Licensees Brokering WITHOUT A License!

[John Thedford]

Yes that IS done by uninformed agents. The purpose of this post is for information only and you should contact DBPR with questions. This post is for Florida licensees.
I had opportunities to collect assignment fees on properties I had under contract. I NEVER realized these fees MUST go through a broker. According to DBPR they must. DBPR informed me on a call with them that there are agents under investigation for BROKERING WITHOUT A LICENSE. This came about because they were collecting assignment fees and not running them through their broker. DBPR can fine, suspend, or revoke licenses for infractions. Nobody wants to go through that! If you are assigning contracts consider talking to your broker and let them know your M/O. If they have no issue with that and you run the fees through them and then get a cut that is LEGAL. 

One last note: advertising rules changed for licensees earlier this year. ALL advertising of properties, even wholesale deals, MUST include your name and the name of the employing broker. We recently had a local licensee get in BIG trouble for blind advertising with their broker. They were advertising properties on CL with NO NAME and NO BROKERAGE AFFILIATION.