Q: Since real estate licensees are presumed to be transaction brokers, does that mean that licensees are no longer required to provide the Transaction Broker Notice to buyers and sellers whom the licensee intends to represent as a transaction broker?
A: Yes. The requirement to provide the Transaction Broker Notice expired July 1, 2008.
Q: I’m a broker with a listing for a home that has a lawn and a pool. The owner went overseas, but he gave me money to hire a lawn maintenance company and a pool cleaning service while he is away. Should I put this money in my escrow account?
A: Yes. Whenever you receive funds in connection with a real estate transaction belonging to someone else, you must deposit and hold the money in an escrow account until you have proper authorization from the owner for release.
Q: I’m a broker with an exclusive right of sale residential listing agreement with a seller of a house. Because the seller’s friend bought the house, the seller says he doesn’t have to pay me a commission/brokerage fee. May I place a lien on the property?
A: The real estate license law provides that a broker cannot place a lien on a property unless 1) he or she is expressly permitted by contractual agreement with the seller to do so, or 2) he or she is recording a civil judgment rendered by a Florida court.
Therefore, if your listing agreement or any other agreement with the seller does not permit you to put a lien on the property, you must file a lawsuit against the seller and obtain a judgment, which you can then record.
Note: The Commercial Real Estate Sales Commission Lien Act (found in sections 475.700 - 475.719) only applies where the property at issue meets the definition of “commercial real estate” as set forth in the act. The sale of a residential property improved with one single family residential unit does not constitute commercial real estate under the act.
Q: I know I’m prohibited from being employed as a broker-associate for one brokerage while I’m a broker for my own brokerage. How can I be a broker for the brokerage corporation I work for if there’s already a broker of record?
A: A brokerage corporation may have more than one broker licensed with it as long as every broker is registered as an officer or director of the brokerage.
Q: Is a new home seller required to disclose insulation information in the contract?
A: Yes. Section 16, CFR 460.16, explains insulation disclosure requirements for new home contracts.
The regulation reads as follows: “If you are a new home seller, you must put the following information in every sales contract: The type, thickness and R-value of the insulation that will be installed in each part of the house.
“There is an exception to this rule. If the buyer signs a sales contract before you know what type of insulation will be installed or if there is a change in the contract, you can give the buyer a receipt stating this information as soon as you find out.”
Q: I’m a broker who specializes in the sale of businesses and business opportunities. I want to call businesses in my area to see if they’re interested in selling. Do the federal Do Not Call laws or regulations apply to businesses?
A: No. The Do Not Call Registry is only for residential telephone numbers.
Q: How can I file a complaint with the Florida Real Estate Commission?
A: All complaints must be in writing. Although you may write a letter, the Department of Business and Professional Regulation provides a Uniform Complaint Form that is available from various sources, including floridarealtors.com and http://www.MyFloridaLicense.com.