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REX - Real Estate Exchange, Inc.
— What You Need To Know —
About Real Estate Agent Representation
in Florida
Licensed Florida real estate agents
are required by law to disclose to the potential seller or buyer which party in a transaction they represent, or that they represent no one in the possible transaction.
The agent must give a person the right to select or not from the various
agency relationships.
The purpose of AGENCY DISCLOSURE is to inform the consumer of the various
types of real estate agent representation available to them, and to give them
the opportunity to choose among them.
The following types of representation are available in Florida.
They are based upon Florida Law (Chapter 475. Florida Statutes).
Seller's Agent (single agency)
A licensee, who is engaged by
and acts as the agent of the Seller only, is known as a
Seller's agent. A Seller's agent has the following duties and
obligations:
- To the seller:
- The Fiduciary duties of loyalty,
confidentiality, obedience, full disclosure,
accounting and the duty to use skill, care and
diligence.
- To the Seller and Buyer:
- A duty of honesty and fair dealing.
A duty to disclose all facts known materially affecting the
value of the property which are not known to, or
readily observable by, the parties in a residential
transaction.
Buyer's Agent (single agency)
A licensee, who is engaged by and acts
as the agent of the Buyer only, is known as a Buyer's Agent.
A buyer's agent has the following duties and obligations:
- To the Buyer:
- The fiduciary duties of loyalty,
confidentiality, obedience, full disclosure,
accounting and the duty to use skill, care and
diligence.
- To the Seller and Buyer:
- A duty of honesty and fair dealing.
A duty to disclose all facts known materially affecting the value of the property which are not known to, or readily observable by, the parties in a residential transaction.
Transaction Agent
A licensee who DOES NOT exclusively represent your interests in the transaction. Provides limited services. A transaction agent is considered a limited form of representation, and the transaction agent works equally with all parties to the transaction. Transaction agents are not bound by confidentiality.
- Single Agency Relationship
- The highest form of representation in a real estate transaction is a single agency relationship wherein an agent works exclusively for you.
If you are selling property then enlisting a selling agent to represent you gives you a decided advantage.
If you are buying property, then enlisting a buyer agent to represent you gives you a decided advantage.
Remember, a real estate transaction is based on negotiation, and personal information is the basis of negotiation. Do not disclose any pertinent information until you have a relationship of your choosing with an agent.
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