What or who is the Qualifying Broker? The Qualifying Broker is the Broker that is in charge of the sales associates in the office and all business that is transacted through the office.
The Qualifying Broker is not a Broker Associate or a Sales Associate – they cannot be a Qualifying Broker… the Qualifying Broker must be an officer of the corporation. The Qualifying Broker is the individual liable for everything that relates to real estate in that office – huge responsibility. If there is a violation of license law, the Qualifying Broker is ultimately responsible, and in many instances, even if they were not aware of what was going on. Ignorance, as the law says, is no excuse.
As I write this today in my blog, there are many Qualifying Brokers that do not know this. Some Brokers have multiple licenses – perfectly legal. I remember when I was on FREC, we did research and there was a Broker with over 200 Broker’s licenses! They would rent them out to various corporations. I don’t believe they were aware that they were liable under FS 475 for the actions of the sales associates…HUGE liability!
As a cautious comment: Be careful with your Broker’s License and what you do with it. If you lose it…you may never get it back.
Let’s be good to each other in this holiday season and carry this goodwill over into 2014…Let’s be REALTORS®
Until Next Monday…