The Florida Supreme Court has deleted the residential Lease for Single Family Home and Duplex from its list of approved forms. Licensees who are filling out such lease forms for others may be required to use an attorney. Failure to do so may result in charges of “unauthorized practice of law.”
Snitch Statute is gone. Won’t be required to tell on others in the industry who break the law.
LLCs can be registered as brokerage firms. Limited Liability Company gets the liability protection of a corporation and the taxation of a partnership.
Expect to see lots of them.
Commercial brokerage firms can appoint designated sales representatives to represent both the buyer and the seller in the same transaction (almost dual agency). Buyers and sellers must be “sophisticated,” agree to the status, and have at least $1 million in net worth.
Brokers won’t be disciplined for not checking to see that the sales associate has completed the required continuing education.
Holding period for long-term capital gains reduced from 18 months to 12 months. Maximum rate remains at 20%.
Non-developer condominium sales disclosure require the previous year’s financial statements from the owner’s association.
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