (S16, U4)
Broker Price Opinion (BPO) (S16, U1, L2); (S16, U4, L2)
XVII. Real Estate Investments and Business Opportunity Brokerage (2%)
Real Estate as an Investment (S17, U1, L1-2)
Analyzing Investment Properties (S17, U3)
Assessment of Risks (S17, U1, L3-4)
Leverage (S17, U1, L3)
Business Brokerage (S17, U5)
XVIII. Taxes Affecting Real Estate (3%)
City and County Property Taxes (S18, U1)
Math- Taxes (S18, U1, L4)
Federal Income Taxes (S18, U2, L1-2)
XIX. Planning and Zoning (1%)
Local Planning Agency (S19, U1, L1)
The Planning Process (S19, U1, L1-2)
Zoning Laws and Code Enforcement (S19, U3-4)
VII. Federal and State Laws Pertaining to Real Estate (4%)
Federal and State Fair Housing Law (S7, U1-4)
Federal Laws Regarding Land and the Environment (S19, U2, L ALL) (S19, U5, L1-4) Federal Laws Regarding Mortgage Lending(S13, U3, L ALL)
Florida Residential Landlord and Tenant Act (S7, U4, L3)
Security Deposit (S7,U4, L3)
Advance Rentals (S7, U4, L3)
Commingling (S5, U3, L1)
