Brokerage Operations
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| show | on or about the entrance; easily observed & read upon entering; brokers trade name; brokers name; licensed real estate broker
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| office location & files | show 🗑
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| branch office requirements | show 🗑
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| principal office requirements | show 🗑
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| show | must include brokers trade name; licensees last name in ad; internet advertising must include brokers trade name; adjacent or immediately above brokers contact information
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| show | 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
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| licensee personal transactions | show 🗑
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| show | 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
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| title company escrow account | show 🗑
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| timely deposit of escrow funds | show 🗑
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| show | 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
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| show | can be accepted as escrow deposit with sellers approval
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| show | broker is not responsible for bounced chks; as long as broker deposited within the 3 business days
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| escrow funds ownership | show 🗑
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| show | conflicting demands are when both buyer & seller make a claim for the escrow deposit
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| show | 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
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| dispute settlement procedures | show 🗑
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| show | 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
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| show | 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
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| court action (litigation) | show 🗑
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| show | 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
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| rental information violations | show 🗑
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| concealment | show 🗑
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| show | two or more licensees acting together to defraud a 3rd party
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| culpable negligence | show 🗑
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| show | licensee takes funds collected from others & appropriates (converts) the funds to their own use
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| show | a licensee is unable or unwilling to produce funds held in trust for another at the appropriate time
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| filing false documents | show 🗑
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| show | misstatement or omission of facts
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| lotteries | show 🗑
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| properties with liens | show 🗑
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| change of employer | show 🗑
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| show | min of 1 general partner; min of 1 limited partner; licensees may be limited partner; licensees cannot be general partners
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| sole proprietorship | show 🗑
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| real estate brokerage partnership | show 🗑
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| limited partnership | show 🗑
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| real estate brokerage corporation | show 🗑
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| corporation sole | show 🗑
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| ostensible partnership | show 🗑
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| show | trade name or fictitious name must be registered with the DBPR
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| show | sole proprietorship; corp for profit; corp for not for profit; limited liability company; general partnership; limited partnership; limited liability partnership
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| business that cannot register to perform real estate services | show 🗑
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| show | info is not current or accurate tenant may demand a refund with in 30 days; rental not obtained within 30days may refund 75%
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| show | 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
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| show | 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
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Created by:
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