Floria Real Estate 63 Hour course exam

Interstate Land Sales Full Disclosure Act (ILSA)

The advertising and sale or lease of real estate in one state to buyer in another state is subject to federal regulations. The interstate land sales full disclosure act (ILSA) is intended to prevent fraudulent marketing schemes when land is sold without being seen by purchasers. ILSA requires disclosure of full and accurate information regarding the property to prospective buyers before they decide to buy. ILSA is administered by the Consumer Financial Protection Bureau. Developers must register subdivisions of 100 or more lots with the Bureau before they can offer unimproved lots in interstate commerce by telephone or through the mail. Property Report Developers of 25 or more lots must provide buyers with a property report to signing the sale contract. The property report contains portent information about the property. Purchasers who timely receive the property report may cancel the contract up until midnight of the seventh day following signing the contract. Purchasers who were not given the property report before signing the contract may bring action to revoke the contract anytime within two years rom the date of signing. The sale and purchase contract must clearly state the purchaser's right(s) to cancel. Developers who market subdivisions of fewer than 25 lots are exempt from ILSA.

Knowledge of property transter

A competent licensed real estate professional must know the economic and legal intricacies associated with transfer of title, porperty taxes, financing and local zoning ordinanaces. Real estate professisionals must be intimately familiar with the real estate purchase and sale contract used in their locale.

Distinct Features of a Transaction Broker Relationship

A transaction broker must exercise limited confidentiality. This limited confidentiality prevents disclosure of the following information That the seller will accept a price less that the asking or listing price. That the buyer will pay a price greater the the price submitted in a written offer. The motivation of the parties for selling (if the seller) and/or buying (if the buyer) of the property. That a seller or a buyer will agree to financing terms other than those previously disclosed in writing (for example, in the original listing or during the contract negotiations. Any other information requested by a party to remain confidential. Another distinct feature is the customer in a transaction broker relationship is not responsible for the acts of a licensee, as a principal might be in a single agent relationship.

Rescission Period

The number of days that a prospective owner has to revoke, repeal, or cancel a purchase agreement

Cooperatives

Cooperative, Condominium, and Time-Share Rescission Periods 3 Business day ——-Resale Residential cooperative apartments and condominium units 10 Calendar days —— Time-share sold by developer or resale. 15 Calendar days ——Residential cooperative apartments and condominium units sold by developer.

Escheat to the State

Escheat provides for a government, normally a state government, to take the property of an owner who dies intestate and who has no known heirs entitled to receive the property. The power of escheat is a practical solution to ensure that property is always owned by someone. Adverse Possession - Adverse possession arises when the true owner of record fails to maintain possession and the property is seized by another. If the true owner "sleeps on his rights" and does not use the legal means available to remove the hostile trespasser, the owner will lose the right to the property after a period of time. In Florida, the person attempting to acquire property by adverse possession must comply with all the conditions listed here.

Business Arrangements and entities that may not register as a brokerage

corporation sole, joint venture, business trust, cooperative association, unincorporated association.

Knowledge of how to market real estate and businesses

To be successful, licensees must know how to market real estate and businesses. The sale presentation that is most effective when working with aa physician relocating to a new city may be completely different from the approach used to assist he owner of an expanding gourmet coffee bar in choosing an additional location.

The Compliant process

1. A compliant is filed 2. Investigation of the complaint 3. Determination of probable cause 4. Formal Complaint is issues if probable cause if found 5. Informal or formal hearing is conducted. 6. Final order is issued 7. Judicial review (appeal) of the final order.

Notice to Legal Title

1. Actual Notice - is direct knowledge acquire in the course of a transaction. When the townspeople witnessed the transfer of earth or twig from one party to another, they witnessed the buyer's physical possession of the land. Actual notice was accomplished when the townspeople viewed the transfer or ownership rights. Assume tat a seller verbally discloses to the buyer that there is a construction lien on his home for an unpaid pool repair job. The seller has given the buyer actual notice that there is a lien on the property. 2. Constructive Notice - (also called legal notice). Is accomplished b recording a document in the public records. When the pool company records a construction lien on the property for the unpaid pool repair job, it gives the world constructive notice of the lien.

Terminating a Brokerage Relationship

A brokerage relationship between a principal (or a customer) and a broker may be terminated for any one of the following reasons: Fulfillment of the brokerage relationship's purpose (for example, finding a ready, willing and able buyer). Mutual agreement to terminate the brokerage relationship. Expiration of the terms of the agreement. (If no term is specified, the courts have ruled that a brokerage relationship may be terminated after a "reasonable" time.) Broker renounces the single agent relationship by giving notice to the principal or the broker renounces the transaction broker relationship by giving notice to the customer. Principal revokes a single agent relationship or the customer revokes a transaction broker relationship, by giving notice. (In this case, the principle or the customer may be liable for damages, such as advertising expenses, incurred by revoking the brokerage relationship before the termination date of the listing contract or exclusive buyer contract). Death of a seller's broker or the seller before the broker finds a ready, willing and able buyer. Death of the buyer's broker or the buyers before the broker finds a suitable property for the buyer. Destruction of the property or condemnation by eminent domain. Bankruptcy of the principal or the customer.

Brokerage Relationship Duties

A ccount for all funds D eal honestly and fairly D is close all know facts that affect value of residential property Use skill, care and diligence Present all offers and counteroffers Exercise limited confidentiality Perform Additional duties that are mutually agreed to C onfidentiality O bedience L oyalty D isclosure

Fixtures

A fixture is an item that was originally personal property that has been permanently attached to real estate in such a way that it is now legally part of the real property. A bathtub, for example was personal property in its container in a warehouse, but once permanently attached in a home, it became real property. Some items, such as drapes, ceiling fans and chandeliers, are more difficult to classify, In those cases where contracting parties have not had the foresight to include such items in a real estate sale contract, the courts generally use the following set of legal tests to decide whether an item is a fixture. Intent of the Parties - As in most points of as, intent of the party placing an article on or in real property is of primary importance. Statements made by an owner to witnesses may indicate the intent to make an item a fixture. For example, including a washer and dryer in a sale contact as part of the real property would remove any doubt about the owner's intention. If a dispute arises between a buyer and a seller or an owner and a tenant, the courts may be required to determine the original intent of the parties.

Limited Partnerships -

A limited partnership is created by a written instrument filed with the Florida Department of State. There must be one or more general partners and one of more limited partners to qualify under the law. The limited partners must make an investment of cash or of property, not of services. The liability of the general partners is nearly the same as in a general partnership. Limited partners are not liable to creditors of the partnership unless the limited partners' names appear in the partnership name (with certain exceptions) or the limited partners take part in the intro of the business. Limited partners are liable only for any paid part of their pledged contribution, any asset of the partnership in their hands, and any distribution made to them while the partnership is insolvent.

Commission General Powers and Duties - FREC

Executive Powers - To regulate and enforce the license law are delegated to the Commission by the legislature. Foster the education of applicants and licensees. The Commission fosters the education of licensees and instructors in ethical, legal and business principles. It also prescribes post-licensing education requirements and continuing education requirements to qualify for license renewal. Executive powers include publication of educational materials. Adopt a seal - The seal, when affixed to rules, regulations or other official documents, properly signed, becomes Prima facile evidence that the document is authentic. Establish Fees - The Commission uses the DBPR estimates the required revenue to determine the amount of licensing fess needed to implement the real estate license law and other laws and regulations relating to the regulation of real estate practitioners.

Third-Degree Felony

Felonies are the most serious type of crimes. A first degree felony is a more serious type of felony that a second-degree or a third degree felony. If the Florida legislature does not designate the degree of felony, the crime is a third-degree felony. The maximum penalty for a third degree felony is a fin of 5,000 o five years in Jail. Three third degree felonies associated with license law are listed as follows: 1.Making misleading statements or giving false information on a DBPR License 2.Conducting unlicensed activity, including providing real estate services for compensation without a real estate license. 3.Theft or reproduction of a DBPR license exam.

Requirement to self-report

Florida Statue requires licensees to inform the Commission, in writing, within 30 days of being convicted or found guilty of crime. The requirement for written notification also applies to licensees who have entered a plea of only contendere (no contest) or plea of guilty, regardless of adjudication, to a crime, regardless of where the event occurred. Crimes that must be reported include misdemeanor offenses and felonies. To report the crime, the licensee should download and print the criminal self-reporting document, and mail the completed form to the division.

Maximum Payment from The Real Estate Recovery Fund

Florida Statue set limits on the maximum payment per real estate transaction an the maximum payment against a real estate licensee for multiple claims for recovery from the fund. Payment from the fund may not exceed $50,000 for a claim resulting from a real estate transaction, or the unsatisfied portion of the judgement claim, whichever is less, regardless of the of claimants. Total payment for claims based on judgements against one real estate licensee may not exceed, in the aggregate, $150,000.

State Regulation

Florida's telemarketing law is administered through the Department of agriculture and consumer services (FDACS) The FDACS maintains a no sales solicitation calls registry for consumers who do not wish to receive telephone solicitation calls on their residential and mobile telephones. Consumers may apply online to be included on the state registry. The Florida statute mandates that the FDACS include include in the Florida registry listing from national registry that relate to Florida. Violators of Florida' telemarketing act may be fined 10,000 per call. A major difference between the state and federal telemarketing laws is that the Florida law exempts real estate licensees who solicited listings in response to a "for Sale" yard sign. However, the federal law does not exempt calls to for sale by owners (FSBOs) whose numbers are on the national registry, the FCC Ruled that real estate licensees must comply with the national registry, regardless of the FL exemption. Florida's law which provides an exemptions for real estate licensees who wish to solicit listing from FSBOs is considered less restrictive and is therefore preempted by the Federal law. The federal law provides the following exceptions: A sales associate representing a potential buyer may call the FSBO seller, but only if the associate has an actual buyer interested in the property and for purposes of negotiating a sale. A sales associate may contact individuals with whom the associate has had an established business relationship, even if those customers' numbers are on the national registry. Sales associates may contact a customer for three months after a business inquiry or application (such as a customer who registered at an open house or a FSBO seller who requested information for a sales associate).

Chapter 445 Business and Professional Regulation

General Provisions, defines the general legal practice and procedure for the DBPR, including real estate. Section 45.10 of the stature provides that an individual cannot be disqualified from practicing an occupation or profession regulated by the state of Florida solely because the person is not a U.S. Citizen. Another section of this statue sets forth las regarding commission and board organization, meetings, compensation and so forth. This statue also concerns the unlicensed practice of a profession, including real estate. Requirements concerning license examinations and the use of professional testing services are set forth in Chapter 455. This law also mandates what actions the DBPR may take in regulation licensees. Licensees who fail to comply with the provisions of this chapter can be disciplined by the FREC.

Brokerage Offices - Registrations issued to Branch Offices are not Transferable

If a broker decides to close branch office and open new branch office at a different location the registration of the closed office may not be transferred t the new location. his is true even though the actions may take place the same time. The new branch office location must be registered with the DBPR and the branch office registration fee paid before business is conducted there. A broker ma reopen a branch office in the same location during the same license period by requesting a reissue of the branch office license without paying an additional fee.

Formal Hearing

If the licensee-respondent request a formal hearing or if the licensee-respondent disputes the allegations, the DBPR request that the case be prosecuted under chapter 120 FS. Hearings under Chapter 120 are conducted by Full-time Florida Administrative law Judge who are employed by the Division of Administrative hearings (DOAH). The DOAH may legally employ only those persons who have been members of the Florida Bar in good standing for the preceding 5 years. Administrative law judges are not subject to control, supervision, or direction by any party, commission, or department of state government. Once an administrative law judge is assigned, the DBPR may take no further action except as a litigating party.

Escrow or Trust Accounts

Immediately Defined - FL Law mandates the time frame for depositing escrow funds. Sales associates and broker associates who receive a binder deposit from a buyer or a rental deposit from a tenant must deliver it to their broker-employer no later that the end of the next business day. Saturdays, Sundays and legal holidays are not counted as business days. When a sales associate or an employee (Such as a receptionist) of the brokerage company accepts funds on behalf of the broker, the broker is liable for those funds. therefore, it is extremely important that brokers train their personnel regarding the importance of turning over all earnest money in a timely manner. Brokers must place trust funds into an escrow account immediately, which is defined in rule as no later that the end of the third business day following receipt (by the broker or an agent of the broker) of the item to be deposited. The first day of the three-business-day period is the day that the sales associate must deliver the deposit to the broker.

Residential Sale Transactions

Improved residential property of four or fewer units Unimproved residential property zoned for four or fewer units; and Agricultural property of 10 or fewer acres.

Fair Housing Amendments Act of 1988

In 1988, Congress amended the Fair Housing Act of 1968 to include two additional protected classes: Familial Status and Handicap status. The Fair Housing Act, as amended. Prohibits discrimination in sales, leasing, the advertising of sales and rentals, financing and brokerage services. Today, the fair housing act includes seven protected classes: race, color, religion, sex, handicap status, familial status, and national origin.

Reciprocity

Is the practice of mutual exchanges of privileges. The law applies to all professional licensees issued y the DBPR, including real estate licensees. The applicant must, at he time of application to the DBPR, currently hold a valid license fro the corresponding profession in another state, U.S. territory, or a foreign jurisdiction. Applicants must submit fingerprints for a background check s part of the application recess. The initial fees are waived except for the fingerprint fee. To qualify for a reciprocal real estate license, the eligible military applicant, spouse, or surviving spouse must currently hold a valid real estate issued in another state, U.S. Territory or foreign jurisdiction. After a satisfactory background check is completed, the DBPR must issue a reciprocal real estate license without requiring the applicant to complete prelicense eduction or take the state license exam. once the license is issued, the licensee is responsible for complying with the license renewal requirements, including applicable renewal fees.

Estates and Tenancies

Life Estate - Life estates are another type of freehold estate that can be created by the person who holds the fee simple title to real property. An estate in real property that is a life estate. During the time an owner enjoys a life estate, the owner must maintain the property and not permit waste (anything that reduces the value of property) to occur. The life estate owner also must pay the taxes and the property insurance and keep current any mortgage or lines to preserve the property.

Multiple Licenses and Group License

Multiple Licenses - are issued to a broker who qualifies as the broker for more that one business entity. For each business that a person is a broker, a separate broker license must be obtained. Additional (multiple) broker licenses may be issued by the DBPR when it is shown that the additional licenses are necessary ad that the licenses will not be used in a manner that is prejudicial or harmful to another person. A broker who holds more than on FL broker license is said to hold multiple licenses. Because sales associates and broker associates ma have only one registered employer at a time, sales associates and broker associates may not hold multiple licenses.

Exemptions From a Real Estate License

Owner exemptions - this group included individuals and business entities that are exempt from licensure because they are selling their own property. Property owners may buy, sell, exchange, and Eva their own property. Officers and directors of corporations (and owners of other business entities) may buy, sell, exchange and lease the property of the cushiness entity. Partners in a real estate partnership are exempt from licensure if selling property owned by the partnership provided the partner receives a share of the profits in proportion to their interest in the partnership. For example a 40% partner may receive a 40% of the profits of the business. A real estate license is required if she 40% partner received more than 40% of the profits. Owners of time share periods who own the time share for their own use and occupancy may later sell their interest.

Compensation and licensure requirements - Property Managers

Property managers are compensated in a number of ways. Some work for a guaranteed base amount plus a small percentage of effective gross income (total income collected after taking vacancies into account) A property manager who is paid by commission or on a transactional basis must be licensed as an active real estate broker. A brokers license is not required if the property manager is paid a salary. The compensation arrangement is detailed in the management agreement. Sales associates work under the direction of their broker. Licensed sales associates cannot work independently as property managers.

Knowledge of Market conditions

Property values are affected by changing marker conditions. Changes in market conditions are due to changes in income tax laws, building moratoriums, and fluctuations in supply and demand. Changes in market conditions and their effect on valuation must be understood in order to competently assist seller with listing their property and buyers with purchasing decisions.

False Advertising

Publication of false or misleading information by means of radio, television, or written matter for the purpose of inducing someone to buy, lease, rent or acquire an interest in title to real property is illegal. If a sales associate prepares a misleading ad, both the broker and the sales associate can be disciplined. False advertising is a misdemeanor of the second degree. FREC rules mandate that real estate advertisements must not be fraudulent, false, deceptive or misleading. For example, it would be considered false and misleading advertising for a broker associate to use the title, broker on the associate's business card. Even though the broker associate is qualified to operate as a broker, the broker associate in not working in a broker capacity with the brokerage firm. Licensees must take care when constructing real estate advertisements to make certain they are not misleading.

Real Estate Brokerage limited partnerships

Requirements regarding real estate brokerage limited partnerships include the following: The limited partnership must register with the DBPR under the limited partnership name. General Partners who will deal with public and perform services o react estate must be licensed as active brokers. At least on general partner must be licensed as an active broker. All other general partners must register (names and addresses are disclosed) with the DBPR for identification purposes. Sales associates and broker associates may not be general partners in a real estate brokerage limited partnership' however, they may be limited partners (regarded in the same light as stockholders in a corporation). Limited partners are not required to register with the DBPR.

Disclosure Requirements - Brokerage Relationship Disclosure Act

Residential Transactions: The Brokerage Relationship Disclosure act mandates that the duties and obligations that have been detailed in this unit apply to all real estate transactions (residential and nonresidential) However, written disclosures are required only for residential sale transactions when the brokerage firm acts in the capacity of a singe agent or in a no brokerage relationship. Written disclosures are not required when the brokerage firm acts in the capacity of transaction broker because this relationship is presumed under Florida law. Brokerage relationship disclosure requirements do not apply to transactions involving non residential real estate, business opportunities and lease agreements. Furthermore, brokerage relationship disclosure documents are not required for auction or appraisal or real estate.

Registration and Licensure

Resist ration is the poses of submitting information to the DBPR that is entered into the Departments records. Information that is placed on record with the DBPR includes the name and address of each licensed broker and sales associate; the name and business address of each sales associate's employer;The sales associate's and broker's license status (active or inactive); and the persons involvement as an officer, director, or partner of a real estate business. Sales associates and broker associates licensed I Florida must be registered under their employing broker (or owner/developer, if applicable). Sales associates and broker associates may have only one registered employer at any given Tim. Fl licensees may all hold active licenses in other states. Individuals who do not intend to engage actively in the real estate business, such as a director of a real estate corporation, simply resister this information with the DBPR so that the information can be entered into the database. However, an individual who wishes to actively engage in the real estate industry must be licensed and registered as active with the DBPR.

Surface Rights

Surface rights include land and water rights. Two types of water rights are as follows Riparian rights - are associated with land-abutting a flowing water, such as the banks of a rivers or stream. The property owner does not own the river or stream but has a right to use the water, such as for fishing or boating. The right is held in common with other riparian owners to make reasonable use of the waters that flow past provided the use does not alter the flow of the water or contaminate the water. Littoral rights - are associated with land abutting tidal bodies of water, such as an ocean or a sea. Littoral owners own land that abuts water that is non flowing, including ponds and lakes. Littoral owner's rights include ownership of the land adjacent to the water up to the average high water mark.

Department of Business and Professional Regulation (DBPR)

The DBPR is the agency charged with licensing and regulating businesses and professionals in Florida. It is the intent of the FL legislature that individuals desiring to engage in a licensed profession to be allowed to do so. Regulation of the real estate industry is necessary to protect the health, safety, and welfare of the public (consumer protection), however, the Legislature has mandated that it dos not want extraordinary or unreasonable restrictions created that would deter qualified persons from entering their chosen profession. The legislature believes professions under the DBPR should be regulated when: The unregulated practice can harm the public, the potential harm is recognizable, and the danger outweighs any anticompetitive impact that might result from regulation. The public in not adequately protected by the other state statues, local ordinances, or federal laws; or Less restrictive means of regulation are not available. The DBPR is under the executive branch or the governor, and it is governed by Chapter 120 F.S. The agency is structured according to the requirements of Chapter 20.165 F.S. The legislature, under Chapter 455 FS granted authority to the DBPR to investigate consumer complaints, issue subpoenas when conducting investigations, issue cease and desist orders to unlicensed individuals, and issue citations to individuals licensed by the DBPR. The Chief administrator of the DBPR is the secretary of the DBPR, who is appointed by the governor, subject to confirmation by the state senate. The main DBPR office is located in Tallahassee, FL.

Notice of Noncompliance (61J2-24.003)

The DBPR may issue a notice of noncompliance for a first time minor violation by a licensee. The notice must identify the specific statute(s) and rules(s) violated, provide information on how. To comply, and state the time to comply. The Commission has established by rule minor violations hat do not result in economic or physical harm or adversely affect the public health, safety, or welfare. Rule 61J2-24.003, F.A.C. Lists the various violations for which a notice of noncompliance may be issued for a first-time offense. If a licensee fails to take action to correct the minor violation may be subjected to a disciplinary proceeding.

Composition and Qualifications - FREC

The Florida Real Estate Commission (FREC) consists of 7 members. 5 of the members are professional (licensed) members, of which: 4 must be Florida real estate brokers who have held active licenses during the five years preceding appointment and 1 must be either a Florida Real estate broker or sales associate who has held an active license during the two years preceding appointment. 2 remaining members are consumer (unlicensed or lay) members who have never been real estate brokers or sales associates. At least one of the 7 members must be 60 years of age or older.

General Warranty Deed

The General Warranty Deed (or sometimes warranty deed) provides the greatest protection to the buyer because the general warranty deed contains all the covenant and warranties available to give the grantee every possible future guarantee to title protection. The general warranty deed is the most commonly used deed in Florida. If a real estate sale contract does not specify the type of deed to be delivered, a general warranty deed must be used. In addition to the granting clause and the habendum clause , the general warranty deed contains the following Covenants: Covenant of Seisin - is included in three of four types of statutory deeds; its' not included in the quitclaim deed. Covenant against encumbrances - The grantor warrants that the property is free from liens or other encumbrances, except as noted in the deed. This clause gives the grantee notice of all encumbrances (liens, restrictions and so forth) associated with the property. Covenant of Further assurance - The grantor promises to sign and deliver any legal instrument in the future that might e required to make the title good. Covenant of quiet enjoyment - The grantor guarantees peaceful possession undisturbed by hostile claims of title. Covenant of warranty forever - The grantor guarantees to forever warrant to forever warrant and defend the grantee's title against all lawful claims.

Reciprocity for U.S. Armed service members and their sposues

The Occupational Opportunity Act provides reciprocity to active duty and former active duty members o the U.S. armed forces and their spouses, including surviving spouses. Former active duty members must have been honorably discharged. In the case of a surviving spouse, the member of the armed forces must have been serving on active duty at the time of death.

Time Share Ownership

The form of time share ownership is normally divided into two types of legal formats 1. Interval ownership - Internal ownership is a "deeded interest" time share format that provided the fee simple ownership of each unit in specific tie increments and allows the buyer to purchase a fractional interest in a unit. The owner has the right to sell, rent, will or give away he fractional interest in the unit. 2. Right to use. The time share purchaser receives the right to use the unit for a specified number of years, usually 20 to 40 years. At the end of the specified years, the usage rights revert to the developer seller. The developer can increase or add fees and assessments, and sell the time share to a third party. At the end of the specified years, the usage rights revert back to the developer seller. Owners may lose their right to use if the developer goes bankrupt.

Florida Residential Landlord and Tenant Act

When Money is given to a landlord as a security deposit or advance rent, he landlord is obligated to account for such deposits in one of three ways: 1. Hold the money in a separate non-interest-bearing Florida bank account for the benefit of the tenant. The landlord ma not commingle, hypothecate-that is pledge as security for debt-or use any such funds until the funds are due to the landlord. 2. Hold the money in a separate interest-bearing Florida Bank Account for the benefit of the tenant. In this case the landlord may pay the tenant at least 75% of the annualized average interest rate payable on the account of 5% per year, simple interest, whichever the landlord elects. The landlord must not combining, hypothecate or use any such funds until actually due to the landlord. 3. Post a surety bond with the clerk of the circuit court in the county in which the rental property is located in the total amount of the security deposits and advance rents or $50,000, whichever is less. The landlord must pay the tenant interest on the security deposit or advance ren he'll on behalf of the tenant at the rate of 5% per year simple interest. Landlord who choose this method are not obligated to place the funds (deposits) into a separate account.

Title Company and Attorney Escrow Accounts

When a deposit is places with a title company or with an attorney, the following procedure must be used. The real estate licenses who prepared or presented the sale contract must indicate on the purchase and sale agreement the title company's name (or attorney's name, if applicable, address, and the telephone number No later that 10 business days after each deposit is due under the terms of the sale contact, the licensee's broker must request a written verification of receipt of the deposit. The broker's request to the title company (or the attorney) must be in writing. If the deposit is held by a title company or by an attorney nominated in writing by the seller or the seller's agent, the verification is waived. No later than 10 business days after the date the broker made the written request for verification of the deposit, the broker must provide the seller's broker with a copy of the written verification. If the tittle company (or attorney) failed to provide the broker with a written verification, this information must be given to the seller's broker no later than 10 business days after the request for verification of the deposit. If the seller in not represented by a broker, the licensee's broker must notify the seller directly.

Vacating Premises

When a tenant vacates a rental unit at the end of a lease agreement, the landlord must abide by certain time restrictions as follows: The landlord has 15 days to return the security deposit and any accrued interest, if applicable, provided the landlord does not intend to make a claim on the security deposit. The Landlord has 30 days to notify the tenant of intentions to impose a claim on the deposit.

Sales Associate Qualifications for Licensure

When completing an application for licensure, the applicant must disclose: Regardless of adjudication, whether the applicant has even been convicted or found guilty of a crime, has ever entered a pleas of guilty or or holocaust contenders (no contest) to a crime. Or is currently under criminal investigation. Whether the applicant has ever done business under any name (Also known as) other then the name signed on the application (this includes maiden names); Whether in Florid or in any other state or jurisdictions, the applicant had had disciplinary action against a license (registration or permit) to practice a regulated profession (disciplinary action includes revocation, annulment, suspension, relinquishment, surrender or a pending investigation against a professional license; and Whether in FL or in any or their state or jurisdiction, the applicant has had an application for a real estate incense denied or there is a pending proceeding to deny an application.