The Florida Brokerage Relationship Disclosure Act prohibits the practice of dual agency.
An agent is a person who is authorized by a person (known as a principal) to handle business matters on behalf of the principal.
An agent has fiduciary duties.
Florida law presumes that a broker is acting as a transaction broker.
The three authorized brokerage relationships under Florida law are
- transaction broker,
- single agent,
- designated sales associate, and
- one status called no brokerage relationship.

Disclosure of brokerage relationships are required for “residential sales,” defined as
- improved residential property of four units or fewer,
- unimproved residential property intended for use of four units or fewer, or
- agricultural property of 10 acres or fewer.
Disclosure of brokerage relationships are NOT required for
- nonresidential transactions,
- the rental or leasing of real property, unless an option to purchase all or a portion of the property improved with four or fewer residential units is given, auctions, appraisals, sale of business enterprises or business opportunities, or transaction brokers.

A licensee who has no brokerage relationship must give the person a no brokerage relationship notice before showing a property or entering in to an agreement for representation.
A licensee with no brokerage relationship has the duty of
- dealing honestly and fairly,
- disclosing all known facts that materially affect the value of residential property which are not readily observable to the buyer, and
- accounting for all funds entrusted to the licensee.

A single agent is a broker who represents, as a fiduciary, either the buyer or seller but not both in the same transaction.
The principal is the person entering into a real estate relationship with a single agent.
Only a single agent can call the customer a principal.
A single agent owes nine specific duties to the principal
- 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, and
- disclosing all known facts that materially affect the value of residential real property that are not readily observable.

The single agent must give the single agent notice before, or at the time of, entering into a listing agreement or an agreement for representation or before showing the property, whichever occurs first.
If a brokerage firm lists property for a seller, acting as the seller’s single agent, all members of the brokerage firm are also single agents of the seller.

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, and
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,
a single agent can change to be a transaction broker at any time during the relationship by having each party sign a Consent to Transition to Transaction Broker Notice.

A broker in a nonresidential transaction, when requested by the parties, may appoint one licensee in the firm to act as a single agent for the buyer, and one licensee in the firm to act as a single agent for the seller as designated sales associates.
The legal requirements for designated sales associate status are that
- the transaction be for non-residential property,
- buyer and seller sign a statement the he or she has assets in excess of $1 million,
- buyer and seller request this representation status, and
- the licensees give the parties a designated sales associate notice and a single agent notice.

Brokerage relationship disclosures must be retained by the broker for five years in all transactions that result in a written contract to purchase and sell real property.

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