Free Florida Real Estate Exam Flashcards

The commission within DBPR that regulates Florida real estate licensees, sets education standards, adopts rules, and handles discipline for license law violations.

The DBPR division that supports FREC by processing applications, maintaining license records, collecting fees, and assisting with investigations and commission operations.

Florida's real estate license law. It covers licensure, broker and sales associate duties, prohibited conduct, and FREC disciplinary authority.

The administrative rules adopted by FREC to implement Florida real estate statutes, including practice, education, and discipline procedures.

FREC has 7 Governor-appointed members confirmed by the Senate: 4 licensed brokers, 2 licensed sales associates, and 1 consumer member.

The exam has 100 multiple-choice questions, a 3 hour 30 minute time limit, and a 75% passing score.

Florida sales associate candidates complete a 63-hour FREC-approved pre-license course before qualifying for the state exam.

The Florida pre-license course completion certificate is valid for 2 years, so the candidate must complete the application and exam process within that window.

A new Florida sales associate must complete 45 hours of post-license education before the first renewal. Missing this requirement can make the license null and void.

After the initial post-license period, Florida real estate licensees complete 14 hours of continuing education during each 2-year renewal cycle.

A Florida sales associate cannot perform licensed services while inactive. The license must be placed with and activated through a registered broker or owner-developer.

A person who holds a broker license but chooses to work under another broker instead of operating independently.

A Florida license arrangement that lets a sales associate work for an owner-developer through multiple brokers registered with the same owner-developer.

A fund that may compensate consumers harmed by licensee misconduct. Payment from the fund results in automatic suspension until the licensee repays the fund.

FREC can issue reprimands, place a licensee on probation, impose fines up to $5,000 per violation, suspend a license, or revoke a license.

Performing real estate services for another for compensation without a valid license is treated as a serious license law violation and can be a third-degree felony.

Florida recognizes single agent, transaction broker, and no brokerage relationship. Traditional dual agency is not a separate permitted relationship.

Florida's default brokerage relationship. The licensee provides limited representation without full fiduciary duties to either party.

A Florida brokerage relationship with full fiduciary duties to one party, including loyalty, confidentiality, obedience, full disclosure, accounting, and skill and care.

A nonrepresentation relationship in which the licensee still must deal honestly and fairly, disclose known material facts, and account for entrusted funds.

A single agent must obtain written consent before changing to transaction broker status because the client is giving up full fiduciary representation.

A transaction broker may not reveal facts such as a buyer's willingness to pay more, a seller's willingness to accept less, or a party's motivation without permission.

Florida licensees must disclose known facts that materially affect property value and are not readily observable, even when those facts are unfavorable to a client.

The Florida case that established a seller's duty to disclose known material defects that affect value and are not readily observable to the buyer.

Florida requires a statutory radon notice in real estate contracts for buildings. The rule requires disclosure, not a radon test or remediation.

For most residential property built before 1978, federal law requires disclosure of known lead hazards and delivery of the EPA lead pamphlet before the buyer is bound.

Florida does not require disclosure that a property was the site of a death or that a former occupant had HIV/AIDS, because these are not treated as physical material defects.

Known sinkhole activity, claims, testing, or repairs should be disclosed because sinkhole history can materially affect value, insurability, and buyer decisions.

A Florida coastal regulation line affecting construction on beach and dune property. Building seaward of the line generally requires special permitting.

Florida wetland property may require permits from state, federal, or water management authorities, and protected species can restrict development plans.

A FEMA-mapped high-risk flood area. Flood insurance is required when the property is in a Special Flood Hazard Area and has a federally backed mortgage.

A Florida broker who receives escrow funds must place them in escrow by the end of the third business day after receipt, unless a later contract-based deadline applies.

When a Florida broker has good faith doubt about disputed escrow funds, available paths include mediation, arbitration, interpleader, or requesting a FREC escrow disbursement order.

A FREC process that can direct how disputed escrow funds should be released when the broker properly seeks administrative guidance.

Mixing trust funds with broker personal or business funds. Florida permits only limited broker funds in an escrow account for opening or maintaining the account.

A commonly used Florida residential contract developed by Florida Realtors and The Florida Bar. It is not a FREC-promulgated state form.

A Florida buyer may inspect and cancel during the inspection period, but the seller is not obligated to make repairs unless the contract says otherwise.

In the Florida residential contract context, many deadlines run from the date the last party signs or initials the final offer or counteroffer.

Florida real estate sale contracts generally must be in writing and signed by the party to be charged to be enforceable.

Florida homestead can reduce assessed value by up to $50,000, with the first portion applying to all taxes and the additional portion applying to non-school taxes.

For homestead property, annual assessed value increases are capped at 3% or the Consumer Price Index, whichever is lower.

A Florida homeowner may transfer up to $500,000 of accumulated Save Our Homes benefit to a new Florida homestead if statutory timing rules are met.

In most Florida counties, documentary stamp tax on deeds is calculated at $0.70 per $100 of consideration. Local custom often determines which party pays.

Florida imposes a nonrecurring intangible tax of 2 mills, or $0.002 per dollar, on new mortgages secured by Florida real property.

Florida property taxes are based on the calendar year and are paid in arrears, so closings commonly credit the buyer for the seller's unpaid share.

Under Florida residential landlord-tenant law, a landlord returns the deposit within 15 days if making no claim, or sends a claim notice within 30 days.

Florida residential eviction for unpaid rent starts with a 3-day notice to pay or vacate, excluding weekends and legal holidays.

A condo owner owns the unit plus an interest in common elements. A co-op resident owns shares in the corporation and receives occupancy rights through a proprietary lease.

For property subject to a Florida homeowners' association, the buyer should receive a disclosure summary about mandatory membership, assessments, restrictions, and governing documents.

Florida real estate advertising must clearly include the registered brokerage name. Blind ads and team ads that imply a separate brokerage can violate advertising rules.