FRECI_5-6 - Lecture Preview Florida Real Estate Commission...

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1 Florida Real Estate Commission Course I Pre-Licensing Course for Sales Associates Session 5 – Lecture 6 Real Estate Brokerage Activities Copyright, 2004 2 Lecture Preview What will you learn from this lecture? The proper handling of advance fees Penalties for improper handling of advance fees Copyright, 2004 3 Vocabulary Terms Advance fees Copyright, 2004 4 Advance Fees 75% must be deposited immediately (advance fee trust/escrow account) Cannot be commingled with other funds Keep separate, distinct records for all fees Reconcile advance fee account monthly Any fees collected in advance of a listing (for advertising, promotions, etc.) Important! Copyright, 2004 5 Advance Fees Deposited in a Florida institution Must furnish records to DBPR upon request File a report w/DBPR including the bank statement if account has zero or nominal balance during a reporting period Furnish quarterly reports to their principal (Cont’d) Copyright, 2004 6
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FRECI_5-6 - Lecture Preview Florida Real Estate Commission...

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