STATUTES AND RULES IMPORTANT TO REAL ESTATE

To be prepared for the state exam and to competently perform real estate practices, the licensee must be familiar with the laws regulating the real estate business.

Laws and rules that applicants must be familiar with;
 Florida Stature 20
−  Concerns the organizational structure of Florida’s government.
 Florida Statute Chapter 475
− Referred to as the Real Estate Professional Practice Act.
− Created by the Florida legislature to establish the legal rights and responsibilities of real estate licensees and appraisers.
      (Chapter 475 is divided into four parts).

1. Part I of Ch. 475 Pertains to real estate brokerage.
− The Florida Real Estate Commission (FREC) implements, interprets, and enforces the regulatory provisions of Chapter 475.

2. Part II of Chapter 475 Pertains to real estate appraisers
− The Florida Real Estate Appraisal Board (FREAB) regulates state-certified,
licensed, and registered appraisers.

3. Part III of Chapter 475 is known as the Commercial Real Estate Sales Commission Lien Act.
− Gives the broker lien rights for earned commission.
− Applies only to commercial property (not residential)
− The lien only goes against the owner’s net proceeds from the sale and does not attach to the commercial real property.

4. Part IV is known as the Commercial Real Estate Leasing Commission Lien Act.
− Gives a broker lien rights for earned commission
associated with a brokerage agreement to lease commercial real estate.
 Florida Statute 455
− Defines the general legal practice and procedure for the (DBPR) and the licensees of all professions regulated by the DBPR including Real Estate.
 Florida Statute 120
− Defines the procedural process by which regulatory agencies decide and implement agency action.
− Licensing and disciplinary process for real estate licensees is also outlined.
 Chapter 61J2
− These are the rules of the Florida Real Estate commission and are published in the Florida Administrative Code (FAC).

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For infomation on Rowlett Real Estate School and our classes in Panama City, Fort Walton, Pensacola and Destin, visit our website at www.rowlettrealestateschool.com .  Or give Captain Wayne a call at 850-547-1333

Rowlett Real Estate School is a full service Florida Real Estate School offering classroom training in Panama Ctiy Beach Florida and Destin Florida, Fort Walton Beach and Pensacola.  We offer a full line up of courses online and in classroom for all your Sales Associate and Broker real estate license requirements.