Florida Real Estate Brokers: Keep Your Records!

We all make mistakes, but if you’re a real estate broker in the State of Florida and fail to keep and maintain adequate business records, your license could be revoked and you could face fines of up to $5,000 for each violation.

If you are a licensed real estate broker in Florida and have received an administrative complaint from the Department of Business and Professional Regulation (DBPR), you are probably concerned about how this may affect your license. To set up a FREE no-obligation consultation with attorney Jeff Howell or attorney Rickey Strong, contact the law firm of Howell, Buchan & Strong, Attorneys at Law at 850-877-7776. We represent licensed real estate brokers statewide, including out-of-state clients who are concerned about the status of their Florida license.

According to Section 475.5015, Florida Statutes:

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.

In addition, according to Section 455.28, Florida Statutes, and Rule 61J2-24.001(3)(ll), Florida Administrative Code, the penalty, if this is your first license-related disciplinary action, is suspension or revocation of your license, plus fines in an amount between $250 and $1,000. If your license has been disciplined before, the penalty is a 90-day suspension or revocation of your license and a fine of between $1,000 and $5,000. Your disciplinary history is a matter of public record, and can be viewed by your clients.
However, these penalties are not set in stone. The Florida Real Estate Commission can take into account any number of aggravating or mitigating factors to increase or lesson the penalties set down in the rules. When you have an experienced real estate attorney fighting for you, you stand a much better chance of receiving the lowest possible penalty, and even of getting the complaint against you dismissed.

Contact the law firm of Howell, Buchan & Strong, Attorneys at Law at 850-877-7776 to set up your FREE no-obligation consultation with attorney Jeff Howell or attorney Rickey Strong today. DBPR has experienced attorneys on its side. So should you!