A Florida broker discovers that a competing broker has been making false statements about the broker's company to prospective clients. The broker wants to file a complaint with FREC. What is the time limit for filing such a complaint?
Correct Answer
D) Four years from when the violation occurred
FREC has four years from the date of violation to initiate disciplinary action, which is also the practical time limit for filing complaints. A and B are too short and not statutory limits. C uses the wrong triggering event - it's from occurrence, not discovery.
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Previous Question
Broker Johnson's sales associate fails to deliver a written offer to the seller within 24 hours as required by the listing agreement. The seller later discovers a higher offer was made during that period. What is the broker's potential liability?
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Broker Williams maintains an escrow account with an average monthly balance of $75,000 in client funds. The account earns 2.5% annual interest. If Florida law requires the broker to maintain detailed escrow records, how long must these records be retained after the transaction closes?