Florida Real Estate Brokers: Be Careful with Clients’ Money

We all make mistakes, but if you’re a licensed real estate broker in the State of Florida and are found guilty of mishandling funds entrusted to you by a client, or otherwise owed to your clients, 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.

When your professional license is on the line, failing to dot your i’s and cross your t’s is no laughing matter. Your career could be on the line.

According to Section 475.25(1)(d), Florida Statutes:

The [Florida real estate] commission may deny an application for [real estate broker] licensure, registration, or permit, or renewal thereof; may place a licensee, registrant, or permittee on probation; may suspend a license, registration, or permit for a period not exceeding 10 years; may revoke a license, registration, or permit; may impose an administrative fine not to exceed $5,000 for each count or separate offense; and may issue a reprimand, and any or all of the foregoing, if it finds that the licensee, registrant, permittee, or applicant . . . [h]as failed to account or deliver to any person . . . at the time which has been agreed upon or is required by law or, in the absence of a fixed time, upon demand of the person entitled to such accounting and delivery, any personal property such as money[; or has] failed to deposit money in an escrow account when the licensee is the purchaser of real estate under a contract where the contract requires the purchaser to place deposit money in an escrow account to be applied to the purchase price if the sale is consummated.

According to Rule 61J2-24.001(3)(e), Florida Administrative Code, even if this is your first license-related disciplinary action, the minimum penalty for violating this statute is temporary suspension or permanent revocation of your license, in addition to a fine in the amount of $250 to $1,000 for each violation. If your license has been disciplined before, the penalty is a suspension or revocation of your license, plus fines of between $1,000 to $5,000 for each violation.. Your disciplinary history is a matter of public record, and will be viewable 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!