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    Florida Real Estate Continuing Education: the FLA.CE Program
    Florida Real Estate Continuing Education: the FLA.CE Program
    Florida Real Estate Continuing Education: the FLA.CE Program
    Ebook329 pages3 hours

    Florida Real Estate Continuing Education: the FLA.CE Program

    By Stephen Mettling, David Cusic and Cheryl Davis

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    Read preview

    About this ebook

    Performance Programs Company’s newly minted Florida Real Estate Continuing Education Course (the “FLA.CE” Program) is a 14-hour course specifically designed for Florida real estate licensees and for their fulfillment of Florida’s real estate continuing education requirements. As such, the course carefully complies with FREC requirements and specification for content coverage, organization length, format, and final examinations.

    The thrust of the course’s content is to
    - provide a comprehensive yet terse review of key concepts and principles undergirding Florida brokerage and management practices
    - emphasize how to develop and maintain practical yet widely-accepted standards of professional real estate practice as codified by the Realtors Code of Ethics and FREC-promulgated regulations
    - highlight the more action-oriented aspects of brokerage practice as opposed to legal concepts, including risk mitigation, the basics of managing transactions, pricing property, completing contracts, financial analysis, closing, and, throughout, making conscientious and transparent disclosures.

    In fulfilling these course content benchmarks, we have tried to keep the topic summaries clear, simple and relevant. Ultimately, we hope they will serve the ongoing purpose of keeping you abreast of the industry’s newest trends, developments, and new evolutions.

    Important note: The FLA.CE Program needs to be purchased through an approved Florida real estate school to receive credit. Buying and completing the FLA.CE book purchased here on Amazon will NOT earn you credit. Our FLA.CE text resource is to be in used in conjunction with a school's FLA.CE course.

    LanguageEnglish
    PublisherPerformance Programs Company
    Release dateApr 19, 2021
    ISBN9781005147037
    Florida Real Estate Continuing Education: the FLA.CE Program
    Author

    Stephen Mettling

    For over forty years, Stephen Mettling and David Cusic, PhD, have operated Performance Programs Company, one of the nation's most successful custom training organizations specializing in real estate program development. Mr. Mettling and Dr. Cusic have jointly written over 100 books, courses, and custom programs in all facets of real estate for some of the country’s largest organizations including the National Association of Realtors® and its many Institutes.Mr. Mettling has also served as vice president and author for the country’s largest real estate training and publishing organization. Under various capacities, he has managed the acquisition, development, and sale of national real estate textbooks and publications, as well as directed the country's largest affiliated group of real estate schools.

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      Book preview

      Florida Real Estate Continuing Education - Stephen Mettling

      FLACE_ebook

      Florida Real Estate

      Continuing Education

      ~~~ the FLA.CE Program ~~~

      1st Edition Update

      Stephen Mettling

      David Cusic

      Cheryl Davis

      Material in this book is not intended to represent legal advice and should not be so construed. Readers should consult legal counsel for advice regarding points of law.

      © 2023 by Performance Programs Company

      6810 190th St East, Bradenton, FL 34211

      [email protected]

      www.performanceprogramscompany.com

      All rights reserved. No part of this book may be reproduced in any form by any means without the express written consent of the publisher.

      Table of Contents

      Florida Real Estate Continuing Education (FLA.CE) Course Overview

      CORE LAW (Hours 1-3)

      UNIT 1: LICENSE LAW AND REGULATIONS UPDATE

      UNIT 2: BROKERAGE RELATIONSHIPS AND LICENSEE DISCLOSURES

      UNIT 3: BROKERAGE OPERATIONS REGULATION

      SECTION TWO: BUSINESS ETHICS & PRACTICES (Hours 4-6)

      UNIT 4: PROFESSIONAL PRACTICES AND REALTORS® CODE OF ETHICS, PART I

      UNIT 5: REALTORS® CODE OF ETHICS, PART II

      UNIT 6: REALTORS® CODE OF ETHICS, PART III

      SECTION THREE: SPECIALTY TOPICS (Hours 7-14)

      UNIT 7: FAIR HOUSING, ANTITRUST, AND OTHER ANTI-DISCRIMINATION LAWS

      UNIT 8: PROPERTY MANAGEMENT AND LANDLORD-TENANT RELATIONS

      UNIT 9: RISK MANAGEMENT

      UNIT 10: HOMEOWNERS INSURANCE AND FLOOD INSURANCE

      UNIT 11: REAL ESTATE ECONOMICS AND VALUATION

      UNIT 12: ANALYSIS OF CAPITAL GAIN AND CASH FLOW

      UNIT 13: FLORIDA SALES CONTRACTS

      UNIT 14: PRE-CLOSING AND CLOSING

      ABOUT THE AUTHORS

      Stephen Mettling. For nearly fifty years, Stephen Mettling has been actively engaged in real estate education. Beginning with Dearborn in 1972, then called Real Estate Education Company, Mr. Mettling managed the company’s textbook division and author acquisitions.  Subsequently he built up the company’s real estate school division which eventually became the country’s largest real estate, insurance and securities school network in the country. In 1978, Mr. Mettling founded Performance Programs Company, a custom training program publishing and development company specializing in commercial, industrial, and corporate real estate. Over time, Performance Programs Company narrowed its focus to real estate textbook and exam prep publishing. Currently the Company’s texts and prelicense resources are used in hundreds of schools in over 48 states. As of 2021, Mr. Mettling has authored over 100 textbooks, real estate programs and exam prep manuals. 

      David Cusic. Dr. Cusic, an author and educator, has been engaged in vocation-oriented education since 1966. David earned his Ph.D in linguistics from Stanford University. Specializing in real estate training since 1978, he has developed numerous real estate training programs for corporate and institutional clients around the country including NAR, CoreNet Global, and the CCIM Institute.

      Cheryl Davis. Cheryl Davis is a native of Cocoa Beach, Florida. She has been in the Real Estate Industry for over 35 years, and she has experience in residential and commercial sales, construction and fabrication, and property management. She is currently a broker with JoAnn P. Davis Realty, Inc.

      For the past seven years, Cheryl has been an active Real Estate Instructor. Prior to that, Cheryl served as the Director of Education for the Florida Realtors Association. She is currently a co-owner of Access School of Real Estate. 

      One of Cheryl’s specializations is as a Disability Consultant with Access Built. This organization retrofits access to homes with disabled homeowners by working with architects, developers, and contractors to develop leading-edge residential access innovations.

      Cheryl has a BSBA in Human Resources, an MBA in Accounting and Leadership, and a DBA(ABD) in Industrial & Organizational Psychology.

      KEY CONTRIBUTOR

      Kseniya Korenva. Kseniya Korneva is a licensed REALTOR® in Tampa, Florida with a passion for writing and editing. She graduated with a Civil Engineering degree from Clemson University and fell in love with real estate shortly after. Coming from a long line of academics, her love for education runs deep. Kseniya was first introduced to the world of publishing after writing her own ebook in 2019 and realized she wanted to dive deeper. In her free time, she loves to write about personal finance and real estate on her blog (www.TheMoneyMinimalists.com).

      Florida Real Estate Continuing Education (FLA.CE) Course Overview

      Performance Programs Company’s newly minted Florida Real Estate Continuing Education Course (the FLACE program) is a 14-hour course specifically designed for Florida real estate licensees and for their fulfillment of Florida’s real estate continuing education requirements. As such, the course carefully complies with FREC requirements and specification for content coverage, organization length, format, and final examinations.

      The thrust of the course’s content is to

      provide a comprehensive yet terse review of key concepts and principles undergirding Florida brokerage and management practices

      emphasize how to develop and maintain practical yet widely-accepted standards of professional real estate practice as codified by the Realtors Code of Ethics and FREC-promulgated regulations

      highlight the more action-oriented aspects of brokerage practice as opposed to legal concepts, including risk mitigation, the basics of managing transactions, pricing property, completing contracts, financial analysis, closing, and, throughout, making conscientious and transparent disclosures.

      In fulfilling these course content benchmarks, we have tried to keep the topic summaries clear, simple and relevant. Ultimately, we hope they will serve the ongoing purpose of keeping you abreast of the industry’s newest trends, developments, and new evolutions.  

      CORE LAW

      UNITS 1-3

      Unit 1: License Law and Regulations Update

      Unit 2: Brokerage Relationships & Licensee Disclosures

      Unit 3: Brokerage Operations Regulation

      UNIT 1:

      LICENSE LAW AND REGULATIONS UPDATE

      Unit One Learning Objectives: When the student has completed this unit he or she will be able to:

      Characterize the most essential aspects of Florida real estate licensure, including regulatory entities, types of licenses and what activities require licensure and Commission oversight.

      Summarize the requirements for initial licensure, both general and educational, for both sales associates and brokers.

      Describe the various requirements and procedures for maintaining ongoing active licensure, including the license renewal process, postlicense education requirements, and continuing education deadlines and requirements.

      Summarize the various statuses of licensure that licensees can encounter in Florida brokerage practice

      LICENSE LAW SUMMARY AND PURPOSE

      In the early 1900s, the Florida Legislature realized that the public needed protection when engaging in real estate transactions. Consequently, it enacted several regulations, laws, and rules to fulfill that purpose. Thus the underlying theme of all Florida real estate regulation became consumer protection.

      A central theme of consumer protection law and regulation is disclosure. Specifically, a Florida homeowner has a duty to disclose known defects. As indicated by the Florida statutes and the case of Johnson v. Davis, this ruling and subsequent rulings laid out that a seller must disclose defects if all four of the following elements are present:

      the seller has knowledge of a defect in the property

      the defect materially affects the value of the property

      the defect is not readily observable and is not known to the buyer

      the buyer establishes that the seller failed to disclose the defect

      With this change of regulation, sellers are now required to disclose defects in the property whether or not the buyer asks.

      Chapter 475

      The primary statute encompassing Florida real estate regulation is Chapter 475. Chapter 475 is divided into four parts and provides regulations for brokers, sales associates, appraisers, and schools. Part I created the FREC and includes its organization, powers, and duties. It also covers regulations for licensure and brokerage practices, including violations and penalties.

      Part II provides regulations for appraisers. Part III is known as the Commercial Real Estate Sales Commission Lien Act and provides regulations for a broker’s lien for unpaid sales commission. Part IV is known as the Commercial Real Estate Leasing Commission Lien Act and provides regulations for a broker’s lien for unpaid commission earned by a lease of commercial real estate.

      Chapter 455 includes the powers and duties of the DBPR and the organizational and operational requirements of the boards under the DBPR. This chapter covers general licensing provisions; education requirements; licensure examinations and testing services; disciplinary grounds, actions, procedures, and penalties; and legal and investigative services. Section 455.02 provides guidelines for licensure of members of the armed forces and their spouses.

      Chapter 61J2 contains the Florida Real Estate Commission’s (FREC) rules. These rules cover licensure and education requirements, non-resident licensure, brokerage operation and business practices, trust fund handling, and disciplinary matters and procedures.

      Chapter 83. also known as the Florida Residential Landlord and Tenant Act, covers both residential and nonresidential tenancies. It provides regulations for rental agreements, deposits, landlord and tenant obligations, tenancy terminations, and enforcement of rights and duties.

      Chapter 718 regulates condominiums and includes rights and obligations of the developers and owners’ association. It establishes procedures for creating, selling, and operating condominiums.

      Chapter 719 recognizes cooperatives as a form of property ownership and regulates the creation, sale, lease, and operation of cooperatives.

      Chapter 760 is the Florida Civil Rights Act, which created the Florida Commission on Human Relations with the intent of protecting all individuals within Florida from discrimination based on race, color, religion, sex, pregnancy, national origin, age, handicap, or marital status.

      FREC OVERVIEW AND STRUCTURE

      Purpose

      The Florida Real Estate Commission is the regulatory entity empowered to enforce Florida license laws. In turn, this enables the State of Florida to fulfill its mission of protecting the public. Its essential tools:  education and enforcing regulatory compliance.

      Composition of FREC

      7 total members, 1 of whom must be 60 years or older

      4 licensed brokers with active license for previous 5 years

      1 licensed broker or licensed sales associate with active license for previous 2 years

      2 members of the public who have never been brokers or sales associates

      All appointed by Governor for 4-year terms

      Duties and powers

      The principal authorized powers and duties of the FREC are to

      enact bylaws and rules for its own government

      regulate professional practices

      create and enforce license laws, rules, and regulations

      educate real estate professionals in ethical, legal, and business principles

      administer FL Real Estate Commission Education and Research Foundation

      adopt seal used to authenticate its proceedings

      establish fees for application, examination, reexamination, licensing and renewal, certification, reinstatement, and record making and keeping.

      license broker associates and sales associates, but not as general partner, member, manager, officer, or director of brokerage firm

      deny application or renewal of license, registration, or permit

      determine violations and impose penalties

      notify Division of Florida Condominiums, Timeshares, and Mobile Homes of disciplinary action against licensee

      FREC limitations

      FREC’s regulatory and enforcement powers are administrative as opposed to criminal, i.e., FREC cannot impose criminal penalties or incarcerate license law violators or other offenders.

      TYPES OF LICENSES

      Florida offers real estate licenses that fall into one of three categories: broker, sales associate, and broker associate. A broker associate and a sales associate may be licensed as an individual or as a professional corporation, limited liability company, or professional limited liability company, if the individual has obtained authorization to do so from the Department of State. A broker associate and sales associate may not be licensed as a general partner, member, manager, officer, or director of a brokerage firm.

      Broker

      A broker is someone who is licensed to perform real estate services for another person for compensation or the expectation of compensation. Compensation can be monetary or anything else of value.

      Real estate services include the sale, exchange, purchase, rental, appraisal, auction, advertising of real property, business enterprises, or business opportunities or the offer to perform any of these services. Services also include procuring sellers, buyers, lessors, or lessees.

      Although a broker may appraise property, such appraising does not equate to appraisal services that must be performed by a registered or licensed appraiser.

      The broker category of licensure also includes any individual who is a general partner, officer, or director of a partnership or corporation that acts as a broker.

      Sales associate

      A sales associate is someone who performs the same real estate services as a broker but who works under the direction, control, and management of a specified broker or owner-developer. A sales associate must meet additional licensure requirements to become a broker or broker associate.

      Broker associate

      A broker associate is someone who has obtained a broker license but performs real estate services as a sales associate under the direction, control, and management of a specified broker.

      Multiple licenses

      Brokers are required to hold a separate individual license for each entity or business they serve. A broker who serves multiple entities needs multiple licenses. The broker must show that the multiple licenses are necessary to conduct the brokerage business and that the licenses will not be harmful or prejudicial to anyone. Each license must be renewed separately.

      Group licenses

      Property owner/developers are exempt from licensure. Consequently, they employ licensed sales associates or broker associates to sell their properties. Sometimes, an owner/developer owns properties through multiple business entities with different names. When those entities are connected (for example, subsidiaries) so that they are owned or controlled by one individual or group of individuals, any licensee employed by the owner/developer may obtain a group license to be eligible to sell for all of the entities.

      Remember that a sales associate or broker associate may only be employed by one broker or owner/developer at a time. The group license allows the licensee to be employed by the one owner/developer but still sell properties for multiple entities as long as they are all owned or controlled by the employing owner/developer.

      LICENSED ACTIVITIES

      Services requiring licensure when performed for compensation

      Selling or attempting to sell real property

      Buying or attempting to buy real property

      Leasing or attempting to lease real property

      Exchanging or attempting to exchange real property

      Negotiating or closing sale, exchange, purchase, or rental of real property or business enterprise

      Advertising or attempting to advertise real property

      Listing or selling timeshare periods

      Appraising or attempting to appraise real property

      Auctioning or attempting to auction real property

      Offering or attempting to perform real estate activities

      Procuring of sellers, purchasers, lessors, or lessees of real property or business enterprise

      Advertising or representing self as engaged in real estate services

      Services not requiring licensure

      Onsite renting of apartments when employed by owner

      Owner selling timeshare period

      Renting or advertising licensed public lodging

      Tenant receiving $50 or less referral fee for referral of tenant

      Owner offering to sell real property

      Exemptions from licensure requirements

      An attorney at law

      A certified public accountant

      The personal representative, receiver, trustee, or general or special magistrate appointed by will or court order

      A trustee under deed of trust or trust agreement for charitable or natural right purposes

      Any individual or entity that sells, exchanges, or leases its own real property, except if employed or compensated for that purpose

      Any salaried employee of public utility, rural electric cooperative, railroad, or state or local government agency not otherwise compensated for buying, leasing, etc. for use of employer

      Any salaried employee leasing apartments from an onsite rental office

      Any salaried manager of condominium or cooperative apartment complex renting individual units within the complex for 1 year or less

      Any compensated person or entity who performs real estate services related to radio, television, or cable enterprises regulated by the FCC, except if sale or purchase of land, buildings, fixtures, and improvements involved

      Any full-time graduate student in appraising degree program at FL college who is under direct supervision of licensed broker

      Any full or part owner of timeshare period who offers period for sale

      An exchange company for timeshare period

      Any registered, licensed, or certified appraiser or appraiser trainee performing appraisals

      Any compensated person or entity who rents or advertises public lodging establishment

      Any dealer registered under Securities and Exchange Act of 1934 or federally insured depository institution or its parent, subsidiary, or affiliate who sells, exchanges, purchases, or rents a business enterprise to accredited investor

      Any property management company or owner of apartment complex who pays referral fee of $50 or less to tenant.

      Any person selling cemetery lots

      Any person who rents mobile home or recreational vehicle park lots

      INITIAL LICENSE ACQUISITION

      General requirements: broker and sales associates

      To qualify for a real estate license in Florida, an individual must be at least 18 years old; hold a high school diploma or its equivalent; and be honest, truthful, trustworthy, and of good character. He or she must have a good reputation for fair dealing and be competent to handle real estate transactions. Being a U.S. citizen is not a requirement for licensure as long as the individual meets all other requirements of licensure. However, applicants must have a Social Security number.

      Required disclosures. An applicant must disclose any alias or also-known-as (aka) name. The applicant must also disclose whether he or she

      is under investigation for any crime or violation

      has been convicted or entered a plea of nolo contendere, no contest, or guilty for any crime

      has been denied licensure or registration for a regulated profession

      has been disciplined or is pending discipline in any jurisdiction

      has surrendered a license or had a license suspended or revoked

      has been guilty of any conduct that would be grounds for license suspension or revocation.

      Broker requirements

      To qualify

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