Which individual is not exempt from holding a Florida real estate license?

Which individual is not exempt from holding a Florida real estate license?

Which individual is NOT exempt from holding a Florida real estate license? Certified public account (CPA) who is employed by a real estate corporation and received a salary plus bonuses based on real estate transactions. CPAs, when acting within the scope of their professional duties, are exempt from licensure.

Can a listing agent represent the buyer in Florida?

In Florida, it is against the law for a Realtor represent the Buyer and Seller in the same transaction as a fiduciary. This means the Realtor is a neutral party between the buyer and seller. However, by definition, the Realtor owes both parties limited confidentiality.

Can a listing agent also represent the buyer?

The agent represents the buyer as a client. Dual agent – A real estate agent may act as a dual agent representing both the buyer and the seller in a real estate transaction but only with both parties’ express consent. A dual agent shall be neutral concerning any conflicting interests of the seller and buyer.

What is the difference between a transaction broker and a single agent?

A transaction broker is defined as a broker who provides limited representation to a buyer, a seller or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.

Is dual agency a good idea?

To protect your finances and ensure you are selling or buying at the best possible price, it is probably best to avoid dual agency. Buyers or sellers may be inclined to work with a dual agent because they want to obtain confidential information about the person buying or selling the home.

Can a transaction broker receive earnest money?

As soon as an agent or broker accepts an earnest money deposit on behalf of a seller, they become an escrow agent, and the money is placed in an escrow account. In most cases, when it enters into escrow, the earnest money cannot be released until both parties provide written permission.

Can seller re list property before returning earnest money?

A: The sellers can re-list a home but they can only accept an offer contingent on the successful cancellation of your offer. If you have been waiting a month to have your earnest money returned and the sellers refuse to sign the cancellation, you need to take action.

What happens if buyer does not deposit earnest money Florida?

If you’re buying or selling real estate in Florida, the transaction almost always will require an earnest money deposit. But if the transaction does not reach closing, the earnest money deposit cannot be released without the express consent of both the buyer and the seller.

What happens to money in escrow when I sell my house?

Your mortgage escrow account pays your homeowner’s insurance and property tax bills. When you sell your home and close, you don’t have to pay those bills anymore. As such, your escrow account goes away and you will get a check from your lender for the balance.

How much deposit do you need to buy a house in Florida?

For a mortgage in Florida, you will generally need a minimum deposit of 20-30% of the property’s purchase price.

Can a seller back out of a contract in Florida?

Under Florida law (contract and case law), a buyer and/or seller is able, under certain circumstances, to terminate a residential real estate contract and walk away from the deal without penalty. One way a buyer can get out of a deal is by seeking “rescission.”

Is there a 3 day right of rescission in Florida?

Florida does have a 3 day right to rescind a fitness club contract. Additionally, there may be equitable grounds to justify rescission of a contract, such as fraud or negligent misrepresentation. However, signing a contract in the belief that you have 3 days to think it over may cause more than “buyer’s remorse.”