Understanding Florida's Types of Agency Representation

Single Agency may be provided to the customer in the form of a Buyers Agency Agreement with the Buyers Agent or Listing Contract with the Listing Office.

All Buyers and Sellers Realty of Florida prefers to represent all customers as Single Agents.

Single Agency Representation does not mean additional cost to the buyer or seller.

Single Agent is when a licensee represents, as a fiduciary, either the buyer or the seller. As a single agent, a licensee may not represent both buyer and seller in the same transaction. A fiduciary relationship is one of trust and confidence between the licensee as agent and the seller or buyer as principal (section 475.01(1) (f) and (k), (Florida Statute).

The duties a single agent owes to a buyer or seller include the following:

1. Dealing honestly and fairly

2. Loyalty

3. Confidence

4. Obedience (within the scope of the law)

5. Disclosure

6. Accounting for all funds

7. Skill, care and diligence in the transaction

8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing

9. Disclose all known facts that materially affect the value of residential property and are not readily observable

Transaction Broker

Owes no Fiduciary duties to the Buyer or Seller

All Buyers and Sellers Realty of Florida will only act as Transaction Broker at the request of the seller and buyer.

A Transaction Broker owes a buyer or seller limited confidentiality. The agent does not owe confidence, obedience or loyalty to either party. A Transaction Broker can not represent both parties in the same transaction and owes no fiduciary duties to either buyer or seller. The licensee only agrees to facilitate the transaction. No form of representation exists.

Transaction Broker Relationship

Transaction broker-duties of limited representation.--A transaction broker provides a limited form of 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. The duties of the real estate licensee in this limited form of representation include the following:

1. Dealing honestly and fairly;

2. Accounting for all funds;

3. Using skill, care, and diligence in the transaction;

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

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

6. 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

7. Any additional duties that are mutually agreed to with a party.

If you have any questions please feel free to Contact Us.