Florida Real Estate License Exam

TABLE OF CONTENTS Introduction .................................................................................................................................... 7 Chapter 1 - Licensing and License Laws .......................................................................................... 8 History and Purposes of Real Estate License Laws ..................................................................... 9 Federal and State Regulatory Agencies ...................................................................................... 9 Real Estate License Categories .................................................................................................. 11 Licensure Requirements ............................................................................................................ 12 Laws Covering Licensing ............................................................................................................ 16 Becoming a Broker .................................................................................................................... 18 Chapter 1 Quiz ........................................................................................................................... 19 Chapter 1 Quiz Answers ............................................................................................................ 21 Chapter 2 - Types of Agents and Agency Relationships ............................................................... 23 Historical Perspective ................................................................................................................ 25 Laws that Govern Authorized Relationships ............................................................................. 26 Parties to an Agency .................................................................................................................. 27 Types of Authorized Brokerage Relationships .......................................................................... 31 Forming a Brokerage Relationship ............................................................................................ 39 Changing a Brokerage Relationship .......................................................................................... 40 Termination of Agency .............................................................................................................. 41 Disclosing an Agency Relationship ............................................................................................ 42 Chapter 2 Quiz ........................................................................................................................... 44 Chapter 2 Quiz Answers ............................................................................................................ 46 Chapter 3 - Ethics and Fiduciary Duties ........................................................................................ 48 1|Page