Home > Consumers Save Thousands > Florida Transaction Broker Notice

Florida Transaction Broker Notice

November 23rd, 2009

A broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. In a transaction broker relationship, a buyer or seller is not responsible for the acts of a licensee. Additionally, the parties to a real estate transaction are giving up their rights to the undivided loyalty of a licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.

Presumption of transaction brokerage.–Pursuant to Florida law, it shall be presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer.

The duties of the real estate licensee in this limited form of representation include the following:

(a)  Dealing honestly and fairly;

(b)  Accounting for all funds;

(c)  Using skill, care, and diligence in the transaction;

(d)  Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;

(e)  Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;

(f)  Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and

(g)  Any additional duties that are mutually agreed to with a party.

Categories: Consumers Save Thousands Tags:
Comments are closed.