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Edward E. Cambas

10-22-2018 2:02:12 PM CST

475.02 Florida Real Estate Commission.—

(1) There is created within the department the Florida Real Estate Commission. The commission shall consist of seven members who shall be appointed by the Governor, subject to confirmation by the Senate. Four members must be licensed brokers, each of whom has held an active license for the 5 years preceding appointment; one member must be a licensed broker or a licensed sales associate who has held an active license for the 2 years preceding appointment; and two members must be persons who are not, and have never been, brokers or sales associates. At least one member of the commission must be 60 years of age or older. The current members may complete their present terms unless removed for cause.

(2) Members shall be appointed for 4-year terms.

(3) Notwithstanding s. 112.313, any member of the commission who is a licensed real estate broker or sales associate and who holds an active real estate school permit, school instructor permit, or any combination of such permits issued by the department, to the extent authorized pursuant to such permit, may offer, conduct, or teach any course prescribed or approved by the commission or the department.

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10-22-2018 1:52:49 PM CST

475.01 Definitions.—

(1) As used in this part:

(a) “Broker” means a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive a compensation or valuable consideration therefor, appraises, auctions, sells, exchanges, buys, rents, or offers, attempts or agrees to appraise, auction, or negotiate the sale, exchange, purchase, or rental of business enterprises or business opportunities or any real property or any interest in or concerning the same, including mineral rights or leases, or who advertises or holds out to the public by any oral or printed solicitation or representation that she or he is engaged in the business of appraising, auctioning, buying, selling, exchanging, leasing, or renting business enterprises or business opportunities or real property of others or interests therein, including mineral rights, or who takes any part in the procuring of sellers, purchasers, lessors, or lessees of business enterprises or business opportunities or the real property of another, or leases, or interest therein, including mineral rights, or who directs or assists in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a sale, exchange, or leasing thereof, and who receives, expects, or is promised any compensation or valuable consideration, directly or indirectly therefor; and all persons who advertise rental property information or lists. A broker renders a professional service and is a professional within the meaning of s. 95.11(4)(a). Where the term “appraise” or “appraising” appears in the definition of the term “broker,” it specifically excludes those appraisal services which must be performed only by a state-licensed or state-certified appraiser, and those appraisal services which may be performed by a registered trainee appraiser as defined in part II. The term “broker” also includes any person who is a general partner, officer, or director of a partnership or corporation which acts as a broker. The term “broker” also includes any person or entity who undertakes to list or sell one or more timeshare periods per year in one or more timeshare plans on behalf of any number of persons, except as provided in ss. 475.011 and 721.20.

(b) “Broker associate” means a person who is qualified to be issued a license as a broker but who operates as a sales associate in the employ of another.

(d) “Customer” means a member of the public who is or may be a buyer or seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship.

(e) “Department” means the Department of Business and Professional Regulation.

(f) “Fiduciary” means a broker in a relationship of trust and confidence between that broker as agent and the seller or buyer as principal. The duties of the broker as a fiduciary are loyalty, confidentiality, obedience, full disclosure, and accounting and the duty to use skill, care, and diligence.

(g) “Involuntarily inactive status” means the licensure status that results when a license is not renewed at the end of the license period prescribed by the department.

(h) “Principal” means the party with whom a real estate licensee has entered into a single agent relationship.

(i) “Real property” or “real estate” means any interest or estate in land and any interest in business enterprises or business opportunities, including any assignment, leasehold, subleasehold, or mineral right; however, the term does not include any cemetery lot or right of burial in any cemetery; nor does the term include the renting of a mobile home lot or recreational vehicle lot in a mobile home park or travel park.

(j) “Sales associate” means a person who performs any act specified in the definition of “broker,” but who performs such act under the direction, control, or management of another person. A sales associate renders a professional service and is a professional within the meaning of s. 95.11(4)(a).

(k) “Single agent” means a broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction.

(l) “Transaction broker” means a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. In a transaction broker relationship, a buyer or seller is not responsible for the acts of a licensee. Additionally, the parties to a real estate transaction are giving up their rights to the undivided loyalty of a licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.

(m) “Voluntarily inactive status” means the licensure status that results when a licensee has applied to the department to be placed on inactive status and has paid the fee prescribed by rule.

(2) The terms “employ,” “employment,” “employer,” and “employee,” when used in this chapter and in rules adopted pursuant thereto to describe the relationship between a broker and a sales associate, include an independent contractor relationship when such relationship is intended by and established between a broker and a sales associate. The existence of such relationship shall not relieve either the broker or the sales associate of her or his duties, obligations, or responsibilities under this chapter.

(3) Wherever the word “operate” or “operating” as a broker, broker associate, or sales associate appears in this chapter; in any order, rule, or regulation of the commission; in any pleading, indictment, or information under this chapter; in any court action or proceeding; or in any order or judgment of a court, it shall be deemed to mean the commission of one or more acts described in this chapter as constituting or defining a broker, broker associate, or sales associate, not including, however, any of the exceptions stated therein. A single such act is sufficient to bring a person within the meaning of this chapter, and each act, if prohibited herein, constitutes a separate offense.

(4) A broker acting as a trustee of a trust created under chapter 689 is subject to the provisions of this chapter unless the trustee is a bank, state or federal association, or trust company possessing trust powers as defined in s. 658.12(23).

History.—s. 1, ch. 12223, 1927; CGL 4062; s. 1, ch. 29983, 1955; s. 1, ch. 59-199; s. 1, ch. 59-197; s. 1, ch. 59-438; ss. 30, 35, ch. 69-106; s. 1, ch. 75-112; s. 7, ch. 75-184; s. 3, ch. 76-168; s. 1, ch. 77-239; s. 1, ch. 77-355; s. 1, ch. 77-457; s. 1, ch. 78-215; s. 1, ch. 78-366; ss. 2, 42, 43, ch. 79-239; ss. 2, 3, 5, ch. 80-405; ss. 2, 3, ch. 81-318; ss. 5, 38, ch. 82-1; ss. 18, 45, ch. 82-179; ss. 1, 28, 30, ch. 88-20; s. 1, ch. 89-368; s. 10, ch. 90-228; s. 10, ch. 90-341; s. 13, ch. 90-345; ss. 2, 10, ch. 91-89; s. 1, ch. 91-289; s. 4, ch. 91-429; s. 2, ch. 93-261; s. 134, ch. 94-119; s. 159, ch. 94-218; s. 1, ch. 94-337; s. 1, ch. 97-42; s. 361, ch. 97-103; s. 1, ch. 98-250; s. 1, ch. 99-384; s. 1, ch. 2002-233; ss. 1, 22, ch. 2003-164; s. 78, ch. 2004-5.

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10-22-2018 1:50:36 PM CST

475.001 Purpose.—The Legislature deems it necessary in the interest of the public welfare to regulate real estate brokers, sales associates, and schools in this state.

History.—ss. 1, 42, ch. 79-239; ss. 2, 3, ch. 81-318; ss. 28, 30, ch. 88-20; s. 10, ch. 91-89; s. 4, ch. 91-429; s. 1, ch. 93-261; s. 13, ch. 2000-332; s. 21, ch. 2003-164.

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10-22-2018 1:41:10 PM CST

https://www.flsenate.gov/Laws/Statutes/2018/Chapter475/All

This link has the entire Chapter 475 link. This is a Real Estate professionals dream study guide.

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05-28-2018 10:59:33 AM CST

Interesting Celebrity Homes

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05-16-2018 4:04:40 PM CST

s. 475.01(1) – “Broker” means a person who, for another, and for a compensation or valuable consideration directly or indirectly paid or promised, expressly or impliedly, or with an intent to collect or receive a compensation or valuable consideration, therefore, appraises, auctions, sells, exchanges, buys, rents, or offers, attempts or agrees to appraise, auction, or negotiate the sale, exchange, purchase, or rental of business enterprises or business opportunities or any real property or any interest in or concerning the same, including mineral rights or leases, or who advertises or holds out to the public by any oral or printed solicitation or representation that she or he is engaged in the business of appraising, auctioning, buying, selling, exchanging, leasing, or renting business enterprises or business opportunities or real property of others or interests therein, including mineral rights, or who takes any part in the procuring of sellers, purchasers, lessors, or lessees of business enterprises or business opportunities or the real property of another, or leases, or interest therein, including mineral rights, or who directs or assists in the procuring of prospects or in the negotiation or closing of any transaction which does, or is calculated to, result in a sale, exchange, or leasing thereof, and who receives, expects, or is promised any compensation or valuable consideration, directly or indirectly therefore; and all persons who advertise rental property information or lists. A broker renders a professional service and is a professional within the meaning of s. 11(4)(a). Where the term “appraise” or “appraising” appears in the definition of the term “broker,” it specifically excludes those appraisal services which must be performed only by a state-licensed or state-certified appraiser, and those appraisal services which may be performed by a registered trainee appraiser as defined in part II. The term “broker” also includes any person who is a general partner, officer, or director of a partnership or corporation which acts as a broker. The term “broker” also includes any person or entity who undertakes to list or sell one or more timeshare periods per year in one or more timeshare plans on behalf of any number of persons, except as provided in ss. 475.011 and 721.20. 475.01(1)(b) -“Broker associate” means a person who is qualified to be issued a license as a broker but who operates as a sales associate in the employ of another.

Real Estate Companies

Real Estate Schools

s. 475.451(2)(a) -“School permitholder” means the individual who is responsible for directing the overall operation of a proprietary real estate school. A school permitholder must be the holder of a license as a broker, either active or voluntarily inactive, or must have passed an instructor’s examination approved by the commission. A school permitholder must also meet the requirements of a school instructor if actively engaged in teaching

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05-16-2018 4:03:27 PM CST

REAL ESTATE COMMISSION

Updated Information! Florida Administrative Code 61J2-3.009(2) has been amended by the Florida Real Estate Commission. The renewal requirements still consists of payment of the renewal fee and 14 hours of continuing education, but the 14 hours of continuing education now consists of 3 hours of Core Law, 3 hours of Ethics and Business Practices and 8 hours of specialty education. This will be mandatory for Real Estate Licensees who hold a license that expires on September 30, 2018, or thereafter

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05-16-2018 4:00:52 PM CST

http://www.myfloridalicense.com/DBPR/real-estate-commission/declaratory-statements/

Declaratory Statements

A declaratory statement is the sole means for obtaining a binding interpretation or opinion from the Department of Business and Professional Regulation concerning the applicability of statutory provisions, rules or orders over which the Department has authority (Chapters 455 and 468, Part XV, Florida Statutes, and Chapter 61G-3, Florida Administrative Code).

A petition for a declaratory statement may only be used to resolve questions or doubts as to how the statutes, rules or orders may apply to the petitioner’s particular circumstances. A declaratory statement is not the appropriate means for determining the conduct of another person or for obtaining a policy statement of general applicability from the Department of Business and Professional Regulation.

Section 120.565, Florida Statutes, and 28.105, Florida Administrative Code, set forth the requirements for filing a petition for declaratory statement from the Department of Business and Professional Regulation. Below is a list of previously issued declaratory statements dating back to 1993, indexed by statutes or rule. Please note past statements may be affected by new statute amendments and rule changes so refer to the Statute/Rule cited to verify the information is still applicable. Please note the petitions which have been denied by the Department are not included.

Petitions for declaratory statements should be sent to:

Department of Business and Professional Regulation
Division of Real Estate
400 W Robinson St N801
Orlando, FL 32801

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05-13-2018 11:15:19 PM CST

MIAMI — Miami luxury single-family home sales posted double-digit gains as median prices for all properties continued rising in March, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.

Miami-Dade County luxury single-family home sales ($1 million and above) increased 10.3 percent year-over-year in March 2018, rising from 68 to 75. Miami single-family luxury sales have risen in five out of the last six months (Feb. 2018, Jan. 2018, Dec. 2017 and Oct. 2017). Median prices for existing single-family homes and condominiums increased 8.1 percent and 2.2 percent, respectively.

“Miami is a top-10 market in the world for luxury real estate,” said George Jalil, a Miami broker and the 2018 MIAMI chairman of the board. “Miami is a seeing robust demand for luxury single-family homes. Sellers are becoming more realistic with their prices and $1 million and up home sales have posted strong selling months.”

Federal tax reform, which was signed into law Dec. 22, sets a deductions cap for income, sales and property taxes at $10,000. The new cap is leading more residents of states with high property values and state income tax to purchase properties in states such as Florida, which has no state income tax and a pro-business tax structure.

Total Home Sales Decrease in March
Total Miami home sales declined 17.5 percent year-over-year in March, from 2,603 to 2,147. Single-family home sales decreased 13.5 percent, from 1,276 to 1,104. Existing condo sales decreased 21.4 percent, from 1,327 to 1,043.

The declines come on the heels of several strong months of sales. Miami existing condo sales had risen for three consecutive months (December 2017 through February 2018). Single-family home sales increased in January 2018.

Total sales volume for all properties accounted for $1.02 billion last month, down 12.8 percent from a year ago. Sales don’t include Miami’s multi-billion dollar new construction condo market.

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 12 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

More than Six Consecutive Years of Price Appreciation in Miami
Miami-Dade County single-family home prices increased 8.1 percent in March 2018, increasing from $322,000 to $348,000. Miami single-family home prices have risen for 76 consecutive months, a streak spanning more than six years. Existing condo prices rose 2.2 percent, from $225,000 to $230,000 in March. Condo prices have increased in 79 of the last 82 months.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased for the sixth straight month to 4.44 percent in March (highest since 4.46 percent in December 2013) from 4.33 percent in February. The average commitment rate for all of 2017 was 3.99 percent.

Miami Distressed Sales Continue to Drop, Reflecting Healthy Market
Only 6.4 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 11.2 percent in March 2018. In 2009, distressed sales comprised 70 percent of Miami sales.

Total Miami distressed sales declined 52.6 percent year-over-year, from 291 to 138 last month.

Short sales and REOs accounted for 1.3 and 5.1 percent, respectively, of total Miami sales in March 2018. Short sale transactions dropped 58.8 percent year-over-year while REOs fell 50.7 percent.

Nationally, distressed sales accounted for 4 percent of sales, down from 6 percent a year ago.

Miami Real Estate Selling Close to List Price
The median number of days between listing and contract dates for Miami single-family home sales was 49 days, a 3.9 percent decrease from 51 days last year. The median number of days between the listing date and closing date for single-family properties was 95 days, a 9.5 percent decrease from 105 days.

The median time to contract for condos was 76 days, an 8.4 percent decrease from 83 days last year. The median number of days between listing date and closing date decreased 7.3 percent to 115 days.

The median percent of original list price received for single-family homes was 95.4 percent. The median percent of original list price received for existing condominiums was 94.0 percent.

National and State Statistics
Nationally, total existing-home sales rose 1.1 percent to a seasonally adjusted annual rate of 5.60 million in March from 5.54 million in February. Despite last month's increase, sales are still 1.2 percent below a year ago.

Statewide closed sales of existing single-family homes totaled 25,020 last month, down 3.5 percent compared to March 2017, according to Florida Realtors. Statewide closed condo sales totaled 10,997 last month, down 1.8 percent compared to a year ago.

The national median existing-home price for all housing types in March was $250,400, up 5.8 percent from March 2017 ($236,600). March's price increase marks the 73rd straight month of year-over-year gains.

The statewide median sales price for single-family existing homes last month was $250,800, up 8.2 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in March was $183,000, up 7 percent over the year-ago figure.

Miami’s Cash Buyers Represent almost Double the National Figure
Miami cash transactions comprised 37.9 percent of March 2018 total closed sales, compared to 43.8 percent last year. Miami cash transactions are almost double the national figure (20 percent).

Miami’s high percentage of cash sales reflects South Florida’s ability to attract a diverse number of international home buyers, who tend to purchase properties in all cash. Miami has a higher percent of cash sales for condos due to lack of financing approvals for buildings.

Condominiums comprise a large portion of Miami’s cash purchases as 54.3 percent of condo closings were made in cash in March compared to 22.5 percent of single-family home sales.

Balanced Market for Single-Family Homes, Buyer’s Market for Condos
Inventory of single-family homes increased 2.5 percent in March from 6,355 active listings last year to 6,517 last month. Condominium inventory increased 4.1 percent to 16,043 from 15,416 listings during the same period in 2017.

The increase in inventory is for properties above $400,000. The market had a 17.6 percent jump in properties listed for $400,000 to $599,999, 3.3 percent for $600,000 to $999,999, and 1.1 percent for $1 million and above.

Miami saw a drop in inventory for properties below $400,000.

Monthly supply of inventory for single-family homes increased 6.9 percent to 6.2 months, which indicates a balanced market. Existing condominiums have a 14.9-month supply, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

Total active listings at the end of February increased 3.6 percent year-over-year, from 21,771 to 22,560. Active listings remain about 60 percent below 2008 levels when sales bottomed.

New listings of Miami single-family homes decreased 3.6 percent to 1,865 from 1,934. New listings of condominiums decreased 13.3 percent, from 2,752 to 2,385.

Nationally, total housing inventory at the end of March climbed 5.7 percent to 1.67 million existing homes available for sale, but is still 7.2 percent lower than a year ago (1.80 million) and has fallen year-over-year for 34 consecutive months. Unsold inventory is at a 3.6-month supply at the current sales pace (3.8 months a year ago).

To access March 2018 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

About the MIAMI Association of REALTORS®
The MIAMI Association of REALTORS® was chartered by the National Association of Realtors in 1920 and is celebrating 98 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward Council, the Jupiter Tequesta Hobe Sound (JTHS-MIAMI) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents more than 47,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has official partnerships with 174 international organizations worldwide. MIAMI’s official website is www.MiamiRealtors.com

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05-13-2018 11:13:46 PM CST

Want to know what you get with your paid membership?

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03-10-2018 7:00:44 AM CST

Miami Condo, Single-Family Home Sales Jump in January

by | Feb 22, 2018

Miami existing condominium and single-family home sales rose in January as $1 million-and-up luxury transactions jumped for all properties, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.

Print Version

MIAMI — Miami existing condominium and single-family home sales rose in January as $1 million-and-up luxury transactions jumped for all properties, according to a new report by the MIAMI Association of REALTORS® (MIAMI) and the Multiple Listing Service (MLS) system.

Miami-Dade County existing condominium sales—which are competing with one of the most robust new construction markets in the country — increased 8.1 percent, from 874 to 945, year over year. Total luxury $1-million-and-up sales jumped 29.3 percent, from 99 to 128. Single-family home sales rose 2.1 percent, from 857 to 875. Lack of single-family home supply in mid-price ranges is negatively impacting sales despite strong demand.

George C. Jalil,, RAA, TRC.
2018 Chairman of the Board
MIAMI Association of Realtors®

“Miami’s economy is adding more jobs and new residents from abroad and domestically continue moving into our vibrant South Florida region,” said George Jalil, a Miami broker and the 2018 MIAMI chairman of the board. “Pent-up demand for Miami housing has led to more home sales, higher median sale prices and a larger total dollar sales volume in January year over year.”

Total Miami Home Sales, Dollar Volume Increase in January
Total existing Miami-Dade County residential sales increased 5.1 percent year-over-year from 1,731 to 1,820.

Total sales volume for all properties accounted for $791.3 million last month, up 12.7% from $702.3 million a year ago. Sales don’t include Miami’s multi-billion dollar new construction condo market.

Miami Luxury Sales Surge in January
Total luxury $1-million-and-up sales jumped 29.3 percent, from 99 to 128.

Miami condo luxury sales jumped 58.1 percent, from 43 to 68, in January 2018. Miami condo luxury sales have risen in three out of the last four months (Jan. 2018, Dec. 2017 and Oct. 2017).

Miami single-family luxury home sales rose 7.1 percent, from 56 to 60. Miami single-family luxury sales have risen in three out of the last four months (Jan. 2018, Dec. 2017 and Oct. 2017).

More than Six Consecutive Years of Price Appreciation in Miami
Miami-Dade County single-family home prices increased 6.5 percent in January 2018, increasing from $310,000 to $330,000. Miami single-family home prices have risen for 74 consecutive months, a streak spanning more than six years. Existing condo prices rose 3.5 percent, from $222,250 to $230,000 in January. Condo prices have increased in 77 of the last 80 months.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage moved higher for the fourth straight month to 4.03 percent in January from 3.95 percent in December. The average commitment rate for all of 2017 was 3.99 percent.

Miami Distressed Sales Continue to Drop
Only 9.9 percent of all closed residential sales in Miami were distressed last month, including REO (bank-owned properties) and short sales, compared to 12.7 percent in January 2017. In 2009, distressed sales comprised 70 percent of Miami sales.

Total Miami distressed sales declined 18.2 percent year-over-year, from 220 to 180 last month.

Short sales and REOs accounted for 1.8 and 8.1 percent, respectively, of total Miami sales in January 2018. Short sale transactions dropped 37.3 percent year-over-year while REOs fell 12.4 percent.

Nationally, distressed sales accounted for 5 percent of sales, down from 7 percent a year ago.

Miami Real Estate Selling Close to List Price
The median number of days between listing and contract dates for Miami single-family home sales was 47 days, a 23 percent decrease from 61 days last year. The median number of days between the listing date and closing date for single-family properties was 98 days, a 13.3 percent decrease from 113 days.

The median time to contract for condos declined 11.8 percent to 75 days from 85 days. The median number of days between listing date and closing date decreased 6.1 percent to 123 days.

The median percent of original list price received for single-family homes was 95 percent. The median percent of original list price received for existing condominiums was 92.9 percent.

National and State Statistics
Nationally, total existing-home sales decreased 3.2 percent in January to a seasonally adjusted annual rate of 5.38 million from a downwardly revised 5.56 million in December 2017. After last month’s decline, sales are 4.8 percent below a year ago.

Statewide closed sales of existing single-family homes totaled 16,564 last month, down 1.3 percent compared to January 2017, according to Florida Realtors. Statewide closed condo sales totaled 7,634 last month, up 5.9 percent compared to January 2017

The national median existing-home price for all housing types in January was $240,500, up 5.8 percent from January 2017 ($227,300). January’s price increase marks the 71ststraight month of year-over-year gains.

The statewide median sales price for single-family existing homes last month was $240,000, up 9.1 percent from the previous year, according to Florida Realtors. The statewide median price for townhouse-condo properties in January was $179,900, up 11.7 percent over the year-ago figure.

Miami’s Cash Buyers Represent almost Double the National Figure
Miami cash transactions comprised 42.4 percent of January 2018 total closed sales, compared to 43.4 percent last year. Miami cash transactions are almost double the national figure (22 percent).

Condominiums comprise a large portion of Miami’s cash purchases as 54.1 percent of condo closings were made in cash in January compared to 29.8 percent of single-family home sales.

Seller’s Market for Single-Family Homes, Supply Declines in December
Inventory of single-family homes decreased 5.1 percent in January from 6,590 active listings last year to 6,255 last month. Condominium inventory increased 3.1 percent to 15,573 from 15,111 listings during the same period in 2016.

Monthly supply of inventory for single-family homes decreased 1.7 percent to 5.9 months, which indicates a seller’s market. Existing condominiums have a 14.2-month supply, which indicates a buyer’s market. A balanced market between buyers and sellers offers between six and nine months supply of inventory.

Total active listings at the end of January increased 0.6 percent year-over-year, from 21,701 to 21,828. Active listings remain about 60 percent below 2008 levels when sales bottomed.

New listings of Miami single-family homes increased 2.2 percent to 1,913 from 1,871. New listings of condominiums increased 5.4 percent, from 2,637 to 2,779.

Nationally, total housing inventory at the end of January rose 4.1 percent to 1.52 million existing homes available for sale, but is still 9.5 percent lower than a year ago (1.68 million) and has fallen year-over-year for 32 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace (3.6 months a year ago).

To access January 2018 Miami-Dade Statistical Reports, visit http://www.SFMarketIntel.com

Note: Statistics in this news release may vary depending on reporting dates. MIAMI reports exact statistics directly from its MLS system.

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03-10-2018 6:57:41 AM CST

Recently, Florida Realtors became aware of several lawsuits filed against real estate brokers in Miami Dade and Broward counties concerning allegations of discriminatory advertising—a violation of fair housing laws. Specifically, brokers are being sued for discriminating against tenants with Section 8 vouchers. These violations, however, pertain to local ordinances, not the Federal Fair Housing Act. Under these local ordinances, landlords and Realtors are precluded from discriminating against tenants with Section 8 vouchers, as this falls under the protected class "source of income."

Florida Realtors General Counsel Margy Grant advises that "Realtors are encouraged to audit their listings and advertising to ensure that no listing, either in the MLS or not, contains any language that disallows housing to someone with a Section 8 voucher. Realtors must work to educate their landlords or property managers that this is not permissible under the local ordinances." For additional information contact Florida REALTORS Legal Hotline: 407-438-1409.

Realtors in Miami-Dade and Broward Counties should be aware that their county's Fair Housing protected classes extend beyond those created under federal law. The federal Fair Housing Act protects against discrimination based on the following seven categories:

Race,
Color,
Religion,
National origin,
Sex,
Disability, and
Familial status.

Miami-Dade County

Miami-Dade County's ordinances include the seven listed above. The following categories have been added to local ordinances located in Chapter 11A Discrimination, which includes specific rules on housing in Article II CLICK HERE

Ancestry,
Pregnancy,
Age,
Marital status,
Gender identity,
Gender expression,
Sexual orientation,
Source of income, (SECTION 8 VOUCHERS)
Actual or perceived status as a victim of domestic violence, dating violence or stalking.

Exemptions:
Please note that Chapter 11A contains exemptions to these rules which are similar to the federal fair housing laws, as well as exemptions regarding housing for older persons and communities restricted as 55 and over.

Broward County

Broward County's ordinances include the seven listed above. The following categories have been added to a local ordinance located in Section 16½-2 of the Broward County Code of Ordinances CLICK HERE

Age,
Marital status,
Political affiliation,
Sexual orientation,
Pregnancy,
Gender identity or expression,
Veteran or service member status,
Lawful source of income, (SECTION 8 VOUCHERS)
Victims of dating violence, domestic violence, or stalking.

Exemptions:
Please note that Section 16½-35.5 contains exemptions to these rules which are similar to the federal fair housing laws, as well as exemptions regarding housing for older persons and communities restricted as 55 and over.

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03-02-2018 4:32:46 AM CST

EXAMPLES OF ISSUES WHICH MAY NOT BE WITHIN THE AUTHORITY OF THE DEPARTMENT INCLUDE:

Some fee and price disputes
Disagreements over contract terms
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03-02-2018 4:30:28 AM CST

What Happens If a Complaint is Filed Against My Real Estate License?

If you are notified that a complaint has been filed against you for violations of real estate licensing law, it is important for you to take this complaint seriously and respond quickly. A complaint can result in a wide range of penalties, including the suspension or revocation of your real estate license, and a fine of up to $5,000 per count.

Q: What happens when a complaint is filed against me with the Department of Business and Professional Regulation (DBPR)?

A: Once a complaint has been filed with the DBPR, it is assigned to a complaint analyst for review to determine if there is a potential violation of real estate licensing law. If the analyst concludes there is no violation, no action will be taken. However, if the analyst concludes that there is a potential violation of real estate licensing law, the complaint will be assigned to an investigator. The investigator can conduct interviews and gather additional evidence. You are entitled to a copy of the complaint, and you may submit a written response to the information contained in the complaint within 20 days from the date of service.
When the investigation is complete, the investigator will turn over the file to the Division of Real Estate’s legal department. The case is then assigned to an attorney. The attorney will review the investigator’s report and determine if there is legal sufficiency for a formal administrative complaint. If so, the attorney will draft a proposed administrative complaint and present this to the probable cause panel along with a copy of the report. If you submitted a written response, it will be presented to and considered by the probable cause panel.

Q: What action can be taken by the probable cause panel?

A: The probable cause panel has three options. First, it can dismiss the complaint, which would result in the complaint remaining confidential. Second, in lieu of finding probable cause, the probable cause panel can issue a letter of guidance, which is a written reprimand. A letter of guidance is used for minor violations and is also kept confidential. Finally, the probable cause panel can approve the filing of the proposed administrative complaint alleging violations of the law. This will become public 10 days after probable cause is found.

Q: What are my options if the administrative complaint is filed?

A: Once the administrative complaint is filed, you will have 21 days to respond. If you do not respond to the administrative complaint, all facts alleged will be considered true, and a hearing before the Florida Real Estate Commission (FREC) will be scheduled. However, if you respond without disputing the facts, an informal hearing before the FREC will be scheduled. In an informal hearing, you have the opportunity to present mitigating information, explain your situation, and provide legal arguments, but you cannot dispute the facts alleged in the administrative complaint. Any disciplinary action taken during these hearings will be made public.
If you dispute material facts, you can request a formal hearing before an administrative law judge. In a formal hearing, the State will have the burden of proving the facts by clear and convincing evidence. After the hearing, the administrative law judge will issue a Recommended Order, which the FREC must approve. Either party may object to the findings of facts or conclusions of law contained within the Recommended Oder by timely filing Exceptions to the Recommended Order. After the FREC considers the Exceptions, it will determine whether to accept the Recommended Order or modify the recommendation. The FREC will then issue a Final Order. You have 30 days from the date of the Final Order to file an appeal with the 5th District Court of Appeal.
It is also possible that the attorney for the Division of Real Estate is willing to negotiate a stipulation agreement. A stipulation agreement is a negotiated settlement of the matter. You may be able to negotiate that some counts in the administrative complaint be dropped. The discipline can also be negotiated. The FREC must approve the stipulation agreement. If the FREC does not agree with the stipulation agreement, it will deny the stipulation agreement or propose different terms. A stipulation agreement will be made public.

Q: Should I hire an attorney?

A: An administrative complaint can have a significant negative effect on your real estate license and your wallet. If you are found to have violated real estate licensing law, your real estate license could be suspended, or even revoked. Additionally, you could be fined up to $5,000 per count. An attorney may be able to resolve the complaint before it becomes public or reduce the impact of the complaint. Therefore, we recommend consulting with an attorney who has experience successfully handling complaints submitted to the FREC.

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02-11-2018 7:26:27 AM CST

Tax consequences of a short sale.

http://hillalaw.com/tax-consequences-of-a-short-sale/ Legal Info

http://www.alllaw.com/articles/nolo/foreclosure/will-short-sale-tax-consequences.html Short sale deficiencies are considered income.

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02-11-2018 7:04:44 AM CST

What are the selling agent's responsibilities in a short sale?

https://www.fanniemae.com/content/news/mortgage-fraud-news-0709.pdf Mortgage Fraud

http://aboutfloridalaw.com/2012/06/14/short-sale-fraud-in-florida-florida-sellers-and-florida-buyers-both-victims-of-short-sale-scams-in-mortgage-fraud/ Law perspective

http://www.mortgagefraudblog.com/real-estate-agent-sent-prison-short-sale-fraud/ Prison for a Licensed Real Estate agent.

http://www.lirealtor.com/legal/topics-of-interest/view/legal/2014/02/25/the-fbi---short-sales-brokers-banks-fraud! FBI involved.

http://www.dre.ca.gov/files/pdf/Article_ShortSales03_2010.pdf California Attorney

https://www.thebalance.com/what-is-a-short-sale-addendum-1799103 What is a short sale addendum?

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02-11-2018 2:39:29 AM CST

http://www.masontitle.com/wp-content/uploads/2013/11/Bank-of-America-Short-Sale-Pkg.pdfShort Sale Package from BOA

Short Sale Package and Licensing Attest Statement.

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02-10-2018 9:31:48 PM CST

Absent some other “saving” provisions or exceptions, payments from the mortgage company to the builder for referrals are prohibited.Affiliated Business Arrangements. RESPA has particular provisions and regulations relating to affiliated business arrangements between real estate brokerage firms and affiliated mortgage companies or other settlement service providers, where there is a 1% or more common ownership between the companies. A referrer (who is a settlement service provider) may refer to affiliates (who are settlement service providers) if all of the following three requirements are satisfied:

(1) Disclosure/notice is given to the consumer at or before the time each referral is made (or, if the referral is made by a lender to a borrower, by the time the good faith estimate of closing costs is provided), in the form prescribed by the regulations;

(2) The consumer is not required to use any particular provider of settlement services (that is, the consumer is not steered or required to use an affiliated entity providing mortgage or other settlement services); and

(3) The only thing of value that is received from the arrangement (other than reasonable payments for goods, facilities or services actually furnished) is a return on the ownership interest (such as corporate dividends or LLC distributions, as applicable, in accordance with the owners’ percentage ownership interests).

An Affiliated Business Arrangement Disclosure Statement form should be developed and used to comply with the first of these three requirements. If the referral is made verbally, then the written disclosure must be given to the consumer within 3 business days after the referral, and in such case an abbreviated verbal disclosure of the existence of the arrangement and the fact that a written disclosure will be provided within 3 business days must be made to the consumer during the telephone referral. The disclosure form in any situation must be a separate document, and not combined with other forms. The consumer should be asked to sign a receipt or acknowledgment of the disclosure; and if the consumer refuses to sign the acknowledgment of such disclosure, that fact should be noted in the records maintain by the referor regarding such referrals. The RESPA regulations require that the referor retain each signed disclosure document for 5 years after its execution.

With respect to the second of the three requirements, the disclosure form will provide some assistance, in that it will contain a notice stating something like this: “You are NOT required to use [the specified affiliated service provider] as a condition for purchase, sale, or refinance of the subject property.” The reality, however, needs to track that advisement.

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02-09-2018 4:08:49 PM CST

The Department of State’s Administrative Code, Register and Laws Section is the filing point for rules promulgated by state regulatory agencies. Agency rulemaking is governed by Chapter 120, Florida Statutes, the Administrative Procedures Act. Rules are published in the Florida Administrative Code. The program is also responsible for publishing the Florida Administrative Register

The mission of the section is to file, preserve and make available to the public the rules and other public records it receives. To guide State agencies, staff provide training and consultation with respect to the requirements for filing rules and publishing rule, meeting and other notices. Finally, the section, as well as other programs of the Division of Library and Information Services, provide continuing access to materials that are files and have long term value.

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02-09-2018 4:04:58 PM CST

Legal insights for Florida Realtors members are just a phone call away at 407.438.1409.

Florida Realtors Legal Hotline attorneys answer questions about real estate license law and related real property issues. Attorneys also offer legal interpretations of the Florida Realtors/Florida Bar contract and other standard business forms and contracts.

What You Need:
Have your Florida real estate license number or NRDS number ready, since you must type in one of these numbers to reach the Legal Hotline. Once connected, calls for an attorney will be placed in a queue in the order they are received. Calls regarding ethics, MLS, or procuring cause may be redirected to someone who specializes in these areas.

Save time: Ask a question online
Legal questions may now be emailed to the Legal Hotline. Members will receive a live callback from a Legal Hotline attorney. Ask a question now. (login required)

Who May Use This Service?
Current Florida Realtors members. If your license number does not appear in our computer system, you will not be able to speak with an attorney.

Local board/association attorneys, executive officers and staff.
Private attorneys who represent a current member as long as the member is also on the line for the call.

Cost: As a member service, there is no charge to access the Legal Hotline. If you are calling from outside the 407 area code, you may incur a long-distance telephone charge.

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02-08-2018 8:12:12 PM CST

475.5015 Brokerage business records.—Each broker shall keep and make available to the department such books, accounts, and records as will enable the department to determine whether such broker is in compliance with the provisions of this chapter. Each broker shall preserve at least one legible copy of all books, accounts, and records pertaining to her or his real estate brokerage business for at least 5 years from the date of receipt of any money, fund, deposit, check, or draft entrusted to the broker or, in the event no funds are entrusted to the broker, for at least 5 years from the date of execution by any party of any listing agreement, offer to purchase, rental property management agreement, rental or lease agreement, or any other written or verbal agreement which engages the services of the broker. If any brokerage record has been the subject of or has served as evidence for litigation, relevant books, accounts, and records must be retained for at least 2 years after the conclusion of the civil action or the conclusion of any appellate proceeding, whichever is later, but in no case less than a total of 5 years as set above. Disclosure documents required under ss. 475.2755 and 475.278 shall be retained by the real estate licensee in all transactions that result in a written contract to purchase and sell real property.

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02-02-2018 5:05:07 PM CST

HUD NAID verification and info.

See policy in Handbook 4000.1 Section I.B.5.c.ii. at: https://www.hudhomestore.com/Listing/NaidApplication.aspx

https://www.hud.gov/program_offices/administration/hudclips/handbooks/hsgh

Does a real estate broker have to be recertified by HUD each year in order to sell HUD Homes?
Yes, HUD-Registered Real Estate Brokers must be recertified by HUD each year in order to sell HUD Homes. Name and Address Identification Number (NAID) certifications for Selling Brokers are valid for only one year from the date they are issued.

To find your NAID status and verify your NAID recertification date, please visit the following HUD Homestore website at: https://www.hudhomestore.com/Listing/NaidApplication.aspx and click on, “Check current NAID status.” If you are unable to find your NAID, please call the FHA Resource Center at 1-800 CALL FHA (1-800-225-5342).

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01-31-2018 11:06:41 AM CST

Finally, RESPA requires that a referring company which is in some way financially tied to the company to whom business is being referred provide an Affiliated Business Arrangement Disclosure Statement to the buyer or seller. The disclosure must show the nature of the relationship between the person making the referral and the service provider and an estimated charge or range of charges generally made by the provider. A copy of the disclosure prescribed by HUD is attached to this paper. This disclosure form is required to be given to the consumers at the time that the referral is being made where the referral is made face-to-face, by electronic means, or in writing, and within 3 days if the referral is made by telephone. If the referring company is a real estate brokerage firm, it may be a good practice for the firm to routinely get the disclosure signed by all customers and clients of the firm (i.e. – at the time of a listing with a seller or at the time of contract with a buyer) regardless of whether an actual referral of these customers or clients will be made. The consumer is required to sign the disclosure in the space provided. If the person chooses not to sign the disclosure, a notation by the referring company must be made stating that the disclosure was provided and the consumer chose not to sign the disclosure at the time it was provided. The notation should be made in a written, electronic, or similar system of records maintained by the referring company in the regular course of business. It is important to tell the consumer that he or she will be required to sign such disclosure at or before closing or settlement even if the person has chosen not to sign the disclosure when it was provided.

See this link but always consult with an attorney before proceeding. http://aaronline.com/wp-content/uploads/2012/11/RespaWhtPaper.pdf/11/RespaWhtPaper.pdf

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01-31-2018 10:57:13 AM CST

Real estate broker or salesperson acting as mortgage broker. A real estate broker, salesperson, and any affiliate who receives a fee, commission, or other valuable consideration for selling residential real property cannot act as a mortgage broker unless he or she makes a disclosure to the purchaser, and the purchaser acknowledges it, before the purchaser signs a contract with him or her for mortgage brokering services. The disclosure must include the following in at least 10 point boldface capital letters:

I understand that the real estate broker or salesperson in this transaction has offered to assist me in finding a mortgage loan. Additionally, I understand that this real estate broker or salesperson does not represent any particular mortgage lender and will attempt to obtain the best terms available within the mortgage loan market for my specific home financing needs. If the real estate broker or salesperson does not fulfill his fiduciary obligation I may file a complaint with the Department of Banking. I also understand that I may attempt to find a mortgage loan to finance the purchase of my home without the assistance of the real estate broker or salesperson in which case I will not be obligated to pay a fee to the real estate broker or salesperson.

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08-07-2017 8:00:12 AM CST

My former broker reduced my commission

By Joel Maxson

Aug. 7, 2017 – Question: I am a sales associate who switched real estate companies a few months ago. I thought everything was in order, but when my former broker gave me a check for one of my transactions, the amount did not match the agreed upon split we had when I worked there. My former broker can't do this to me, can he?

Answer: It generally depends on the terms of your independent contractor agreement, although additional office policies and procedures could also come into play.

An independent contractor agreement is a contract between a sales associate and real estate company. It could be a verbal agreement, but most are written and signed when an associate first begins working for a company. The terms of this agreement can vary from one associate to the next, even within the same company, so it's vital to read the actual contract to find out what rights each side has. Florida Realtors provides a form independent contractor agreement, form ICA-6, which we will examine as a sample, but beware: Many companies use their own form, and it could be wildly different from this form.

Florida Realtors' ICA-6 addresses compensation after termination of the agreement in Section 3(c)(6), which provides that "After termination of this Agreement, Broker will pay Associate any amount earned before termination less amounts owed to Broker and amounts Broker must pay another licensee to complete pending transactions for which Associate was responsible before termination." Under this clause, the associate can demand earned commission, but it might not be the full amount the associate would have received if the associate still worked for the company. The broker is entitled to deduct the former associate's debt to the company, as well as a reasonable amount to pay another licensee who helped close the deal after the associate left.

So, what can an associate do if the independent contractor agreement demonstrates the associate is entitled to commission but the broker refuses to pay? The short answer is that the next step is to sue, typically by hiring a lawyer for representation.

Associates are often disappointed to hear that the Florida Real Estate Commission (FREC) won't immediately intervene on compensation issues like the one discussed above because Florida Statutes 475.25(1)(d) requires the associate to first win the case. If a civil judgment awarding a share of a real estate commission has been obtained and the broker still refuses to pay, however, it would be the correct time to file a FREC complaint.

Please note: This article is just a broad-brush picture, so members working through this issue (brokers and associates alike) should consult a lawyer as soon as possible to get a firsthand opinion of the strengths and weaknesses of their prospective case.

Joel Maxson is Director of Member Legal Services

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