Our REIA Meeting With DBPR: re what is unlicensed brokering

[John Thedford]

We had the REIA meeting yesterday. DBPR was kind enough to send an investigator down and cover the topic: what constitutes unlicensed brokering. She did address one specific case where the file has been turned over to the state attorneys office for prosecution. The person is a "wholesaler". However, many other questions were asked and the answer was "that depends", give me "specific situations", etc. Part of the issue I believe that brought on these answers was that she is NOT an attorney, but an investigator. Once she has gathered facts, she sends them up the chain of command for a decision. There was one term tossed about: equitable interest. Is $1000 adequate for "equitable interest"? Depends! Everything considered, our local REIA is top notch and their goal is education. No hype. No seminars promoted. The investigator gave the best answers she could without giving legal advice.
Special thanks @Jeff Tumbarello for this great organization.

Last, it was a pleasure to meet my friend @Wayne Brooks. He drove over from the east coast.

Some questions still remain as to how assignments MAY work, if that particular method or actions are legal, etc. By far, the absolute safest way is to get on title. You can buy and sell all you want without being a licensee and without having someone with the state claiming illegal activities. 
Here's to prosperous investing to all in the coming years!

[Adam Bartomeo]

I also attended the meeting and spoke with several investors afterward about their interpretation. I don't wholesale and don't have a vested interest in whether they follow the law or not. But, we didn't hear what Jeff and John heard for the most part.

All of the investors that I spoke with felt that the realtors were out to make a point that wholesaling was illegal and we felt that she told them it was not.

She even shot down one realtor saying "I told you 3 times already", it was kind of comical.

I heard her say, loud and clear, and several times "wholesaling is not illegal", "we would rather educate then prosecute".

It was also clear that if you had equitable interest in the transaction, i.e. $5,000 earnest money deposited in escrow, and if there wasn't malintent that you would probably be ok. She also made it clear that everything is a case by case basis.