Knowledge is power. Information is liberating. Education is the premise of progress, in every society, in every family. Ko annan, 7th Secretary-general of the United nations Law&Ethics Q& LegaL HotLine A Commissions I m a broker-associate who s involved in a commission dispute with my broker. My broker is refusing to pay me a commission to which I feel entitled. If I notify the Florida Real Estate Commission (FREC) about this issue, will FREC force my broker to pay me the commission? no, FReC does not resolve commission disputes. a commission dispute between a broker and a sales associate is generally a matter that can be resolved by a civil court. However, the broker-associate s independent contractor agreement may require some other form of dispute resolution, such as arbitration or mediation. EsCrow I m a broker and I handle property management for landlords. I would like to maintain $500 of personal funds in the property management escrow account. Is this allowed? Yes. Rule 61J2-14.010(2), Florida administrative Code, allows a broker to place and maintain up to $5,000 of personal or brokerage funds in each property management escrow account. However, a broker may place and maintain only up to $1,000 of personal or brokerage funds in each sales escrow account. rEal EstatE PraCtiCE A bank has contacted me (a sales associate) and wants me to perform broker price opinions on its bank-owned properties. May I be paid directly for performing BPOs? no. if a sales associate is performing a BPo for compensation, this is real estate licensed activity that a sales associate it s offiCial HUD Issues Final RESPA Rule espite concerns from the real estate industry about the proposed rule to reform the Real Estate Settlement Procedures Act (RESPA), the U.S. Department of Housing and Urban Development recently published its nal RESPA rule. There will be a one-year implementation period with mandatory compliance beginning January 1, 2010. In response to comments made by NAR (12,000 public comments were received) and other industry and consumer groups, HUD made After receiving thousands of industry comments, RESPA reform goes into e ect January 1, 2010. signi cant changes to the proposed rule published last March. Here are some changes to expect: HUD will require mortgage lenders and brokers to provide borrowers with a new standard Good Faith Estimate (GFE) that will clearly show terms of the loan, interest rates, prepayment penalties and more. Based on substantial public comment, HUD withdrew a proposed requirement that closing agents read and provide a closing script to borrowers in D February 2009 floriDa rEaltor 11