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Efficient Enforcement of Real Estate Regulations

The Division of Real Estate Bureau efficiently regulates real estate and appraisal licenses in Florida, tracking complaints and disciplinary proceedings to ensure fair practices and compliance. Fiscal year data, investigation processes, and penalties for violations are outlined in detail.

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Efficient Enforcement of Real Estate Regulations

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  1. DIVISION OF REAL ESTATE Bureau of Enforcement

  2. License Efficiently Regulate Fairly

  3. 3613

  4. COMPLAINTS Fiscal Year 2015-2016 Real Estate = 3751 Appraisal =206 Unlicensed = 690 Total = 3957 Fiscal Year 2016-2017 Real Estate = 3470 Appraisal = 143 Unlicensed = 732 Total = 3613

  5. Disciplinary ProceedingsSection 455.225(1)(a) Florida Statutes The department shall cause to be investigated any complaint that is filed before it if the complaint is: • Written Complaint • Signed by the Complainant • Legally Sufficient

  6. A complaint is legally sufficient if it contains ultimate facts that show that a violation of this chapter, of any of the practice acts relating to the professions regulated by the department, or of any rule adopted by the department or a regulatory board in the department has occurred. In order to determine legal sufficiency, the department may require supporting information or documentation.

  7. Anonymous Complaints The department may investigate if: • Written Complaint • Legally Sufficient • Substantial • Reason to believe allegations are true

  8. Investigation • Gather all pertinent facts • Research records • Interview involved parties • Audit bank accounts • Written report

  9. Criminal Conviction • Failure to Self-Report • Advertising • Salesperson Operating as a Broker • Escrow

  10. 61J2-10.025 • Reasonable person would know they are dealing with a licensee • Must include the name of the brokerage firm • Must not be false, misleading or deceptive • If name used, must include at least the last name • Internet advertisement to include brokerage name adjacent to or immediately above or below contact information

  11. Sales Associate • No funds in their own name • Turn over funds to their broker by close of next business day • Failure to identify escrow agent (name, address and telephone number)

  12. Broker • Deposit within 3 days • Perform Escrow Verification • Reconcile Escrow Account • Shortages • Overages • Failure to properly reconcile escrow account

  13. Audits and Inspections

  14. 61J2-14.012(2) Once monthly, a broker shall cause to be made a written statement comparing the broker’s trust liability with the reconciled bank balances of all trust accounts.

  15. Reconciliation Minimum Information • Date reconciliation undertaken • Date used for reconciliation • Name of bank • Name of account • Account number • Account balance • Deposits in transit • Outstanding checks by date and number • Itemized list of broker’s trust liability • Other items necessary to reconcile the account • Explanation for differences between trust liability and bank balance required • Corrective action • Broker’s certificate of review and signature

  16. A $100 • B $100 • C $100 Net Balance = $300 Liability = $300

  17. A $100 B -$100 C $100 Net Balance = $100 Liability = $200

  18. What if violations are found? Notice of Non Compliance • Failure to sign reconciliation when account balances • Failure to indicate the name or address of the escrow agent • Failure to perform escrow verification responsibilities • Failure to stop interest from accruing

  19. Citations • Failure to maintain office - $500 • Failure to maintain sign - $100 • Failure to immediately deposit trust funds (not more than 3 days late) - $200 • Advertisement issues - $500 • 2nd Offense failure to indicate escrow agent on contract - $200 • 2nd Offense failure to perform escrow verification - $200 • Failure to properly reconcile escrow account when account balances - $500

  20. Shortages • Overages

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