We have a very accessible Policy Manual with written policies for most if not all of the “situations” that arise. Unfortunately, some agents, even those who have been around long enough to know better, think the answer to how to handle a transaction is to seek guidance from one or another of the “other agents” in the office. This is incorrect: there are only two places to obtain an answer to what our policies are:
1. Check the Policy Manual . Topics can be keyword searched right on the home page.
2. If the question is not covered in our Policy Manual, seek the instruction of your broker (that’s me). Step #2 is not to be done until you have performed Step #1. Look it up first and then ask the question if it is not answered. If you follow the procedures and policies in our Policy Manual you will never get in any kind of “trouble”. Adherence to our published procedures is a “get out of jail free” card.
Fines and Penalties as of 11/1/2024:
- Failure to conform to policies established in this manual: Minimum fine for breach of procedures set forth here is $25.00.
- Failure to submit all required records within 1 business day of signing and/or execution. Required records are:
- showing agreements
- listing agreements
- MLS Change Forms
- offers that you submitted for a buyer or tenant that were not accepted (“dead file”)
- offers that you received for a listing that were not accepted (“dead file”)
- executed offer to lease
- executed lease agreement and addenda
- executed sales contract including addenda
- Failure to Copy & Email Checks/Cash Received Immediately: Failure by agent to immediately email copy of any and all funds received in a transaction from any party, including but not limited to escrow deposits, condo screening fees, payments for commission balances from owners. Initial escrow deposits received must be accompanied by first page of contract, lease or memo. All monies received must be emailed immediately upon receipt (see specific instructions by linking here). Immediately means on the same day.
Fine $50.00 - Failure to maintain all licenses, including DBPR in active status: you are responsible for any fines or penalties assessed against this firm for any failure, intentional or otherwise due to your failure to maintain correct license status at all times. Additionally you will be charged for any attorneys fees and other direct costs to this firm related to any action to defend against complaints relating to your license status.
- Placing rental tenant in possession of property without all documents relating to the tenancy: This means that under no circumstances whatsoever are you to grant possession to any rental tenant without all documents in fully legible condition signed, dated and initialed where required to form a binding and enforceable lease. Fine: First offense forfeit of one-half of agent commission on transaction. Subsequent offense: Forfeit of all entitlement to commission.
- Placing rental tenant in possession of property without having verified that all funds are cleared: No commission will be paid on any rental transaction in which you, either as selling or as listing agent permit the tenant to move in without having cleared funds. If you are listing agent, you are responsible to know the funds are good before you grant possession even if the Selling agent is another Buy the Beach agent. Even if you later obtain the funds and/or missing signatures or initials, your commission will be reduced by $100 or 50% whichever is higher.
- Failure to Obtain an Escrow Deposit Receipt: You are responsible to obtain a signed Escrow Deposit Receipt at the time you collect the first deposit from any party in a transaction. If this is not included in your first email of the deposit a fine will be imposed. Collecting it “later” although necessary, does not excuse you from the fine. Fine: $25
- Failing to Verify Escrow Disbursal Instructions: Submitting an Escrow Disbursal Request Form without first verifying with settlement agent (in a sale transaction) as to how checks are to be cut (made out to who, in what amounts).Fine $50.00
- Failing to Submit escrow Disbursal Instructions at least one business day prior to settlement: $50.00.
- Failing to obtain escrow letters at the time each deposit is due in a transaction for which you are listing agent: If you cannot obtain escrow letter within 48 hours, you must supply copies of two faxed demands, including receipts, via pdf to Ruth Carrington and Office Manager. $50.00 for each deposit due.
- Failure to Promptly Place Transaction Participants in ACT: If you accept funds from a prospect and/or prepare a written offer to buy or lease property for a prospect, that person must be entered in ACT file at once (by the close of business on the next business day). The entry must include, at a minimum, the complete current address and phone numbers for the individual. You must indicate yourself as “BTB Agent” and must label the field called “Account Number:” with the transaction label in the following format: address: buyer or tenant/seller or landlord. Failure to do this, on time and complete, will result in fine. Additionally, no commissions will be disbursed until you have corrected the omission.Transaction “Participants” include:
The Buyer or Seller (whoever you are dealing with)Any cooperating agent or broker handling the other party to the transactionAny attorney or title company involved in the transactionAny loan officer, mortgage broker or other source of mortgage financeFine $50.00For instructions on adding ACT contact records link here! - Allowing unauthorized persons to access office computers. $50.00. No warnings.
- Allowing unauthorized persons to access company proprietary information is subject to termination.
- Preparing a Power of Attorney (unless you are also a licensed Florida attorney) $50.00 first violation, no warnings. Subsequent violations will invalidate your entitlement to a commission on the transaction in which this document is used.
- Misrepresenting the status of the initial deposit in a transaction: Agents are specifically forbidden to present proposed Sales Contracts, or “Memo to Lease” in which the contract indicates that we have received or are holding an escrow deposit unless and until you have physical possession of the deposit. You may not present such a document to a Seller, a Seller’s Agent, or the Seller’s Attorney unless and until you have the deposit indicated in the document. Agents are furthermore forbidden to sign Sales Contracts or Memo to Lease forms indicating receipt of a deposit until they have actual physical possession of the deposit.
No excuses or exceptions to this rule are permitted including, but not limited to the following tired out losers:
“I had to do it because I was afraid I would lose the deal!“ “My buyer promised he would overnight it tomorrow!” “The Seller’s agent said it was OK” “I needed the commission!” “Ann said it was OK” (You can really forget that one…she didn’t and she won’t) “A black Labrador Retriever told me to do it”
Failure to abide by this directive is misrepresentation. Any agent found to be in violation of this rule will have his/her participation in the transaction involved terminated, another agent will be assigned to wrap it up and no commission will be paid on that transaction.
Failure to inform the parties of a bounced check in our Trust Account:
Failure to abide by this directive is misrepresentation. Any agent found to be in violation of this rule will have his/her participation in the transaction involved terminated, another agent will be assigned to wrap it up and no commission will be paid on that transaction.
Meddling with another agent’s customer or client: $50 fine.