What is a Qualifying Broker?
A Qualifying Real Estate Broker is a licensed Broker in a particular state that is responsible for the operations of a real estate firm and all its licensees. In some states this person is called the Broker of Record. All real estate firms in Georgia or Florida must have a Qualifying Broker (“QB”) in order to transact real estate business in the state.
The Florida qualifying Broker is legally responsible for the operations of a real estate office. All real estate brokerage activities of a firm must be under the direct management and supervision of a Qualifying Broker. In addition, all licensed sales agents or broker associates must affiliate their license with their Florida Broker of record.
The responsibilities of a QB may vary slightly by state, but in general they include:
- Being responsible for any licensee whose license is affiliated with the broker’s firm
- Establishing procedures for supervising the actions of all licensees
- Providing training to ensure compliance with state and federal laws and regulations
- Providing an environment of ethical standards and compliance with NAR standards
- Ensuring licenses of affiliates remain in good standing or become inactive
- Ensuring documents related to transactions are maintained for the required time
- Ensuring affiliates use state approved and federally required forms
- Ensuring the firm maintains a professional liability policy (errors and Omissions)
- Keeping all licensees up to date on new laws and license requirements
- Reviewing all real estate contracts for compliance
- Ensuring all independent contractors and employees have a contract in place that defines their role, responsibilities and compensation.
Build Your Brand, Build Your Team - It's Your Company
While your Qualifying Broker is responsible for legal compliance for your firm, you decide how your company will operate.
Fees and Commissions
You can decide from a broad range of fee structures including flat fee, commission based, or a combination. You set your commission rates and transaction fees. Your GAFL Broker sets no restrictions on how you get paid for your services as long as it is legally compliant.
Franchise or Independant
You can operate as an independent brokerage, a franchise brokerage or a specialized boutique firm.
Agents and Employees
You decide who to hire and how they get paid – from Sales Associates to support staff. Your GAFL Broker will assist with this process to reduce risk and ensure compliance.
Marketing Strategy
You dictate your marketing strategies from strictly online, to print media, to television and radio. There is no limit to the possibilities as long as it is legally compliant.
Location, Location, Location
You decide whether to open a brick and mortar location or work entirely remote.
Third Parties
You may offer third party services including recommended vendors for staging, inspections, insurance, and closing services.
Affiliated Business Arrangement
You may want to participate in an Affiliated Business Arrangement for title and closing services or mortgage services to boost your income.