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Rowlett Real Estate School Metes and Bounds
 
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Our legal description series we will introduce you to the purpose, evolution and the metes and bounds legal descriptions of real property. 1 of 3
Rowlett Real Estate School Government Survey System
 
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In this second video of the legal description series we will introduce you to the Government Survey System, Ranges and Township Tiers.
Rowlett Real Estate School - Subdividing Sections
 
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A easy to understand example of the Government Survey System as used in Florida.
Legal Description By Metes And Bounds
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Property Descriptions? We're Florida Real Estate Legal Description specialists! Contact us today!
Property Description By Lot And Block
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Legal Property Descriptions? We're Florida Real Estate Legal Description specialists! Contact us today!
FLORIDA REAL ESTATE COMMISSION
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about FREC, Florida Real Estate Commission? We're Florida Real Estate License specialists! Contact us today! The Florida Real Estate Commission (FREC) is the regulatory body charged by the Florida Legislature with protecting the general public by regulating real estate brokers and brokerage firms, broker associates, sales associates, and real estate schools and instructors. The FREC is also charged with fostering the education of real estate licensees and permit holders. This includes the regulation of proprietary real estate schools and all noncredit, FREC-approved courses offered by colleges, universities, community colleges, and area technical centers. The objective of such regulation is to protect the public (consumer protection) by ensuring that real estate licensees have at least a minimal degree of competence.
No Brokerage Relationship
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate NO BROKERAGE RELATIONSHIP? We're Florida Real Estate License specialists! Best Fully Narrated Video Courses. Contact us today! NO BROKERAGE RELATIONSHIP (NONREPRESENTATION) The seller (or the buyer) can choose not to be represented by a real estate broker. In such a situation, the broker would simply facilitate the sale (or the purchase) of real property without entering into either a single agent relationship or transaction broker relationship. A broker working in a nonrepresentation (or no brokerage relationship) capacity with a seller can enter into a listing agreement with that seller and be paid a commission. Similarly, a brokerage firm working in a no brokerage relationship capacity can work with a buyer. Florida law does not require that prospective buyers and sellers be represented. A real estate licensee working in a nonrepresentation capacity with a buyer or a seller has the following three duties. 1. Account for all funds entrusted to the licensee. 2. Deal honestly and fairly. 3. Disclose all known facts that materially affect the value of residential real property that are not readily observable to the buyer. A written No Brokerage Relationship Disclosure must be given to the customer before the showing of property.
Days per month knuckle trick.
 
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When doing prorations in Real Estate, Captain Wayne demonstrates an easy way to remember how many days are in each month.
Law of Agency
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Law of Agency? We're Florida Real Estate Law Experts! Contact us today! When a person delegates authority to someone to act on his behalf, an agency relationship has been created. Agency relationships fall within the body of law called law of agency. There are three types of law that society looks to for guidance regarding agency relationships: common law, statutory law, and administrative law. Common law (sometimes called unwritten law) is law based on usage, general acceptance, and custom. It is judge-made law manifested in decrees and judgments of the courts (case law). Common law originated in England and was later incorporated into the U.S. legal system. Under English common law, servants owed absolute loyalty to their masters. This absolute loyalty is one of the fundamental principles of the agency relationship. Agency law derives from common law. Statutory law is written statutes enacted by a legislature. Chapters 455 and 475 are two Florida statutes enacted by the Florida Legislature pertaining to license law Administrative law is a body of law created by administrative agencies in the form of rules, regulations, orders, and decisions. Florida Statute 475 empowers the Florida Real Estate Commission to govern real estate practice in Florida. In addition to the statutory laws of agency, real estate license law and the Florida Real Estate Commission (FREC) rules directly affect and regulate the brokerage relationships among real estate licensees, buyers and sellers, and the public.
Florida Statute Chapter 475
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Statute Chapter 475? We're Florida Statute specialists! Contact us today!
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION (DBPR)
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida DBPR? We're Florida specialists! Contact us today! The Department of Business and Professional Regulation (DBPR) is the agency charged with licensing and regulating businesses and professionals in Florida. It is the intent of the Florida Legislature that individuals desiring to engage in a licensed profession be allowed to do so. Regulation of the real estate industry is necessary to protect the health, safety, and welfare of the public (consumer protection), however, the Legislature has mandated that it does not want extraordinary or unreasonable restrictions created that would deter qualified persons from entering their chosen profession. The Legislature believes professions under the DBPR should be regulated when: • the unregulated practice can harm the public, the potential harm is recognizable, and the danger outweighs any anticompetitive impact that might result from regulation; • the public is not adequately protected by other state statutes, local ordinances, or federal laws; or • less restrictive means of regulation are not available. The DBPR is under the executive branch of the governor, and it is governed by Chapter 120, F.S. The agency is structured according to the requirements of Chapter 20.165, F.S. The Legislature, under Chapter 455, F.S., granted authority to the DBPR to investigate consumer complaints, issue subpoenas when conducting investigations, issue cease and desist orders to unlicensed individuals, and issue citations to individuals licensed by the DBPR. The chief administrator of the DBPR is the secretary of the DBPR, who is appointed by the governor, subject to confirmation by the state senate. The main DBPR office is located in Tallahassee, Florida. The divisions under the Department of Business and Professional Regulation that are most relevant to real estate are presented in the following paragraphs.
Florida Real Estate Post Licensing  Requirement
 
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Florida Real Estate 45 Hour Post Licensing Requirement. http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Post License Requirement? We're Florida Post License specialists! Contact us today!
Designated Sales Associate
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate Brokerage Relationship Disclosure for Designated Sales Associates? We're Florida Real Estate Brokerage specialists! Best Fully Narrated Video Courses. Contact us today! Designated Sales Associates. In a nonresidential real estate transaction where the buyer and seller each have assets of $1 million or more, the broker at the request of the buyer and the seller may designate two sales associates to act as single agents for the buyer and the seller in the same transaction. The two sales associates in such an arrangement are called designated sales associates. Note that in a residential transaction this is an illegal dual agency. The broker serves as an advisor to each designated sales associate—not to the buyer or the seller. The broker serves as a neutral party helping to facilitate the process without giving guidance or representation to the parties in the transaction. Designated sales associates have the duties of a single agent. Disclosure Requirements. The buyer and the seller must sign a disclosure notice stating that their assets meet the $1 million threshold and requesting that the broker use the designated sales associate form of representation. The disclosure notice includes special language regarding confidential information and also includes duties of a single agent. Brokers must retain brokerage relationship disclosure documents for five years for all nonresidential transactions that use designated sales associates.
Florida Real Estate Broker Group License
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate Group License? We're Florida Real Estate License specialists! Best Fully Narrated Video Courses. Contact us today! A group license is sometimes issued to sales associates or broker associates who are registered under an owner-developer. An owner-developer may own properties in the names of various entities. If the entities are all connected so that ownership and control is with the same individual(s), sales associates and broker associates employed by the ownerdeveloper may be issued a group license. The owner-developer sends an affidavit to the DBPR with a list of all the legal company names used by the owner-developer. This allows the associate to sell for all the affiliated entities owned by the owner-developer. Owner-developers are not required to hold real estate licenses if they only sell their own properties. The owner-developer is registered with the DBPR under a pseudo number (not a real estate license) that is entered into the DBPR records. The pseudo number becomes a placeholder under which sales associates and broker associates register. To activate a sales associate license under an ownerdeveloper, the sales associate and the developer complete the appropriate section of form DBPR RE 11. The sales associate’s name and license number are entered on the form. The owner-developer’s name, business location address, and pseudo number are entered on the form. In actual practice, the sales associate (or broker associate) is issued a real estate license and no distinction regarding group license is made on the associate’s license.
Florida Statute Chapter 61J2
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Statute Chapter 61J2? We're Florida Statute specialists! Contact us today!
Terminating A Brokerage Relationship
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate TERMINATING A BROKERAGE RELATIONSHIP? We're Florida Real Estate Brokerage specialists! Best Fully Narrated Video Courses. Contact us today! TERMINATING A BROKERAGE RELATIONSHIP Generally speaking, a transaction broker relationship or a single agent relationship is terminated when the objectives have been accomplished according to the terms of the contract that created the brokerage relationship and notice is given to the other party. A principal is justified in revoking a single agent relationship with the broker if the broker agent breaches any of the fiduciary duties. A brokerage relationship between a principal (or a customer) and a broker may be terminated for any one of the following reasons: - Fulfillment of the brokerage relationship’s purpose (for example, finding a ready, willing, and able buyer). - Mutual agreement to terminate the brokerage relationship. - Expiration of the terms of the agreement. (If no term is specified, the courts have ruled that a brokerage relationship may be terminated after a “reasonable” time.) - Broker renounces the single agent relationship by giving notice to the principal or the broker renounces the transaction broker relationship by giving notice to the customer. - Principal revokes a single agent relationship or the customer revokes a transaction broker relationship, by giving notice. (In this case, the principal or the customer may be liable for damages, such as advertising expenses, incurred by revoking the brokerage relationship before the termination date of the listing contract or exclusive buyer contract.) - Death of a seller’s broker or the seller before the broker finds a ready, willing, and able buyer. - Death of the buyer’s broker or the buyer before the broker finds a suitable property for the buyer. - Destruction of the property or condemnation by eminent domain. - Bankruptcy of the principal or the customer.
Single Agent Relationship
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate SINGLE AGENT RELATIONSHIP? We're Florida Real Estate License specialists! Best Fully Narrated Video Courses. Contact us today! SINGLE AGENT RELATIONSHIP In a single agent relationship, the real estate brokerage is a single agent who represents the seller as a fiduciary in selling the home or the buyer as a fiduciary in buying a home. Florida license law defines a single agent as a broker who represents, as a fiduciary, either the buyer or the seller, but not both, in the same transaction. When a broker represents a buyer or a seller as a fiduciary, there is a relationship of trust and confidence between the broker as agent and the seller as principal (or client) or the buyer as principal (or client). A fiduciary relationship between a broker and a buyer or a seller exists only when a single agent relationship is chosen. The terms principal and client should only be used when referring to a single agent relationship. Subagents. Persons authorized to assist and represent the agent are called subagents. A subagent has the same duties as the agent. A broker’s sales associates are general agents of the broker and subagents of the broker’s principals. For example, in a single agent relationship, the broker is an agent of the principal. The broker’s sales associates and broker associates are subagents of the broker’s principals. Sales associates and broker associates owe the same fiduciary obligations to the broker’s principals as does their broker. Note that this is true regardless of whether the associates, for tax purposes, are employees or independent contractors of the broker. Dual Agency. A brokerage firm may represent as a single agent either the buyer or the seller in a real estate transaction, but never both the buyer and the seller. Dual agency occurs when a brokerage firm represents as a fiduciary both the buyer and the seller in the same real estate transaction. It is illegal in Florida for a real estate licensee to operate as a dual agent. Because the relationship is established with the brokerage firm, it is still dual agency if two different licensees in the same brokerage entity represent the seller as a single agent and the buyer as a single agent.
Division Of Real Estate (DRE)
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Division of Real Estate (DRE)? We're Florida Real Estate License specialists! Contact us today! The Division of Real Estate (DRE) performs all functions related to the regulation of general real estate in Florida. The duties of the DRE are essentially administrative and ministerial. The administrative duties include routine duties and clerical functions on behalf of the FREC. The DRE’s ministerial duties involve recordkeeping.
Transition From Single Agent To Transaction Broker
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate Brokerage Relationship Disclosure To TRANSITION FROM SINGLE AGENT TO TRANSACTION BROKER.? We're Florida Real Estate Brokerage specialists! Best Fully Narrated Video Courses. Contact us today! TRANSITION FROM SINGLE AGENT TO TRANSACTION BROKER. A single agent relationship may be changed to a transaction broker relationship at any time during the relationship between the agent and principal, provided the agent first obtains the principal’s written consent to the change in relationship. To gain the principal’s written consent to a change in relationship, the buyer or the seller (or both) must sign the consent to transition to transaction broker notice set forth in Chapter 475. Note that this disclosure notice requires the buyer’s or the seller’s signature before the licensee may change from one brokerage relationship to another. If the principal refuses to sign the consent to transition notice, the broker must continue to act as a single agent. The consent to transition to transaction broker notice includes wording regarding the principal’s permission to allow the single agent to transition to a transaction broker. The notice also includes a list of the duties that a transaction broker owes to the customer. The consent to transition to transaction broker notice can either be a separate document or be included as part of another document. A licensee may also transition from a transaction broker relationship to a single agent relationship. Furthermore, a licensee may transition from any one of the brokerage relationships to another relationship. However, there is no specific disclosure language provided in the Florida license law for these situations. The licensee will have to accomplish the transition in a manner sufficient to withstand a civil challenge under common law
Rowlett real estate school subdividing sections
 
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How to subdivide sections.
Division of Florida Condominiums, Timeshares, and Mobile Homes
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida DBPR? We're Florida Real Estate License specialists! Contact us today! This Division provides consumer protection for Florida residents through education, complaint resolution, mediation and arbitration, and developer disclosure. It regulates condominiums, cooperatives, time-shares, and mobile home parks. The Division of Florida Condominiums, Timeshares, and Mobile Homes is also charged with providing an arbitration program to handle recall and election disputes for homeowners associations (HOAs).
Broker Multiple Licenses
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate Broker Multiple Licenses? We're Florida Real Estate License specialists! Best Fully Narrated Video Courses. Contact us today! Multiple licenses are issued to a broker who qualifies as the broker for more than one business entity. For each business that a person is a broker, a separate broker license must be obtained. Additional (multiple) broker licenses may be issued by the DBPR when it is shown that the additional licenses are necessary and that the licenses will not be used in a manner that is prejudicial or harmful to another person. A broker who holds more than one Florida broker license is said to hold multiple licenses. Because sales associates and broker associates may have only one registered employer at a time, sales associates and broker associates may not hold multiple licenses.
Gross Rent Multiplier and Gross Income Multiplier - Rowlett Real Estate School
 
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A gross rent multiplier (GRM) relates sale price to monthly rental income. The GRM is a simple substitute for the income capitalization analysis for one-to four-unit residential rental properties. The GRM applies to rental income only. The gross income multiplier (GIM) is used with small income-producing properties. The procedure for calculating a GIM is basically the same as for calculating a GRM. However, the GIM refers to all income a property may produce, while the GRM refers to rent only. The GIM typically uses annual income, whereas the GRM typically applies to monthly rent.
Florida Statute 20
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Statute 20? We're Florida Real Estate Statute specialists! Contact us today!
FREC Quasi-Judicial Powers
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about FREC Quasi-Judicial Powers, Florida Real Estate Commission? We're Florida Real Estate License specialists! Contact us today! Quasi-judicial responsibilities include the power to grant or deny license applications, to determine license law violations, and to administer penalties. Grant or deny applications for licensure. Suspend or revoke licenses and impose administrative fines. Make determinations of violations. The powers of the FREC are limited to administrative matters and do not extend to criminal actions. The FREC may not impose imprisonment as a penalty. The primary purpose of the administrative jurisdiction granted to the Commission is to enforce duties and obligations as they apply to individuals and firms actively engaged in the real estate business. The Commission makes decisions and sets policies that are carried out by the Division of Real Estate (DRE). The DRE provides all services required to administer the Florida real estate license law.
Florida Real Estate Broker License Requirements
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Broker License Requirements? We're Florida Real Estate Broker License specialists! Contact us today!
Transaction Broker Relationship
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate TRANSACTION BROKER RELATIONSHIP? We're Florida Real Estate License specialists! Best Fully Narrated Video Courses. Contact us today! TRANSACTION BROKER RELATIONSHIP. Under Florida law, it is presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with the customer. A transaction broker is a broker who provides limited representation to a buyer, a seller, or both in a real estate transaction, but who does not represent either party in a fiduciary capacity or as a single agent. Transaction brokers provide a limited form of nonfiduciary representation to a buyer, a seller, or both in a real estate transaction. In this relationship, the seller (or the buyer) is considered a customer of the real estate broker and not a principal. In a transaction broker relationship, the buyer or the seller (customer) is not responsible for the acts of a licensee. Chapter 475 defines customer to mean a member of the public who is or may be a buyer or a seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship. Therefore, the seller (or the buyer) who chooses limited representation is a customer under the transaction broker relationship. A licensee may enter into a transaction broker relationship with both parties (buyer and seller) in a real estate transaction. In a transaction broker relationship, the parties to a real estate transaction are giving up their rights to the undivided loyalty of a licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller. However, a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties. Real estate licensees must fulfill the duties of a transaction broker when that type of representation is selected. The seven duties listed above apply to all real estate transactions (residential and otherwise) when the parties have agreed to a transaction broker relationship
The 7 Step Complaint Process SIMPLIFIED
 
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THE COMPLAINT PROCESS Seven steps are involved in the process of dealing with complaints of alleged violations: 1. A complaint is filed 2. Investigation of the complaint 3. Determination of probable cause 4. A formal complaint is issued if probable cause is found 5. Informal hearing or formal hearing is conducted 6. The final order is issued 7. Judicial review (appeal) of the final order
Voluntary Inactive Status
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate License Voluntary Inactive Status? We're Florida Real Estate License specialists! Contact us today! Voluntary Inactive. A licensee who has qualified for a real estate license but who voluntarily chooses not to engage in the real estate business during a given period and requests such a change is placed on voluntary inactive status. A licensee may change an active license to a voluntary inactive license status by submitting the proper form to the DBPR. Such licensees hold a current inactive license. Voluntary inactive licensees who subsequently wish to activate their licenses may do so at any time simply by completing the proper form requesting an active license with an active broker or owner-developer. As with an active license, a licensee may renew a current voluntary inactive license indefinitely. Voluntary inactive licensees who satisfactorily complete the prescribed continuing education courses every two years must pay the appropriate fees o qualify for renewal of a voluntary inactive license. A license that is not renewed at the end of the license period reverts automatically to involuntary inactive status, except in the case of initial licenses when post-licensing education requirements have not been completed satisfactorily.
Brokerage Relationship Limitations
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate Brokerage Relationship Limitations? We're Florida Real Estate License specialists! Best Fully Narrated Video Courses. Contact us today! Brokerage Relationship Limitations, Single Agent Limitations, Transaction Broker Limitations and No Brokerage Relationship. If the brokerage firm has a transaction broker relationship with the seller, the brokerage firm can also work with the buyer, in the same transaction, as a transaction broker or in a nonrepresentation capacity. The brokerage firm cannot represent the buyer as a single agent if the firm has a transaction broker relationship with the seller. If the brokerage firm is representing the seller as a single agent, the brokerage firm can work with the buyer, in the same transaction, in a nonrepresentation capacity. The brokerage firm cannot represent the buyer as a single agent or work with the buyer as a transaction broker if the firm is also representing the seller as a single agent. (The brokerage relationship limitations described above apply, even if the buyer and the seller are working with different sales associates in the same brokerage firm)
Brokerage Relationship Disclosure Requirements
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate Brokerage Relationship Disclosure Requirements? We're Florida Real Estate License specialists! Best Fully Narrated Video Courses. Contact us today! Disclosure Format. The duties of the single agent relationship and nonrepresentation must be fully described and disclosed in writing to a buyer or a seller, either as a separate and distinct disclosure document or included as part of another document, such as a listing agreement or buyer broker agreement. If the disclosure document is incorporated into a listing or buyer broker agreement, a signature line must be inserted immediately following the disclosure information. It is not sufficient to only have a signature line at the bottom of the listing or buyer broker agreement. When incorporated into other documents, the required disclosure notice must be of the same size as, or larger type than, other provisions of the document and must be conspicuous in its placement to advise customers (or principals in a single agent relationship) of the brokerage duties. The first sentence must be printed in uppercase and bold type. The list of duties must be presented on the disclosure in the same order as listed in the statute. The disclosure notice may include information concerning the real estate brokerage, such as the company name and logo, address, phone number, email address, etcetera. Transaction Broker. Under Florida law, it is presumed that all licensees are operating as transaction brokers unless another brokerage relationship is established. Therefore, unless another brokerage relationship is established, there is no requirement to give a written disclosure to the buyer and/or the seller. However, licensees must fulfill the duties of a transaction broker when that form of representation is selected. Single Agent. The single agent disclosure must be made before, or at the time of, entering into a listing agreement or an agreement for representation, or before the showing of property, whichever occurs first. Nonrepresentation. The no brokerage relationship notice must be disclosed in writing before the showing of property. Record keeping and Retention of Disclosure Documents. Brokers must retain brokerage relationship disclosure documents for five years for all residential transactions that result in a written contract to purchase and sell real property. Documents may be stored in a digital format. Files of properties that have failed to close must also be retained. If a transaction fails to close, the licensee should retain the brokerage relationship disclosure documents with the purchase and sale contract and other documents associated with the property and place them in the “dead” (failed to close) file. The Commission may discipline a licensee for failure to abide by any provision in Section 475.278, F.S., including the duties owed to customers and principals, disclosure requirements, and record keeping requirements set forth in law.
Florida Mutual Recognition
 
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Florida Real Estate Mutual Recognition. http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Mutual Recognition? We're Florida Mutual Recognition specialists! Contact us today!
Prorating Interest - Rowlett Real Estate School
 
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When a loan is assumed, the accrued interest for the month of closing must be prorated. Interest is paid in arrears, therefore, the monthly payment made on the first day of the month pays interest for the entire previous month. This item is prorated in the same manner as property taxes. Interest is figured from the last date for which interest was paid. The exact number of days in each month is used, and interest is figured on a daily basis.
A Section In The Government Survey System
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Legal Property Descriptions? We're Florida Real Estate Legal Description specialists! Contact us today!
FREC Quasi-Legislative Powers
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about FREC Quasi-Legislative Powers, Florida Real Estate Commission? We're Florida Real Estate License specialists! Contact us today! Quasi-legislative responsibilities include the power to enact and revise administrative rules and regulations and to interpret questions regarding the practice of real estate. Create and pass rules and regulations. The Commission promulgates (enacts and publishes) rules and regulations that enforce the Florida statutory license law. Regulate professional practices. For example, when requested and deemed appropriate, the Commission may issue an escrow disbursement order (EDO) to determine the disposition of escrow (earnest money) deposits in the case of a dispute when requested by the broker holding the escrowed funds. The Commission also establishes rules and regulations requiring that records be maintained by brokers and the manner in which deposits of money, funds, checks, or drafts are to be made in escrow, pending disbursement.
Renewal Of The Florida Real Estate License
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate License Renewal? We're Florida Real Estate License specialists! Contact us today! Ninety days before the end of a license cycle, the DBPR sends a renewal notice to licensees. The DBPR either mails the notice to the licensee’s last known address of record or electronically sends the notice to the licensee’s email address of record. Sales associates and brokers must complete their post-license education before the first renewal of their initial licenses. After the post-license education is satisfied and the initial license is renewed, licensees must complete 14 hours of continuing education during each renewal period. To renew a real estate license, the licensee submits the renewal notice and the biennial license fee. Real estate licensees must complete the applicable post-licensing or continuing education requirement before renewing a license. By submitting the renewal notice to the DBPR, the licensee is attesting to having completed the education requirement. If licensees renew after the expiration date, a late fee is charged. If a licensee does not renew a license by the expiration date, the license reverts automatically to involuntary inactive status (involuntary inactive status is discussed later in this unit). An active licensee who fails to renew a license following the expiration date has 24 months in which to renew the license. A real estate licensee must not practice real estate following the expiration date of the license. It is also unlawful for a licensee holding a current inactive license to perform the services of real estate for compensation.
Blind Advertisement
 
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All advertising must be worded so that reasonable people will know that they are dealing with a real estate licensee. A licensee may not advertise real estate services in such a way as to mislead the public that the offer is being made by a private individual rather than a real estate licensee. Advertisements must clearly reveal the licensed name of the brokerage firm. Advertisements that fail to disclose the license name of the brokerage firm are blind advertisements. For example, an advertisement that provides only a post office box number, telephone number, and/or street address is a blind ad and is prohibited. If sales associates create promotional materials, such as refrigerator magnets and notepads, they must include the licensed name of the brokerage firm on them. Licensees may insert their personal names in ads provided they include their last name as registered with the DBPR. Advertisements created by sales associates must be supervised directly by their broker. Sales associates and their brokers should review advertisements for accuracy and also make certain the ad is canceled when, due to sale or listing expiration, the property is no longer on the market. Licensees may indicate their nickname on business cards and in advertisements but only if their legal name as registered with the DBPR is also indicated (for example, Robert “Bob” Smith). Sales associates may indicate their after-hours phone number and/or address on their business cards, provided the card also includes the name of the brokerage firm. FREC does not require that the brokerage firm’s phone number or address be included in ads.
Legal Description By Government Survey
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Legal Property Descriptions? We're Florida Real Estate Legal Description specialists! Contact us today!
Testing  Taking Tips and Strategies
 
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State Exam Test Taking Tips and Strategies narrated by Paul Jensen of Rowlett Real Estate School. Listen to valuable test-taking techniques to help you with test anxiety and more
Ostensible Partnerships Are Prohibited
 
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Ostensible Partnerships Are Prohibited. An ostensible partnership (or quasi partner-ship) is not intentionally created. Rather, the conduct of two or more persons creates the “appearance” that a partnership exists. It is considered fraudulent and deceitful if the public is deceived into believing that a partnership exists. In such a situation, the courts may consider that a partnership exists. Under the law, the parties can be held liable for each other’s debts and torts (wrongful acts). Real estate licensees who operate as ostensible partners may be subject to license suspension. Brokers sometimes do business in the same office building. This is permissible provided each brokerage displays its own office sign and uses separate telephone numbers. Each brokerage must have and register its own business name (name of broker or trade name) and indicate the brokerage name on separate letterhead, business cards, and so forth.
Graduated Commissions - Rowlett Real Estate School
 
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A broker who lists a property with higher-than-normal value may agree to a graduated (sliding scale) sale commission. This provides an incentive for the broker to get the seller the very best price possible.
Prorating Taxes - Rowlett Real Estate School
 
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The closing (settlement) disclosure involves the division of financial responsibility between the buyer and the seller. Items that are to become a credit (reimbursed) or debit (charged) to either buyer or seller are prorated because the item applies to both the buyer and the seller. The various credits and debits are allocated between the buyer and the seller in the proportions or prorations specified in the contract.
Broker's Suspension or Revocation
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate License Suspension or Revocation? We're Florida Real Estate License specialists! Best Fully Narrated Video Courses. Contact us today! Broker’s License Suspension or Revocation. When a broker’s license is suspended or revoked, no disciplinary action is taken against the sales associates and broker associates registered under that broker. However, the licensees registered under the disciplined broker cannot continue working under the penalized broker. The DBPR places the licenses of any sales associates and broker associates registered under the penalized broker on involuntary inactive status. The sales associates and broker associates are free to seek another employer and register as active under a new employer. A sales associate’s license is returned to active status as soon as a new employer is chosen and the information is filed with the DBPR. Alternatively, if the sales associate chooses to not practice real estate, the licensee can change the license status to voluntary inactive within the licensee’s online DBPR account.
Rowlett Real Estate School - Math Index Leases
 
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Real Estate Math Index Lease. http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about working the math on Index Leases? We're Florida Real Estate Math specialists! Contact us today!
FREC Executive Powers
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about FREC Executive Powers, Florida Real Estate Commission? We're Florida Real Estate License specialists! Contact us today! The powers and duties of the FREC fall into three general areas of responsibility, one being Executive powers to regulate and enforce the license law are delegated to the Commission by the legislature.
Florida Statute Chapter 455
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Statute Chapter 455? We're Florida Statute specialists! Contact us today!
Registration Type of Business Brokerage Entity
 
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A broker may choose from a variety of business entities. Sole proprietorships Partnerships (general and limited) Limited liability partnerships Corporations Limited liability companies All may be registered as real estate brokers and/or brokerage entities. Chapter 475.01, F.S., defines the term broker to include any person who is a general partner, an officer, or a director of a partnership or corporation that acts as a real estate broker. All real estate brokerage entities must register with the DBPR. Registration includes the names of every licensed and unlicensed general partner of a real estate brokerage general partnership or limited partnership and every officer and director of a real estate brokerage corporation. Every member of a member-managed real estate brokerage limited liability company must also register. A person licensed as a sales associate or broker associate may not register as a general partner, a member of a member-managed real estate limited liability company, a manager of a manager-managed real estate limited liability company, an officer, or a director of a brokerage corporation.
Exceptions To Disclosure Requirements
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate Brokerage Relationship Disclosure Exceptions? We're Florida Real Estate Brokerage specialists! Best Fully Narrated Video Courses. Contact us today! Exceptions to Disclosure Requirements. Certain interactions a licensee has with buyers and sellers do not constitute a brokerage relationship. These situations are described in the real estate license law. When a licensee has an encounter with a buyer or a seller under these specific situations, the licensee is not required to give a prospective buyer or a prospective seller a disclosure notice. The six situations that do not create a brokerage relationship are as follows: 1. When the licensee knows that a single agent or a transaction broker represents a prospective seller or a prospective buyer 2. At a bona fide “open house” or model home showing that does not involve eliciting confidential information; the execution of a contractual offer or an agreement for representation; or negotiations concerning price, terms, or conditions of potential sale 3. During unanticipated casual encounters between a licensee and a prospective seller or a prospective buyer that do not involve eliciting confidential information; the execution of a contractual offer or an agreement for representation; or negotiations concerning price, terms, or conditions of a potential sale 4. When responding to general factual questions from a prospective seller or a prospective buyer concerning properties that have been advertised for sale 5. Situations in which a licensee’s communications with a prospective buyer or a prospective seller are limited to providing either written or oral communication that is general, factual information about the qualifications, background, and services of the licensee or the licensee’s brokerage firm. 6. When an owner is selling new residential units built by the owner and the circumstances or setting should reasonably inform the potential buyer that the owner’s employee or single agent is acting on behalf of the owner, whether because of the location of the sales office or because of office signage or placards or identification badges worn by the owner’s employee or single agent If during any of the situations described above, a member of the public begins to provide confidential information or begins to negotiate concerning price, terms, and so forth, the licensee would at that point present the person with the appropriate disclosure notice depending on the circumstances and desire of the parties.
5. Informal Hearing
 
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Informal Hearing. An informal hearing is an expedited way of resolving the disciplinary case provided the licensee does not dispute the alleged facts stated in the complaint. During an informal hearing, normally held at a regular Commission meeting, the licensee-respondent is given an opportunity to explain the details of the case with supporting evidence and/or witnesses. Any Commissioners who served on the probable-cause panel for the particular complaint may not participate in this informal hearing. If any party raises an issue of disputed fact during an informal hearing, the hearing is terminated and a formal hearing will be scheduled before an administrative law judge. The FREC will determine, based on the admitted facts, whether the licensee is guilty of the charges alleged in the complaint. If the licensee is found guilty of the charges, the FREC will determine which penalties are appropriate based on the details of the case, taking into consideration any mitigating circumstances (reasons to reduce the impact of the violation), and it will issue a final order (also see “Final Order” later in this unit)
Involuntary Inactive Status
 
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http://www.RowlettRealEstateSchool.com | 850-547-1333 | Questions about Florida Real Estate Involuntary Status? We're Florida Real Estate License specialists! Best Narrated Video Courses. Contact us today! Involuntary Inactive. If a licensee fails to renew an active or voluntary inactive license before the expiration date (other than the first renewal), the license reverts automatically to involuntary inactive status. The licensee must complete continuing education and renew the license to either active or voluntary inactive status within the next two years. A license is placed in involuntary inactive status for no more than two years. After two years the license automatically expires (becomes null and void) by operation of law without further FREC or DBPR action. Ninety days before expiration of an involuntary inactive license, the DBPR notifies licensees of this upcoming deadline. Once their license becomes void, individuals who want to practice real estate again must reapply for licensure, retake the 63-hour prelicense course, and retake and pass the license exam. Involuntary inactive licensees may activate their licenses during the two-year period following expiration of a valid current license only after satisfactorily completing FREC prescribed courses of instruction. When a licensee has been involuntary inactive for 12 months or less, they may satisfy the education requirement by completing 14 hours of FREC-approved continuing education; or more than 12 months but less than 24 months, they are required to complete 28 hours of a Commission-prescribed reactivation education course. The FREC may reinstate the license of an individual whose license has become null and void if the Commission determines that the former licensee failed to comply with the statute because of illness or economic hardship. The former licensee must apply to the FREC for reinstatement within six months after the date that the license became null and void. The former licensee must apply to the FREC for reinstatement within six months after the date that the license became null and void.