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.
A transaction broker is the default agency relationship status for Florida real estate agents in most transactions.
If you are working with a buyer’s agent or listing agent in Florida, chances are that your agent is acting in the capacity of a ‘transaction broker’.
In lieu of being a transaction broker, a real estate licensee in Florida may act as either a ‘single agent’ or may elect ‘no brokerage relationship’ status. Dual agency is not permitted in the state of Florida.
If you don’t sign anything that references ‘single agent’ or ‘no brokerage relationship’, then the presumed agency relationship is transaction brokerage.
Thinking of buying or selling in Florida? Learn how to save with Hauseit.
Table of Contents:
What are the duties of a transaction broker in Florida?
A Florida real estate agent who acts as transaction broker has the following duties:
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.
A transaction broker does not have the duties of loyalty, obedience and full disclosure as is the case with a single agent.
What is a single agent agency relationship status in Florida?
A single agent is a Florida real estate agent who represents either the buyer or the seller in a transaction, but not both.
A Florida real estate agent who acts in the capacity of a single agent has the following duties to buyer or seller:
Florida Statute 475.278 requires an agent to fully describe and disclose the duties of a single agent in writing to a prospective buyer or seller prior to initiating the relationship, as outlined below:
This disclosure provision requires agents to include the following information in the following form:
An agent may change from a single agent relationship to a transaction brokerage relationship during the course of a transaction with prior written consent of the buyer or seller.
What disclosures are required for a listing agent acting as a single agent in FL?
If a listing agent is acting in the capacity of a single agent, the agent must disclose the duties of a single agent in writing to the seller prior to initiating the relationship. This disclosure is typically included within the listing agreement.
If a direct (unrepresented) buyer requests to view the property, the listing agent has two options for satisfying Florida agency law:
Present the unrepresented buyer with a NO BROKERAGE RELATIONSHIP NOTICE to sign.
Transition to a transaction broker by receiving written CONSENT TO TRANSITION TO TRANSACTION BROKER