What are the responsibilities of your real estate agent? This article clearly defines the three agency relationships as defined by Florida Real Estate Law.
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.
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