Legal Question in Admiralty Law in Florida

brokering yachts in florida...

i wrote in a question earlier and got a response but dont think i asked it clearly enough..

if i am a licensed sales broker working under a brokerage in florida can i broker deals occasionally as myself privately and keep all the commission or once im a broker i must follow broker laws/guidelines on all transactions?

im trying to find out if i can do side deals and put the commision money into my private account or if thats illegal..

the boats im dealing with would be over 33 feet..

if the answer is no.. is there any circumstances as a broker where i could do side deals?


Asked on 7/26/08, 10:25 am

1 Answer from Attorneys
Robert Gardana Robert L. Gardana, PA

Re: brokering yachts in florida...

In my opinion, the sale proceeds must go into the yacht broker's trust account, not a personal account. To comply with the yacht and ship brokers act, a salesman must work under a broker and there would be a commission split with the house, which has the trust account set up and follows the requirements of the Act. The Florida Yacht And Ship Brokers Act program has been in effect since October 1988 and was brought into action in order to protect the consumer, respond to complaints and inquiries concerning the yacht brokerage industry.

Thank you.

www.BoatLawyer.com

I would recommend you check out the following information and web site:

Florida Yacht Broker Requirements:

Florida Yacht & Ship Brokers Act "License required to sell over 33 feet"

A Yacht Salesperson Bond is Required "Florida Only"

Average cost $320.00 per year for required Yacht Broker licenses and bonds for the State of Florida.

Other Recommended Research:

FYBA "Florida Yacht Brokers Association"

YBAA "Yacht Broker Assoc. Of America"

CPYB "Certified Professional Yacht Broker" affiliate of the above assoc.

Multiple Listing Systems (Boats For Sale Broker Ads):

YACHTWORLD.COM

YACHTCOUNCIL.COM

MARINESOURCE.COM

BOATQUEST.COM

USEDBOATS.COM

BUC.COM

BOATTRADERONLINE.COM

HORIZONMARINECENTER.COM

ASSISTEDSALE.COM

Read more
Answered on 7/26/08, 12:08 pm


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