SARASOTA, Fla. (SNN) – A new bill will make waves in Florida’s real estate sector, suggesting the removal of a committee that oversees state real estate agents. If passed, the law could have a major impact on those who buy or sell their homes in the states of sunlight.
For many Floridians, home is the biggest investment they have ever made. All sales within the state are usually overseen by the Florida Real Estate Board (FREC). This regulates real estate agents, brokers, and even schools that train them. However, House Bill 1461 is now in front of the state legislature and proposes to eliminate FREC completely.
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The potential change is raising concerns among Florida real estate professionals, and some fear that it could lead to reduced industry accountability.
Tim Wysheyer, president of Florida Realtors, represents thousands of real estate agents across the state. He expressed concern about the potential impact of the bill on both the real estate market and consumer protection.
“My biggest fear lies in the fact that it’s not the level of accountability by legal standards. It creates difficulties in the market and puts consumers at risk,” says Weisheyer.
Supporters of House Bill 1461 claim that by eliminating FREC, they will reduce unnecessary costs, reduce regulations and ultimately make business easier. Lake County Representative Taylor Jarkovsky, who sponsored the bill, said the move was designed to streamline the real estate industry.
SNN reached out to Jarkovsky to comment on the bill, but his office replied, “It’s out of our hands.”
Despite pushing for deregulation, Weisheyer highlighted the need for collaboration.
“Our only conversation is that you’re doing this job, so please work with us and do it, and you won’t get any results that will create ripple effects in the market,” he explained.
House Bill 1461 is currently on the Commerce Commission, the final stop, before a full vote at the Florida home.
If House Bill 1461 clears a Florida home, the Senate still has to pass a peer bill. If both chambers approve the law, the new law could come into effect immediately in July.
