Property Management and Real Estate Licensing

Property Management Fundamentals

  • Property Manager Licensing Requirements:

    • Salary-only property managers are not required to be licensed brokers.

    • Property managers receiving salary plus on a transaction basis must be licensed brokers.

  • Roles:

    • Rental Agent: Works with renters to find properties.

    • Property Manager: Finds renters and manages properties.

  • Growth Factors in Property Management:

    • Increase of absentee owners.

Residential Construction Types

  • Speculative Home: Constructed by a builder without a buyer in advance of construction.

  • Custom Home: Constructed with a buyer's design input.

  • Tract Home: Similar to speculative but in a subdivision with model homes.

  • REALTOR® Status: A sales associate can refer to themselves as such upon joining the National Association of REALTORS®.

Florida Real Estate Statutes

  • Florida Statute Chapter 475: Governs legal rights/responsibilities of licensees and appraisers.

    • Comprises four parts.

  • Florida Statute Chapter 455: General legal practice of the DBPR.

  • Florida Statute Chapter 120: Administrative Procedures Act.

  • Chapter 61J2: Rules of the Florida Real Estate Commission (FREC).

Real Estate Professional Definitions

  • Sales Associate: Works under a broker or owner-developer.

  • Broker: Performs real estate services independently.

  • Broker Associate: Holds a broker's license but works under another broker.

  • Owner-Developer Sales Staff: Must have an active real estate license if receiving commission; otherwise, no license is required.

Sales Associate License Status

  • Post-License Course Requirement: If not completed, the license becomes null and void.

  • Continuing Education:

    • 14-hour course required within 2 years after post-licensing course.

    • Required for both actively and inactively licensed sales associates.

    • Business ethics portion is 3 hours.

  • Broker's License Eligibility: Must be under an active broker for 2 years.

Administrative Details

  • Governor's Signature: Only the governor's name appears on a sales associate's license.

  • Unlicensed Assistants: Cannot show property, hold listings, or negotiate contracts.

  • Commission Sharing: Licensees cannot share commission with unlicensed individuals for referrals.

  • Condo Manager Licensing: Salaried condo managers not compensated on transactions are not required to hold an active license.