Unit 1: Key Points >

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These are the most important points for you to remember in this unit.

  • A student must score 70 percent in the end-of-course exam and 75 percent in the state exam.
  • Applicants for a real estate license must have a Social Security number.
  • Applicants must submit fingerprints electronically.
  • Students have two years to pass the state exam after completing the prelicense course.

Real Estate Brokerage

  • The five major real estate sales specialties are residential, commercial, industrial, agricultural, and businesses.
  • Sales associates working in residential sales often specialize in a neighborhood, which is called “farming.”
  • Property management has grown largely because of absentee ownership.
  • Appraisers estimate real estate value and must follow the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP).
  • Real estate brokers and sales associates may appraise property for a fee if the property will not be the collateral in a federally-related loan.
  • The real estate licensee may not call the appraisal “certified.”
  • The licensee must follow the requirements of the Uniform Standards of Professional Appraisal Practice (USPAP).
  • Most real estate licensees normally prepare a comparative market analysis (CMA).
  • A broker may charge a fee for an CMA or a broker’s price opinion (BPO).
  • The CMA may not be called an appraisal.
  • The section of a CMA that shows the sales prices of properties will reflect the estimated value of an appraisal.
  • A person who takes applications for a mortgage loan must be licensed by the Florida Office of Financial Regulation.
  • A real estate licensee may not accept a referral fee from a lender unless the licensee is licensed as a loan originator.

Development and Construction

  • Before development on a new subdivision begins, the developer must submit a subdivision plat map for review by the local planning board or commission.
  • The clerk of the court will record the plat map and any restrictive covenants established by the developer.
  • The developer must build the infrastructure in conformance with city or county standards, and will dedicate the roads and storm sewer systems to the government for ongoing maintenance.

A building contractor builds three categories of construction: speculative (spec) building, tract building, and custom building.