Real Estate Business
1%of exam
BrokerageConstructionGovernmentOrganizations
License Qualifications
6%of exam
63 HoursPost-LicenseContinuing EdExemptions
License Law Rules
2%of exam
FRECDBPRDRE61J2
Relationships Duties Disclosures
7%of exam
Transaction BrokerSingle AgentNo BrokerageTransition
Brokerage Activities
12%of exam
EscrowAdvertisingCommissionEntities
Violations Penalties
3%of exam
ComplaintsSuspensionRecovery FundDiscipline
Federal State Laws
3%of exam
Fair HousingEnvironmentalMortgage LendingLandlord Tenant
Property Rights
8%of exam
Titles Deeds Restrictions
7%of exam
TitleDeedsLiensEasements
Legal Descriptions
5%of exam
Metes BoundsLot BlockGovernment SurveyAcre Math
Real Estate Contracts
12%of exam
EssentialsFraudsLimitationsDisclosures
Residential Mortgages
9%of exam
Loan ClausesFHAVAQualification
Mortgage Types Financing
4%of exam
Computations Closing
6%of exam
ProrationsDoc StampsIntangible TaxClosing Statement
Markets Analysis
1%of exam
SupplyDemandImmobilityLocal Market
Appraisal
8%of exam
USPAPMarket ValueCostIncome
Investments Brokerage
2%of exam
LeverageRiskBusiness BrokerageInvestment Analysis
Real Estate Taxes
3%of exam
Property TaxesMillageFederal TaxesTax Liens
Planning Zoning
1%of exam
Growth ActPlanning AgencyZoningCode Enforcement
Quick Facts
- Exam
- Sales Associate
- Owner
- DBPR/FREC
- Vendor
- Pearson VUE
- Questions
- 100 MCQ
- Time
- 3.5 hours
- Pass
- 75 correct
- Fee
- $36.75
- Book
- Closed book
- Blueprint
- Jan 2025
Exam Numbers
- Pre-license
- 63 hours
- Post-license
- 45 hours
- Continuing ed
- 14 hours
- Renewal
- 2 years
- Age
- 18 minimum
- Course certificate
- 2 years
- Exam time
- 3.5 hours
- Passing score
- 75 correct
Regulators
- DBPR
- Department oversight
- DRE
- Licensing operations
- FREC
- Rules discipline
- Chapter 475
- License law
- Chapter 455
- DBPR provisions
- Rule 61J2
- FREC rules
- Pearson VUE
- Exam vendor
- BET
- Exam development
Relationship Roles
T-S-N: limited, fiduciary, none
T: transactionS: singleN: no brokerage
Transaction vs Single Agent
Transaction
- Limited representation
- No loyalty
- Default role
Single Agent
- Fiduciary duties
- Full loyalty
- Disclosure required
Limited vs fiduciary
Relationship Picker
- Limited help→Transaction broker(Default)
- Full loyalty→Single agent(Fiduciary)
- No representation→No brokerage(Disclose)
- Agent changes role→Transition consent(Written)
- Confidential info→Protect it(All roles)
- Broker holds funds→Escrow rules(Strict)
Brokerage Relationships
- Transaction broker
- Limited representation
- Single agent
- Fiduciary representation
- No brokerage
- No representation
- Transition
- Agent to transaction
- Loyalty
- Single-agent duty
- Confidentiality
- All relationships
- Accounting
- All relationships
- Disclosure
- Before relationship change
Escrow Options
M-A-I-L-E solves escrow disputes
MediationArbitrationInterpleaderLitigationEDO
Escrow vs Commission
Escrow
- Trust funds
- Account separately
- Strict deadlines
Commission
- Broker compensation
- Agreement controls
- Antitrust risk
Client money vs pay
Escrow Picker
- Deposit received→Escrow account(3 days)
- Dispute starts→Notify FREC(Required)
- Both agree→Mediation(Voluntary)
- Contract requires→Arbitration(Binding)
- Court needed→Interpleader(Judge decides)
- FREC decides→EDO(Escrow order)
Brokerage Operations
- Principal office
- Registered location
- Branch office
- Separate registration
- Trade name
- Registered name
- Blind ad
- Broker omitted
- Escrow
- Trust funds
- Commingling
- Mixed funds
- Kickback
- Disclosure needed
- Assistant
- Limited tasks
Escrow Disputes
- Deposit deadline
- 3 business days
- Broker funds
- $1,000 max
- Rent escrow
- $5,000 max
- EDO
- FREC order
- Mediation
- Voluntary settlement
- Arbitration
- Binding decision
- Interpleader
- Court decides
- Litigation
- Party lawsuit
Violations Penalties
- Complaint
- Written allegation
- Investigation
- Probable cause
- Citation
- Minor violation
- Fine
- $5,000 max
- Probation
- Conditional practice
- Suspension
- Temporary loss
- Revocation
- License removed
- Recovery Fund
- Victim payment
Property Rights
- Real property
- Land plus rights
- Personal property
- Movable item
- Fixture
- Attached personalty
- Fee simple
- Maximum estate
- Life estate
- Lifetime interest
- Homestead
- Protected residence
- Condominium
- Unit ownership
- Cooperative
- Share ownership
Tenancies
- Severalty
- Sole owner
- TIC
- Undivided shares
- Joint tenancy
- Survivorship possible
- Entireties
- Married owners
- Estate years
- Fixed term
- At will
- Indefinite term
- At sufferance
- Holdover tenant
- Periodic tenancy
- Repeating periods
Title vs Deed
Title
- Ownership concept
- Rights bundle
- Evidence needed
Deed
- Written instrument
- Transfers title
- Recordable document
Ownership vs paper
Title Deeds
- Title
- Ownership evidence
- Deed
- Conveyance instrument
- Grantor
- Conveys title
- Grantee
- Receives title
- General warranty
- Broadest promises
- Special warranty
- Grantor-period promises
- Quitclaim
- No warranties
- Recording
- Constructive notice
General vs Specific Lien
General
- All property
- Judgment lien
- Broad claim
Specific
- One property
- Mortgage lien
- Tax lien
All vs one
Restrictions Liens
- Easement
- Use right
- Encumbrance
- Burden on title
- Lien
- Money claim
- Specific lien
- One property
- General lien
- All property
- Deed restriction
- Private limit
- Police power
- Public control
- Lis pendens
- Pending lawsuit
Legal Descriptions
- Metes
- Distance
- Bounds
- Direction
- Lot block
- Recorded plat
- Township
- 36 sections
- Section
- 640 acres
- Acre
- 43,560 sq ft
- Mile
- 5,280 feet
- Monument
- Boundary marker
Top Weights
B-C-M-P-A: 12,12,9,8,8
Brokerage 12Contracts 12Mortgages 9Property 8Appraisal 8
Contract Picker
- Missing acceptance→No contract(Counteroffer)
- Land sale→Written contract(Frauds)
- Known defect→Disclose(Material)
- Pre-1978 home→Lead disclosure(Federal)
- Radon question→Radon statement(Florida)
- HOA property→HOA disclosure(Buyer notice)
Official Weights
- Brokerage Activities
- 12%
- Contracts
- 12%
- Residential Mortgages
- 9%
- Property Rights
- 8%
- Appraisal
- 8%
- Relationships
- 7%
- Titles Deeds
- 7%
- License Qualifications
- 6%
- Computations Closing
- 6%
- Legal Descriptions
- 5%
Contract Elements
OACCL: offer, acceptance, capacity, consideration, legality
OfferAcceptanceCapacityConsiderationLegality
Contracts
- Offer
- Proposed terms
- Acceptance
- Unchanged assent
- Consideration
- Bargained value
- Competent parties
- Legal capacity
- Legal purpose
- Lawful objective
- Statute frauds
- Writing required
- Option
- Right to buy
- Assignment
- Rights transferred
Mandatory Disclosures
- Material defect
- Known hidden issue
- Radon
- Required statement
- Lead paint
- Pre-1978 homes
- HOA
- Association disclosure
- CDD
- District disclosure
- Energy brochure
- Efficiency notice
- Property tax
- Tax reset warning
- Building code
- Compliance disclosure
FHA vs VA
FHA
- Insured loan
- Low down
- MIP applies
VA
- Guaranteed loan
- Eligible veterans
- Funding fee
Insured vs guaranteed
Mortgage Basics
- Lien theory
- Borrower holds title
- Promissory note
- Debt evidence
- Mortgage
- Property security
- Acceleration
- Debt due
- Defeasance
- Lien release
- Alienation
- Due on sale
- Hypothecation
- Pledge without possession
- Amortization
- Debt reduction
Loan Types
- Conventional
- Not government insured
- FHA
- Insured loan
- VA
- Guaranteed loan
- ARM
- Adjustable rate
- Balloon
- Large final payment
- Purchase money
- Seller financing
- Primary market
- Loan origination
- Secondary market
- Loan resale
Debit vs Credit
Debit
- Charge
- Owes money
- Reduces proceeds
Credit
- Benefit
- Receives value
- Increases proceeds
Charge vs benefit
Math Picker
- Seller expense unpaid→Seller debit(Buyer credit)
- Buyer expense prepaid→Buyer debit(Seller credit)
- Deed tax→$0.70/$100(Most counties)
- Note tax→$0.35/$100(Debt amount)
- Mortgage intangible→2 mills(Loan amount)
- Land area→43,560(Sq ft/acre)
Closing Math
- Proration
- Split expense
- Debit
- Charge
- Credit
- Benefit
- Arrears
- Paid later
- Doc stamp deed
- $0.70/$100
- Miami-Dade deed
- $0.60/$100
- Note doc stamp
- $0.35/$100
- Intangible tax
- 2 mills
Deed vs Note Stamps
Deed stamp
- Sale price
- $0.70/$100
- Seller custom
Note stamp
- Debt amount
- $0.35/$100
- Borrower pays
Conveyance vs debt
Appraisal Approaches
S-C-I: sales, cost, income
Sales comparisonCost-depreciationIncome capitalization
CMA vs Appraisal
CMA
- Broker estimate
- Listing pricing
- Not appraisal
Appraisal
- Appraiser opinion
- USPAP governed
- Lender reliance
Marketing vs valuation
Appraisal Methods
- Market value
- Most probable price
- USPAP
- Appraisal standards
- Sales comparison
- Comparable sales
- Cost approach
- Land plus improvements
- Depreciation
- Value loss
- Income approach
- Capitalized income
- CMA
- Broker analysis
- BPO
- Broker opinion
Taxes Zoning
- Ad valorem
- Value based
- Assessed value
- Taxable basis
- Mill
- $1 per $1,000
- Tax lien
- Superior lien
- Homestead exemption
- Tax reduction
- SOH cap
- Assessment limit
- Zoning
- Land-use control
- Variance
- Hardship exception
Common Traps
Default relationship
Transaction broker default ≠ Single agent requires disclosure
Dual agency
Florida rejects dual ≠ Transition to transaction
Escrow timing
3 business days ≠ Not calendar days
Brokerage advertising
Broker name required ≠ Blind ads prohibited
Doc stamps
Deed uses sale price ≠ Note uses debt amount
Title transfer
Title is ownership ≠ Deed transfers ownership
CMA confusion
CMA is broker tool ≠ Appraisal follows USPAP
Tax proration
Taxes paid arrears ≠ Seller credits buyer
Last Minute
- 1.100 questions; 75 correct
- 2.Closed book; 3.5 hours
- 3.Top weights: 12,12,9,8,8
- 4.Transaction broker is default
- 5.Single agent equals fiduciary
- 6.Escrow deposit: 3 business days
- 7.Blind ads omit broker
- 8.Deed stamps: $0.70/$100
- 9.Intangible tax: 2 mills
- 10.Acre equals 43,560 sq ft
- 11.FHA insured; VA guaranteed
- 12.CMA is not appraisal
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