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commission: Florida Real Estate Commissin General Powers and Duties
- 10/01/14 06:31 AM
General Powers and Duties
The powers and duties of the FREC fall into the following three general areas of responsibility:
1. Executive powers to regulate and enforce the license law are delegated to the Commission by the legislature.
2. Quasi-legislative responsibilities include the power to enact and revise administrative rules and regulations and to interpret questions regarding the practice of real estate.
3. Quasi-judicial responsibilities include the power to grant or deny license applications, to determine license law violations, and to administer penalties.
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commission: Florida Real Estate Commission Compensation
- 10/01/14 06:27 AM
Commission members do not receive a salary. However, in lieu of salary, they are paid $50 per day for each day they attend an official meeting and for each day they participate in other Commission business. In addition, they receive reimbursement for expenses connected with their official activities. Any travel outside the state as members of the Commission requires the prior approval of the DBPR secretary.
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commission: Florida Real Estate Commission Composition & Qualifications
- 10/01/14 06:23 AM
Composition and Qualifications
The Florida Real Estate Commission (FREC) consists of the following seven members:
Five of the members are professional (licensed) members of which:
four must be Florida real estate brokers who have held active licenses during the five years preceding appointment; and
one must be either a Florida real estate broker or sales associate who has held an active license during the two years preceding appointment.
Two remaining members are consumer (unlicensed) members who have never been real estate brokers or sales associates.
The governor, subject to confirmation by the Florida Senate, appoints Commission members to four-year … (0 comments)
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commission: The Florida Real Estate Commission
- 10/01/14 06:21 AM
The Florida Real Estate Commission
The Florida Real Estate Commission (FREC) is the regulatory body charged by the Florida Legislature to protect the general public by regulating real estate brokers and brokerage firms, broker associates, sales associates, and real estate schools and instructors. The FREC is also charged with fostering the education of real estate licensees and permit holders. This includes the regulation of proprietary real estate schools and all noncredit, FREC-approved courses offered by colleges, universities, community colleges, and area technical centers. The objective of such regulation is to protect the public (consumer protection) by ensuring that real … (0 comments)
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commission: (FREC) Florida Real Estate Commission
- 11/03/13 06:54 AM
FLORIDA REAL ESTATE COMMISSION
The Florida Real Estate Commission (FREC) is the regulatory body charged by the Florida Legislature to protect the general public by regulating real estate brokers and brokerage firms, broker associates, sales associates, real estate schools and instructors.
− The objective is to protect the public by ensuring that real estate licensees have at least a minimal degree of competence..
Composition and Qualification
The Florida Real Estate Commission consists of Seven Members.
Five members are professional (licensed) members of which,
− (Four must have held active Florida Brokers licenses for 5yrs
− One must be a licensed broker or sales associate who has been active … (0 comments)
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commission: "No Closing, No Commission"
- 08/27/12 05:08 AM
A seller employs a broker either to find a purchaser or to effect a sale. If required to find a purchaser, the broker is entitled to a commission when the seller is presented with an offer from a ready, willing, and able buyer at the list price or any other terms acceptable to the seller. The issue is not as clear when a buyer employs the broker to find a property. At what point has the broker performed (found the right property)? Most authorities would say that it is only when the buyer contracts to purchase it.
If the seller's broker … (1 comments)
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commission: Mortgage fraud activities
- 01/14/12 12:41 PM
Activities indicating mortgage fraud include:
Inflated appraisals Higher than customary commissions Falsification of loan applications Fake supporting loan documentation Purchase loans disguised as refinance To keep from becoming a victim of mortgage fraud, consumers should do the following: Get referrals for real estate and mortgage professionals. Be suspicious, if it sounds too good to be true, it probably is. Be wary of strangers and unsolicited contracts and high pressure sales techniques. … (0 comments)
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commission: A Sales Associates Commission
- 09/24/11 03:59 AM
Sales associates may be paid directly by the closing agent. Brokerage firms may allow sales associates to receive their commissions directly from the closing agent immediately after closing, if the broker gives specific written instructions to the closing agent for each closing. This eliminates the need for a broker to write a check to the sales associate after closing. In no other case may a sales associate collect a commission from a closing agent, buyer. or seller.
Information Courtesy of Rowlett Real Estate School LLC http://www.rowlettrealestateschool.com Captain Wayne Rowlett
P.Stone, RRES
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commission: A Federally Related Transaction
- 06/12/11 05:11 PM
A Federally Related Transaction must be prepared by a state-certified or licensed appraiser. Unless a real estate-related financial transaction has been specifically exempted, Certified or licensed appraiser is not required if the transaction value is $250,000 or less. •The transaction value is the loan amount and in some situations, the market value.
Market Value means the most probable price a property will bring from a fully informed buyer, willing but not compelled to buy and the lowest price a fully informed seller will accept if not compelled to sell.
Real estate licensees are cautioned that just because a transaction is not … (0 comments)
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commission: The Florida Real Estate Commission (FREC)
- 04/25/11 11:50 AM
The Florida Real Estate Commission (FREC) and the Florida Real Estate Appraisal Board (FREAB) are headquartered in Orlando, FL. The FREC is comprised of seven members (five real estate licensees and two persons never licensed in real estate). The FREAB is comprised of seven members (four appraisers, one consumer and two Florida residents with no connection to the practice of real estate appraisal). Members of both are appointed by the Governor and confirmed by the Florida Senate.
Mission: Protecting the public by regulation of real estate and appraisal licensees through education and compliance.
Vision: To be a trusted resource to real … (0 comments)
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commission: Florida Real Estate license that has been involuntarily inactive
- 04/20/11 09:44 AM
Any license that has been involuntarily inactive for more than 2 years shall automatically expire. Once a license expires, it becomes null and void without any further action by the commission or department. Ninety days prior to expiration of the license, the department shall give notice to the licensee. The commission shall prescribe by rule a fee not to exceed $100 for the late renewal of an involuntarily inactive license. The department shall collect the current renewal fee for each renewal period in which the license was involuntarily inactive in addition to any applicable late renewal fee.
The commission shall adopt … (0 comments)
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commission: Closing Procedures From The Title Company's Perspective
- 04/06/11 09:58 AM
Real estate licensees who understand the title closing process are better able to serve their customers and clients. Knowledgeable licensees anticipate which documents and information the closing agent will need and have them ready when the title order is placed.
Title closing agents would like to receive the following items when a title insurance order is placed:-A properly signed and dated sales contract -A previous title insurance policy on the property-Enough information about the sellers, buyers, property, and lender to process and close the transaction-closing dateand information about whether all parties will attend or whether the documents must be mailed for signature-commission to the broker … (2 comments)
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