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Updated contracts due to legislative changes  

Update Feb. 4, 2016: Due to legislative changes to the Foreign Investment in Real Property Tax Act (“FIRPTA”), Standard V (FIRPTA ) of the Florida Realtors/Florida Bar Residential Contract For Sale And Purchase form and its AS IS companion have been revised. The revision dates and form numbers also reflect these updates.  The Florida Realtors Contract for Residential Sale and Purchase (CRSP-14a) FIRPTA Addendum has also been revised.  The revised forms will be released on Monday, Feb. 15, 2016.  


View the redline or highlighted contract versions:


Legal Updates: Mid-Winter Business Meetings 2016

Download these presentations for an overview of the Legal Update Forum during the 2016 Florida Realtors Mid-Winter Meetings in January.

 


Updated Contracts as a result of CFPB Regulations     
 

Update Oct. 3, 2015: The Florida Realtors/Florida Bar Residential Contract, its AS IS companion, three of its Riders, the Florida Realtors Residential Contract, and one of its addenda have been revised and are now live on Form Simplicity and through other forms vendors. Changes are minimal and are a result of new CFPB regulations impacting the lending industry.

Redlined versions of the forms – with changes indicated – are available for download below for review.

The previous versions of these forms have been removed from Form Simplicity.  Please note, with regard to the FloridaReators/FloridaBar forms, format is not yet final, including placement of asterisks. 

Redline or highlighted versions:


Summary of revisions:

 


 
Oct. 20, 2014: Updated redline/highlighted residential contracts


Please note:
The Florida Realtors/Florida Bar Residential Contract, its AS IS companion and several of the Comprehensive Riders are now live and available in Form Simplicity and through other forms vendors. Changes are minimal and are a result of marketplace issues or law changes.


We are providing redline/highlighted versions of the forms – with changes indicated – and a summary of the changes. The "Talking Contract" will soon be available again, and will include the revisions.
 

Redline or highlighted versions


Summary of Revisions


 
 

NAR: Core Standards Compliance

NAR links for Professional Standards information:


National Association of Realtors links:


REALTOR.com – For consumers


RPR: Realtors Property Resource



Property Management 

The Fair Credit Reporting Act has been amended.  Effective July 21, 2011, if you take action that requires you to provide a Notice of Adverse Action and the adverse action is based in whole or in part on a numerical credit score,  you must now also provide the consumer a written or electronic disclosure that includes the following additional information:

  • A  numerical credit score
  • The range of possible credit scores under the model used
  • All of the key factors that adversely affected the credit score of the consumer in the model used, the total number of which shall not exceed 4
  • The date on which the credit score was created
  • The name of the person or entity that provided the credit score or credit file upon which the credit score was created
Document Downloads
 

Unmanned Aircraft Systems and Assistance Animals

Steps Under FS 475.25(1)(d)1 for Escrow Disputes


Attorney General letter interpreting 475.42 (1)(d), Florida Statutes

This document outlines circumstances when a sales associate may be paid directly. 

FREC final order payment of commissions
This FREC final order states that a sales associate may be paid commission directly at closing upon the broker’s written authorization identifying the transaction, the sales associate to be paid and the amount of commission to be paid.

Can-do's for unlicensed assistants
Do you have a personal assistant? FREC has provided these new guidelines for activities an unlicensed assistant may legally undertake.