What is the Real Estate Recovery Fund?
The Real Estate Recovery Fund allows consumers to apply within 2 years of knowledge of a violation, with a maximum of 4 years from the date of the violation, providing compensation with a maximum of $50k per transaction and $150k per licensee.
What are the minimum and maximum amounts maintained in the Real Estate Recovery Fund?
The minimum maintained in the Real Estate Recovery Fund is $500k, and the maximum is $1 million.
What are the fees associated with the Real Estate Recovery Fund?
The fees associated with the Real Estate Recovery Fund are $3.50 per broker and $1.50 per sales associate.
What is the role of FREC in Authorized Relationships, Duties, and Disclosures (7%)?
FREC administers and enforces the law, protects consumers, and includes 5 professionals with licenses (4 with 5+ years of experience, one with 2+ years of experience), and 2 consumers.
What are the different types of agents defined in Authorized Relationships, Duties, and Disclosures?
Agents are defined as those who act on behalf of others, with distinctions such as Client (agent acts for the client, owed fiduciary duties), Customer (not represented by the agent), Special Agent (limited authority to act on behalf of a client), General Agent (ongoing responsibility for all dealings related to a special area), Limited Agent (like an escrow or closing officer for all parties), and Dual Agent (representing both sides in a transaction).
What is the responsibility of a Sales Associate in Real Estate Brokerage Activities and Procedures (12%)?
A sales associate can get written authorization from a broker for each transaction to receive their commission split directly.
What are the requirements for brokerages in Real Estate Brokerage Activities and Procedures (12%)?
Brokerages are required to be registered with DBPR unless they are sole proprietors.
What is the timeline for delivering and depositing escrow in real estate transactions?
Sales associates and broker associates are required to deliver escrow by the next business day and deposit it by the third business day unless otherwise agreed upon by both parties.
How is the commission disbursed in a real estate transaction involving seller's and buyer's agents?
The seller's agent and brokerage disburse the commission to the buyer's brokerage.