Florida law governs the relationships between you and your agent. You should receive, in writing, notification of the type of agency you’re entering into at the beginning of your relationship.
The Brokerage Relationship Disclosure that you will then be asked to sign signifies your choice of an agency relationship. Unless this is signed, your agent is acting as a Transaction Broker by default. The form given has precise wording required by the State of Florida. The form has three sections:
Single Agent Notice: When this agency is selected, you are owed the following duties: dealing honestly and fairly; loyalty; confidentiality; obedience; full disclosure; accounting for all funds; skill, care and diligence in the transaction; and presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing.
Transaction Broker Notice: When you choose this limited form of representation, you are owed the following duties: dealing honestly and fairly; accounting for all funds; using skill, care and diligence in the transaction; disclosing all known facts that materially affect the value of real property and are not readily ovservable to the buyer; presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; 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 any additional duties that are entered into by this or by separate written agreement. Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. This aspect of limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party.
Consent to Transition from Single Agent to Transaction Broker: Florida law allows real estate licensees who represent a buyer as a single agent to change 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 would apply if your agent or your agent’s company also represents the seller of the home you wish to purchase. The brokerage relationship disclosure may be incorporated into the listing agreement, but must not vary from the wording required by the State of Florida.
Download forms for your review:Single Agency Transaction Brokerage No Brokerage