Florida Real Estate Exam Preparation Flashcards

A collection of flashcards designed for review of key concepts, terms, and definitions relevant to Florida real estate licensing and regulations.

Core Brokerage Activities

Activities including facilitating transactions, marketing properties, negotiating offers, coordinating buyers, sellers, lenders, advisers, and ensuring legal compliance.

CMA

Comparative Market Analysis; an agent's pricing estimate.

BPO

Broker Price Opinion; a broker's estimate for lenders that is not an appraisal.

Appraisal

A formal valuation conducted by a licensed appraiser that must adhere to USPAP standards.

Mortgage Loan Originator (MLO)

A professional who assists borrowers in obtaining financing.

Eminent Domain

The right of the government to take private property for public use with just compensation.

Florida Real Estate Commission (FREC)

A regulatory body that enforces real estate laws and disciplines licensees in Florida.

Licensed Activity

Real estate services such as sales, leasing, and property management that require a license.

Mutual Recognition Agreements

Agreements that allow individuals licensed in one state to obtain a license in another without retaking the exam.

General Agent

An agent who handles ongoing responsibilities for a principal.

Single Agent Relationship

A fiduciary relationship where one agent represents either a buyer or seller but not both.

Transaction Broker Relationship

A limited representation relationship without fiduciary duties; the default relationship in Florida.

Caveat Emptor

A Latin term meaning 'let the buyer beware,' indicating that the buyer is responsible for checking the quality of the product.

Fiduciary

A relationship involving trust and confidence, typically between a principal and an agent.

Continuing Education (CE)

Courses required for licensed professionals to maintain their real estate licenses.

Involuntary Inactive License

A license status for failing to renew or meet continuing education requirements.

Prohibited Acts in Real Estate

Illegal actions such as commingling personal funds with escrow funds.

Disclosures

Required notifications that must be made to clients before signing agreements.

Florida Fair Housing Act

Legislation that prohibits discrimination in housing based on certain protected classes.

Residential Landlord and Tenant Act

Regulations governing rental agreements for residential dwelling units.

Security Deposit

A sum of money held by a landlord as a guarantee against damages or unpaid rent.

Eviction Notification

Written notice that must be given before legal eviction proceedings due to nonpayment or lease violations.

Legally Sufficient Complaint

A complaint that provides enough facts indicating a violation of Florida statutes or rules.