of this page is to show you what is meant by the term, "Transaction
Broker" as defined by Florida Statute
Transactional Brokerage creates a limited form of representation
(see below), while Single Agency brings establishes a much tighter
fiduciary relationship. If you want no representation, there is
Non-Representation and its own disclosure.
experience, Transactional Brokerage is the cleanest way to work --
without the typical animosities, mistrust, liability, and
misunderstandings created by single agency and its easy potential
slide into undisclosed, illegal dual agency.
of course, you have NO business relationship with a Realtor, so one
must be immediately established by explanation and possibly
disclosure. There are certain exceptions to this rule, such as
casual conversations at open houses or in social settings.
your duty to ask, "How do you work?" Because it's really
another way of asking, "Who do you work for?"
As of July
1, 2008, Florida Realtors operating as Transaction Brokers no longer
had to present a Transaction Broker
Disclosure to clients, customers, or prospects. Transaction
Brokerage is now the default relationship between Realtors and
buyers or sellers.
other types of relationships -- Single Agency and Non-Representation
-- still require written disclosure, which must be presented before,
or at the time of, entering into a
listing agreement or an agreement for representation or before the
showing of property, whichever occurs first.
Choosing Transaction Brokerage has no effect on compensation or the
source of real estate commissions.)
TRANSACTION BROKER RELATIONSHIP.
broker-duties of limited representation.--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
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
5. Presenting all offers and counteroffers in a timely manner,
unless a party has previously directed the licensee otherwise in
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 a party
to remain confidential; and
7. Any additional duties that are mutually agreed to with a party.