Q: How do I calculate time when using the “As Is” Residential Contract For Sale And Purchase (FloridaRealtors/FloridaBar-ASIS-1 Rev. 6/10)?

A: Standard F on page 7 of the contract provides that calendar days shall be used in computing time periods. However, in the event this calculation results in the last calendar day’s ending on a Saturday, Sunday or national legal holiday, the time period shall extend to 5pm of the next business day. CAUTION: Note that different contract forms may use a different methodology. For example, when using the Residential Sale and Purchase Contract (FAR 9 Rev. 4/07), a time period is calculated using a business day calculation provided in Section 11(b) of that contract. Therefore, it’s extremely important to double-check the time provision of the form you are using to make sure you understand how to properly calculate the time period.

Q: I suspect a licensed real estate broker is stealing money from the brokerage escrow account. What can be done about this?

A: You should immediately report this to the DBPR. They have the ability, under Section 475.5017, Florida Statues, to go to circuit court for immediate injunctive relief. Appropriate civil action may be brought by the DBPR in circuit court as well. In any such action, an order or judgement may be entered awarding whatever temporary or permanent injunction is deemed proper. In addition, the court shall have power and jurisdiction to impound and appoint one or more receivers for the property and business of the broker, including books, papers, documents and records pertaining to them or to whatever the court may deems reasonably necessary to prevent violations of the law or injury to the public.

From the October 2011 issue of Florida Realtors® magazine