Transaction Broker Relationship

Transaction Broker Relationship:

A broker who provides limited 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. In a transaction broker relationship, a buyer or seller is not responsible for the acts of a licensee. I will be working with you as a Transaction Broker relations ship.

Additionally, the parties to a real estate transaction are giving up their rights to the undivided loyalty of a 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 cannot work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.

In Florida, all licensees are presumed to be transaction brokers unless another relationship is established in writing. This is the most prevalent form of brokerage relationship in our state. In a transaction broker relationship the broker (and their sales associates and broker associates) owes these 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 residential 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
• Any additional duties that are mutually agreed to with a party