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We have a Board Member who is a Real Estate Broker. He conducts…

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We have a Board Member...
We have a Board Member who is a Real Estate Broker. He conducts closings and leases in his resident (on property, against the by-laws). Manages rental homes on property. Advertises rentals and sales on our community TV channel. Our by-laws also indicate that the Board of Directors must be notified prior to any lease or sale, (giving him an upper hand). We need him to step down, isn't there a new Florida regulation that forbids Board Members of having a private financial interest in their community.
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 35 minutes by:
6/17/2010
Real Estate Lawyer: socrateaser, Lawyer replied 8 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,167
Experience: Attorney and Real Estate broker -- Retired
Verified

Under s. 718.111(1)(a) and 720.303(1) F.S., directors and officers of an association or condominium development have a fiduciary duty to the association. Among those duties recognized as "fiduciary," is the duty to not engage in self dealing, i.e., actions with a direct conflict of interest that benefit the director, rather than the association.

 

Your facts do not disclose whether or not the real estate agent's activities are actually detrimental to the association membership. If they are, then that is a breach of fiduciary, and the association can sue to recover any profits generated by the director's breach.

 

Hope this helps.

 

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