Florida Administrative Code › 61 - DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION › 61J2 - Florida Real Estate Commission › Chapter 61J2-23 - TIME-SHARE SALES › Section 61J2-23.001 - Time-share Resale Listing Agreement Disclosures

Current through Reg. 50, No. 138; July 16, 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.