The 3 Duties You Owe a Customer (A.D.D.)
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Welcome to the course!
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The Real Estate Business
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Law & Qualifications
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License Law And Commission Rules
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Authorized Relationships, Duties, And Disclosure
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Brokerage Offices and Branch Requirements
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Violations Of License Law, Penalties And Procedures
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Chapter 8
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Property Rights
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Title, Deeds And Ownership Restrictions
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Legal Descriptions
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Real Estate Contracts
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Residential Mortgages
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Types of mortgages
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Real Estate Related Computations And Closing Of Transactions
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The Real Estate Markets And Analysis
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Real Estate Appraisal
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Real Estate Investments And Business Opportunity Brokerage
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Taxes Affecting Real Estate
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Planning, Zoning And Environmental Hazards
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Course Assessments
FLORIDA REAL ESTATE SALES ASSOCIATE COURSE
Authorized Relationships, Duties, And Disclosure
Section 12 of 31
Even though you don't represent a customer, you can't treat them badly. Florida law mandates three specific duties you must always provide, often remembered by the acronym A.D.D.A - Account for all funds: If a customer hands you money (like a deposit check for a house), you have to handle it responsibly. You can't put it in your personal wallet or lose it. You must "account" for every penny entrusted to you.D - Deal honestly and fairly: You cannot lie to a customer. If they ask, "Is the roof leaking?", and you know it is, you have to tell the truth. You must be fair and honest in all your dealings, even if they aren't your client.D - Disclose all known material facts: This is a big one. You must disclose any "material fact" that affects the value of the property if it's not obvious (not "readily observable").Example: If you know the house was built on a sinkhole or has invisible mold behind the walls, you must tell the buyer, even if you don't represent them. You can't hide defects just to get a deal done.
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