A bill to abolish the Florida Real Estate Commission (FREC), which is responsible for regulating the real estate profession in the Sunshine State and protecting the public, is advancing through the legislature despite opposition from Realtors.
House Bill 1461, which would eliminate nearly all regulatory boards and commissions under the state’s Department of Business and Professional Regulation (DBPR), passed its second House Committee on Tuesday.
Why It Matters
There are currently nearly 320,000 active real estate licensees working across the Sunshine State, and more than 100,000 currently inactive ones, according to data from Florida Realtors.
FREC currently has the role of regulating the conduct of these licensees, ensuring that they comply with established legal and ethical standards. If the commission is abolished, it is unclear who within the DBPR would take on its duties.
What To Know
FREC is made of seven members appointed for a four-year term by the Governor and confirmed by the Senate.
Four of these must be licensed real estate brokers who have held an active license for five years before joining the commission; one must be a licensed broker or licensed sales associate who has had an active license for the two years before being appointed to the commission; and two must be people who have never been brokers or sales associates. At least one member must be at least 60 years old.
In an aerial view, a home being constructed according to Zillow estimates would sell for approximately 2,200,000 million dollars in the Coconut Grove neighborhood on February 18, 2022, in Miami, Florida. In an aerial view, a home being constructed according to Zillow estimates would sell for approximately 2,200,000 million dollars in the Coconut Grove neighborhood on February 18, 2022, in Miami, Florida. Joe Raedle/Getty Images
The commission is overseen by the DBPR, with which it shares some duties. While aspiring Realtors would apply to FREC for a real estate license, this would be processed by the DBPR.
Disciplinary hearings and actions against licensed brokers, salespeople, real estate firms, and real estate educators, and public meetings are handled solely by FREC, at the moment.
The bill to abolish the commission was introduced in late February by Florida Rep. Taylor Michael Yarkosky, a Republican representing the state’s 25th House district. While it did not initially mention eliminating FREC, a 389-page amendment filed on April 7 added the provision.
The amendment passed a first House committee on April 9, and a second on April 15. It now goes to a third committee before being brought to the entire House floor for a vote.
But the proposed legislation is being strongly opposed by Florida Realtors, the state’s largest real estate association which provides programs, services, continuing education, research and legislative representation to more than 225,000 members in 51 boards/associations, as it states on its social media profiles.
“The truth is, the Florida Real Estate Commission, as it stands today, has over 175 years of combined experience and expertise that’s really unique and really nuanced,” Florida Realtors President Tim Weisheyer told lawmakers in Tallahassee this week.
“Being able to look at the unique circumstances that come before them to make decisions on not just who gets a license, but also who gets to keep or maintain a license in the state of Florida is critical. We stand in opposition to the bill, but we stand in support of continued collaboration.”
Newsweek contacted Yarkosky’s office, Florida Realtors, and DBPR for comment by email on Wednesday morning.
What People Are Saying
Weisheyer told lawmakers this week: “We’re talking about the largest financial investment that families and individuals make in their lives—their homes, the place that they build their wealth, and something that we know is really important to the fabric and the fiber of every single community.”
He added: “We understand the intent of the bill and what the state is trying to do with deregulation, but we do truly believe that real estate is one of those that should be preserved—the Florida Real Estate Commission should stand.”
Florida Realtors CEO Margy Grant said during testimony in front of the Florida legislature: “The Florida Real Estate Commission has been a trusted and experienced partner to consumers and real estate professionals for more than 100 years. Eliminating FREC would have a significant negative impact on both consumer protection and Florida’s real estate industry, which is a major economic driver within our state.”
She added: “Unlike many regulated professions, real estate involves legal responsibilities, public trust and potentially significant risks to consumers who are often making the largest financial investment of their life. Removing FREC from the regulation of the real estate profession is too big a risk to take.”
What’s Next
The bill is still going through the House. Should it be advanced to the Senate and receive its approval, it would then go to Governor Ron DeSantis to be signed into law.
If all of this comes true, the new legislation would come into effect as of July 1, 2025.
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