FLORIDA BROKER PRELICENSE (FREC II) (V2)
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1 FLORIDA BROKER PRELICENSE (FREC II) (V2) TIME CONTENT OUTLINE LEARNING OBJECTIVES -- After this segment, the Licensing 7 hours 45 mins. License Law and Rules 1 explain the purpose of the license law describe the make-up, powers and duties of the: Department of Business and Professional Regulation (DBPR) Division of Real Estate (DRE) Florida Real Estate Commission (FREC) 60 mins. License Law and Rules 2 identify the individuals who are required to have a real estate license identify the individuals who are exempt from licensing requirements distinguish between different categories of licenses 75 mins. License Law and Rules 3 describe the requirements for: obtaining a real estate license obtaining a nonresident license renewing a license 45 mins. License Law and Rules 4 distinguish between a license and a registration identify the types of business entities that may be registered with FREC identify the types of business entities that may NOT be registered with FREC 60 mins. License Law and Rules 5 describe the provisions of the license law related to operating a real estate business, including: broker offices and branch offices (including ADA office requirements) signage advertising and self-promotion (including Fair Housing and telephone solicitation) escrow (trust) accounts advance fees arrangements rental information or rental lists September 2011 Page 1 of 21 72
2 75 mins. License Law and Rules 6 describe the real estate brokerage office inspection process, including guidelines for: office requirements, including branch offices entrance signs licenses agency disclosures identify items that will be verified during an escrow account audit describe the steps in the complaint process 60 mins. License Law and Rules 7 describe various disciplinary actions that may be imposed on a licensee for violations, including unlicensed activity identify grounds for denying, suspending, or revoking real estate licenses give examples of each of the three types of penalties that FREC may impose on a licensee for violating Florida real estate license law: administrative civil criminal describe the purpose of the real estate recovery fund Office Ownership & Management 7 hours 75 mins. Brokerage Office 1 recognize the advantages and disadvantages of different sizes of real estate companies explain the costs versus the benefits of joining a franchise describe issues that must be addressed before deciding to join a franchise identify the advantages of running a independent real estate firm versus buying a franchise define the three types of company growth 60 mins. Brokerage Office 2 list the three types of businesses and compare the advantages and disadvantages of each explain the tax consequences for operating each type of business September 2011 Page 2 of 21 72
3 30 mins. Brokerage Office 3 explain some of the important issues that must be addressed when starting a real estate business, including: the need for a business plan the existence of local business licenses and taxes the restrictions related to company location the need for insurance describe some of the recent trends in real estate, including: buyer brokerage the 100% commission plan 45 mins. Financial Management 1 distinguish between a business start-up budget and a business operating budget identify expenses that are included in a business start-up budget and those that are included in a business operating budget 60 mins. Financial Management 2 identity factors a broker should consider when estimating income and expenses for a new real estate business recognize examples of income sources a new real estate business may receive identify types of fixed and variable expenses a new real estate business may incur differentiate between cash basis and accrual basis accounting identify several IRS tax reporting requirements for which brokers are responsible 75 mins. Human Resource Management 1 differentiate between an employee and an independent contractor identify some methods of recruiting and selecting salespeople and staff recognize the types of information that should not be requested from an applicant during the selection process describe ADA requirements for selection of personnel September 2011 Page 3 of 21 72
4 30 mins. Human Resource Management 2 identify the issues that should be considered when choosing methods for training salespeople and staff describe some of the ways of compensating salespeople and staff describe some of the topics that should be covered by company policies 45 mins. Human Resource Management 3 describe the functions of the various sales staff and personnel positions needed to run a successful real estate brokerage business, including: administrative assistant bookkeeper personal assistant (unlicensed and licensed) transaction coordinator sales associates sales manager miscellaneous service personnel Overview of Valuation 4.5 hours 60 mins. Principles of Pricing and Value distinguish between appraisal, comparative market analysis (CMA) and broker price opinion (BPO) define several terms related to property valuation, including value and market value identify the economic and physical characteristics of land that affect market value describe the basic principles that determine market value 20 mins. Valuation Process 1 identify the eight steps in the valuation process explain Step 1 in the valuation process-- definition of the problem 15 mins. Valuation Process 2 explain Step 2 in the valuation process-- preliminary survey and appraisal plan 40 mins. Valuation Process 3 explain Step 3A in the valuation process-- collection and analysis of general data explain Step 3B in the valuation process-- collection and analysis of specific data September 2011 Page 4 of 21 72
5 30 mins. Valuation Process 4 understand Step 4 in the valuation process-- highest and best use analysis explain Step 5 in the valuation process--site value estimate 30 mins. Valuation Process 5 explain Step 6 in the valuation process-- application of the valuation approaches--as it deals with the sales comparison approach 30 mins. Valuation Process 6 explain Step 6 in the valuation process-- application of the valuation approaches--as it deals with the cost approach 30 mins. Valuation Process 7 explain Step 6 in the valuation process-- application of the valuation approaches--as it deals with the income approach 15 mins. Valuation Process 8 explain Step 7 in the valuation process-- reconciliation of value indications into a final estimate of defined value explain Step 8 in the valuation process--the appraisal report Valuation Approaches 8 hours 20 mins. Sales Comparison Overview identify the basic steps in the sales comparison approach to appraisal identify the situations in which the sales comparison approach is used most often 40 mins. Steps in Sales Comparison describe the steps involved in completing an appraisal using the sales comparison approach 45 mins. Adjustments 1 explain the conditions under which adjustments to comparables must be made when using the sales comparison approach to appraisal complete some adjustments to comparable properties explain the importance of the sequence in which adjustments are applied to comparable properties September 2011 Page 5 of 21 72
6 30 mins. Adjustments 2 identify two methods for estimating adjustments list and apply the steps involved in the paired data analysis define the concept of "unit of comparison" 45 mins. Adjustment Worksheet Exercises complete some adjustments to comparable properties 20 mins. Cost Approach Overview identify the basic steps in the cost approach to appraisal 30 mins. Land Valuation Techniques describe and apply several methods for estimating land value, including: sales comparison allocation extraction development ground rent capitalization land residual 20 mins. Reproduction/Replacement Cost 1 distinguish between reproduction cost and replacement cost identify examples of the different types of costs, including: direct costs indirect cost entrepreneurial profit (entrepreneurial incentive) 40 mins. Reproduction/Replacement Cost 2 describe the methods for estimating reproduction or replacement cost: square foot unit in place quantity survey index 30 mins. Depreciation 1 describe the three types of depreciation, and identify examples of each: physical deterioration functional obsolescence external obsolescence distinguish between curable and incurable depreciation September 2011 Page 6 of 21 72
7 40 mins. Depreciation 2 describe and apply the methods of estimating depreciation 20 mins. Income Approach Overview identify the situations in which the income approach is used most often describe the basic steps involved in completing an appraisal using the income approach 20 mins. Estimating Income explain the steps involved in estimating income 20 mins. Estimating Expenses explain the steps involved in estimating expenses when using the income approach to appraisal 40 mins. Capitalization describe the process of direct capitalization describe the process of yield capitalization list and identify the methods for estimating capitalization rates explain some residual techniques for estimating value distinguish between return of investment and return on investment 20 mins. Reconciliation define reconciliation explain some rounding techniques found in appraisals explain the two options for expressing a final opinion of value for a property Comparative Market Analysis 2 hours 60 mins. Market Analysis describe the procedures for completing a market analysis 60 mins. Worksheet: Pricing Property complete a market analysis for pricing property September 2011 Page 7 of 21 72
8 Business Appraisal 1.5 hours 30 mins. Business Appraisal 1 differentiate between a real property appraisal and a business appraisal describe the characteristics of various types of business entities explain the steps in the business appraisal process 40 mins. Business Appraisal 2 distinguish between a balance sheet and an income statement identify problems associated with using Generally Accepted Accounting Principles (GAAP) describe methods for analyzing a business's financial statements calculate the following financial ratios: current ratio quick ratio inventory turnover ratio debt-to-worth ratio net-profit-to-owner-equity ratio 20 mins. Business Appraisal 3 describe four approaches to business valuation explain at least two methods used to value a business's intangible assets Agency 3 hours 60 mins. Agency 1 define several terms related to an agency relationship characterize three types of agency relationships specify the methods by which an agency can be created explain the major types of real estate listings describe the ways in which an agency can be terminated September 2011 Page 8 of 21 72
9 60 mins. Agency 2 describe the agent's responsibilities to the principal describe the agent's responsibilities to a third party summarize the requirements for earning a commission explain how commission rates are set describe how a multiple listing service operates 60 mins. Agency in Florida describe the types of agency relationships that can exist in the real estate brokerage business determine when an agent should disclose the agency relationship to the parties involved Contracts 5 hours 60 mins. Contracts describe the following types of contracts used in real estate: listings contracts for sale and purchase lease purchase agreements lease option contracts option contracts agreements for deed name three statutory requirements for listing agreements identify four types of contracts that may be legally prepared by a real estate licensee explain the requirements for the statute of frauds, including two exceptions to this law 60 mins. Contract Provisions 1 identify various provisions of a contract for sale and purchase, including: contract dates parties to the contract earnest money deposit legal description and street address purchase price September 2011 Page 9 of 21 72
10 45 mins. Contract Provisions 2 explain various contract provisions related to financing terms, including: cash sale new conventional first mortgages new VA loans new FHA loans loan assumptions adjustable-rate loans 30 mins. Contract Provisions 3 explain various contract provisions related to financing terms, including: seller carrying first mortgage new conventional first mortgage plus seller carrying second mortgage straight (non-amortized) second mortgage 60 mins. Contract Provisions 4 identify various components of a contract for sale and purchase, including: chattel and fixture inclusions evidence of title hour, date, and place for closing proration of taxes, rent, etc. possession of property time allowed for acceptance type of deed to be delivered specific performance vs. liquidated damages other miscellaneous contract provisions signing and acknowledgement 45 mins. Disclosure describe the provisions of Chapter 689 and Chapter 760 of the Florida Statutes regarding occupants with HIV and AIDS identify various disclosures a licensee must make during a real estate transaction identify various disclosures a seller must make during a real estate transaction explain the effects the following court cases had on the practice of real estate in Florida: Johnson v. Davis Dorton v. Jensen identify FREC's rules for "sold" signs September 2011 Page 10 of 21 72
11 Financing 8 hours 40 mins. Basics of Finance 1 define promissory note and explain how it is used describe the purpose and function of clauses in the promissory note define mortgage and explain how it is used define hypothecation and explain why it is used list and describe the theories of hypothecation identify the essential and optional elements of a mortgage 30 mins. Basics of Finance 2 identify loans that usually contain alienation clauses explain how the priority of loans is determined describe the process of foreclosure describe an additional security instrument -- a deed of trust 45 mins. Basics of Finance 3 identify several types of loans used in financing real property describe the characteristics of these loans identify the situations in which many of these loans are used 30 mins. Basics of Finance 4 identify some important entities that influence real estate financing: the Federal Reserve System the Federal Home Loan Bank System the Federal Deposit Insurance Corporation define two concepts involved in real estate financing: intermediation disintermediation describe the major sources of real estate loans in the primary mortgage market September 2011 Page 11 of 21 72
12 30 mins. Basics of Finance 5 distinguish between the primary and secondary loan markets and explain the functions of the secondary market identify the three major government components of the secondary mortgage market and describe their functions define loan discounting and explain its role in the secondary mortgage market 30 mins. Basics of Finance 6 define loan-to-value ratio and explain how it is used list some of the primary fees involved in taking out a loan identify who can pay the fees with different types of loans 15 mins. Conventional Loans 1 define conventional loan describe the features of conventional loans 30 mins. Conventional Loans 2 describe the characteristics of conventional loans in the following areas: how conventional loans are categorized down payments and how they are calculated private mortgage insurance payments 45 mins. FHA Loans explain the role of the FHA describe the characteristics of FHA loans in the following areas: loan insurance determination of cash investment and loan amount interest rate discount points maximum term closing costs escrow accounts loan processing appraisals restrictions September 2011 Page 12 of 21 72
13 30 mins. VA Loans 1 explain the role of the VA and explain how a VA loan guarantee works describe the characteristics of VA loans in the following areas: maximum loan amount down payment loan term interest rate discount points closing costs funding fee escrow account veteran's liability restrictions on VA loans 15 mins. VA Loans 2 describe the requirements for VA appraisals identify which properties are eligible for VA loans 30 mins. Loan Assumptions explain two different ways a buyer can take over someone else's loan describe the effect a changing loan balance has on the buyer's and seller's costs at closing identify when a loan assumption should be considered as a financing alternative identify what is required at the closing of a loan assumption describe some advantages and disadvantages of loan assumptions to both buyer and seller 30 mins. Alternative Financing 1 describe the characteristics of the following types of loans used in financing real property, which provide alternatives to institutional fixedrate loans, and identify the situations in which they are used: adjustable rate mortgages graduated payment mortgages buydown mortgages partially amortized mortgages September 2011 Page 13 of 21 72
14 20 mins. Alternative Financing 2 describe the characteristics of the following types of loans used in financing real property, which provide alternatives to institutional fixedrate loans, and identify the situations in which they are used (cont.): seller financing (purchase money mortgages) wraparound mortgages land contracts lease option/lease purchase 30 mins. Finance Regulations explain the purpose and major provisions of the Federal Consumer Credit Protection Act explain the purpose and major provisions of the Real Estate Settlement Procedures Act (RESPA) 30 mins. Buyer Qualification define underwriting describe the major factors in the qualification process for conventional, FHA, and VA loans Closings 3 hours 15 mins Settlement Statements explain the purpose of RESPA identify sections of the HUD-1 / HUD-1A Settlement Statements compare settlement entries on the HUD-1 to those on the GFE 45 mins. Closing and Costs 1 define title closing distinguish between debits and credits identify types of information included on a closing statement for borrowers and sellers recognize where certain closing items should appear on the HUD-1 Settlement Statement 45 mins. Closing and Costs 2 prorate the payment of certain items that appear on the settlement statement identify which items are usually prorated at closing recognize the different methods of prorating the seller's property tax payment September 2011 Page 14 of 21 72
15 45 mins. Closing and Costs 3 calculate the following state transfer taxes: the state documentary stamp tax on deeds the state documentary stamp tax on notes the state intangibles tax on mortgages identify where state transfer taxes appear on the HUD-1 Settlement Statement 30 mins. Contract to Closing describe your duties immediately after a contract is signed describe your duties in preparing for a closing Federal Tax Laws 1 hour 60 mins. Federal Income Taxes identify the expenses related to real property that can be deducted from income for tax purposes explain the conditions under which income tax is charged on the sale of real property Investment 15 mins. The Investor's Situation analyze the investor's situation explain why that is important 8 hours 30 mins. Property Characteristics describe property characteristics that are important to investors explain why these characteristics are important 20 mins. Rent Determination calculate: gross and net leasable area base rent percentage rent describe rent concessions 20 mins. Expenses define and describe: gross leases net leases pro-rata expenses expense stops pass-throughs September 2011 Page 15 of 21 72
16 20 mins. Improvement Allowances/Options define a tenant improvement allowance describe how a tenant improvement allowance is financed and how it can benefit tenants explain renewal and expansion options 45 mins. Mortgage Terms explain what investors want from a property loan define basic loan terms and loan types explain how amortization affects cash flow and profit 20 mins. Mortgage Provisions describe mortgage provisions concerning: property transfer prepayment priority of leases vs. mortgages 60 mins. Building Structure describe the basic structural components of investment property 30 mins. Investment Pro Formas describe the components of a property investor's pro forma statement 40 mins. Before & After Tax Cash Flows define and calculate net operating income define and calculate net cash flow before sale: before tax after tax define and calculate net cash flow after sale: before tax after tax 45 mins. Financial and Investment Ratios calculate the following: loan-to-value ratio debt service coverage ratio operating expense ratio expenses per square foot price per square foot rent per square foot break-even ratio equity dividend rate overall rate of capitalization loan constant September 2011 Page 16 of 21 72
17 15 mins. Determining Time Value explain the importance of time in determining value use a discount analysis approach to calculate present value 20 mins. Compound Interest explain how compound interest is calculated use the compound interest equation to determine value 60 mins. NPV and IRR explain discounted cash flows define and calculate Net Present Value (NPV) define and calculate Internal Rate of Return (IRR) use NPV and IRR to compare investments 20 mins. Discounting Techniques explain why knowledge of compound interest and discounting techniques is essential to brokers and investors explain how the discounting technique can be a useful sales tool describe the resources available to compute discounted returns 20 mins. Basic Risk Analysis explain how debt coverage and break-even ratios can be used in a risk analysis explain sensitivity analysis Zoning & Planning 1.5 hours 45 mins. Land Use Planning describe the history of zoning describe some provisions of the Florida Growth Management Act of 1985 define development of regional impact explain the purpose of a concurrency plan differentiate between a variance, special exception, and a nonconforming use identify characteristics of a planned unit development (PUD) 45 mins. Subdividing & Ecological Issues distinguish between zoning and subdivision regulations identify the provisions of the following laws: Florida Uniform Sales Practice law The Clean Water Act of 1997 The Coastal Zone Management Act September 2011 Page 17 of 21 72
18 Environmental Issues 1.5 hours 45 mins. CERCLA describe the provisions of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) identify who can be considered a potentially responsible person (PRP) under CERCLA differentiate between: strict liability joint and several liability explain the purpose of the Superfund Amendment and Reauthorization Act (SARA) explain the innocent landowner defense doctrine discuss the purpose of the National Priorities List (NPL) define environmental due diligence describe Phase I of an environmental site assessment 45 mins. Environmental Hazards describe the characteristics of the following environmental hazards that can affect real property: radon asbestos lead-based paint identify the provisions Section (7) Florida Statutes regarding radon gas disclosure identify the provisions of the Residential Lead- Based Paint Hazard Reduction Act of 1992 explain the disclosure warning requirement for lead-based paint in a real estate sales transaction identify exemptions to the Residential Lead- Based Paint Hazard Reduction Act of 1992 Property Management 40 mins. Florida Landlord Tenant Act describe the provisions of the Florida Residential Landlord and Tenant Act 8 hours September 2011 Page 18 of 21 72
19 60 mins. Leasing and Property Management 1 define lease recognize several different types of leases distinguish between contract rent and economic rent describe some provisions of the law related to security deposits list and explain the essential elements of a valid lease 30 mins. Leasing and Property Management 2 identify the conditions under which a lease may be terminated describe the process involved in assigning a lease and subletting explain what happens if a lease contract is breached 30 mins. Leasing and Property Management 3 describe the licensing requirements for property managers and list the exemptions from the requirements describe the skills required of property managers list the items that should be included in a property management contract 60 mins. Leasing and Property Management 4 describe the two goals of property management list and describe the responsibilities of property management: market analysis property analysis marketing tenant selection and tenant services property maintenance establishing and terminating rental agreements financial record keeping 20 mins. Leasing and Property Management 5 describe some issues that are specific to commercial property management define community association explain when a community association manager's license is required September 2011 Page 19 of 21 72
20 20 mins. Fair Housing 1 describe the provisions of the Civil Rights Act of 1866 describe the provisions of the Civil Rights Act of 1968 define steering and blockbusting explain how an individual can enforce either Fair Housing Act 45 mins. Fair Housing 2 describe the provisions of the Fair Housing Amendments Act of 1988 explain how an individual can enforce the Fair Housing Amendments Act of mins. Fair Housing 3 explain how to avoid fair housing violations in your day-to-day practice identify several areas in which fair housing violations are most likely to occur identify some additional regulations related to fair housing opportunities 30 mins. Americans with Disabilities 1 explain the purpose of the Americans with Disabilities Act (ADA) define disability under the Americans with Disabilities Act identify those who are protected under the Americans with Disabilities Act 45 mins. Americans with Disabilities 2 describe the provisions of the Americans with Disabilities Act (ADA) related to employment, including: the entities that are covered by the employment provisions of the ADA the obligation of an employer (or other covered entity) to provide reasonable accommodation for an applicant/employee with a disability the types of questions that an employer (or other covered entity) CANNOT ask an individual with a disability September 2011 Page 20 of 21 72
21 30 mins. Americans with Disabilities 3 describe the provisions of the Americans with Disabilities Act (ADA) related to public accommodations including: the entities that are covered by this portion of the ADA the consequences for violating this portion of the ADA some general requirements of the ADA related to public accommodations 40 mins. Americans with Disabilities 4 describe the provisions of the ADA related to public accommodations including (cont.): the obligation of a public accommodation to modify policies and procedures the obligation of a public accommodation to provide auxiliary aids and services to clients, customers, and/or participants with disabilities the obligation of a public accommodation to remove barriers in existing facilities the obligation of a public accommodation or commercial facility to make newly constructed or altered facilities accessible to individuals with disabilities 180 mins. Exam September 2011 Page 21 of 21 72
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