Real Estate Brokerage Relationship Explained
In the course of purchasing a home, you will be presented with certain forms, which are described below:
The Real Estate Brokerage Relationship Disclosure has three sections of representation:
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 observable 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.
Signing this does not obligate you to work solely with one agent, or to pay a commission. It states the agency relationship that exists with a particular Realtor.
An Exclusive Buyer Broker Agreement is in effect an employment agreement in which the responsibilities of the parties are set out, and in which you agree to exclusively work with a Buyer's Agent/Broker for an agreed period of time, and in which you agree to pay a commission in the event a listing broker or owner does not agree to compensate your buyer's broker. Signing this agreement does obligate you to work solely with one agent, though there may be a geographic limitation.
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