"I'm your real estate agent". Not unless you have disclosed that you are a single agent as required pursuant to Florida Statute 475.278. Otherwise, in Florida real estate licensee are considered a transaction broker regardless a residential or commercial transaction.
Unless you are acting as a disclosed single agent, "I'm your representative" is this more appropriate and accurate statement.
"Client" is the proper term when representing someone as a single agent. "Customer" is the proper term when representing someone as a transaction broker. Contrary to popular belief, a licensee acting as a transaction broker does not represent the "transaction". In this instance the licensee is considered a representative of the customer. Conversely, the licensee is considered the client's "agent" only when acting as a disclosed single agent.
There is no such legally recognized entity as a "real estate agent". There are "real estate licensees" and there are "REALTORS®", which of course must of course be a real estate licensee. However, there are no "real estate agents".
Transaction brokerage was created by the Florida legislature to protect the public from vicarious liability claims made against the clients of real estate licensees acting as their agents. Under common law, principals (a/k/a "clients") are responsible for the act of their agents. Therefore, if you are acting as a single agent your client may be responsible for your actions in the event of a liability claim. Uniquely, single agents owe the fiduciary duties of confidentially, obedience and undivided loyalty to their clients. These are the claims upon which may a lawsuit are built, therefore beware. Many licensees believe they are benefiting their clients by single agency representation. Maybe they are, but they are most certainly exposing their clients to the potential a liability claim for the licensee's actions should one occur. Additionally, these licensees may find themselves on the wrong end of a lawsuit for a claimed breach of their fiduciary duties provided they properly disclosed themselves as a single agent. Contrary to popular belief, transaction brokers do not have any fiduciary duties; only disclosed single agents have defined fiduciary duties.
Florida law dictates that in order to be considered a single agent the licensee must disclose their single agent status by presenting the client with the statutorily prescribed Single Agent Disclosure. The failure to make such a disclosure will typically result in the presumption under Florida law that the licensee is a transaction broker. Again, this single agent disclosure notice is required no matter a residential or commercial transaction. There is not any distinction, all real estate licensee are to be considered transaction brokers unless otherwise disclosed by the use of the prescribed disclosures.
REALTORS® may consider and are encouraged to obtain their ABR designation which deals with these issues in much greater detail. Learning, understanding and implementing these very important styles of representation may assist in avoiding being on the wrong side of a lawsuit.
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