KEY NUMBERS FOR FL REAL ESTATE LICENSING LAW

0- Exempt 72/63 class-4yr degree in Real Estate (must do 14hr CE)
0- Exempt from renewal (active armed forces); 6 months temp license-spouse; 60 month app waiver (honorable disc)
0- Exempt Lawyers 63 class only, must do 45,72,60 (exempt from 14CE)
0- Representation -Non-Brokerage Disclosure; ( Limited Representation - Transaction Broker; COLD - Single Agent)
1- Square mile in section (640 acres)
1- point = 1/8% Investor's yield = .125%
1- point = 1% of the loan amount
1- License Sales associate can be with only 1 RE Broker at a time
1 – year in involuntary active – triggers 28 hour reactivation course
1- 1st degree misdemeanor ( inaccurate rental list) 1 year jail; $1000 fin
1 - day sales associate must give earnest money to broker - Immediately-Next Business day
2- Years inactive period before Null and Void (Active, Inactive (voluntary-involuntary), Null and Void)
2 - Year active in last 5 years to become a broker
2- Consumer members on FREC (7 total) - 4/5 Active Brokers
2- .002 Intangible tax paid on New Mortgage by the buyer of a property
3- 3rd degree felony; $5000 fine - operate w/o license (ABARSALE)
3 business days Real Estate Broker must be deposit Earnest Money Deposit (EMD) - Weekends-Holiday excluded
3- Days Must receive HOA docs (existing) within 3 days or cancel the contract
3- Days right of recission before loan is funded on refinance of primary residence (ECOA -1968)
3- Hours must on RE Law of 14hr CE; 3 hours must be on ethics-business principle of 14 hours CE
3%- maximum annual tax increase for homesteaded residential properties (SOH)
3.5- % down payment on FHA (insured) loans (Mortgage Insurance Premium-MIP, UFMIP)
3.5- Intangible Tax paid on mortgage-loan amount (Paid by borrower- no cost if cash) (.0035)
4- year degree in Real Estate exempt from 63/72 hours. (must do 14hr CE)
4- Settlement Procedures when conflict over EMD (mediation, arbritration, litigation, EDO)
5- years broker must maintain records
5% - Max simple interest Landlord required to give tenant or 75% total int on security deposit
5- % down payment on Conventional (non-insured) loan – Private Mortgage Insurance (PMI) is required
6- months Maximum to petition FREC (null-void-physical hardship) - 6 months temp license to spouse -armed forces
7- FREC Members (4/5 active - 2 consumers)
7- James Bond (.007) State Documentary stamps on Sales Price – Paid by the seller
10%- max annual tax increase for non-homesteaded properties (residential and commercial)
10- 10 Mills max per taxing authority (30 Max - 10-City, 10-County, 10-School Board)
10- days Broker notify the state of change of address
10- withholdings from Foreign Investors (greater than $1 mill – 15%) Residential - $300,000 greater
14- hours CE required every biennial renewal term (18-24 months -2 years)
15- days for buyer to cancel Condo contract (new)
18- minimum age to be Fla RE Licensee
20- typical minimum % down payment to avoid Private mortgage insurance on Conventional loans
21- Days to request a hearing and dispute Probable cause panel
25- 25,000 deduction for Homestead Exemption ($1k diff up to next $25K)
25- 25% guarantee of loss VA loans
25- days -Notice of preliminary taxes (TRIM) consumer can speak/protest tax assessment with County PAO
27.5 year Depreciation Period -Residential; 39 year Depreciation Period Non Residential
28- Reactivation course required if inactive greater than 1 year
30- days landlord must inform if deposit placed in a int bearing acct
30- correct (75%) needed on 40 question RE Law Exam (to avoid 63 hours course for mutual recognition)
36- Sections in a township (N/S), Ranges (E/W) - Govt survey method-grids
45- hrs Post licensing for RE Sales associates before first renewal term (Null and Void – start all over)
60- Post licensing course for RE Brokers before renewal term (Go down to RE Sales if not completed)
63- Hours need for RE Sales associate pre-licensing (63/45/14)
70- Passing score required on Pre-licensing course
72- Hours need for RE Broker pre-licensing (72/60/14)
75- 75% int landlord must give to tenant if deposit place in interest bearing acct
75- score required on State Exam (Salesperson, Broker, Mutual Recoginition Test -40 question)
365- 365 day proration method taxes, (Debit seller - Credit buyer)
475- Ch 475 Part 1 - 1-4 units residential., 10 acress or less-vacant
640- Acres in a section (square mile)
1000- Millage rate latin for thousand is "MILL" - (25 mills = 25/1000 =.025)
1000- Max Personal funds in escrow account ($5000 property management) to avoid commingling
5,000- Widow, Disability, Blind Exemptions
5,000- fine; 3rd degree felony- operate w/o license (ABARSALE)
10,000- fine violation of Fl Telemarketing Act; 16,000- fine violation Federal Telephone Consumer Protection Act
25,000- $25,000 Homestead (HEX) value on first $50,000, Prorated on $50,0001-75,000, before additional $25k for City, County Millages only)
43,560- square feet in a acre
50,000- $50k max HEX -Value $75k or greater. City & County. SB - $25k only
50,000- Maximum disbursement from Real Estate Recovery Fund; $150,00 total per Broker (multiple occurrences)
$1,0000,000- Assets Designated sales agent for NONRESIDENTIAL (Dual agency is illegal)

KEY NUMBERS FOR FL REAL ESTATE LICENSING LAW

Key Numbers Fl Real Estate Salesperson- Simple as Counting -

0-10

0-4

4-10

KEY NUMBERS FOR FL REAL ESTATE LICENSING LAW

Key Numbers Fl Real Estate Salesperson- Simple as Counting -

0-10

0-4

4-10

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