Limited Function Referral Office disclosure requirements
Thursday, June 2, 2011
Do you have a limited function referral office (LFRO), or are you thinking about creating one? Please be aware that ORRA requires its broker members to disclose both the existence of a LFRO and any affiliated real estate licensees.
The ORRA Limited Function Referral Office Form serves to certify that the undersigned broker (or firm) has a direct or indirect ownership interest in an entity engaged exclusively in soliciting and/or referring clients to the broker. It also certifies that licensees affiliated with the LFRO are solely engaged in referring clients, and do not perform duties related to selling, leasing, managing, counseling, or appraising real property. (Permissible activities that may be performed by a licensee affiliated with a LFRO include those related to procuring referrals, such as handing out business cards at an event.
LFRO licensees are not eligible for membership in ORRA, Florida REALTORS®, and NAR; as such the broker of a LFRO is not under any dues-related obligation for those licensees.
For more information contact the ORRA Membership Department at 407.513.7282 or firstname.lastname@example.org.