After successfully completing this topic, you will be able to
• list the duties of a transaction broker, and
• describe the specific duties of limited confidentiality.
Florida law presumes that a licensee is acting as a transaction broker. A transaction broker 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. Most Florida brokerage firms act as transaction brokers in all transactions.
Transaction brokers provide a limited form of nonfiduciary representation to a buyer, a seller, or both in a real estate transaction.
Transaction Broker Duties
Duties of a transaction broker include
• 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
-any other information requested by a party to remain confidential, and
-any additional duties that are mutually agreed to with a party.
Because a licensee is legally presumed to be a transaction broker unless otherwise agreed between the broker and the customer, disclosure of the transaction broker relationship is not required.