There are three ways a Florida real estate agent can represent a buyer:
- Transaction Broker
- Single Agent
- Non-Representative Broker
An agent can only represent a buyer as one of these three.
When a Florida seller offers a commission to agents through homecoin.com, we use the same commission offer for each of these three possible ways of buyer agent representation. This ensures sellers are able to work with the largest number of agents possible. A seller will never pay more than one of the three, since an agent can only represent a buyer in one of those ways.
On the MLS listing form, the same commission will be shown for each type of representation.
Transaction Broker: 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:
- Dealing honestly and fairly;
- Accounting for all funds;
- Using skill, care, and diligence in the transaction;
- Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
- Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
- 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
- Any additional duties that are mutually agreed to with a party.
Note it is presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer. Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the 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.
Single Agent: The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a single agent include the following:
- Dealing honestly and fairly;
- Loyalty;
- Confidentiality;
- Obedience;
- Full disclosure;
- Accounting for all funds;
- Skill, care, and diligence in the transaction;
- Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and
- Disclosing all known facts that materially affect the value of residential real property and are not readily observable.
Non-Representative Broker: A real estate licensee who has no brokerage relationship, owes the following duties:
- Dealing honestly and fairly;
- Disclosing all known facts that materially affect the value of residential real property which are not readily observable to the buyer.
- Accounting for all funds entrusted to the licensee.
Learn more here: http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0400-0499/0475/Sections/0475.278.html
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