FL H0447

Creates the Florida Real Estate Management Corporation as a nonprofit public-private partnership to provide investigative services to the Florida Real Estate Commission under a written contract with the Department of Business and Professional Regulation.

Establishes a 7-member board of directors with 5 members appointed by the commission (must be registrants) and 2 members appointed by the secretary (must be laypersons), each serving 4-year terms with a maximum of two consecutive terms.

Prohibits the management corporation from exercising authority assigned to the board, including determining probable cause for discipline, taking final action on licenses, or adopting administrative rules.

Delegates the department's duties to receive complaints and investigate unlicensed real estate practice to the board, which may use funds from the commission's unlicensed activity account to perform these duties.

Requires the management corporation to maintain liability insurance, submit annual financial audits, submit annual status reports to the secretary and Legislature, and pay for commission counsel costs and state administrative hearing services from its allocated budget.