Florida Real Estate Commission

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Florida Real Estate CommissionSALES ASSOCIATE COURSE SYLLABUS(FREC COURSE I)January 1, 2015(effective date)TABLE OF CONTENTSSECTION 1: Course Overview: The Real Estate BusinessSECTION 2: Real Estate License Law And Qualifications For LicensureSECTION 3: Real Estate License Law And Commission RulesSECTION 4: Authorized Relationships, Duties And DisclosureSECTION 5: Real Estate Brokerage Activities And ProceduresSECTION 6: Violations Of License Law, Penalties And ProceduresSECTION 7: Federal And State Laws Pertaining To Real EstateSECTION 8: Property Rights: Estates And Tenancies; Condominiums, Cooperatives,Community Development Districts, Homeowner Associations, And Time-SharingSECTION 9: Title, Deeds And Ownership RestrictionsSECTION 10: Legal DescriptionsSECTION 11: Real Estate ContractsSECTION 12: Residential MortgagesSECTION 13: Types Of Mortgages And Sources Of FinancingSECTION 14: Real Estate Related Computations And Closing Of TransactionsSECTION 15: The Real Estate Markets And AnalysisSECTION 16: Real Estate AppraisalSECTION 17: Real Estate Investments And Business Opportunity BrokerageSECTION 18: Taxes Affecting Real EstateSECTION 19: Planning And Zoning1

Suggested formatting and instructional techniques: When discussing the application and examination process refer students to theCandidate Information BookletUse application based instructionWhen available utilize case studiesEmphasize the role of ethics in the practice of real estateWhere applicable refer students to the Florida Administrative Code and FloridaStatute.Section times are not required to be three hours in duration provided the overallcourse is 60-hours of instruction with 3-hour end-of-course examination.Allocate your time based upon the complexity of the material.Refer students to available online services offered by the Department of Businessand Professional Regulation when discussing application, license renewal andgeneral account information.Where appropriate incorporate the most timely forms and applications used in thefieldWhile the syllabus contains structured areas of study if you find that subjectmatter from different sections applies to the topics you are covering you mayincorporate the material into that section.2

SECTION 1COURSE OVERVIEW: THE REAL ESTATE BUSINESSLearning Objectives: Describe the various activities of real estate brokerage Distinguish among the five major sales specialties Identify the role of property managers Explain the appraisal process and the role of the appraiser Understand the mortgage process and the role of mortgage loan originator Explain the three phases of development and construction Distinguish among the three categories of residential constructionKey Terms: absentee owner appraisal appraiser broker price opinion (BPO) business opportunity comparative market analysis (CMA) dedication farm area (target market) follow-up property management real estate brokerage special-purpose property subdivision plat map USPAP MLSOutlineI) Introduction to the Real Estate BusinessA Overview of the real estate industry1) The real estate industry's role in the nation's economy2) Many industries are dependent on real estate activityB Real estate is a business of many specializations1) Expert information is the product that a broker or a sales associate mustmarket(a) Knowledge of property transfer(b) Knowledge of market conditions(c) Knowledge of how to market real estateII) Real Estate BrokerageA Sales and Leasing1) A business in which real estate license-related activities are performed underthe authority of a real estate broker2) The broker acts as an agent or intermediary between two or more people in thenegotiation of the sale, purchase or rental of real estate3) A sales associate works for the broker, providing services to prospectivebuyers and sellers3

4) Requires expert information that the average layperson does not possess5) More efficient to acquire this information through a real estate professional6) Real estate brokers and sales associates often specialize in a particulargeographic area or property type. This method of target marketing is oftencalled "farming"7) Five major sales specialties(a) Residential(b) Commercial(c) Industrial(d) Agricultural(e) BusinessesB Property Management1) Need for property managers(a) Absentee ownership2) Services typically provided by a property manger(a) Distinguish between Community Association Manager (CAM)3) Scope of work detailed in a management agreement4) Property manager's charge is to protect the owner's investment and maximizeowner's returnsC Appraising1) The process of estimating the value of real estate2) Types of real estate activities that require appraisal services3) State-certified, licensed and registered appraisers are regulated by the FloridaReal Estate Appraisal Board4) Real estate licensees may appraise real property provided they do notrepresent themselves as state-certified, registered or licensed appraisers5) Real estate licensees must comport to USPAP when conducting appraisals ofreal property--define USPAP6) Comparative market analysis versus appraisal--define CMA(a) CMAs exempt from USPAP8) Broker Price Opinion (BPO)7) USPAP's Ethics Rule regarding compensationD Financing1) The business of providing funds for real estate transactions2) Sources of funds to finance real estate transactions3) Importance of expertise in financing matters and knowledge of how to solvefinancing problems4) Mortgage loan originator and mortgage bankers must be licensed as suchE Counseling1) The service of analyzing existing or potential projects and providing advice2) Extensive knowledge and expertise is requiredIII) Development and ConstructionA Land acquisitionB Subdividing and developmentC Subdivision plat map is recordedD Developer often dedicates land to a governmental body for public useE Construction1) Types of residential construction4

(a) Spec homes(b) Tract homes(c) Custom homesIV) The Role of GovernmentA Local governmentB State governmentC Federal governmentV) Professional OrganizationsA Variety of professional organizations are in existenceB National Association of REALTORS (NAR)C Florida REALTORS D Local Board (Association) of REALTORS E Distinguishing between holding a Real Estate license vs. being a Realtor5

SECTION 2REAL ESTATE LICENSE LAW AND QUALIFICATIONS FORLICENSURELearning Objectives: Identify the qualifications for a sales associate's license Describe the application requirements for licensure including nonresident applicationrequirements Explain the importance of responding accurately and completely to the backgroundinformation questions on the licensure application Illustrate the background check procedure conducted by the DBPR Describe the education requirement for pre- and post-license education and continuingeducation Distinguish among the various license categories Identify services of real estate where licensure is required Recognize actions that constitute unlicensed activity Recognize exemptions from real estate licensure Distinguish between registration and licensure Explain mutual recognition agreementsKey Terms: adjudication withheld broker broker associate caveat emptor compensation Florida resident license/registration nolo contendere / no contest prima facie evidence real estate services sales associate expungement vs. sealingOutlineI) History and purposes of real estate license lawsA History of Florida's real estate license law1) Department of Business and Professional Regulation2) Division of Real Estate3) Florida Real Estate CommissionB Need for regulation1) Caveat emptorC Purpose of regulation1) Consumer protectionD Important real estate statutes and rulesII) License Categories6

A BrokerB Sales associateC Broker associateIII) General Licensure ProvisionsA AgeB High school diploma or its equivalentC Honest, trustworthy, of good moral characterD Disclose if under investigation, convicted of a crime or ever entered a plea of nolocontendere / no contest or guiltyE Aliases A/K/AF Disclose if denied, or had a license disciplined or pending discipline in anotherjurisdictionG Disclose if Denied, surrendered, or revoked license or registration to practice aregulated profession in any jurisdictionH Guilty of any conduct or practice that would have been grounds for suspension orrevocation under Chapter 475, F.S.I U.S. citizenship (Chapter 455.10)J Qualification of immigrants for examination (Chapter 455.11, F.S.)K Requirement for United States social security number (Chapter 559, F.S.)IV) Application RequirementsA FeesB Application form1) Responding accurately and completely to background information on theapplicationC Background check procedureD Period to check for errors and omissionsE Period to inform applicant of approval or denial of applicationF Rights of an applicantG The length of time a licensure application is valid1) Initial application2) Exam eligibleH Nonresident application requirementsI Regulations pertaining to pre-license coursesJ Identify what is public recordV) Sales Associate License RequirementsA Education exemptionsB Sales associate pre license courseC State licensure examinationVI) Broker License RequirementsA Education exemptionsB Experience requirementC Broker pre license courseD State licensure examinationVII) Mutual Recognition Agreements with Other StatesA Florida resident definedB Distinguish between mutual recognition and reciprocityVIII) Information included on the real estate license7

A Prima facia evidence that holder of a real estate license possesses current andvalid licensureIX) Registration vs. LicensureX) License Renewal EducationA Post licensure requirementB Continuing educationC Reactivation educationXI) Real Estate ServicesA Individuals who are required to be licensedB Individuals who are exempt from licensureXII) Unauthorized Practice of LawSECTION 3REAL ESTATE LICENSE LAW AND COMMISSION RULESLearning Objectives: Describe the composition, appointment and member qualifications of the Florida RealEstate Commission Define the powers and duties of the Commission Explain the different licensure statuses Distinguish between active and inactive license status Describe the regulations regarding involuntarily inactive status Distinguish between multiple and group licensesKey Terms: active/inactive canceled cease to be in force current group license involuntarily inactive license authority voided multiple licenses null and void voluntarily inactiveOutlineI) Regulation by Department of Business and Professional RegulationA Organizational structureB Definitions; F.S. 455.01C Legislative intent; requirements; F.S. 455.02D Department powers and duties; F.S. 455.203E Licensing examinationsF Licenses, fees, statuses, and renewal1) Active status2) Inactive status(a) Voluntarily inactive status(b) Involuntarily inactive status8

3) License ceases to be in force (F.S. 475.23)4) Members of armed forces (F.S. 455.02)G Types of real estate license1) Multiple and group licensesII) Division of Real EstateA Organizational structureIII) The Florida Real Estate Commission; Rules Governing Internal Organization andOperation; 61J2-20A Purpose of regulationB General structure1) Composition and qualifications of members2) Legal counsel3) Meetings and minutesC Duties and powers of the Commission1) Specific areas of responsibility2) Rule making3) Education4) Discipline9

SECTION 4AUTHORIZED RELATIONSHIPS, DUTIES AND DISCLOSURELearning Objectives: Describe which provisions of the Brokerage Relationship Disclosure Act apply only toresidential real estate sales and list types of real estate activities that are exempt from thedisclosure requirements Define residential transaction Distinguish among nonrepresentation, single agent and transaction broker List and describe the duties owed in the various authorized relationships Compare and contrast the fiduciary duties owed in a single agent relationship and theduties owed in a transaction broker relationship Describe the disclosure procedures for the various authorized relationships Describe the required content and format of the various disclosure forms Explain the procedure for transition from a single agent to a transaction broker Describe the disclosure requirements for non-residential transactions where the buyerand seller have assets of 1 million or more List the events that will cause an agency relationship to be terminated Distinguish between and explain the disclosure requirements and forms pursuant toFlorida Statute Identify Information That is Subject to Public RecordKey Terms: agent caveat emptor consent to transition customer designated sales associate dual agent fiduciary general agent limited representation nonrepresentation principal residential sale single agent special agent subagency transaction brokerOutlineI) Concept of agencyA Historical perspective of agency relationships1) Statutory law2) Common lawB Types of agents1) General agent2) Special agentC Fiduciary relationships10

1) Dealing at arm's length2) Caveat emptor3) Dual agency4) Subagency5) Customer vs. clientD Agency relationships determined by brokerII) Disclosure RequirementsA Applies to residential sales onlyB Disclosure requirements do not apply to:1) Non residential transactions2) The rental or leasing of real property, unless an option to purchase all or aportion of the property improved with four or fewer residential units is given3) Auctions4) Appraisals5) Dispositions of any interest in business enterprises or business opportunities,except for property with four or fewer residential unitsIII) Authorized Brokerage RelationshipsA Nonrepresentation1) Customer means a member of the public who is or may be a buyer or seller ofreal property and may or may not be represented by a real estate licensee in anauthorized brokerage relationship2) Duties(a) Dealing honestly and fairly(b) Disclose all known facts that materially affect the value of residentialproperty which are not readily observable to the buyer(c) Accounting for all funds entrusted to the licensee3) Disclose the no brokerage relationship (nonrepresentation) notice in writingbefore the showing of property (Section 475.278(4)(b), F.S.)B Single agent relationship1) Single agent is a broker who represents, as a fiduciary, either the buyer orseller but not both in the same transaction2) The party with whom a real estate licensee has entered into a single agentrelationship is the principal3) Duties(a) Dealing honestly and fairly(b) Loyalty(c) Confidentiality(d) Obedience(e) Full disclosure(f) Accounting for all funds(g) Skill, care and diligence in the transaction(h) Presenting all offers and counteroffers in a timely manner(i) Disclosing all known facts that materially affect the value of residentialreal property that are not readily observable4) Give the single agent disclosure before, or at the time of, entering into a listingagreement or an agreement for representation or before showing the property,whichever occurs first5) Required information on the disclosure per Statute6) Required format of the disclosure per Statute11

C Transaction broker relationship1) Presumption of transaction brokerage relationship2) Transaction broker means a broker who provides limited representation to abuyer, a seller, or both, in a real estate transaction, but does not represent either ina fiduciary capacity or as a single agent3) Transaction brokers provide a limited form of nonfiduciary representation to abuyer, a seller, or both in a real estate transaction4) Duties include:(a) Dealing honestly and fairly(b) Accounting for all funds(c) Using skill, care, and diligence in the transaction;(d) Disclosing all known facts that materially affect the value of residentialreal property and are not readily observable to the buyer(e) Presenting all offers and counteroffers in a timely manner, unless a partyhas previously directed the licensee otherwise in writing(f) Limited confidentiality, unless waived in writing by a party. This limitedconfidentiality will prevent disclosure that the seller will accept a priceless than the asking or listed price, that the buyer will pay a price greaterthan the price submitted in a written offer, of the motivation of any partyfor selling or buying property, that a seller or buyer will agree to financingterms other than those offered, or any other information requested by aparty to remain confidential(g) Any additional duties that are mutually agreed to with a partyIV) Consent to Transition From Single Agent to Transaction BrokerA A single agent relationship may be changed to a transaction broker relationship atany time during the relationship between an agent and principal, provided theagent gives the transition disclosure and the principal consents to the transitionbefore a change in relationshipB Procedure1) Give the single agent disclosure before, or at the time of, entering into a listingagreement or an agreement for representation or before showing of property,whichever occurs first2) Give transition disclosure and secure consent (signature) from partyC Required information on the disclosure per StatuteD Required format of the disclosure per StatuteV) Designated sales associateA Non-residential transaction limitationsB Disclosure requirementsC Single agent dutiesVI) DisciplineA Violations and penaltiesVII) Record keeping and retentionA Documenting agency disclosure12

SECTION 5REAL ESTATE BROKERAGE ACTIVITIES AND PROCEDURESLearning Objectives: Identify the requirements for real estate brokerage office(s) and the types of businessentities that may register Explain what determines whether a temporary shelter must be registered as a branchoffice List the requirements related to sign regulation List the requirements related to the regulation of advertising by real estate brokers Explain the term immediately as it applies to earnest money deposits Describe the four settlement procedures available to a broker who has receivedconflicting demands or who has a good-faith doubt as to who is entitled to disputed funds Explain the rule regarding the advertisement of rental property information or lists ornegotiation of rentals Describe the obligations placed on a sales associate who changes employers and/oraddressKey Terms: arbitration blind advertisement commingle conflicting demands conversion corporation (INC) deposit earnest money escrow account escrow disbursement order general partnership good-faith doubt interpleader kickback limited liability company (LLC) limited liability partnership (LLP) limited partnership litigation mediation ostensible partnership professional association (PA) point of contact information sole proprietorship trade nameOutlineI) Brokerage officesA Sales associates must be registered and work under direction and control ofbroker's office or branch office13

B Entrance Sign RequirementsC Temporary sheltersII) Guidelines for advertisingA False or misleading advertising1) Penalties for false advertisingB Any advertising must be worded so that a reasonable person knows that theadvertiser is a real estate licenseeC "Blind" advertising is prohibited; it must always reveal the licensed name of thebrokerage firmD Any person advertising real estate services is interpreted as acting as a brokerE Sales associates cannot advertise or conduct business in his or her own nameF All types of Internet advertising1) Point of contact informationIII) Handling of depositsA Requirement to deposit in an escrow account monies received from a client orcustomer1) Definition of escrow account2) Sales associate Must deliver funds by end of next business day3) Meaning of "immediately" for a broker4) Deposit notification if deposited with title company or attorney within 15 daysB Management of escrow accounts1) If the account is interest bearing, requirement for wr

Jan 01, 2015 · Florida Real Estate Commission SALES ASSOCIATE COURSE SYLLABUS (FREC COURSE I) January 1, 2015 (effective date) TABLE OF CONTENTS . SECTION 1: Course Overview: The Real Estate Business . SECTION 2: Real Estate License Law And Qualifications For Licensure

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