When an agent or broker changes their name legally, they must request that their real estate license be reissued in the new name. A Florida licensee may also have a real estate license in another state.A broker may hold multiple broker’s licenses and can work as a broker in multiple real estate companies.( Section 475.215(2), Florida Sta tutes ) An associate (whether sales associate or broker-associate) may not hold multiple licenses and may not work for more than one real estate company.( Section 475.25(j), Florida Statutes ) Multiple licenses We recommend that real estate professionals avoid giving their customers opinions on title. Real estate agents or brokers can be subject to discipline (and could even have their license revoked ) for rendering an opinion about a title. Real estate agents should advise prospective buyers to consult their attorney on the merchantability of the title or to obtain title insurance. A l icensed att orney is the best person to offer an opinion that title to a property is good or merchantable. ![]() ![]() (Section 475.2755, Florida Statutes)ĭetermining and analyzing acceptable title is an extremely complex legal undertaking. Therefore, a broker’s office can only act as a sin gle agent for one party, either the buyer or the seller. The Designated Sales Associate law does not apply to residential sales, as defined in 475.278.I n a real property transaction, “buyer” mea ns a transferee or lessee, and “seller” m eans the transferor or lessor. The Designated Sales Associate law also applies to a commercial lease one sales associate may act as the single agent for a landlord and a tenant.In order for the buyer and the seller to prove that they each have assets of $1 million or more, they need to sign disclosures stating their assets meet the threshold.A single sales associate can act as an agent for both the buyer and the seller in a commercial transaction, as long as the buyer and seller each have assets of $1 million or more and have signed the required disclosures.There is a very limited finder’s fee exception: a property management firm or landlord can pay up to $50 per transaction to an apartment tenant who refers another tenant to live in the same complex. (Sectio ns 475.25(1)(h) and 475.011(13), Florida Statutes) Designated Sales Associate l aw ![]() FREC has not expanded this to include other situations. (Section 475.42(1)(d), Florida Statutes)įlorida licensees are not allowed to pay a fee or compensate someone for real estate services who doesn’t hold a real estate license in Flo rida or another state – this includes attorneys. Referral fees should flow through the brokerage company to the associate. The Florida Real Estate Commission (FREC) has said an associate may be paid directly at closing if a broker instructs the closing agent (in a specific writing) to authorize direct payment.
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