18 Jun, 2024

Understanding Leasehold Estates: Estate for Years vs. Tenancy at Will

In real estate, “estate for years” (also known as “tenancy for years”) and “tenancy at will” are two types of leasehold estates, each with distinct characteristics. Here’s a detailed comparison and definition of each: Estate for Years (Tenancy for Years) Definition: An estate for years, or tenancy for years, is a leasehold interest in property […]

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5 Jul, 2024

Understanding the Key Differences Between Conventional and Nonconventional Mortgage Loans

Conventional Mortgage Loans Definition: Not insured or guaranteed by the federal government. Sources: Provided by private lenders such as banks, credit unions, and mortgage companies. Down Payment: Generally require a higher down payment. Credit Score: Typically require a higher credit score. Private Mortgage Insurance (PMI): Required if the down payment is below a certain amount. […]

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5 Jun, 2024

How Military Members, Veterans, and Spouses Can Obtain a Florida Real Estate License

If you are a military member, a veteran, or a spouse seeking to obtain a Florida real estate license, there are specific provisions and benefits designed to assist you. Here’s an overview of the key points: 1. Military Veterans and Spouses: Fee Waivers: Florida waives the initial application, licensing, and unlicensed activity fees for military […]

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3 May, 2024

Understanding Commercial Lease Types: A Guide to Gross, Net, Percentage, Variable, and Ground Leases

These are different types of commercial leases, each with its own structure and terms: 1.) Gross Lease: In a gross lease, the tenant pays a fixed rent amount, and the landlord is responsible for all operating expenses, including property taxes, insurance, maintenance, and utilities. This type of lease is common in residential and some commercial […]

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22 May, 2024

Understanding the Differences Between Formal and Informal Contracts in Real Estate

In real estate, contracts can be categorized as formal or informal based on their formality, structure, and legal enforceability. Here’s a detailed breakdown of the differences between formal and informal contracts in the context of real estate: Formal Contracts Written Agreement: Formal contracts in real estate are always in written form. They detail the terms […]

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15 Apr, 2024

Understanding Florida’s Prohibition on Dual Agency in Real Estate Transactions

Florida has strict regulations when it comes to real estate practices, particularly regarding dual agency. Dual agency refers to a situation where a real estate agent or broker represents both the buyer and the seller in a real estate transaction. However, Florida law prohibits this practice due to potential conflicts of interest that may arise. […]

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10 Apr, 2024

Guide to Transitioning from Sales Associate to Broker License in Florida Real Estate

In Florida, to become a licensed real estate broker, you need to meet certain requirements, even if you’re currently working as a sales associate. Here are the general steps and requirements to transition from a sales associate to a broker in Florida: Education: You must complete 72 hours of approved pre-licensing education from a Florida […]

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1 Apr, 2024

Navigating Renewal: Real Estate License Requirements in Florida

In the state of Florida, real estate licenses are typically subject to renewal every two years. However, the specific month for renewal can vary depending on the licensee’s initial licensure date. Generally, licenses expire either on March 31 or September 30 of even-numbered years. Renewal notices are typically issued by the Florida Department of Business […]

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20 Mar, 2024

Understanding Real Estate Licensing in Florida: Multiple Licenses and Group License Distinctions

In the state of Florida, real estate licenses fall into three main categories: Sales Associate, Broker, and Broker Associate. Here’s how they relate to Multiple Licenses and Group Licenses: Sales Associate License: This license permits individuals to engage in real estate transactions, but they must work under the supervision of a licensed real estate broker. […]

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