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Florida Real Estate License Exam Prep: Part 1

Part One: Law and Practice Rev
Introduction
Section 1: The Real Estate Business
Real Estate Professions
Development and Construction
Regulation and Licensing
Section 1: Practice Test
Section 2: Real Estate License Law and Qualifications for Licensure
Historical Perspective of FL License Law
Definitions of Key Terms (475.01)
Key Florida Real Estate Statutes and Rules
General Licensing Provisions (475.17; 455.213)
Sales Associate Licensing Requirements (475.161; 475.182)
Broker Licensing Requirements (475.17)
Registration and Licensure (475.181)
Real Estate Services: Activities Requiring a License (475.01)
Individuals Exempted from Licensure (475.011)
Section 2: Practice Test
Section 3: Real Estate License Law and Commission Rules
Florida Real Estate Commission (475.02)
Department of Business and Professional Regulation (20.165; 455.01; 455.203)
Real Estate Regulation: Licenses
Section 3: Practice Test
Section 4: Authorized Relationships, Duties and Disclosure
Concepts of Agency
Florida Law of Agency (475.255)
Authorized Brokerage Relationships (475.2701; 272; 278)
Misrepresentation and Fraud (455.227)
Professional Ethics
Sales Associate: Broker Relationship (475.161; 42)
Section 4: Practice Test
Section 5: Real Estate Brokerage Activities - Guides for Sales Associates
Brokerage Offices (475.22)
Advertising (61J2-10.025; 501.2075)
Escrow/Trust Accounts: General Rules (61J2-14)
Broker: Agent Relationship
Broker’s Commission (542; 475.703; 713; 61J2.10; 475.23)
Business Entities and Registration
Trade Names (475.22) and LLC/PA Registration
Unlicensed Assistants
Section 5: Practice Test
Section 6: Violations of License Law, Penalties and Procedures
Legal Terms to Know
Complaint Process (455.225; 120.68)
Violations and Penalties (475.17, 181, 25; 455.227)
Types of Penalties (475.42; 61J2-24; 120.695; 455.22)
Real Estate Recovery Fund (475.482)
Disciplinary Guidelines (61J2-24)
Section 6: Practice Test
Section 7: Federal and State Laws Pertaining to Real Estate
Federal Fair Housing
Florida Fair Housing Law (760)
Florida Environmental Laws (380; 386)
Florida Fair Lending Act (494.0078-494.00797)
Florida Deceptive and Unfair Trade Practices Act (501.201- 501.213)
National Uniform Landlord Tenant Act (URLTA)
Florida Residential Landlord and Tenant Act (83)
Florida SB 184
Section 7: Practice Test
Section 8: Property Rights: Estates and Tenancies; Condos, Coops, CDDs, HOAs, and Time-Sharing
Nature of Property
General Property Rights
Estates and Tenancies
Homestead (222; 196)
Condominiums and Cooperatives
Section 8: Practice Test
Section 9: Title, Deeds and Ownership Restrictions
Title to Real Property
Acquiring and Recording Legal Title
Deeds
Title Transfer by Descent
Ownership Limitations and Restrictions: Encumbrances and Liens
Leases
General and Specific Liens
Public/Government Restrictions
Deed Restrictions
Section 9: Practice Test
Section 10: Legal Descriptions
Purpose and Types of Legal Descriptions
Section 10: Practice Test
Section 11: Real Estate Contracts
Definition, Preparation of Contracts (725)
Essentials of a Contract
Contracts: Listings
Contracts: Option Contracts
Contracts: Sale and Purchase Contracts
Sale Contracts: Mandatory Disclosures (475; 404)
Section 11: Practice Test
Section 12: Residential Mortgages
Mortgage Concepts
Transaction Instruments, Components and Mechanics
Mortgage Clauses
Contracts: Contract for Deed
Land Development and Construction Loans
Default and Foreclosure
Section 12: Practice Test
Section 13: Types of Mortgages and Sources of Financing
Types of Mortgages
Loan Qualification
The Mortgage Market
Fair Financing Laws
Section 13: Practice Test
Section 14: Closing of Transactions
Closing Essentials
Truth in Lending/RESPA Integrated Disclosures Rule
Section 14: Practice Test
Section 15: The Real Estate Market
Physical Characteristics of Real Estate
Economic Characteristics of Real Estate
Section 15: Practice Test
Section 16: Real Estate Appraisal
Regulation of Appraisal Practice
Concepts and Principles of Value
Types of Value
Market Value Requirements
The Appraisal Process
Value Approaches: Sales Comparison Approach
Value Approaches: Cost Approach
Value Approaches: Income Approach
Gross Rent Multipliers
Preparing a Comparative Market Analysis
Section 16: Practice Test
Section 17: Real Estate Investments and Business Opportunity Brokerage
Investment Terminology
Investment Characteristics
Risk Assessment
Business Brokerage
Section 17: Practice Test
Section 18: Taxes Affecting Real Estate
Real Property Taxation
Federal Income Taxes
Section 18: Practice Test
Section 19: Planning and Zoning
Definitions
Land Use Planning
Public Land Use Control
Private Land Use Control
Environmental Controls
Testable Dates to Remember
Section 19: Practice Test
Florida License Exam Simulation Test
Florida License Exam Simulation Test

Section 16: Real Estate Appraisal

Florida Real Estate License Exam Prep: Part 1
By: Orlando Lopez
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Note: See also valuation computations in Part Two: Real Estate Math Review, Appraisal, and Value Section.

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