Real estate little book

Business broker specialty, real estate licensee

A business broker is a licensed real estate broker or sales associate who specialized in the sale purchase or lease of business enterprises and business opportunities there is NOT a separate license for a business broker

Finders fee summary points.

A finders fee or referral fee one. 1.Can be paid to an unlicensed person who has a tenant in the apartment complex only two. Maybe paid by a property management firm or an owner of the apartment complex and three. May not exceed the value of $50 per transaction

Exemption; salaried manager of condominium

A salaried manager of a condominium apartment complex who rents units for periods greater than one year such as two years is not exempt from the real estate licensure requirement

adjudication withheld, requirement of applicant

An applicant for a Florida real estate license was convicted of a crime adjudication is withheld by the court. the applicant must provide details regarding the criminal conviction, even though adjudication was withheld by the court

SSN required

Applicant must submit Social Security number to assure applicant is compliant with any child support order

post licensure requirements; broker and associate

Florida real estate broker does NOT complete the 60-hour post licensing education at requirement prior to the 1st renewal following initial licensure the real estate broker license is null and void. This also applies to a sales associate who has a 45-hour post licensing requirement

Real estate regulation, DBPR, DRE, FREC

History of Florida real estate regulation: 1) prior to license law the principle of caveat emptor (buyer beware) prevailed 2) Chapter 475, real estate license law, was enacted in 1923. 3) The Florida real estate commission was created in 1925. 4) The division of real estate is organized within the department of business and professional regulation

False swearing on application

If an applicant for Florida real estate license makes a" false representation of a material fact" on application of what for licensure if found guilty this is a felony of the third degree penalty of up to $5000 and/or up to five years in prison

citizenship?

Not a requirement for licensure

mutual recognition

a Georgia real estate licensee moved to Florida five months ago the Georgia license he wants to obtain a Florida sales associate license based on mutual recognition. The Georgia licensee must complete the 63 hour prelicensing course and pass a 100 question Florida licensing exam this person is a Florida resident after four months and does NOT qualify under the mutual recognition rule

exemption; attorney at law

a broker pays an attorney a $200 fee for the referral of each Prospect who purchases property Through The Brokerage firm. the broker also promises to pay an attorney in a town fee for the referral of real estate business. this is a violation of chapter 475. attorneys are not exempt from the real estate licensure requirements when referring prospects to a real estate broker.

continued education; subject matter requirement

a real estate licensee who holds a license that expires on or after September 30th 2018 must take once during each renewal period. 1) 3 hours of core law 2) complete at 72-hour pre-licensing education course for brokers, and 3) active sales associate license for at least 24 months during the preceding five years (in one or more States). the associate is not required to complete a 14-hour continuing education course for sales associates during the initial licensure period.

exemption; salaried employee (apartment community)

a salaried employee who works in an on-site rental office of the apartment community in a leasing capacity receives a bonus for signing each new tenant this person is not exempt from the real estate licensure requirement. to be exempt no bonuses can be paid to the salaried employee based on production

license reactivation education; over 12 months

an individual real estate broker license expired 15 months ago, to reactivate the license the broker must complete 28 hours of a commission prescribed education course. ( if the license is expired for 12 months or less than the reactivation education is 14 hours of a commission prescribed continuing education course.