Agency Discussion
Florida Real Estate Law authorizes three agency relationships:
- No Brokerage Relationship (non representation)
- Transaction Broker (limited representation)
- Single Agent (full fiduciary)
A clear understanding will assure an optimum sales experience
No Brokerage Relationship
- Deal honestly and fairly
- Disclosing known facts that materially affect value
- Accounting for funds
Transaction Broker
- Dealing honestly and fairly
- Disclosing material facts that materially affect value
- Accounting for funds
- Presenting all offers in a timely manner
- Limited confidentiality, pricing, negotiation strategy
- Any duties covered in a separate agreement
Single Agent
- Dealing honestly and fairly
- Disclosing known facts that materially affect value
- Accounting for funds
- Presenting all offers in a timely manner
- Loyalty
- Confidence
- Obedience
- Full Disclosure
- Skill, care and diligence
Buyers or Sellers should not assume that they are being “represented” unless the terms of the representation are detailed in writing in one of the above relationships.
