from Florida Realtor Magazine, September 2007 | page 10
Advertising/Promotion QI recently opened my own brokerage. In an effort to attract new business, I’d like to place an advertisement offering buyers and sellers who use my services a $200 rebate. Is this legal? A Yes. The Florida Real Estate Commission (FREC) Rule 61J2-10.028(2) provides that a licensee may share brokerage compensation with a party to a transaction as long as full disclosure is given to all interested parties. Furthermore, since you’ll be advertising this rebate, you also need to comply with FREC Rule 61J2-10.025, which provides, in part, that real estate advertisements must not be false, fraudulent, deceptive or misleading. The ad should clarify any conditions or limitations that apply.
License Law Q I’ve applied to become a sales associate, but because I have a criminal history I must appear before FREC. What is FREC, and what is its function? A FREC, the Florida Real Estate Commission, was created to educate and regulate real estate licensees. Per Section 475.02, Florida Statutes, the Commission consists of seven members appointed by the Governor, subject to confirmation by the Senate. Four FREC members must be licensed real estate brokers, who have each held an active license for five years preceding appointment. Two members must be individuals who are not, and never have been, real estate brokers or sales associates. FREC members are appointed for four-year terms, and at least one member must be at least 60 years of age.
Q Where can I find the names of current FREC members? A The names of current Commission members (five real estate licensees and two consumer members) can be found at www.myflorida.com. Current members are Chairman Paul Hornslet, Vice Chairman S.W. Ellis, Nancy B. Hogan and Matey H. Veissi. At present, one real estate licensee member position is vacant, and both consumer member positions are vacant. Q I’m currently one of two brokers for a brokerage firm. I’ve been diagnosed with cancer and would like to go inactive. What is required for a broker to become inactive? A If a broker is leaving a corporation and won’t be working as a broker, then he or she should submit a signed RE 2050 Change of Status form to the Department of Business and Professional Regulation (DBPR) with a copy of a letter of resignation, asking to “become inactive.” The mailing address is 1940 N. Monroe St., Tallahassee, FL 32399-0783.
Q My broker fired me for taking time off to audition for “American Idol,” and, during that time, my license became inactive. Since I didn’t make the finals, I must return to real estate. How do I reactivate my sales associate license? A You must first find another broker or owner/developer for whom to work and then submit an RE 2050 Change of Status form (signed by the hiring broker or owner/developer) to the DBPR.
Q I applied to take the real estate sales associate license two years ago, but I decided to travel around the world instead and never took the exam. Now that I’m back, I’d like to take the exam. For how long is my application valid? A The application expires one year after the date received, if the applicant fails to take the appropriate exam. However, if the applicant takes the exam and fails, the application is good for two years.
Real Estate Practice Q I own two real estate brokerages. Since business has been somewhat slow, I’d like to close one of them. How can I do that? A If a broker intends to close a corporation, he or she should submit the CQ license and a cover letter to the DBPR [1940 N. Monroe St., Tallahassee, FL 32399-0783.] indicating that the corporation is being closed and requesting that the DBPR cancel the corporate license. (A CQ license is the DBPR’s designation on its computer system for the corporation’s license.) Search through more Q&As online in the Legal Center at floridarealtors.org.