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Section 1The Real Estate BusinessPreview
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Key Points
Term: Brokerage Activity - Representing a client in a real estate transaction for compensation.
Common Mistakes
Appraisal focuses on property value, not sales negotiation.
Exam Tips
Look for language indicating the person is being paid to find a buyer and negotiate.
Section 2License Law and Qualifications for LicensurePreview
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Key Points
Term: Natural-Person - Refers to an individual applicant.
Common Mistakes
Completing a prelicense course does not alter the age requirement.
Exam Tips
Pay close attention to the specific age requirement (18 years).
Section 3Real Estate License Law and Commission RulesPreview
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Key Points
Term: Involuntary Inactive - A status imposed by the Commission.
Common Mistakes
A sales associate's active status depends on being properly registered under an active broker.
Exam Tips
Exam trigger — Florida Real Estate Commission and DBPR authority: Florida Real Estate Commission and DBPR authority.
Section 4Authorized Relationships, Duties and DisclosuresPreview
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Key Points
Term: Transaction Broker - A licensee who represents both the buyer and seller in a transaction.
Common Mistakes
Single agency requires the proper relationship and disclosure; it is not created just because only one seller is involved.
Exam Tips
Exam trigger — Presumption of transaction brokerage: Presumption of transaction brokerage.
Section 5Real Estate Brokerage Activities and ProceduresPreview
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Key Points
Term: Point of Contact: The information used to reach the licensee (phone number, email).
Common Mistakes
Traditional print advertising has different placement rules.
Section 9Titles, Deeds, and Ownership RestrictionsPreview
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Key Points
Term: Unrecorded Conveyance: A deed not recorded is ineffective.
Common Mistakes
An unrecorded conveyance is ineffective against a later purchaser for value without notice.
Exam Tips
Exam trigger — Recording and constructive notice: Recording and constructive notice.
Section 10Legal DescriptionsPreview
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Key Points
Term: Standard Section - 640 acres
Common Mistakes
Unlike a rectangular section, a square section has equal sides.
Exam Tips
Draw a diagram to visualize the section divisions.
Section 11Real Estate ContractsPreview
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Key Points
Term: Statute of Frauds: A law requiring certain contracts to be in writing to be enforceable
Common Mistakes
Oral agreements are generally unenforceable for land sales in Florida.
Exam Tips
Exam trigger — Statute of Frauds: Statute of Frauds.
Section 12Residential MortgagesPreview
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Key Points
Term: PITI - Principal, Interest, Taxes, and Insurance
Common Mistakes
PITI represents the total monthly housing cost.
Exam Tips
Exam trigger — Qualifying the buyer and PITI: Qualifying the buyer and PITI.
Section 13Real Estate AppraisalPreview
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Key Points
Term: Net Operating Income (NOI): Revenue less operating expenses, excluding debt service.
Common Mistakes
This approach focuses on income potential, not comparable sales.
Exam Tips
Exam trigger — Income capitalization and investment analysis: Income capitalization and investment analysis.
Section 14Types of Mortgages and Sources of FinancingPreview
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Key Points
Term: Secondary Mortgage Market - A market where financial institutions and individuals buy and sell residential mortgages and mortgage-backed securities.
Common Mistakes
Primary markets involve new loan origination; secondary markets deal with existing securities.
Exam Tips
Secondary markets provide liquidity for loans.
Section 15Real Estate Related Computations and Closing of TransactionsPreview
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Key Points
Term: Consideration - The total value of the property being transferred.
Common Mistakes
Ignoring the mortgage obligation leads to an incorrect tax calculation.
Exam Tips
Exam trigger — Documentary stamp tax on deeds: Computing deed consideration by including both cash and assumed mortgage debt.
Section 16Taxes Affecting Real EstatePreview
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Key Points
Term: Millage - A measure of tax rate, expressed as a fraction of a dollar per $1,000 of taxable value.
Common Mistakes
Incorrectly applying the millage rate will result in an inaccurate tax calculation.
Exam Tips
Use the formula: taxable value / 1,000 * millage rate.
Section 17Planning and ZoningPreview
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Key Points
Term: Comprehensive Plan - A long-range plan for land use and development.
Common Mistakes
The local planning agency is responsible for the plan amendment process, not the governing body.
Exam Tips
Exam trigger — Local planning agency responsibilities: Identifying the local planning agency's role in comprehensive plan amendments.
Section 18Real Estate Investments and Business Opportunity BrokeragePreview
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Key Points
Term: Effective Gross Income - Potential gross income after vacancy and collection loss, plus other income.
Common Mistakes
NOI excludes debt service (mortgage payments) and income taxes, which are financing costs.
Exam Tips
Exam trigger — Net operating income: NOI equals effective gross income minus operating expenses before debt service and income tax.
Section 19Real Estate Markets and AnalysisPreview
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Key Points
Term: Demand: The desire and ability to purchase a property.
Common Mistakes
Unlike a decrease in demand, an increase in demand doesn't automatically lead to lower prices.
Exam Tips
Exam trigger — Supply and demand: With other factors stable, increased demand relative to supply places upward pressure on price.
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