I beleive there is a serious lack of understanding amongst the general population in Florida regarding the possible relationships an individual can have with a real estate agent! What I am attempting to do here is to enlighten the general public on the law in Florida and help them to make the right choice when it comes to working with a real estate agent in Florida. I have defined the responsibilities of all three types' of legal brokerage status, in the state of Florida. You decide which one you want. But of course I lean toward the Single Agent status since I am one. SINGLE AGENCY defined: 1. Dealing honestly and fairly; 2. Loyalty; 3. Confidentiality; 4. Obedience; 5. Full disclosure; 6. Accounting for all funds; 7. Skill, care and diligence in the transaction; 8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed l the licensee otherwise in writing; and 9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable. TRANSACTION BROKER AGENT defined: 1. Dealing honestly and fairly; 2. Accounting for all funds; 3. Using skill, care, and diligence in the transaction; 4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer; 5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; 6. 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 party to remain confidential; and 7. Any additional duties that are entered into by this or by separate written agreement. NO BROKERAGE RELATIONSHIP defined: 1. Dealing honestly and fairly; 2. Disclosing all known facts that materially affect the value of residential real property which are not readily observable to the BUYER; and 3. Accounting for all funds entrusted to the licensee. You'll notice in the Transaction Agent description there are a couple keys words and at least one key word added: the word "LOYALTY" is absent as are the words "FULL DISCLOSURE" and "OBEDIENCE" In Transaction Broker Agent the "LIMITED" precedes the confidentiality. There are some other important words in item #6 of the Transaction Broker Agent that of which you should take special note. I think these are pretty significant differences when it comes to what is usually a persons largest purchase in a lifetime. Let me pose this question: Do you want to be asking yourself all the time "I wonder if what I just said falls under the category of LIMITED CONFIDENTIALITY or not?" or I wonder if my agent is DISCLOSING everything he/she could to help me make a better choice?" I have boiled it down this way in short the Transaction Broker Agent is an "equal opportunity agent" where as the Single Agent is the "get my client the upper hand" agent. The truth is weather we're selling or buying we all want the upper hand...I want as much as I can possibly get for my property and you want to get it for the lowest price. Which type of agent do you think is more likely to get it done for you?? You decide!! Note: I haven't even given much attention to No Brokerage Relationship status since it rarely plays a role except under a few circumstances.
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