Property
of a
Different Type...
Making your Claim...
As a real estate professional
you’re very familiar with the laws regulating real property,
but did you know that the Florida statutes also govern other
types of property? By statute, the Chief Financial
Officer for Florida holds unclaimed property accounts valued
at more than $1 billion? Most of the property held is
from dormant accounts in financial institutions, insurance and
utility companies, securities and trust holdings.
Unclaimed property also includes tangible property such as
watches, jewelry, coins, currency, stamps, historical items
and other miscellaneous articles from abandoned safe deposit
boxes.
Unclaimed property is
regulated in chapter 717, F.S., and monetary unclaimed
property gets deposited into the state school fund, where it
is used for public education. So before that happens, check
out the CFO’s website to run a search on your name, to see if
you have unclaimed property that you’re entitled to
claim! There’s no statute of limitations on making your
claim, and it’s always free to make a claim.
Click to visit the
CFO’s website.
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Questions about your Profession?
The
Florida DBPR is here to help!
The Florida Department of Professional
Regulation has a website that offers a vast amount of helpful
information as well as allowing you to interact with the
Department regarding your license. From the homepage
you’re able to access forms and
publications, statutes and rules, public records and more. Currently, the
DBPR offers helpful links from the homepage. Visitors
to the site may verify a license, apply for or
update a license, renew a
license or research and learn about all things
a community association manager or management firm needs to stay
current.
Click here to
visit the site, and be sure to visit
often!
Ask Fred!
Question:
I am a general partner in a limited partnership real estate
firm and am licensed as required by law as a broker.
It’s come to my attention that one of our four partners has let
her license lapse and I recall that her unlicensed status
could affect the partnership, is that correct?
Answer: Yes, if the partner you’re talking
about is also a general partner. Your answer may be
found in section 475.15, F.S., which governs the registration
and licensing of general partners, members, officers, and
directors of a real estate firm. Pursuant to the statute, each
partnership, limited liability partnership, limited liability
company, or corporation which acts as a broker mush register
with the commission and that includes the renewal of the
licenses or registrations of its members, officers, and
directors for each license period.
The
portion of the statutes that impacts your limited partnership
states that if the partnership is a limited partnership, only
the general partners must be licensed brokers or brokerage
corporations. If the license or registration of at least one
active broker member is not in force, the registration of a
corporation, limited liability company, limited liability
partnership, or partnership is canceled automatically during
that period of time.
Under
the situation you have described, your limited partnership’s
registration with the commission is canceled while that
partner’s license is not in force.
Thanks for asking,
Fred
Gray
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