Does your Realtor really represent you?

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

When hiring a Realtor in Florida it is important to decide how the Realtor will be working for you and what duties they do or do not owe you. I have provided a link at the bottom of this post that will take you directly to Chapter 475 of the Florida Statutes where you will be able to find all information related to having a Real Estate license in Florida. Following is the "nut shell" version of Brokerage and Non Brokerage relationships.

In Florida Dual Agency is illegal. The only exception is on a commercial deal where both Buyer and Seller have assets of over 1 million two sales associates from the same office can work as "designated sales associate". One for the Seller the other for the Buyer.

In a residential transaction a Realtor has three choices of how to work.

1. Single Agent-this is a fiduciary relationship. You can work for either Seller or Buyer but not both. Your duties include confidentiality and full disclosure.

2. Transaction Broker-this is a form of limited representation but does not create a fiduciary relationship. Limited confidentiality and limited liability. You can be a Transaction Broker for either Seller or Buyer or both. If working for both parties it cannot be to the detriment of either party. In Florida we are presumed to be "Transaction Brokers" unless single agent or no brokerage relationship is established with a customer in writing.

3. No Brokerage Relationship-no representation at all. Can be with either Seller or Buyer or both. No confidentiality.

And then we have this thing called "Transitioning to a Transaction Broker"

FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO REPRESENT A BUYER OR SELLER AS A SINGLE AGENT TO CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE TRANSACTION BY PROVIDING A LIMITED FORM OF REPRESENTATION TO BOTH THE BUYER AND THE SELLER. THIS CHANGE IN RELATIONSHIP CANNOT OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT

Click for Chapter 475 Florida Statutes.                 Click here for Realtors Code of Ethics

Posted by

 

Join Our Facebook Fan Page Check Us Out On Google+ Follow Us On Twitter

 

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

 Copyright © 2017 http://www.brokerbryant.com/ | All Rights Reserved

Comments (5)

Colleen Irwin
Retired - Irondequoit, NY
Creative Real Estate Solutions...
This is a great explaination, I am always explaining the differences and you have written it so well!  
Jul 30, 2006 01:13 PM
Toby Barnett
KW North Sound - Marysville, WA
Toby Barnett

That is an interesting changing in real estate agency, make me what to know if that is in progress for the west coast. We have something similiar but I am not educated on it enough to make a logical thought :P

Glad you like the use of my Guest Book. It is a fun way to let people know they were at your site if they didn't want to comment on a blog.

Hope your have a great night,

Toby

Jul 31, 2006 04:53 PM
Peter Andres - Lic. in FL & NY GRI,SRES,CNE
REALTOR - The Villages, FL
New York is a funny State; especially NYC and Long Island. I feel safe to say that 95% of all agents in our area are Listing Agents and sub agents. Only recently is there a push for buyer reps and the designation classes.
Aug 30, 2006 11:43 AM
Anonymous
steve goldman
Thanks for this "insiders" view of TB.....my parents are buying a place in rerirement town Sun City Center, FL, and I'm trying to learn the Florida system.....thanks again.
Sep 28, 2006 03:36 AM
#4
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Steve, thanks for reading and commented. I hoped the info helped. Please feel free to contact me if you any other questions or concerns. 

Currious, how did you find this post?

Sep 28, 2006 04:26 AM