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Chapter 5

Brokerage Operations

QuestionAnswer
office sign on or about the entrance; easily observed & read upon entering; brokers trade name; brokers name; licensed real estate broker
office location & files principal or branch office registration may be in home; cannot conflict with local zoning ordinances; books, records & files must be maintains for 5 years
branch office requirements must be registered; cannot transfer registration (good for 2 yrs) close office, move back before registration expires; use remaining time on original registration
principal office requirements each broker must open & maintain an office; office must be registered with DBPR (good for 2yrs) must contain one enclosed room; in a building of stationary construction; where negotiations & closings can be conducted in privacy
advertising must include brokers trade name; licensees last name in ad; internet advertising must include brokers trade name; adjacent or immediately above brokers contact information
blind advertising frec rule 61J2 any ad that omits the brokers registered or trade name; licensees last name must appear as registered with the commission if her personal name is used
licensee personal transactions fs 475/ frec rule 61J2 licensee must disclose their license status; disclosure must be made before serious negotiations; not required in advertising
escrow account no commingle; personal funds up to 1,000 in sales & 5,000 in property management; may keep in commercial bank, savings, credit union must be in Fl
title company escrow account funds can be kept with tittle company or att; sell broker must include name, address, phone of title comp or att; broker must request written verification of deposit in 3 days; selling broker must provide a copy of written verification 2 seller in 10days
timely deposit of escrow funds licensee delivers escrow to broker by the end of the next buss day; broker must deposit no later then 3 bus days; 3days is defined as immediately; broker must deliver to tittle company same time frame
escrow reconciliation frec rule 61J2 broker compares her account with the monthly bank statement; report must reconcile differences; must be signed by broker; kept in file for 5yrs
post dated checks can be accepted as escrow deposit with sellers approval
non sufficient funds escrow check broker is not responsible for bounced chks; as long as broker deposited within the 3 business days
escrow funds ownership broker holds funds in trust for buyer & seller; buyer controls the funds until seller accepts contract; contract fully executed, buyer & seller control escrow jointly
escrow dispute conflicting demands are when both buyer & seller make a claim for the escrow deposit
good faith doubt when a broker receives conflicting demands from the buyer & seller or has good faith doubt as to one of the parties intentions, or has doubt as to which party is entitled to the escrow property
dispute settlement procedures mace mediation, arbitration, court action, escrow disbursement order (EDO)
mediation parties agree 2 3rd party by written consent; parties arent bound by this decision;if isnt settled in 90 days broker must select one of the other procedures
arbitration with written consent the parties agree in advance to be bound by the arbitrators decision. the award is binding & can be enforced in a court of law
court action (litigation) the parties initiate action in court; bill of interpleader- broker files this action with court if she makes no claim; declaratory decree- broker files this action with court if she makes a claim for fees
escrow disbursement order the broker requests FREC settle the dispute; broker must follow FREC instructions; parties settle the dispute before FREC rules; Broker must notify FREC within 10 business days
rental information violations any licensee in violation of rental information is guilty of a misdemeanor of the 1st degree FREC may also impose disciplinary action
concealment failure to disclose information to a party
conspiracy two or more licensees acting together to defraud a 3rd party
culpable negligence licensee operating in a reckless, careless & excessively negligent manner for which she can be held accountable
conversion licensee takes funds collected from others & appropriates (converts) the funds to their own use
failure to account a licensee is unable or unwilling to produce funds held in trust for another at the appropriate time
filing false documents a broker may not encumber real property unless it is expressly permitted by contractual agreement
misrepresentation misstatement or omission of facts
lotteries a licensee who uses lotteries or trading schemes involving selling of certificates or chances to induce any person to buy real estate is guilty of fraud; licensee may give chances away
properties with liens if known, licensees must disclose the existence of any & all liens encumbering a property
change of employer licensees must notify DBPR within 10 days of a change of employer or change of address
real estate brokerage limited partnership min of 1 general partner; min of 1 limited partner; licensees may be limited partner; licensees cannot be general partners
sole proprietorship a business formed by an adividual
real estate brokerage partnership licensees cannot be partners. partners providing real estate services to the public directly or indirectly must be licensed brokers
limited partnership min of 1 general partner; min of 1 limited partner; limited partner may contribute, money or property but not services
real estate brokerage corporation corp, officers & directors must be regis; min of 1 corp officer must be licensed as active real estate broker; registered to perform real services for others; real corp may buy & sell its own real estate but may not provide services
corporation sole corporation formed for religious purpose; can buy & sell real estate for its own use; cannot be registered as a real estate brokerage corporation
ostensible partnership not a true partnership; 2 or more parties act in a manner that gives the impression a partnership exists; brokers may become liable for the actions of others
fictitious names act trade name or fictitious name must be registered with the DBPR
businesses that can perform real estate services sole proprietorship; corp for profit; corp for not for profit; limited liability company; general partnership; limited partnership; limited liability partnership
business that cannot register to perform real estate services corporation sole; cooperative association; business trust; unincorporated association; joint venture
rental information info is not current or accurate tenant may demand a refund with in 30 days; rental not obtained within 30days may refund 75%
opinion of title a licensee cannot render any opinion as to whether the title to property being sold is good or merchantable. the licensee is directed by statue to advise a prospective purchase to consult attorney as condition of title
false or misleading advertising licensees may not give any false information for the purpose of a sale, leasing or renting any real estate in the state of florida doing so would be a second degree misdemeanor
Created by: dmboo