Possible Conflict Of Interest Among Greater Tampa Realtors
As a real estate agent, you need to avoid conflicts of interest. This means serving as an agent for family members who are buying or selling property. While close friends and associates do not fall under this clause, you need to disclose the conflict of interest nonetheless. When an agent fails to do so, this goes against the code of ethics.
This is a situation currently happening with the Greater Tampa Realtors. Two board members have resigned from their posts after the trade organization’s president and CEO engaged in a sale together, prompting an investigation into a conflict of interest.
In late June, more than 15,000 members of the Florida-based realtors association were sent an email making them aware that Jay Quigley, an agent at Florida Executive Realty — who is also the president of the Greater Tampa Realtors — represented the association’s CEO, Jason Outman, in a home purchase. The CEO bought a five-bedroom, five-bathroom home in a gated community in Valrico for $765,000. This gave Quigley a 2.5% commission for being Outman’s broker.
The Greater Tampa Realtors board held a special meeting to discuss whether Quigley had violated the organization’s conflict of interest policy. The board made a decision on the situation, but has made it confidential, in compliance with the National Association of Realtors’ Code of Ethics and Arbitration Manual.
The Greater Tampa Realtors made it clear in an email to the members that although they may have concerns, the organization is working to comply with its fiduciary duties, uphold the organization’s reputation, and ensure that the members’ interests are safeguarded.
Outman was recently hired as the CEO of the Greater Tampa Realtors. Interestingly, though, his appointment to the post was not announced until March 22, which was the same day he signed the contract on the home he purchased. The home sale closed on April 24.
The vice president of the Greater Tampa Realtors resigned on May 21, stating that she agreed with the board’s verdict but not the sentencing. She felt it was lenient for such a serious matter and would set a bad precedent. She also mentioned that the president served in his interest only, not in the organization’s interests.
A director on the board, who works as an agent at LPT Realty, also resigned, stating that the board is no longer moving in a positive direction. She felt that the actions by the CEO and president were embarrassing, and would rather focus on her family, business, and community.
Keep Your License With Help From a Tampa Real Estate Broker License Lawyer
Typically, a president and a CEO of the same organization cannot represent each other in a deal. This is a conflict of interest that can have serious repercussions.
A Tampa real estate broker license lawyer from The Law Offices of David P. Rankin, P.A. can assist you with ethics and licensing issues. I have been involved in several hundred license discipline proceedings before the Florida Real Estate Commission and was the attorney for the Greater Tampa Realtors for 18 years. To schedule a consultation, fill out the online form or call (813) 968-6633.