by Michele Newbern Gillis
Staff Writer
When Matey Veissi of Veissi & Associates Inc. speaks, everyone listens.
Veissi, a past chairwoman of the Florida Real Estate Commission and a current board member, gave members of the Amelia Island/Nassau County Board of Realtors some good tips to avoid getting into trouble with the Florida Real Estate Commission at the group’s monthly luncheon held at Walker’s Landing in Amelia Island Plantation.
“Right now, the biggest problem we have encountered is unlicensed activity,” said Veissi. “Unlicensed activity is considered any service of real estate [by an unlicensed person] for money. Any money that passes hands into someone’s hands that is not licensed is unlicensed activity.”
Whenever you renew your license, FREC take $5 and puts it into an unlicensed activity fund to be used to fight unlicensed activity.
“They have been utilizing that fund and have a taskforce that will arrest people that are practicing real estate without a license,” said Veissi. “It is a third-degree felony and up to a $5,000 fine. That has helped in curtailing unlicensed activity.”
If you know that someone is practicing real estate without a license, you can file a complaint at www.myflorida.com.
Auditing was another topic Veissi broached during her speech. She said most people are not audited unless a complaint has been filed, but if you are audited, make sure you have everything in writing in each file so you are covered.
“Anything that you do in a real estate transaction that is material or pertinent to the transaction, put it in writing and fax or mail it to the other person,” said Veissi. “Make copies and put it in the file, that way there is no question. Also, everything pertinent to the transaction should be in the file.”
Veissi told a story of how she was audited about 20 years ago and was written up because she had 35 cents of her personal money in her escrow account.
“They wanted me to write myself a check for 35 cents,” she said. “Now, you are allowed to have up to $1,000 in your sales escrow account and up to $5,000 in your property management account of your money as long as you document it and reconcile every month.”
Other things you could get into trouble with are taking a check from a client and not getting it where it needs to go in the allotted time.
“When you get a check from a client, you have 24 hours to give it to your broker and then your broker has three business days to deposit it,” said Veissi.
When a transaction doesn’t happen, there are certain things you need to watch out for.
“If you have a transaction that falls through and you are representing the seller, you need to give the money back to the buyer, but you can’t very well do that because it is in your escrow account,” said Veissi. “You have to have a release of deposit signed by the seller and buyer.”
The money in the escrow account belongs to the buyer, seller and possibly broker depending on how the contract is written.
“If your buyer or seller will not sign a release of deposit, you have 15 business days to notify the department of real estate,” she said.
Renewing your license is important, but many forget. There are two times a year to do it - at the end of March or end of September.
Realtors can go online at www.myflorida.com and renew their licenses.
“Just make sure to print it out so you have proof,” she said.
We know the Realtor pool is growing, but did you know how much?
Veissi said every month FREC receives 6,000-10,000 applications for real estate licenses. Of those applicants, about 500 have to appear before the commission before they can get a license.
FREC supports those pursuing a career in real estate by giving out money.
“If you know someone who is attending undergraduate college and is taking accredited courses in real estate, when they complete the course, we need them to send a copy of their grades, invoice for the class cost and their textbooks and we will give them up to $1,500 per semester,” said Veissi. “They only have to make a ‘C’ in the real estate classes to qualify. If you know someone in graduate school taking real estate courses, have them send a copy of their grades, invoice for the class cost and textbooks and we will give them up to $2,500 per semester.”