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What is the breakdown of topics for the real estate exam guide?,"The breakdown of topics includes various aspects such as the real estate business, license law, real estate brokerage activities, violations of license law, federal and state laws, property rights, titles, deeds, legal descriptions, real estate contracts, mortgages, computations, real estate markets, appraisal, investments, taxes, planning, and zoning."
Which topic holds the highest percentage in the breakdown?,Real Estate Brokerage Activities and Procedures holds the highest percentage in the breakdown with 12%.
What does FL Gov > DBPR > DRE > FREC represent in the context of the real estate business?,"FL Gov > DBPR > DRE > FREC represents the hierarchy where the Florida Government oversees the Department of Business and Professional Regulation (DBPR), which oversees the Division of Real Estate (DRE), and DRE oversees the Florida Real Estate Commission (FREC)."
What is the purpose of the Division of Real Estate (DRE)?,The Division of Real Estate (DRE) provides administrative services and ministerial duties needed for exams and licensing.
What are the components covered under License Law and Qualifications for Licensure (6%)?,"Components covered under License Law and Qualifications for Licensure include CHA475, FREC information, fingerprint requirements, required agency disclosure, record retention requirements, CH61J2, education requirements, and disciplinary Florida administrative code."
What are the requirements for broker applicants?,"Broker applicants need 2 years of experience, and licenses expire on either March 31st or September 30th."
What is the role of the Division of Real Estate (ORE) in License Law and Qualifications for Licensure?,The Division of Real Estate (ORE) provides administrative services for exams and licenses.
What is the Real Estate Recovery Fund Fee?,"The Real Estate Recovery Fund Fee is a fee associated with the Real Estate Recovery Fund, providing compensation to consumers within 2 years of knowledge of a violation, with a maximum of 4 years from the date of the violation."
What is the role of FREC in Real Estate License Law and Commission Rules (2%)?,"FREC (Florida Real Estate Commission) regulates and enforces license law, adopts a seal, fosters education, regulates practices, and reports violators."
What are the three categories of functions performed by FREC?,"FREC performs executive functions to regulate and enforce license law, quasi-legislative functions to enact and revise administrative rules, and quasi-judicial functions to grant/deny license applications, handle violations, suspend and revoke licenses, and impose fines."
How does FREC determine probable cause in a complaint against a licensee?,FREC puts together a panel of 2+ members to determine if there is probable cause to prosecute a complaint against a licensee.
What is the purpose of the Election of Rights form in Real Estate License Law and Commission Rules?,"The Election of Rights form is sent with a formal complaint to a licensee and must be completed within 21 days, indicating the licensee's acknowledgment of their rights in the complaint process."
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.