Property Management and Real Estate Licensing

These flashcards cover key concepts relating to property management, real estate licensing, and relevant Florida real estate statutes.

Property Manager

A professional responsible for managing real estate properties, often hired by owners.

Rental Agent vs. Property Manager

A rental agent finds renters for properties, while a property manager also oversees property management after renting.

Speculative Home

Residential construction where a builder purchases lots to build homes without having a buyer in advance.

Custom Home

A residential property construction where a buyer specifies design and features.

Tract Home

Residential construction similar to speculative building in a new subdivision with model homes.

REALTOR®

A real estate professional who is a member of the National Association of REALTORS®.

Florida Statute Chapter 475

Law governing the rights and responsibilities of real estate licensees and appraisers.

DBPR

Department of Business and Professional Regulation; oversees real estate practices in Florida.

Sales Associate

A person who performs real estate services for compensation under a broker's direction.

Broker Associate

A person who holds a broker's license but works under the supervision of another broker.

Continuing Education Requirement

Required education that licensed sales associates must complete to maintain their licenses.

Null and Void License

The status of a sales associate's license if they do not complete the required post-licensing course.

Active Real Estate License

A requirement for sales staff receiving commissions from real estate transactions.

Unlicensed Assistant Restrictions

An unlicensed assistant cannot show properties or negotiate contracts.

Governor's Name on License

The sales associate's license includes only the Governor's name.