Scheduled maintenance: October 9, 2024 from 01:45 AM to 03:45 AM
Azure Tide terms and concepts chapter 2
Jeremiah
Terms in this set (50)
Real Estate professions Act. Regulates the Real Estate Industry to protect the health,
Chapter 475 Florida Statute
safety, and welfare of the public.
FREC Implements, enforces, and interprets the laws
Chapter 475 part 1 Oversees the regulation of real estate licensees, brokers, and schools.
Chapter 475 part 2 Oversees the regulation of real estate appraisers.
Chapter 475 part 3 Regulates the lien right of brokers.
Lien rights Apply to net proceeds only, not to real property.
Chapter 475 part 4 Regulates lien rights which apply to commercial leases
May be placed against owners or tenants of commercial property for commissions
Commercial Lien Rights
owed.
Chapter 61J2, F.A.C Florida Administrative Code outlines the rules and regulations of the FREC
Chapter 20 F.S. Established the Department of Business and Professional Regulations (DBPR).
Division of Real Estate under DBPR. It regulates real estate and appraisal through
DRE
education and compliance and provides support to FREC.
Citizenship You do not have to be a U.S. Citizen to apply for a license under DBPR.
Chapter 20 F.S.This act not only put in place procedures to hold licensees
Chapter 20 F.S.
accountable, but also set standards to hold administration accountable.
Acts an intermediary between buyers and sellers, tenants and landlords, oversees
Broker the activity of licensees, and carries out real estate in exchange for compensation
directly from the consumer.
Must work under the direction of and receive compensation directly from a broker,
Sales Associate
never the public.
An individual who has qualified as a broker with the state of Florida, but chooses to
Broker Associate
continue to work as an associate under another broker.
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