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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.