Important Information for Online Florida Real Estate Students

One of the many benefits of live classroom instruction over the online Real Estate course is that the students are given the necessary information to walk them through the license application process.  When a candidate calls me regarding scheduled classes and none of the formats are a match for their work or family schedule they choose the online option.  I make sure they know the process required to apply for an obtain the approval from the state to sit for the licensing exam.

Students who go on the website and register for the online course without calling the school miss out on valuable information regarding the process. I frequently get calls from these students who are attempting to schedule their state license exam and PearsonVue, the test vendor is asking them for the required identification number.  That is a red flag that they have not made their application with the state for a real estate license and their plans have been set  back by months.

There are two steps to the process of obtaining a Real Estate license: taking and passing the required 63 hour FREC 1 course with a score of at least 70, and applying to the Florida Department of Business and Professional Regulation for a sales associate license. When the application is approved, the test vendor notifies the candidate that they may now schedule the state license exam.  The passing score for the state exam is 75. I recommend applying to the state as soon as the candidate registers for the Real Estate course.

Here is the process:
Go to www.myfloridalicense.com
Choose "apply or manage my license"
Choose Real Estate as the profession
Choose the green Apply for license tab
Choose Real Estate sales associate
Choose Initial Application-Sales Associate License (Form RE 1)
The application page is filled with valuable information and the two available methods of applying are at the bottom of the page.

One of the requirments to complete the application process is getting your electronic fingerprints through an approved Livecan vendor.  Some local Sheriff's offices provide this service but the student must provide them with the code for Real Estate so the fingerprints ar directed to the Division of Real Estate. The code is found here.  

Another very valuable resource is the Candidate Information Booklet which is updated regularly.  It is the guidebook that offers everything from the material that must be mastered to pass the exam to what to bring and not to bring to the test site.  

For more information on the process or if you have any questions please feel free to call at 352-650-1029 and I can walk you through the process.

Nature Coast Real Estate School offers live and online courses for Real Estate Sales Associate and Broker Courses as well as continuing education.  Check out our website for schedule at www.naturecoastrealestateschool.com.  Proudly serving the Real Estate Licensing needs for Hernando and Pasco County since 2003. 

Law Change for Florida Real Estate Post License Exams

As a Florida Real Estate Licensing Instructor, one of the most frustrating aspects is student procrastination when taking the required Post Licensing course during the initial license period.  Every Post Licensing class I teach there are those students who waited until the cusp of license expiration and are in a panic that they may fail the test and therfore lose their license.  
If a student does not pass the end of course exam, they previously had to wait 30 days to retest or they can retake the course if they do not want to wait.  This created a serious issue if the student waited until the last month before license expiration.

The good news is...The 30-day waiting period was eliminated for the sales and broker post-license courses and for sales and broker license reactivation courses. This will significantly reduce the anxiety that the student will lose the license they worked so hard to acquire.

This is still not the ideal way to manage a new real estate career though.  Many new licensees choose a company that offers the best commission split and then lament the fact that they have no training or mentoring available.  The Post Licensing course can help bridge this gap.  The course takes the student through a step by step process beginning with business planning and goal setting,  to prospecting for business, the listing presentation, attracing buyers, presenting a contract through to the closing process.

This valuable opportunity is wasted when the new licensee has stumbled through the first year or so in real estate with no guidance. I hear so often that the student would not have lost a transaction or listing if they had only known what they are learning in class earlier in their career.

It is your license, your business, your choice.  Choose wisely and get that competitive edge in your real estate business.

Nature Coast Real Estate School offers live classroom and online courses in Brooksville, Spring Hill, Port Richey and Holiday Florida. Check out our website at www.naturecoastrealestateschool.com for the full schedule of classes.  Be sure to read our reviews on Google before making your choice of Real Estate Schools.

Changes to the Florida Sales Associate and Broker State License Exams

The  TILA-RESPA Integrated Mortgage Disclosure Rule went into effect on October 3, 2015.  This has 
created significant changes in the handling of Real Estate closings involving mortgage loans, from application through closing.  Students who are preparing for the Florida Sales Associate and Broker licensing exams are concerned as to how these changes affect their testing.

According to the Florida Department of Business and Professional Regulation, The rule’s impact to the Florida Real Estate Sales Associate examination is minimal.   There has been a change to terminology. The term that is used instead of HUD-1 is Closing Disclosure. Candidates have to be familiar with pages 2 and 3 of the new five-page disclosure and be able to perform basic calculations as they do now.  Here is a link to the new Closing Disclosure to familiarize students with the changes. 

 The DBPR began testing the Closing Disclosure changes on December 1, 2015. Broker examinees will have eight questions that may include calculation of documentary stamp taxes and intangible taxes as well as tax and rent prorations. Examinees must also know where the expenses, prorations, sales price, and mortgage balances are shown on the Closing Disclosure.

Sales Associate and Broker Candidates are urged by the DBPR to download and utilize the Candidate Information Booklets they provide.  The Sales Associate Candidate information Booklet was updated June 2015 and the Broker Candidate Information Booklet in December 2015.  These are a student's guidebook through the process and contain valuable information, especially with regard to the weight of each section of the textbook on the State Licensing exam.  The Broker CIB has sample closing scenario questions to familiarize the candidate with the expected format of the closing questions.

For information on obtaining a real estate license or if you are considering a career in Real Estate and live in the Tampa Bay area, contact Nature Coast Real Estate Schools website for our schedule of classes.

Nature Coast Real Estate School offers LIVE CLASSROOM and ONLINE INSTRUCTION for pre and post licensing classes for Sales Associates and Brokers, as well as Weekend Exam Prep Courses.  We have four convenient locations in Pasco and Hernando Counties to serve the Real Estate Licensing needs of the North Tampa Bay area.

For more information on the location and class preparation, call Jeanne Gavish at 352-650-029 or email me at jmgavish@aol.com.

  

Should A Florida Real Estate Professional Become a PA, LLC or stay a sole proprietor?

The majority of Real Estate Licensees in Florida are independent contractors and one of the important consequences of this model is that the licensees are responsible for paying their own taxes to the IRS. One of the requirements under Internal Revenue code is that there must be a written agreement between the Broker and Associate with the verbiage affirming this business arrangement. The IRS has specific guidelines to determine how to qualify as an independent contractor.

Florida license law allows sales associates and broker associates to incorporate as individual licensees for the tax benefits and personal risk reduction.  This can afford tremendous tax savings and protect personal assets. 

The Statute is very specific in how to qualify for this form of licensing.  The licensees can choose between a Professional Corporation (PA), Limited Liability Company (LLC) or Professional Limited Liability Company (PLLC) and should seek the advise of their Accountant in deciding which corporate structure works best for their situation.

Although Florida licensing law requires that each licensee be issued a license in their legal name, if properly qualified the legal entity designation may be added to the license.

The first step in qualifying is to have the corporation created through the Florida Department of State's Division of Corporations website. Please note that although licensees are allowed to incorporate, they may not be licensed or compensated in any way except their legal name; no trade names allowed. In order to ensure that the process is done correctly, the licensee's attorney or accountant can set everything up for a fee.

Once the Articles of Incorporation have been created, the next step is to create a federal tax identification number on the Internal Revenue Service website.  If the licensee has a professional set up the corporation then this is usually done as part of the process.  

The licensee is now ready to have the licensee reissued by the Florida Department of Business and Professional Regulation in the name of the corporate entity, which must be the legal name with the proper entity designation (Jane Doe, PA) and not as a trade name (Team Jane Doe, PA). There is a small fee attached and the broker may not pay the licensee/corporation in the corporate name until the license has been reissued as such.  A new IRS W-9 form is created and the process is now complete from a legal standpoint.

In order to take maximum advantage of the new corporate arrangement, the licensee should have a business bank account created.  The bank will require the Articles of Incorporation and IRS tax identification number in order to open the account and request a credit or debit card strictly for business purposes.  The licensee is now open for business as a business.  Separating business from personal expenses is easily accomplished this way and in order to track the business income and expenses Quckbooks is an excellent banking and accounting tool. 

Now that the licensee is a business entity, business cards, signs and advertising are required to reflect the new corporate name.  Real Estate licensees are one of the only professionals allowed to avail themselves of the benefit and will find that their credibility is enhanced in the public eye by their new status.  

Forming the corporate structure is just the beginning of the process.  Expert tax advise is strongly urged to ensure that all the documentation is correctly prepared and that the new arrangement is utilized properly.  The brokerage will be paying the corporation, and the corporation will be the employer of the individual.  Understanding the filing of quarterly taxes, ongoing reporting requirements and other tax benefits and consequences make it advantageous to find a qualified accounting professional a part a licensee/corporation's business expense. 

Passing Your Florida Real Estate Licensing Exam

The greatest source of anxiety and stress for Florida Real Estate Licensing Candidates is the fear that they will not pass the State Licensing Exam.  They have heard from those in the business that the exam is confusing, grueling, filled with trick questions and hear stories of unsuccessful attempts to pass the exam.  

Many students have not seen the inside of a classroom for years or even decades, which adds to the feelings of inadequacy and apprehension.  If there is financial stress added to the mix of emotions it can truly heighten the pressure.  

However, a little anxiety is normal and can drive one to properly prepare (or even over prepare).  On the other hand, too much stress and internal pressure can be counterproductive.  The toxic chemicals strss produces in the body can inhibit the rational brain's functioning and cause failure.  

So how do you increase your chances of passing the exam on the first attempt?  Adequate preparation, a positive attitude, rest, and common sense go a long way. 

Students who take the course online are pretty much on their own, having no instructor to explain or clarify points, or give real life examples for how to apply concepts.  Consequently, they tend to read everything in their text thoroughly and repeatedly.  The Bureau of Education and Testing of the DBPR has begun tracking test taking results for Online versus Classroom Students and the results favored the online students in pass rates. You can read more on the results of Online versus Classroom students.

Do not rely on your instructor's lecture and your highlights as sole preparation for the exam.  Read the text thoroughly.  The Bureau of Education and Testing has a Candidates Information Booklet that was revised on June 4, 2015 to include the most recently updated  Examination Content Overview and Outline (pg 3-5) that separates and gives weight to subject areas to study.  Download from the DBPR website and read carefully.  It gives links to the Statutes and Administrative Codes that are in the text and information and advice for passing the test (pg 9-11).

The most recent changes are:

Finally, we have updated the Sales Associate Content Outline to match the new Sales Associate Syllabus. A copy of the updated Content Outline has been attached and will be reflected on the Sales Associate Candidate Information Booklet. Also, if a Sales Associate candidate fails and receives their grade report, they will see the updated headings from the Content Outline. You will also notice that we have decided to test on the Real Estate Markets and Analysis classification. Candidates will be tested on one item from this classification as we have taken an item away from the Residential Mortgages classification. This means that instead of 10 items being tested from the Residential Mortgages classification, they will now receive 9 items and 1 item from the Real Estate Markets and Analysis classification. Candidates will see the updates on June 4, 2015.

If there is an Exam Prep Course offered in your area, usually available on weekends, attend the class but be prepared because they are fast paced and meant to be a review, not a teaching tool.  Nature Coast Real Estate School uses the Florida Real Estate Exam Manual for Sales Associates and Brokers published by Dearborn for the Exam Prep Class.  There are over 600 questions with answers and rationales and here is one of the greatest tools for passing....

MARK THE CORRECT ANSWER TO EACH QUESTION AS GIVEN IN THE TEXT.  STUDY THE QUESTION AND THE CORRECT ANSWER ONLY. Do NOT even look at the incorrect answers to the questions in the Exam Manual because if you do you are imprinting incorrect answers in your brain. If you try to "test" yourself you may see multiple answers that "look familiar" when you are sitting in front of the test screen  at the State Exam site.  Study the question and correct answer only so that when you read the question, only the correct answer comes to mind.  You are then sufficiently prepared to attempt the State Exam.
Keep your test date a private matter so that you do not have to worry what others will think if you do not pass on your first attempt.  Make sure you arrive early to the test site so that you have have plenty of time to get processed and REMEMBER TO BRING YOUR COURSE COMPLETION CERTIFICATE TO THE EXAM SITE.  You cannot sit for the exam without it

 
 Take the time to go through the Tutorial when you sit down to your computer.  It will not count against your testing time.  Read through the test and only answer the questions that you feel confident answering the first time.  Then go back after you have read each question once and make sure to budget your time.  The adrenaline levels will be reasonable by that time and you will realize that you know more than you anticipated.  You can skip questions or mark them for review.  Save the math for last, since you utilize a different part of the brain for math.  DO NOT second guess yourself and change answers when you are reviewing unless you are certain you misread the question the first time.

Nature Coast Real Estate School offers LIVE CLASSROOM INSTRUCTION for Pre and Post Licensing Classes for Sales Associates and Brokers, as well as Weekend Exam Prep Courses.  We have four conveniently located locations in Pasco and Hernando counties to serve the Real Estate Licensing needs of Pasco and Hernando Counties.

For more information on the location and class preparation, call Jeanne Gavish at 352-650-1029 or email me at jmgavish@aol.com or visit our website. 

Florida DBPR Will No Longer Issue Paper Licenses

If you have passed your Florida Real Estate License Exam and are anxiously awaiting your Real Estate license, please note that the Florida Department of Business and Professional Regulation has made some significant changes in how they deliver Real Estate Licenses and Permits.

Starting June 4, 2015, the Department of Business and Professional Regulation (DBPR) will no longer print and mail initial, renewed or duplicate licenses for real estate Instructor, Broker, Sales Associate and Real Estate Brokerages and Schools.

 Individuals who have applied for their license through DBPR’s online services will receive an email with an attached printable copy of their license within two business days of passing their examination.  A licensee may begin to practice Real Estate as soon as the DBPR's records are updated to reflect the Real Estate Brokerage with whom the licensee has chosen as an employing Broker.  Brokers can accomplish this online and does not have to wait until the new licensee produces their license.

Licensees may also print out their license using the secure online DBPR account at  http://www.myfloridalicense.com and follow the step-by-step instructions on how to submit a print request. 

 If individuals have not created their online account,  they can do so starting June 4, 2015 and submit their license print request two business days after they have passed the examination.

If you have any questions regarding a career in Real Estate, feel free to call me at 352-650-1029 or email me at jmgavish@aol.com. Please visit my website for information regarding classes to get licensed in the Tampa Bay area.  

Nature Coast Real Estate School has four convenient locations in Pasco and Hernando counties to serve the Real Estate licensing needs of the north Tampa Bay area.  
 

It's a Great Time to Get Your Florida Real Estate License

Real Estate Classes in Hernando and Pasco counties are filling up again with the Real Estate Market well into recovery.  Business is booming for full time Brokers and Associates and many are looking to grow their brokerages and their Real Estate teams to meet the demand.  

A good number of today's Real Estate students have already been interviewed and hired, pending the passing of their real estate license exam. It is gratifying to see them come into the business and move right into production with mentorship and a pipeline of leads in place for the new licensee.

Some brokerages are offering a tuition reimbursement program, whereby the brokerage will front the expenses of Real Estate School, licensees fees and Realtor dues with reimbursement from commissions earned for qualified candidates.  

Many of today's real estate students are no strangers to the business, coming from appraising and mortgage backgrounds. Often, students have a Real Estate license in other states and are eager to duplicate their successful real estate careers from other states in Florida. 

Today, in the north Tampa Bay area, we are back to the pre-boom number of licensees that are active and the numbers are steadily growing.  The investor market, first time homebuyers and international buyers are taking advantage of affordable homes in the North Tampa Bay and low interest rates while they last.  It is a great time to begin a career in Real Estate.

If you have any questions about a career in real estate in Florida, please call or email me, or visit my website.  

Nature Coast Real Estate School has four convenient locations in Hernando and Pasco Counties and serves the real estate licensing needs in Pasco County and Hernando County Florida.  If you have any questions about the licensing process, the Division of Real Estate has answers to Frequently Asked Questions as well as a complete Candidate Information Booklet to guide you through the process of getting your license.  To apply for a real estate license in Florida, follow the link to the license application.

            

Florida Real Estate Licenses are not Reciprocal But....

Many Real Estate practitioners from other states migrate to Florida and inquire about getting their Florida Real Estate License.  They always want to know if there is any reciprocal relationship between Florida and their home state.   What they are asking is if they can practice real estate in Florida with an out of state license.   The answer each time is “Florida is reciprocal with NO states”.  We do not allow you to practice real estate in Florida without a Florida license.

However, if you have a sales or broker license in ANY other state, and it has been active for two out of the previous five years, you do not have to go through the same process as a Florida Resident seeking their broker’s license. 

For a Florida resident to become a broker, they must successfully complete a 63 hour course (that means pass the end of course exam), pass the Florida Sales Associate Licensing exam, and successfully complete the 45 hour post licensing course within the first licensing period.
In addition, they must have their sales license active with a broker for 24 months in order to qualify for their Florida Real Estate Broker’s license.
If you are moving from another state, and have been licensed as either a sales associate or a broker for two out of the past five years, you may bypass the sales associate’s license and apply for your Florida Broker’s license.  
If you have any questions regarding becoming licensed in Florida, go to my website, call me at 352-650-1029 or email jmgavish@aol.com.
Nature Coast Real Estate School is located four miles north of the Pasco County line on US 19 in Sprng Hill Florida and serves the Real Estate licensing needs of Pasco County and Hernando County.

Finding A Broker When You Are Newly Licensed

As the owner and instructor of a Florida Real Estate school the most frequently asked questions from my licensing students is "How do I go about finding a broker to work for once I get my license?" or "Will any Broker want to hire me since I have no experience?" They want to know what to look for in a company, what questions to ask a potential broker, wil they be commission only, how long until they begin making money, and how much it is going to cost to get started once  get licensed and how much can they expect to make in this business.
Starting a new career is exciting and challenging.  It is also intimidating, especially if a student had a successful career that they left behind.  It is not easy to start over as an adult and they are looking for some reassurance. 

Students have a vague idea of what the real estate business is about, but most of them get in because they like the idea of selling homes.  Very few understand that they are going into business for themselves rather than changing jobs.

A Real Estate Career is not a job.  It is a business.  It is YOU, Inc.  The amount of money that you will make in your first year has no bearing at all on how much money you will make in the subsequent years, because your first year is your learning year and you will make lots of mistakes on the road to mastery of the real estate business.  Forgive yourself in advance.  It is part of the process and we the painful mistakes are the ones we remember.  


One of the hardest mistakes is going to work for a company that is not a good fit.  It is also one of the most costly because when you go to work for a brokerage, those listings that you acquire and buyer contracts you write by law belong to your broker.  Make your choice carefully after much interviewing, because if it doesn't work out you may have to leave the business behind.

There are many different models in Real Estate Brokerages, and each has a type of licensee that will thrive in the different settings.  The question to ask yourself is, “what’s most important to me as a novice?”  I would think it is training, but many new licensees look to the commission split only and spend a lot of money on marketing and buying leads, getting little or no return, and find themselves financially strapped.

If you have someone who is willing to mentor you, by all means, join them into their company.  Otherwise, look for one with training, an experienced broker, and a good reputation and culture.

One thing is certain: what you envisioned your career to be before you were licensed is not going to match the reality of your new career.  It is a lot of hard work, sometimes with no apparent reward for a long period of time and it is easy to get disillusioned in the beginning.
What you may blame your broker for is really an unrealistic expectation on your part, so make sure you ask questions about what you can expect and also ask the potential broker what they expect from you. Find out what happens to the business you procured if it doesn't work out and you feel you need to find a new broker.  This is a negotiable item in many firms, which is why you may want to ask those in the business for some advice.
 
 Make sure the company has a Policy and Procedures Manual, and that you are given a copy to review before you sign with the broker.  Make sure you take notes in your interview, and that you recap what you wrote before you leave.  Make sure the notes you took match what is in the P & P Manual.  If not, make the notes an addendum to the manual and ask your broker to sign it when you meet again to join the firm.

As a former Century 21 Broker, EXIT Realty Broker, Coldwell Banker manager, and an independent Broker, I have interviewed countless licensees that did not take these precautions, and regretted it financially when they had to start over without their listings or their commission checks. Be smart and you will be successful!

There are many opportunities for success in today’s real estate market.
If you have any questions about a career in real estate in Florida, please call or email me, or visit my website.  If you have any questions about the licensing process, the Division of Real Estate has answers to Frequently Asked Questions as well as a complete Candidate Information Booklet to guide you through the process of getting your license.  To apply for a real estate license in Florida, follow the link to the license application.

Nature Coast Real Estate School offers live classroom and online courses and has four convenient locations in Pasco and Hernando Counties.  

Is that Online Florida Real Estate School Really Accredited?

Not everyone on the internet is who they claim to be….

Not everyone's schedule fits with the offered classroom courses at the Real Estate Schools. With the birth of online real estate education also came the advent of online “National Education Facilities” that claim they are accredited to offer Real Estate courses in multiple states.  For preferred placement in searches, many of them have names that begin with “A”, and offer very low priced classes.  Problem is, they may not actually be accredited in the states they claim.

The Department of Business and Professional Regulation of the State of Florida publishes a list of accredited Real Estate Schools, along with the contact information.  Real Estate Licensing courses in Florida are very rigorous, and the state test is difficult to pass.  If you cannot find a real estate course in a classroom setting, you may decide to take the online course.  Unlike the classroom course, most of the online courses are self study, and the material is dry and difficult to understand unless you have a background in law, or are licensed in another state already. If you choose this route, be careful to verify with the State of Florida DBPR that the school actually has the purported accreditation.

This also applies to Florida licensees who are considering upgrading a Florida Sales Associate license to a Broker license and is finding it difficult to fit a classroom course into a busy schedule. 

I received a call recently from a non resident Florida Broker who had taken 30 of the required 60 hours of Post-Licensing education in a classroom, and the other 30 hours through an online school.  When she went to renew her license, she was refused and told she was deficient by 30 hours.  When she read the name of the school from her completion certificate, she was informed  by the Florida Department of Business and Professional Regulation that the online school not an accredited real estate school in Florida.  They directed her to their website where she could find an accredited school which was how she found my school and contacted me.  I did not offer that class online but directed her to a school that did, and hopefully she was able to complete the education before the expiration of her initial license.

Be very wary of online Real Estate Schools.  Do diligent research and verify the accreditation before signing up and paying for a class.  If you have any questions regarding Real Estate licensing education or licensing, please visit my website, call me at 352-650-1029 or email me at jmgavish@aol.com. Nature Coast Real Estate School has four convenient locations in Hernando and Pasco counties and serves the real estate licensing needs in Pasco County and Hernando County Florida.

Scheduling your Florida Real Estate State Licensing Exam

Once you have submitted your Real Estate Sales Associate or Broker License Application you are able to track the progress of your application on www.myfloridalicense.com using your social security number.  You will see a checklist of tasks required by the state to complete the approval process and when completed you will see the status change to “EXAM ELIGIBLE”. Congratulations!  You have been approved to the the exam, but may not know the next step. 

Although you should have received an email or an authorization letter in the mail  you do not have to wait to hear from the test vendor, Pearson VUE.  Once  you know that you are eligible to take the state exam, you may contact Pearson VUE directly through their website or by phone at 888.204.6289.

You will be required to submit a valid email address and pay at the time the exam is scheduled. You will not be able to pay at the test site on the day of the exam.  

If you wish to take the exam in Spanish, you must make your language preference known when scheduling your exam.  If you choose Spanish, you may toggle back and forth between Spanish and English to compensate for the fact that there are many dialects in Spanish.  If you do not make the request at reservation time, your exam will be in English.

Make sure you bring proper identification to the test site!  Two forms of signature identification are required.  One must bear your photo.  Your name and address must match the application submitted to the DBPR.  Government issued identification such as driver’s license, state identification card, passport and military identification card are acceptable. YOU MUST BE PREPARED TO SHOW PROPER I.D. TO GAIN ADMISSION TO THE TEST SITE. Student, employment I.D. cards and photo bearing credit cards are not acceptable as a picture bearing identification.

If the name on one or both forms of identification does not match the name listed in the vendor registration system, you must present an official document detailing why your name was changed. Examples of permissible documents accepted at the test center for this purpose include divorce papers, marriage licenses, and/or permanent resident certificates.
Remember to bring your Completion Certificate from Real Estate Licensing School to the Test Site.  Keep a copy for your records in case you need to retake the exam. You will need to provide the Completion Certificate if you retake the exam. 

Your test will be graded at the site and you will receive a pass/fail certificate.  If you failed the exam, your certificate will have a chapter by chapter breakdown of the questions asked and correctly answered for that chapter. This allows you to focus your studies on the chapters or topics that are your weakness.  

Finally, if you don't pass, don't be in a rush to retake the exam right away.  The statewide pass rates for retakers is significantly lower than first time testers.  Use the time to go back over your weakest chapters so that you are prepared when you retake the test.  It is especially tempting when you failed by only a few points.  You may berate yourself for changing those few answers that cost you the test, but remember, you will not receive the same exam when you retake, so use the time to study before signing up to retake the test.

For information on obtaining a real estate license or are considering a career in Real Estate and live in the Tampa Bay area, Contact Nature Coast Real Estate School’s website for our schedule of classes..
Nature Coast Real Estate School offers LIVE CLASSROOM and ONLINE INSTRUCTION for Pre and Post Licensing Classes for Sales Associates and Brokers, as well as Weekend Exam Prep Courses.  We have  four convenient locations in Pasco and Hernando counties to serve the Real Estate Licensing needs of Pasco and Hernando Counties.

For more information on the location and class preparation, check out the website, call Jeanne Gavish at 352-650-1029 or email me at jmgavish@aol.com.  

Florida offers Temporary Real Estate Licenses to Military Spouses

The state of Florida offers temporary Real Estate licenses to spouses of Active Duty members of the Armed Forces who relocate to Florida, provided they have an active real estate license in another state.

  The applicant’s spouse must be on active duty and assigned to a duty station in Florida, and this license is not renewable.  It is a one time only offer, valid for six months, and the applicant must be living in the state of Florida to qualify.

 Formal application process applies, and a background check is mandatory for all licensees in the State of Florida, including electronic fingerprinting that is scanned through the Florida Department of Law Enforcement and Federal Bureau of Investigation.

This affords the applicant who wishes to continue practicing real estate in Florida the opportunity to  use this six month period to acquire their Sales Associates License in Florida.   Applicants must be married to an active duty member of the Armed Forces of the United States. Applicants must provide a copy of their military dependent ID card.

 Applicants must hold a valid license for the profession in another state, the District of Columbia, any United States territory or possession, or a foreign jurisdiction.  Applicants are required to provide a copy of the certificate of licensure and a copy of the statutes and/or rules that define the scope of work for the current license.

 Applications for this license are not available online.  To download and print the application, go to website or call 850-487-1395 to speak to the Call Center for the Florida Department of Business and Professional Regulation (DBPR).

 If you have any questions about a career in real estate in Florida, please call or email me, or visit my website.  If you have any questions about the licensing process, the Division of Real Estate has answers to Frequently Asked Questions as well as a complete Candidate Information Booklet to guide you through the process of getting your license.  To apply for a real estate license in Florida, follow the link to the license application.

Nature Coast Real Estate School is located in four convenient locations in Pasco and Hernando Counties in Florida and serves the Real Estate licensing needs of Pasco and Hernando Counties.

 

Real Estate Investors Beware of the New Regulations affecting Owner Financing

Real Estate Investors who offer Owner Financing to credit challenged purchasers or to other investors who had reached the maximum amount of institutionally financed mortgage loans BEWARE. Your ability to offer relief to these potential home purchasers has  been caught in the Federal Government's regulation of the Mortgage Industry.  The Consumer Financial Protection Bureau (CFPB) has issued its Loan Originator Rule to implement the new Dodd-Frank requirements, and you may now be classified as a loan originator under the Rule.

Effective January 10, 2014, this Rule applies to sellers of residential dwellings who finances the buyer's purchase may be considered a "loan originator" under Dodd-Frank and required to comply with certain Truth In Lending Act (TILA) rules and disclosures, unless the seller is entitled to one of two exclusions in the Rule:

"One Property Exclusion" where Seller finances only ONE property in any 12 month period, AND:

• The Seller owns the property and is a "Natural Person", a Trust or an Estate AND
• The Seller did not construct or act as the contractor for the construction of the residence on the property in the ordinary course of business; AND
• The financing does not result in negative amortization; AND
• The financing has a fixed rate or an adjustable rate that does not adjust for the first 5 years and is subject to reasonable annual and lifetime rate adjustments limits.

OR

"Three Property Exclusion" where seller finances no more than THREE properties in any 12 month period, AND:

• The Seller is a Natural Person or Organization (Corporation, LLC, Partnership, Trust, Estate, Association, etc) AND
• The Seller did not construct or act as the contractor for the construction of the residence on the property in the ordinary course of business; AND
• The loan is fully amortized, specifically there is no balloon payment or negative amortization; AND
• The financing has a fixed rate or an adjustable rate that does not adjust for the first 5 years and is subject to reasonable annual and lifetime rate adjustments limits., AND
• The Seller determines in good faith that the buyer/borrower has the reasonable ability to repay the loan

The Florida Bar and the Florida Realtors Legal Department have created a Seller Financing Rider (aka Purchase Money Mortgage) Rider to the Residential Contract for Sale and Purchase which is compliant with the Dodd-Frank Act regarding the types of Seller Financing permitted.  The Seller Financing options are clearly outlined in the Rider and NO OTHER OPTIONS ARE PERMITTED under Dodd-Frank. Sellers and Buyers of Seller Financed homes are urged to use a Realtor who is knowledgeable in Seller Financing Rules and utilizes the approved Seller Financing Rider (CR-3 Rev 9/14).

If you are an investor who hold or have held private mortgage notes, you are strongly urged to seek advice of Legal Counsel to determine if you  meet the exclusion criteria and your the financing you are considering offering is compliant with the Dodd-Frank Wall Street Reform and Consumer Protection Act.

This is not, nor is it meant to be a complete list of the qualifying criteria under the Rule.  Even if the investor qualifies under the exclusion, the Purchaser is still a Consumer receiving Consumer Credit  and other compliance issues remain.  It is important to have a competent Real Estate Attorney involved in the closing for the protection of all parties. 

For information on obtaining a real estate license or are considering a career in Real Estate and live in the Tampa Bay area, Contact Nature Coast Real Estate School's website for our schedule of classes.

Nature Coast Real Estate School offers LIVE CLASSROOM and ONLINE INSTRUCTION for Pre and Post Licensing Classes for Sales Associates and Brokers, as well as Weekend Exam Prep Courses.  We have FOUR convenient locations to serve the Real Estate Licensing needs of Pasco and Hernando Counties:

78 Commerical Way, Spring Hill  

2715 Forest Rd, Spring Hill 

11923 Oak Trail Way, Port Richey

2144 Seven Springs Blvd, Trinity 

For more information on the location and class preparation, call Jeanne Gavish at 352-650-1029 or email me at jmgavish@aol.com.  

Does the Listing Agent Have to Disclose Multiple Offers?

Whether or not the listing agent has to disclose to the buyer's agent that fact that they are competing with other offers on the same property is a topic of hot debate in the real estate community.  

As a 25 year veteran in the real estate business and knowing in a sellers market I may be competing with other offers, I ALWAYS ask two specific questions.  I ask if there are any other offers on the table.  If the answer is no I ask that if another offer comes in I be notified so that my buyer can present their highest and best offer.  If the answer is yes, then I can inform the buyer that they may not be receiving a counteroffer and to make their best offer.

When I was in Professional Standards committee training for my local Realtor Association a couple years ago the question arose: "If you notify one agent that there are multiple offers, are you bound to notify everyone involved in the transaction?"  According to the Legal Team of the Florida Realtors Association the answer was no, not necessarily.  This is a very good reason why using an experienced and well trained licensee works in a buyer's benefit.  Cooperating agents should always know to ask the listing agent if other offers exist before presenting the buyer's offer.

The March/April edition of Realtor Magazine addresses the issue of Ethics and disclosing multiple offers.  According to the Code of Ethics article two conditions must be met before a listing agent has to disclose multiple offers: the seller is required to give permission and the buyers or cooperating agent is required to ask the agent to disclose whether there are other offers.  The same two conditions apply if the cooperating agent wants the listing agent to reveal whether the offers were from the listing broker or other cooperating brokers.  

Realtors are required to abide by the National Association of Realtor Code of Ethics and the Code sited in this instance was Article 1, Standard of Practice 1-15 and 1-13(5)

·   Standard of Practice 1-15

Realtors®, in response to inquiries from buyers or cooperating brokers shall, with the sellers’ approval, disclose the existence of offers on the property. Where disclosure is authorized, Realtors®shall also disclose, if asked, whether offers were obtained by the listing licensee, another licensee in the listing firm, or by a cooperating broker. (Adopted 1/03, Amended 1/09)

·   Standard of Practice 1-13

When entering into buyer/tenant agreements, Realtors® must advise potential clients of:

5)    the possibility that sellers or sellers’ representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. (Adopted 1/93, Renumbered 1/98, Amended 1/06)

For information on obtaining a real estate license or are considering a career in Real Estate and live in the Tampa Bay area, Contact Nature Coast Real Estate School's website for our schedule of classes.

Nature Coast Real Estate School offers LIVE CLASSROOM and ONLINE INSTRUCTION for Pre and Post Licensing Classes for Sales Associates and Brokers, as well as Weekend Exam Prep Courses.  We have FOUR convenient locations to serve the Real Estate Licensing needs of Pasco and Hernando Counties:

78 Commerical Way, Spring Hill  

2715 Forest Rd, Spring Hill 

11923 Oak Trail Way, Port Richey

2144 Seven Springs Blvd, Trinity 

For more information on the location and class preparation, call Jeanne Gavish at 352-650-1029 or email me at jmgavish@aol.com.  

Tips to Pass Your Florida Real Estate License Exam

The greatest source of stress for Florida Real Estate Licensing Candidates is the fear that they will not pass the State Licensing Exam.  They have heard from those in the business that the exam is confusing, grueling, filled with trick questions and many anxiety raising stories of unsuccessful attempts to pass the exam.  

Many students have not seen the inside of a classroom for years or even decades, which adds to the feelings of inadequacy and apprehension.  If there is financial stress added to the mix of emotions it can truly heighten the pressure.  

However, while a little anxiety is normal and can drive one to prepare or even overprepare, too much stress and internal pressure can be counterproductive.  The toxic chemicals in the body can inhibit the rational brain's functioning and cause failure.  

So how do you increase your chances of passing the exam on the first attempt?  Adequate preparation, a positive attitude, rest, and common sense go a long way.

Students who take the course online are pretty much on their own, having no instructor to explain or clarify points, or give real life examples for how to apply concepts.  Consequently, they tend to read everything in their text thoroughly and repeatedly.  The Bureau of Education and Testing of the DBPR has begun tracking test taking results for Online versus Classroom Students and the results favored the online students in pass rates.

Do not rely on your instructor's lecture and your highlights as sole preparation for the exam.  Read the text thoroughly.  The Bureau of Education and Testing has a Candidates Information Booklet that was revised in August 2013 to include an Examination Content Overview and Outline (pg 3-5) that separates and gives weight to subject areas to study.  Download from the DBPR website and read carefully.  It gives links to the Statutes and Administrative Codes that are in the text and information and advice for passing the test (pg 9-11).

If there is an Exam Prep Course offered, usually available on weekends, attend the class but be prepared because they are fast paced and meant to be a review, not a teaching tool.  Nature Coast Real Estate School uses the Florida Real Estate Exam Manual for Sales Associates and Brokers published by Dearborn for the Exam Prep Class.  There are over 600 questions with answers and rationales and here is one of the greatest tools for passing....

MARK THE CORRECT ANSWER TO EACH QUESTION AS GIVEN IN THE TEXT.  STUDY THE QUESTION AND THE CORRECT ANSWER ONLY. Do NOT even look at the incorrect answers to the questions in the Exam Manual because if you do you are imprinting incorrect answers in your brain. If you try to "test" yourself" you may see multiple answers that "look familiar" when you are sitting in front of the test screen  at the State Exam site.  Study the question and correct answer only so that when you read the question, only the correct answer comes to mind.  You are then sufficiently prepared to attempt the State Exam.

Keep your test date a private matter so that you do not have to worry what others will think if you do not pass on your first attempt.  Make sure you arrive early to the test site so that you have have plenty of time to get processed and REMEMBER TO BRING YOUR COURSE COMPLETION CERTIFICATE TO THE EXAM SITE.  You cannot sit for the exam without it.

 Take the time to go through the Tutorial when you sit down to your computer.  It will not count against your time.  Read through the test and only answer the questions that you feel confident answering the first time.  Then go back after you have read each question once and make sure to budget your time.  The adrenaline levels will be reasonable by that time and you will realize that you know more than you anticipated.  You can skip questions or mark them for review.  Save the math for last, since you utilize a different part of the brain for math.  DO NOT second guess yourself and change answers when you are reviewing unless you are certain you misread the question the first time.

For information on obtaining a real estate license or are considering a career in Real Estate and live in the Tampa Bay area, Contact Nature Coast Real Estate School's website for our schedule of classes.

Nature Coast Real Estate School offers LIVE CLASSROOM and ONLINE INSTRUCTION for Pre and Post Licensing Classes for Sales Associates and Brokers, as well as Weekend Exam Prep Courses.  We have FOUR convenient locations to serve the Real Estate Licensing needs of Pasco and Hernando Counties:

78 Commerical Way, Spring Hill  

2715 Forest Rd, Spring Hill 

11923 Oak Trail Way, Port Richey

2144 Seven Springs Blvd, Trinity

For more information on the location and class preparation, call Jeanne Gavish at 352-650-1029 or email me at jmgavish@aol.com.