Current through Reg. 50, No. 187; September 24, 2024
Pursuant to section
475.42(1)(m),
F.S., it shall be a violation of chapter 475, F.S., for any broker or
salesperson to enter into any agreement with any person engaging the services
of the broker in connection with the resale of a time-share period unless the
agreement complies in all respects with the following provisions.
(1) In addition to all other requirements of
and obligations under chapter 475, F.S., all agreements engaging the services
of a broker in connection with the resale of a time-share period shall contain
all of the following:
(a) The following
statement in conspicuous type located immediately prior to the space in the
agreement reserved for the signature of the owner of the time-share period:
THERE IS NO GUARANTEE THAT YOUR TIME-SHARE PERIOD CAN BE SOLD AT ANY PARTICULAR
PRICE OR WITHIN ANY PARTICULAR PERIOD OF TIME. Any written advertising material
utilized by a broker or salesperson in connection with the solicitation of a
listing agreement for the resale of a time-share period must also contain this
statement in conspicuous type.
(b)
A complete and clear disclosure of any fees, commissions, and other costs or
compensation payable to or received by the broker under the agreement, whether
directly or indirectly.
(c) The
term of the agreement; a statement regarding the ability of any party to extend
the term of the agreement; and a description of the conditions under which the
agreement may be extended and all related costs.
(d) A description of the services to be
provided by the broker under the agreement, and a description of the
obligations of each party regarding a resale purchase, including any costs to
be borne and any obligations regarding notification of the managing entity of
the time-share plan and any exchange company.
(e) A statement disclosing whether the
agreement grants exclusive rights to the broker to locate a purchaser during
the term of the agreement; a statement disclosing to whom and when any proceeds
from a sale of the time-share period will be disbursed; a statement whether any
party may terminate the agreement and under what conditions; and a statement
disclosing the amount of any commission or other compensation due to the broker
from any party upon a termination of the agreement prior to the closing of the
resale.
(f) A statement disclosing
whether the agreement permits the broker or any other person to make any use
whatsoever of the time-share period in question and a detailed description of
any such permitted use rights, including a disclosure of to whom any rents or
profits generated from such use of the time-share period will be
paid.
(g) A statement disclosing
the existence of any judgments or pending litigation against the broker
resulting from or alleging a violation by the broker of chapters 475, 718 or
721, F.S., or resulting from or alleging consumer fraud on the part of the
broker.
(2) All
agreements described in subsection (1), must be reduced to writing, and the
person engaging the services of the broker must receive a fully executed copy
of the written agreement on the day he signs it. If the agreement is initially
entered into by telephone or by any other oral means, the broker must make all
of the disclosures required by subsection (1), to the person engaging his
services prior to accepting anything of value from such person. In any event, a
written agreement executed by the broker must be presented for signature to the
person engaging his services within 10 days after the date the agreement was
initially orally entered into.
Rulemaking Authority
475.05,
475.42 FS. Law Implemented
475.42
FS.
New 10-25-89, Formerly 21V-23.001, Amended
2-21-10.
