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DIVISION OF REAL ESTATE

DIVISION OF REAL ESTATE. Bureau of Enforcement. License Efficiently. Regulate Fairly. 3613. 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.

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DIVISION OF REAL ESTATE

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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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