Florida Real Estate exam

Temporary Incapacitation of license

mandatory suspension

out of state broker receives a commission

cannot participate in the transaction

city needs a new school, acquire land by

eminent domain

All legal rights transferred (100%)

assignment

Dual Agency

Representing both parties to a transaction. This is unethical unless both parties agree to it, and it is illegal in many states (Violation of Florida Statute 475

Combining two or more parcels of land

assemblage

Real Estate Recovery fund is funded by

fines and fees paid by licensees

Riparian Rights

An owner's rights in land that borders on or includes a stream, river, or lake. These rights include access to and use of the water.

Broker hiding value of property

Could be charged with concealment

If office is closed, reopened, in same license period

request a reissue- no fee

real estate taxes are

Ad Valorem tax

The four factors of production

land, labor, capital, and entrepreneurial ability

Maximum number of years on FREC

no limit

Land, improvements, interest and rights

Real Property

Gross lease

Tenant pays a fixed rent and the landlord (Lesser) pays all property expenses

To cure a defect or cloud on the title to a piece of property, the parties should:

quitclam deed

Sales associate working for a broker

general agency relationship

Brokers office

Building of stationary construction

More than 1 active broker, 1 license revoked

no affect on other licenses

Corporation registered to broker real estate

at least 1 officer licensed as an active broker

Equal DUE rights, same or different deeds

Tenancy in common

rental property is temporarily diminished

see temporary reduction of rent from court

property to property with same utility

Principle of Substitution

Broker refuses to pay a commission due

Charged with Failure to Account

$50,000

Single judgement from Real Estate Recovery Fund

Post-dated check

Legal- give to broker immediately

Business known as a company

is a corporation for profit

Broker represents as escrow agent

Buyer and seller

Expert knowledge by RE licensees

Valuation, Marketing, Property Transfer

Financial protection due to defective title

Title insurance

1 bath in a 4 bed home

functional obsolescence

Least effective method of the FED Reserve

Changing the discount rate

Seeking testimony from a witness

Administrative law judge will subpoena

Tenant in property with temporary agreement

Tenancy at will

Cannot comply with legal instructions

Withdraw from the transaction

Developer conveys ownership-streets etc.

Dedication

Deed Promise- no hostile claims made

Warrant of quiet enjoyment

In closing statement title insurance

not prorated

No brokerage relationship

Customer refused representation

sales associate leaves broker and joins another

must obtain a reissue of license with new broker

Chairperson of FREC powers

Executive

Issued by owner-employer multiple location

Group license

Lien Theory State

Title held by mortgagor (borrower)

Most important factor for investment

economic soundness

expenses of buyer/seller to 3rd party

On closing statement, entered a debits

Joint Tenancy

Possession, interest, time & title (PITT)

Inducing to list/sell - minorities moving in

Blockbusting

Policy and procedures manual

Helpful but not required by law

Brokers disagree on amount of commission

Retain exact amount is the escrow account

Cannot register to broker real estate

Corporation Sole, Co-op Assoc, business trust

To obtain a listing

must have an active license

Person with power of attorney

Attorney- in- fact

Licensed sales associate

paid only by his/her broker

Landlord posts a surety bond

May commingle security deposits

Investigator for DBPR sees minor violation

Usually issues a notice of noncompliance

Get listings from a particular neighborhood

Farming

Licensee advertised property in own name

Must own the actual property

Evidence of merchantable title

the seller is usually responsible

Sales Associate did not complete 45 hours post license

license status is void

Agreement to rent for a specified period of time

Tenancy for years

Ownership one unit in multi-unit complex

Condominium

No license, act as a broker, get commission

DBPR can subpoena, cease and desist, fine

Losing title by failing to recoprd deed

Estoppel

Real estate securities

DPP containing a flow-through of tax

PUD zoning

Cluster zoning, Zero lot lines

Multiple brokers establishing comm rates

violation of Sherman-Clayton Anti-Trust act

Functional Obsolescence

Over improved property

share office space without separate status

Ostensible partnership

broker doubt about entitlement of escrow

notify FREC in writing

type of business dollars from in community

service business

complaint filed- probable cause found

formal complaint filed

Bill of Interpleader

Inform the court-no claim rights to a deposit

Owner- employers

Registered, but not licensed

Operate in excessively reckless manner

Culpable negligence

Church constructed in residential area

may be a special exception to zoning ordinance

Real Estate Market

local in nature

A valid real estate sale contract

offer and acceptance is communicated

No license- working in on-site leasing office

paid on a salary basis only

right to buy, fixed price, specified time

Option Contract

To direct a sales force or advertise

must have an active brokers license

to receive a commission

Must be licensed- Marry commission/license

Unlicensed person acting as a broker

May get $5000 fine & imprisonment to 5 years

Generates greatest return on land

Highest and best legal use

Declaratory decree

inform the court- entitled to deposit

Earnest money depositories

Title company, banks, S&L, credit unions in Fl

Seller financing on investment property

no down payment required

Payment made from Real Estate Recovery Fund

License suspended till reimbursed and interest

Guilty of violation of rules of FREC

reprimand, suspension, revocation

Murder-suicide occurred in house

not a material fact for disclosure

Brokerage partnership- all provide Real estate service

All partners licensed as a active broker

Real Estate Brokerage Sign

name of broker plus "licensed real estate broker"

License expired on March 31st- no action

Status of April 1st - involuntary inactive

FI and federal telephone solicitations

not permitted prior to 8 am/after 9 pm

Restricted amount of yearly tax increase

Save our Homes Act

A fence over a property line of another

Encroachment

Indicator for stability in residential area

vacancy rate

contractor builds to owner's specifications

custom building

FREC adopts rules and regulations

Quasi-legislative power

Statute of Frauds

must be in writing to be enforceable

appraiser's term "price"

the amount received in a transaction