Continuing Education for Florida Real Estate Professionals By Edward J. O Donnell. Update to Reflect Recent Law Changes

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1 Continuing Education for Florida Real Estate Professionals By Edward J. O Donnell Update to Reflect Recent Law Changes Thanks for using Continuing Education for Florida Real Estate Professionals, Edition for your educational needs. We monitor law changes continually to keep our material as up-to-date as possible. Chapter 475, F.S. has changed significantly since this text was published, and the changes are effective as of July 1, Federal Income Tax laws and rates have been changed, not only for ordinary income, but also for capital gains and dividends. One change that will affect a great many sections of the book is the name of licensees. Salespersons are now sales associates. Broker-salespersons are now broker associates. The term broker has not changed. Please reflect the following changes to make your book current: Page Comment 2 Just before the last paragraph, insert the sentence: It shall be a third-degree felony to practice real estate without an active valid license. 8 Just above Personal Assistants put the sentence: Sales associates may now register as a limited liability company or a professional corporation. 10 Remove paragraph starting Placing Sold Signs. This rule was repealed by the FREC, as there was not statutory authority for the rule. 13 At bottom of page, make reference to the attachment for Chapter 475 law changes 16 Second paragraph, change $200 to $1,000. Add sentence: A broker may deposit up to $5,000 of his or her personal funds in the property management escrow account. 17 Just above the last paragraph, add sentence: The law requires the FREC to adopt rules describing additional exceptions to the conflicting demands requirements. 19 Just below the third paragraph, add sentence: Provided that there is not a shortage in the account, and that there is no danger to the public, brokers will be given a reasonable time to correct escrow account errors. 22 In first paragraph, change $750,000 to $1 million. 22 In paragraph headed Amount To Be Reimbursed, change $25,000 to $50,000, and change $75,000 to $150, Second rule reference from bottom ( sold signs), mark deleted. 25 Delete rule at letter (s) 25 Delete rule at letter (t) 26 Delete rule at letter (ff) 31 Delete penalty at letter (jj) 31 Delete penalty at letter (kk) 37 Just above Vacation and Timeshare Plans, add a reference about the new disclosure summary as shown on page 3 of the attachment to this update. 44 In the first paragraph under Capital Gains section, change 20% to 15%; 10% to 5% 44 In the problem, change the tax rate to 15% Change taxes on gain to $30,000 Edward O Donnell 2003 Law Changes Page 1

2 Change total taxes on sale to $49, In progress quiz, change 28% to 25% Change answer b to $47, After the first paragraph under Authorized Brokerage Relationships, add the sentence: In 2003, the law was changed to make it a legal presumption that licensees are operating as transaction brokers unless otherwise agreed in writing. 53 Just above the Progress Quiz, add the paragraph: The transaction broker notice requirement will be deleted in 2008 because of the legal presumption that all licensees are transaction brokers unless otherwise agreed in writing. The reason for the delay in deleting the form is to give the public time to become aware of the change. 91 In the Stigmatized Property section, add a reference to page 4 of the attachment. The law was changed to remove the requirement for sellers or licensees to disclose that the property was the site of a homicide, suicide or death. Statute A summary of important law changes is shown below: 2003 CHANGES TO CHAPTER 475, FLORIDA STATUTES Chapter 475, Part I - BROKERS AND SALES ASSOCIATES Brief Description of Change (b) et al (j) et al (l) Changes term broker-salesperson to broker associate. Changes term salesperson to sales associate. Adds language clarifying that customers are not responsible for the acts of a transaction broker, and that the licensee will not work for one party to the detriment of the other Allows broker associates and sales associates to register with the Department as an individual, as a professional corporation or limited liability company (3)(a) (4)(a) Increases the scope of subjects authorized to be included in sales associate and broker post-licensing courses (7) Adds language that the Commission may not approve prelicensure or postlicensure distance learning courses by correspondence methods, except in instances of hardship (1)(a) Adds language allowing electronically authenticated applications in addition to notarized applications. Also requires that fingerprints be provided in electronic format after July 1, (1) Adds language that approval or denial of a specialty course must be based on the extent to which the course content focuses on modern real estate practice, including technology (1) Removes the Commission s authority to prescribe the form and minimum dimensions of the broker s entrance sign and establishes the requirements of the sign in the law rather than by rule Added language that a broker or real estate school that changes business address, must file a change notice along with the names of licensees no longer associated with the firm. Such notification also fulfills the change of address notification requirement of licensees of the firm (1)(d)1. a. Allows the FREC to establish circumstances under which a broker may disburse funds from the escrow account without notifying the Commission or employing one of the settlement procedures. Edward O Donnell 2003 Law Changes Page 2

3 475.25(1)(k) Permits a broker to maintain up to $5,000 of personal or brokerage funds in a property management escrow account or up to $1,000 in a sales escrow account; Gives a broker a reasonable time to correct escrow errors if there is no shortage of funds (5) Establishes a five year statute of limitations for administrative complaints against a real estate licensee (6) Requires the FREC to promptly report to the proper prosecuting authority any criminal violation of any statute relating to the practice of real estate (1)(b) (2)(c) (3(c)2. Establishes the presumption that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer. Deletes the requirement for a licensee to provide a customer with a transaction broker notice after July 1, Prescribes a new form for the consent to transition to transaction broker, incorporating the language of the transaction broker notice (1) Establishes that the licenses of sales associates and broker associates who were licensees of a broker whose license has been suspended or revoked will become involuntarily inactive (1)(a) (1)(o) Makes it a third degree felony for an unlicensed person to perform real estate services as described in the law. Adds language prohibiting the dissemination of false or misleading information in the sale or leasing of real estate (3) Reduces the minimum number of hours for instructor continuing education from 15 to 7. NOTE: This reduction does not require that the number of hours be reduced. FREC rules still require 15 hours (7) Removes exemption from the instructor examination requirements for persons licensed as an instructor on October 1, (4) and (5) Removed prohibition against a real estate school advertising in connection with an affiliated broker; Removed prohibition against schools advertising a pass-fail ratio on the state exam Repeals section making it a first degree misdemeanor for publishing false or misleading information in connection with real estate sales or leases Repeals the requirement that a licensee furnish recent copies of termite and roof inspection reports in the licensee s possession (3) and (b) Increases the amount at which collections for the recovery fund stop from $750,000 to $1 million (3) Requires the FREC to pay a broker s court costs and attorney s fees resulting from a lawsuit over an escrow disbursement order; also requires the FREC to pay the plaintiff s court costs and attorney s fees if the plaintiff wins (1)(a) and (b) Increases the maximum payment from the Recovery fund to one person or from one transaction from $25,000 to $50,000. Increases the maximum payment from the Recovery fund for multiple transactions from $75,000 to $150, (2) Increases the amount a court may order to be disbursed from the recovery fund for the receivership of a brokerage firm from $75,000 to $100,000. Chapter 475, Part II - APPRAISERS Various (1)(a) (1)(a)3 Changes title of registered assistant appraiser to registered trainee appraiser. Adds real estate consulting to the list of activities that constitute an analysis assignment Adds definition for appraisal review assignment. Edward O Donnell 2003 Law Changes Page 3

4 (1)(c) (1)(d) (1)(l) (1)(m) (1)(n) (1)(p) (1)(q) Amends definition of appraisal report. Adds definition for appraisal review. Adds language that the Board will not issue licenses for the licensed appraiser category after July 1, Adds language that a registered trainee appraiser may accept appraisal assignments only from her or his primary or secondary supervisor. Defines supervisory appraiser as a certified appraiser who directly supervises a registered trainee appraiser, who is fully responsible for appraisals and appraisal reports prepared by the trainee. Defines valuation services. Defines work file (2) Changes language from allowing brokers and sales associates to appraise real estate to provide valuation services (5) A full time graduate student enrolled in a degree program under an appraiser s supervision is currently exempt from licensure. The new law removes or licensed broker from the list of employers (1) Removes language describing the term of office of the original FREAB members (1) Requires that registered trainee appraisers complete a postlicensure course prior to the second renewal of the license or the license becomes void. Registered trainee appraisers registered prior to July 1, 2003 must take the educational requirements within the next two biennial renewal cycles (3) Allows a six month extension for failure to take the required postlicensure course because of physical hardship (1)(a) (1)(c) Removes the requirement of a timed distance learning course examination. Allows the Board to authorize independent certification organizations to certify or approve the delivery method of distance learning courses. Course providers must present the certification at the time the course is submitted to the Board for approval (1) Establishes mutual recognition with states that have similar education and experience requirements (2)(a) (1)(b) Requires applicants who are not residents to comply with nonresident procedures, including irrevocable consent form. Requires appraiser who move out of state to notify the Board within 60 days and comply with nonresident requirements. Edward O Donnell 2003 Law Changes Page 4

5 OTHER CHANGES: Each contract entered into for the sale of property governed by covenants subject to disclosure required by this section must contain in conspicuous type a clause that states: IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION , FLORIDA STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS CONTRACT FOR SALE, THIS CONTRACT IS VOIDABLE BY BUYER BY DELIVERING TO SELLER OR SELLER'S AGENT WRITTEN NOTICE OF THE BUYER'S INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS VOIDABILITY RIGHT HAS NO EFFECT. BUYER'S RIGHT TO VOID THIS CONTRACT SHALL TERMINATE AT CLOSING. A contract that does not conform to the requirements of this subsection is voidable at the option of the purchaser prior to closing. STIGMATIZED PROPERTY Prior to this change, residential licensees have had no clear direction about the requirement to make disclosures when a murder, suicide, or death occurs in a house. The property is said to be { XE "stigmatized property" }stigmatized or { XE "psychologically impacted property" }psychologically impacted. Changes to Chapter 689 (Conveyances of Land and Declarations of Trust) clear up the issue; disclosure is not required. The fact that a property was, or was at any time suspected to have been, the site of a homicide, suicide, or death is not a material fact that must be disclosed in a real estate transaction. A cause of action shall not arise against an owner of real property, his or her agent, an agent of a transferee of real property, or a personal licensed under Chapter 475 for the failure to disclose to the transferee that the property was or was suspected to have been the site of a homicide, suicide, or death or that an occupant of the property was infected with human immunodeficiency virus or diagnosed with acquired immune deficiency syndrome. [689.25(1)(b) Edward O Donnell 2003 Law Changes Page 5

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