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New Florida Broker License Exam in Effect

July 10, 2016

Spring Hill FL Real Estate SchoolFor those Florida Real Estate professionals who are upgrading their licenses to become a Real Estate Broker, there are important changes that went into effect December 1, 2015.

The new TILA/RESPA Integrated Mortgage Disclosure Rule (TRID) was effective for loan applications made after October 3, 2015. The Florida Department of Business and Professional Regulation (DBPR) began testing the  new Closing Disclosure, which replaced the HUD-1 Settlement Statement on December 1, 2015. The Broker state exam will have eight questions that may include calculation of documentary stamp taxes and intangible taxes as well as tax and rent prorations. Candidates must also know on which page and where the expenses, prorations, sales price, and mortgage balances are shown on the Closing Disclosure. These are basic calculations that are part of the Real Estate Broker pre-licensing curriculum.pile of books

Candidates have to be familiar with pages 2 and 3 of the new five-page Closing Disclosure. Here is a link to the new Closing Disclosure to familiarize students with the changes. 

Broker Candidates are urged by the DBPR to download and utilize the Candidate Information Booklets they provide.  The Broker Candidate Information Booklet was updated in December 2015.  This is a great resource to guide the student though the process and contains 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 online learningformat of the closing questions.
Additionally, FREC Rule 5.018, Vacancies of Office, was revised to allow a temporary broker to be appointed in the event a brokerage has only one active broker and that broker dies, resigns, or is unexpectedly unable to remain in the position as active broker. Refer to the attached strikeout version of the rule that became effective February 1, 2016.There was much confusion as to when the 14 day period to replace a broker began and this rule seeks to clarify and make the transition easier. The vacancy may now be filled with a temporary broker, who may be registered for up to 60 days with the DBPR without the need to comply with the Secretary of State corporate registration requirements. Until the Broker manual is updated, the candidate should be given a handout with the new changes as this new material is now tested. 
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
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