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Definition
All Brokers must have an office with at least one enclosed room in a building of stationary construction.
Books, records and transaction files are to be kept in the office.
May have an office in another state if broker agrees in writing to cooperate with investigations under chapter 475 FS. |
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| FREC decided the buiness conducted at a place other than the principal office is of a nature to lead public to believe the office of concern is owned or operated by the broker in question. |
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| intended only for the protection of customers and sales associates. However it supplies are on hand, transactions concluded then the might be required to be registered as branch office. |
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Must display the following:
Trade Name (if one is used)/Firm Name
Brokers Name/at least one active broker.
The words Licensed Real Estate Broker or Lic. Real Estate Broker.
Others if they appear have to be below broker and title listed. |
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Term
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| Anyone who advertises or represents that they are providing real estate services is acting as a real estate broker. Broker is accountable for all ads regardless of who prepares the ads. Publication of false or misleading info by any means for purpose of inducing is title to property is illegal. Chapter 475.42 |
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| Ads that fail to disclose the license name of the brokerage firm. All ad or promotional matetial must include brokerage info. |
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Definition
Telemarketing regulated by state and federal law.
Must search NDNC and only call between 8AM-9PM.
Exempt from NDNC are political, surveys and charties.
Fed Fines is $11000.
Florida Fine is $10000 and there is $10 charge to join and $5 each year thereafter. |
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Definition
Earnest Money Deposits are placed in Escrow.
An account for the deposit of money a disinterested third party holds in trust for others.
Monies associated with leasing, buying or renting. |
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Definition
SA - Not later than the end of the next buiness day
Broker - Not later than the end of the third business day after their SA receives the funds. |
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Definition
Seller Approval Required.
Broker secured until such date deposit can be made. |
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Definition
Florida Commercial Bank, Credit Union or Savings Association.
Or
Florida Based Title Company or Attorney with Trust Powers. |
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| Title and Attorney Notification Timelines |
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Definition
When placed with a title company or attorney:
NLT 10 business days after deposit, licensees broker must reque4st written verification of receipt.
NLT 10 business days after date of written request, broker must provide sellers broker with copy of written verficiation.
FREC has not jurisdiction over the title company or attorney utilized as escrow agent. |
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| Interest Bearing Accounts |
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Definition
| Broker may utilize interest bearing account, but must receive written permission from all parties. |
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| Records must be kept for how long? |
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Definition
Business records, books and accounts in compliance with FL law must be preserved for at least 5 years.
Records must also be preserved for two years after conclusion of any court proceedings. |
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| Money Broker can have in Escrow |
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Definition
$1000 for sales Escrow
$5000 for Property Management
Account must be reconciled and signed each month by broker |
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Definition
| Unauthorized use or control of anothers personal property |
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Definition
| mixing escrow deposits with other funds |
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| When Buyer and Seller make demands regarding escrow disbursement that are inconsistant. Broker must notify FREC within 15 business days and must implement settlement procedure within 30 business days |
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Definition
Doubt as to which party should receive the escrowed property.
Broker must notify FREC within 15 business days about said doubt and within 30 days after having such doubt. |
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| Four Settlement Procedures |
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Definition
| MALE Mediation - Non Binding. Must be complete within 90 days following partys last demand for unsettled funds. Arbitration - Binding before disinterested third party. Litigation - Legal Court Process Interpleader - No Broker interest Declaratory Judgement - Broker interest EDO - Commission issued If dispute is settled before EDO, must notify within 10 business days |
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Definition
| Must be placed into escrow until the service is complete. |
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Definition
61J FS
If prospective tenant does not obtain rental, 75% refund if requested within 30 days.
If rental informantion is not current, 100% on demand, orally or in writing.
False ads is first defree misdemeanor |
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Definition
Commission is negotiable. Any attempt by anyone to fix commissions or fees.
Chapter 475 FS |
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Definition
Lien on property only if expressly authorized in contract.
Else must go to court |
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Definition
All monies due SA's must come from broker.
Check may come from Title Company if broker approved. |
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Definition
Allowed for non-real-estate services.
All parties fully advised.
Must not violate RESPA.
Must be licensed if license required.
May not share commission with unlicensed person, but may share with buyer or seller. |
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Definition
SA's must notify DBPR within 10 days of broker change.
License during change ceases to be in force.
Copying records leads to breach of trust.
Taking records guilty of larceny. |
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Definition
May not represent self as realtor unless member of NAR.
$300 citation for misrepresentation. |
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Definition
All real estate brokerage entities must register with the DBPR....
Registration includes:
Licensed and unlicensed partners, officers and directors. |
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Definition
Owned by one person.
Personally liable for all actions including employees acting within scope of job. |
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Definition
An association of two or more persons for the purpose of conducing business.
Each is responsible for all debts incurred and each share in profits.
Created by contract that is written, oral or implied.
Must register with DBPR
One must be licensed broker and deal with public.
SA's and BA's may not be partners.
If active broker is gone, 14 calendar days to notify DBPR of change of broker.
Failure = Cancellation |
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Term
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Definition
File with Florida Dept of State
Register with DBPR under Partnership name.
Once general partner must be licensed and active.
All general partners disclosed to DBPR.
Limited may be SA's and BA's but do not need to be disclosed to DBPR.
One or more general partners and one or more limited partners.
Limited partners must make investment of money or property.
Limited partners are not liable for more than their investment. |
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Definition
| Quasi Partnership. The conduct of two or more people creates appearance that partnership exists. |
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| Limited Liability Partnership |
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Definition
LLP - protection from personal liability.
Not liable for obligations.
Are liable for errors, omissions, negligence, malpractice....
Filed with Fl Dept of State.
Registered with DBPR.
Name must include "registered limited liability partnership" or LLP |
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Term
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Definition
Artifical perons or entity.
Filed with Fl Dept of State.
Registered with DBPR under corp name.
At least one officer or director must be licensed active.
Inactive may serve as board members, officers or directors.
All officers and directors not licensed must be registered with DBPR.
SA's and BA's may not be orricers or directors but may be share holders.
Same 14 day notification process for change of active broker. |
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| Limited Liability Corporation |
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Definition
Best features of corporation and a partnership.
No liability and pass through income. |
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Definition
Ecclesiastical or church organizaion.
Cannot be Broker. |
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Definition
business arrangement when two or more parties combine to complete a single business transaction.
Both parties must be broker licensed to form the venture. |
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T/A
Business name other than the legal name of person doing business.
Individual broker or entity may use trade name after registered wtih DBPR. They do not however need to file with Dept of State.
Unlike Fictitious names which need to be registered with Dept of State. |
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