SINGLE AGENT VS. TRANSACTION AGENT WHAT IS THE DIFFERENCE?!
Be informed! Whether you have purchased or sold real estate in the state of Florida, know the statutes! This explanation is taken directly from the Florida Statutes. It is important to know the difference! Agents with The Coffey Group Fine Homes International only work for our clients as a Single Agent with Exclusive Broker Agency Agreement. Establish this relationship at the onset of your relationship with your Agent.
CLIENT QUESTION: Can a real estate sales associate transact business with a real estate sales associate working under the same broker if there is an established single agent relationship with the real estate sales associate's brokerage?
ANSWER: There are two forms of representation available under a Broker license held by a real estate professional according to Florida law: the Single Agent and the Transaction Broker. These two relationships entitle the buyer or seller to different upheld duties by the real estate professional. SINGLE AGENT A Single Agent is defined by Florida Statutes Chapter 475, Part I as a broker who represents either the buyer or seller of real estate, but not both in the same transaction . It is the highest form, providing the most confidence to the customer that the Realtor represents only the customer's interest.
THE DUTIES OF A SINGLE AGENT THAT MUST BE FULLY DESCRIBED AND DISCLOSED IN
WRITING TO A BUYER OR SELLER IN AGREEMENTS FOR REPRESENTATION INCLUDE
THE FOLLOWING:
• Dealing honestly and fairly • Loyalty • Confidentiality • Obedience • Full disclosure • Accounting for all funds
• Skill, care, and diligence in the transaction • Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing • Disclosing all known facts that materially affect the value of residential real property and are not readily observable
Made with FlippingBook Digital Proposal Creator