What are the laws governing real estate brokers?

In Florida, real estate brokers are regulated by both the state’s real estate licensing law and the state’s Department of Business and Professional Regulation (DBPR). All real estate brokers must complete pre-license courses, and pass a state exam to become licensed. The license must be renewed annually. Real estate brokers must abide by the regulations set forth by the DBPR, which cover areas such as trust accounts, advertising, and transactions. Trust accounts are accounts where funds belonging to the broker’s clients are held in trust until a transaction is completed. Brokers must disclose how they will handle trust funds. Regulations also require brokers to provide written disclosures to their clients prior to the completion of a real estate transaction. Advertising rules stipulate that all advertising must accurately reflect the characteristics of the property being advertised. In addition, all brokers must keep detailed records of their transactions, including records of all funds received and disbursed. In addition to regulation by the DBPR, real estate brokers are also subject to regulation by the real estate commission. The commission has the authority to investigate complaints and take disciplinary action when appropriate. Violations of the state’s real estate licensing law may result in fines or suspension of the broker’s license. Real estate brokers must adhere to a strict code of ethics, and must abide by all applicable laws. Real estate brokers are held to a high standards of professionalism, and must take their responsibility to their clients and the public seriously.

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What are the laws governing real estate brokers?

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