Tomorrow is Thanksgiving and we all have special things to be thankful for. One thing that every resident of the state of Florida is certainly thankful for is the quiet and basically non-existent hurricane season we just exited from, but when it comes to real estate there’s always more.

All states in the United States have their own set of licensing rules regarding the sale of real estate. The Florida Statutes are very clear as to client broker relationships especially when it comes to the handling of funds. Believe it or not this may not be a sexy topic but it is one that is important and one that we should all be thankful for.

When you walk into a real estate sales office have you ever thought about exactly who the actors are and what are their relationships to you as a buyer, seller or renter of real estate? In the state of Florida there are very tough education and testing requirements that must be met before an individual can get a license to sell, list or rent properties.

The definition of a broker is a licensed person who for another and for compensation or with the intent to receive compensation acts as an agent for others in the performance of one or more services of real estate.

In Florida there is separate education and testing to become a broker or a sales associate. A sales associate can perform any act specified in the definition of “broker” but they perform such acts under the direct control or management of another and can only be employed by one broker. You can also obtain a broker associate designation which means that you have completed the education and testing requirements to become a broker giving you the ability to form your own real estate firm, however, you have chosen to perform these duties under the direction, control or management of another person.

All brokers and sales associates are mandated to perform fairly, honestly and use skill, care and diligence in their business relationships. In addition, they are required to present all offers and counteroffers in a timely manner unless directed otherwise in writing by the buyer or seller.

Just to further confuse the public, Florida and other states have established transaction brokers and single agent brokers. Transaction brokers may represent both the buyer and seller in the same transaction and have limited representation and fiduciary capacity. A single agent exclusively represents either the buyer or the seller in a transaction and owes full fiduciary and confidentiality to that person. Under Florida licensing law it is presumed that all licensees are operating as transaction brokers unless otherwise stated.

Another very important issue that is also controlled by Florida licensing laws is the handling and disposition of escrow funds. Down payments collected as part of a fully executed contract of sale must be deposited within three business days into a designated escrow account. This account can be held by an attorney, a title company or a real estate brokerage escrow account. Brokers who maintain brokerage accounts are required to prepare a monthly reconciliation.

Real estate licensing laws are specific and highly regulated in order to protect consumers. They’re not perfect but nevertheless we should all be thankful for the protection they provide. Unfortunately, we recently had a rental agent on Anna Maria who managed to defraud several unsuspecting renters. He was eventually caught but this incident serves as a reminder to all potential buyers and renters to be exceedingly careful who you do business with.

One thing we should all be thankful for is the beautiful area we’re privileged to live in; wishing you and your family a peaceful Thanksgiving.

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

09/06/2013 499,900 465,000 830 North Shore Dr 1467 3 Br/2 Ba SFR
09/20/2013 529,000 490,000 313 Magnolia Ave 1424 73x114 2 Br/2.5 Ba SFR
09/20/2013 799,900 750,000 115 Willow Ave 2140 50x110 3 Br/3 Ba SFR
09/20/2013 750,000 750,000 300 Shore Dr 1680 4 Br/2 Ba SFR
09/23/2013 875,000 800,000 511 South Dr # A 2742 158x130 5 Br/3 Ba SFR
09/23/2013 430,000 445,000 511 Spring Ave 1093 52x145 2 Br/2 Ba SFR
09/24/2013 634,900 600,000 113 Pelican Dr 1008 91x100 2 Br/2 Ba SFR
09/24/2013 720,000 677,500 771 Jacaranda Rd 1586 52x98 3 Br/2 Ba SFR 09/25/2013 594,0 00 540,000 215 Palm Ave 1040 52x110 3 Br/2 Ba SFR 09/06/2013 369,900 360,000 812 Jacaranda Rd 61x108 Vac.
09/20/2013 1,835,000 1,865,000 207 - 215 Magnolia Ave 260x110 Vac.
09/26/2013 500,000 500,000 207 Magnolia 52x110 Vac.
09/26/2013 500,000 500,000 Magnolia 52x110 Vac.

Bradenton Beach

09/20/2013 434,900 405,000 2113 Avenue C 1280 50x100 3 Br/1 Ba SFR
09/05/2013 290,000 265,000 2302 Avenue B 2145 50x100 3 Br/2 Ba SFR, Short Sale
09/06/2013 395,000 380,000 1325 Gulf N Dr # 166 1392 2 Br/2 Ba Condo
09/06/2013 799,999 799,000 2309 Avenue C # Both 3326 6 Br/4 Ba Villa
09/06/2013 799,999 800,000 2309 Avenue C # Both 3326 102x108 Inc.
09/23/2013 269,900 280,000 102 1st N St 2447 50x106 Inc., Bank Owned

Holmes Beach

09/06/2013 475,000 405,000 415 Bay Palms Dr 1746 80x100 3 Br/2 Ba SFR
09/12/2013 2,174,000 1,900,000 534 70th St 3511 109 x 119 4 Br/4.5 Ba SFR
09/12/2013 625,000 575,000 207 69th St # B 1200 70x110 3 Br/2 Ba SFR
09/13/2013 450,000 355,000 6818 Palm Dr # A,B 2042 3 Br/2.5 Ba SFR
09/20/2013 519,000 495,000 4110 6th Ave 1500 3 Br/3 Ba SFR
09/20/2013 1,695,000 1,350,000 204 66th St 3400 29x105 6 Br/5.5 Ba SFR
09/26/2013 2,499,000 2,170,000 103 49th St 2431 113x150 3 Br/2.5 Ba SFR
09/26/2013 649,500 615,000 300 67th St 1450 50 x 100 3 Br/2 Ba SFR
09/30/2013 579,000 552,500 215 66th St 1114 54x105 3 Br/2 Ba SFR
09/30/2013 449,000 438,000 231 64th St 1206 3 Br/2 Ba SFR
09/30/2013 719,000 650,000 5605 Carissa St # South 1500 76x117 3 Br/2 Ba SFR
09/02/2013 249,000 225,000 3601 East Bay Dr # 202 1035 2 Br/2 Ba Condo
09/18/2013 1,000,000 1,000,000 6006 Gulf Dr # 201 2010 3 Br/2 Ba Condo
09/20/2013 325,000 300,000 6200 Flotilla Dr # 261 1426 2 Br/2 Ba Condo
09/30/2013 379,900 379,900 6005 Gulf Dr # 219 1011 2 Br/2 Ba Condo
09/30/2013 529,900 500,000 7000 Gulf Dr # 107 1259 2 Br/2 Ba Condo
09/30/2013 317,500 307,500 5808 Gulf Dr # 104 1198 2 Br/2 Ba Condo
09/30/2013 374,900 360,000 3311 Gulf Dr # 1 1331 2 Br/2 Ba Condo
09/23/2013 279,000 265,000 3100 Gulf Dr # 5 884 2 Br/2 Ba TH
09/17/2013 299,900 287,500 426 63rd St 1216 2 Br/2 Ba 1/2 Dup., Bank Owned
09/25/2013 475,000 425,000 6504 Marina Dr # A 1791 104x100 Inc.

Source: Manatee County Property Appraiser’s Office