Florida Real Estate License Exam Preparation
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CONTENTS
INTRODUCTION
Real Estate Professions
Development and Construction
Regulation and Licensing
Section 1 Test: The Real Estate Business
Historical Perspective of FL License Law
Definitions of Key Terms (475.01)
Key Florida Real Estate Statutes and Rules
General Licensing Provisions (475.17; 455.213)
Sales Associate Licensing Requirements (475.161; 475.182
Broker Licensing Requirements (475.17)
Registration and Licensure (475.181)
Real Estate Services: Activities Requiring a License (475.01)
Individuals Exempted from Licensure (475.011)
Section 2 Test: Florida License Law & Qualifications for Licensure
Florida Real Estate Commission (475.02)
Department of Business and Professional Regulation (20.165; 455.01; 455.203)
Real Estate Regulation: Licenses
Section 3 Test: RE License Law and Commission Rules
Concepts of Agency
Florida Law of Agency (475.255)
Authorized Brokerage Relationships (475.2701; 272; 278)
Authorized Brokerage Relationships (475.2701; 272; 278) (Cont)
Misrepresentation and Fraud (455.227)
Professional Ethics
Sales Associate – Broker Relationship (475.161; 42)
Section 4 Test: Authorized Relationships, Duties and Disclosure
Brokerage Offices (475.22)
Advertising (61J2-10.025; 501.2075)
Escrow / Trust Accounts – General Rules (61J2-14)
Rental Information and Lists (475.453)
Broker-Agent Relationship
Broker’s Commission (542; 475.703; 713; 61J2.10; 475.23)
Business Entities and Registration
Trade Names (475.22)
Unlicensed Assistants
Section 5 Test: Real Estate Brokerage Activities and Procedures
Legal Terms to Know
Complaint Process (455.225; 120.68)
Violations and Penalties (475.17, 181, 25; 455.227)
Types of Penalties (475.42; 61J2-24; 120.695; 455.22)
Real Estate Recovery Fund (475.482)
Disciplinary Guidelines (61J2-24)
Test 6: Violations of License Law, Penalties and Procedures
Federal Fair Housing
Florida Fair Housing Law (760)
Florida Environmental Laws (380; 386)
Florida Fair Lending Act (494.0078-494.00797)
Florida Deceptive and Unfair Trade Practices Act (501.201-501.213)
National Uniform Landlord Tenant Act (URLTA)
Florida Residential Landlord and Tenant Act (83)
Florida SB 184
Section 7 Test: Federal and State Laws Pertaining to Real Estate
Nature of Property
General Property Rights
Estates and Tenancies
Homestead (222; 196)
Condominiums and Cooperatives
Test 8: Property Rights, Estates and Tenancies
Title to Real Property
Acquiring & Recording Legal Title
Deeds
Title Transfer by Descent
Ownership Limitations and Restrictions: Encumbrances & Liens
Leases
General and Specific Liens
Public / Government Restrictions
Deed Restrictions
Section 9 Test: Titles, Deeds and Ownership Restrictions
Purpose and Types of Legal Descriptions
Section 10 Test: Legal Descriptions
Real Estate Contracts
Section 11 Test: Real Estate Contracts
Mortgage Concepts
Transaction Instruments, Components & Mechanics
Mortgage Clauses
Contracts: Contract for Deed
Default and Foreclosure
Section 12 Test: Residential Mortgages
Types of Mortgages
Loan Qualification
The Mortgage Market
Fair Financing Laws
Section 13 Test: Types of Mortgages and Sources of Financing
Closing Essentials
Closing Essentials (cont)
Truth-in-Lending/RESPA Integrated Disclosures Rule
Section 14 Test: Real Estate Computations and Closing Transactions
Physical Characteristics of Real Estate
Economic Characteristics of Real Estate
Economic Characteristics of Real Estate (cont)
Section 15 Test: Real Estate Markets and Analysis
Regulation of Appraisal Practice
Concepts and Principles of Value
Types of Value
Market Value Requirements
The Appraisal Process
Value Approaches: Sales Comparison Approach
Value Approaches: Cost Approach
Value Approaches: Income Approach
Gross Rent Multipliers
Preparing a Comparative Market Analysis
Section 16 Test: Real Estate Appraisal
Investment Terminology
Investment Characteristics
Risk Assessment
Business Brokerage
Section 17 Test: Real Estate Investments
Real Property Taxation
Federal Income Taxes
Section 18 Test: Taxes Affecting Real Estate
Definitions
Land Use Planning
Public Land Use Control
Private Land Use Control
Environmental Controls
Table Dates to Remember
Section 19 Test: Planning, Zoning and Environmental Hazards
Basic Math
Basic Math (cont)
Basic Math (cont)
Ownership
Leases
Contracts for the Sale of Real Estate
Appraisal & Value
Finance
Finance (cont)
Investment
Investment (cont)
Real Estate Taxation
Commissions
Closing Costs, Prorations
Insurance Coverage
Test 20: Real Estate Mathematics
FL Exam Prep Test 1
FL Exam Prep Test 2
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