ARCHIVED BLOG POSTS

2011 

The law allows an agent to enthusiastically describe the value of real estate and or the potential of the property. -A Licensees may not exaggerate, conceal or misrepresent by making statements  they know to be untrue.  Puffing is a term used to describe a licensee's boasting of a property's bene...
05/28/2011
Money and valuables entrusted to a broker must be kept separate from the broker's funds.  The broker is not entitled to any trust or escrow funds until the transaction is concluded at the title closing.  Brokers are required to keep complete records of all transactions and funds as well as to mak...
05/28/2011
It is the brokers duty to keep the principal fully informed at all times of all the facts or information that might affect the transaction or the value of the property.-Full, fair and prompt disclosure of all material facts must be revealed to the principal even if the disclosure of such facts mi...
05/28/2011
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Subagents are persons authorized to assist and represent the agent.A broker's sales associates are general agents of the broker and subagents of the broker's principals. Duties are delegated by the original agent-Sales associate is an agent of the broker-In single agency, broker is an agent of th...
05/28/2011
In a transaction broker relationship, the seller or the buyer is called a customer, not a principal. In a transaction broker relationship the (customer) is not responsible for the acts of a licensee. Transaction brokers may represent both buyer and seller in a real estate transaction.Chapter 475 ...
05/28/2011
Seven duties of the transaction broker are as follows: Deal honestly and fairly Account for all funds Use skill, care, and diligence in the transaction Disclose all known facts that materially affect the value of real property not readily observable Timely present of all offers and counteroffers ...
05/28/2011
A transaction broker is a broker who provides limited representation to a buyer, a seller or both in  a real estate transaction, but who does not represent either party in a fiduciary capacity or as a single agent. Under Florida law, it is presumed that all licensees are operating as transaction ...
05/28/2011
Chapter 475 mandated certain duties and obligations in each type of brokerage relationship that apply to all real estate transactions.  However, written disclosures are required only when dealing in residential real estate transactions. Licensees are no longer required to give   customers a writt...
05/28/2011
It is illegal in Florida for a real estate licensee to operate as a dual agent.  Dual Agency means a broker who represents as a fiduciary  to both the buyer and the seller in a real estate transaction Fiduciary is a relationship of trust and confidence between broker as agent and the principal. F...
05/28/2011
•Historically, there has been confusion among buyers and sellers regarding what role real estate licensee have in real estate negotiations.  Sellers assume that real estate licensees represented their interests because sellers traditionally paid the commission. -Referring to a prospective purchas...
05/28/2011
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