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Notice of Proposed Rule/Vacancies of Office

FREC Rule 5.018, Vacancies of Office, was revised to allow a temporary broker to be appointed in the event a brokerage has only one active broker and that broker dies, resigns, or is unexpectedly unable to remain in the position as active broker. Refer to the attached strikeout version of the rule that became effective February 1, 2016. Temporary brokers will be included in the PP&L 41st edition and the Florida Broker’s Guide, 6th edition.

61J2-5.018 Vacancies of Office.
(1) A brokerage shall have at all times registered the name(s) of its officer(s) and director(s). In the event that a brokerage has but one active broker, and such broker dies, resigns, or is unexpectedly unable to remain in the position as the active broker, then, in such event, such vacancy shall be filled within 14 calendar days during which no new brokerage business may be performed by the brokerage or a licensee registered with the brokerage until a new active or temporary broker is appointed and registered with the brokerage. It shall be the duty of the brokerage to immediately notify the Commission of such vacancy and of the steps taken to fill this vacancy.
(2) Failure to appoint another active or temporary broker within 14 calendar days will result in the automatic cancellation of the brokerage registration, and the licenses of all its broker associates and sales associates will become inactive.
(3) If a brokerage has more than one active broker and one such broker dies, resigns, or is unexpectedly unable to remain in the position as an active broker, neither the brokerage registration nor the licenses of any of its broker associates and sales associates are affected by this vacancy.
(4) If a brokerage has only one active broker and that broker dies, resigns or is unexpectedly unable to remain in the position as active broker, the vacancy may be filled with a temporary broker. A temporary broker may be registered with a brokerage for a period not to exceed 60 days without the need to comply with the Secretary of State registration requirements of Rule 61J2-5.012, F.A.C. Such registration shall be on a form as prescribed by the department with supporting documentation as prescribed by the form. No later than 60 days after the registration of the temporary broker, such brokerage shall file proof that a new broker is properly registered with the Secretary of State on a form prescribed by the department.
(5) For purposes of qualifying for a temporary broker license, a broker’s failure to complete post-licensure education is not an unexpected vacancy.
(6) If an active broker officer or director resigns or is unexpectedly unable to remain in the broker’s corporate office, the broker may have a license reissued individually or with a partnership or another corporation. If an active broker officer or director is already licensed as active when the broker takes the corporate office, the broker shall surrender the current license within 7 calendar days, and apply for issuance or reissuance of a license in the corporate capacity. However, surrender of the broker’s current license is not required if the broker holds multiple licenses.
Rulemaking Authority 475.05, 475.15 FS. Law Implemented 475.01(3), 475.15, 475.31, 475.42 FS. History–New 1-1-80, Formerly 21V-5.18, Amended 6-28-93, Formerly 21V-5.018, Amended 2-1-16.
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