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What is the function of a RealtorŪ?
Agent's obligations and duties
An agent is bound by certain legal obligations such as placing the client's interests above anyone else's; Keeping the client's information confidential; Obeying the client's lawful instructions; Reporting to the client any information that would be useful; and Accounting to the client for any money involved.
Buyer's and Seller's Agents
A seller's agent represents the seller and thus doesn't have any duty of confidentiality toward the buyer. A buyer's agent owes the full range of duties and obligations to the buyer and is often paid from the seller's proceeds, regardless of the agency relationship.
Transaction Broker
Florida Law requires that Real Estate licensees operating as transaction brokers disclose to buyers and sellers their role and duties in providing a limited form of representation. That includes the following duties:
1. Dealing honestly and fairly
2. Accounting for all funds
3. Using skill, care, and diligence in the transaction
4. Disclosing all known facts that materially affect the value of real property and are not readily observable to the buyer
5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing
6. 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
7. Any additional duties that are entered into by this or by separate written agreement.
Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the 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 will not work to represent one party to the detriment of the other party. Non-agency When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORSŪ remain obligated to treat all parties honestly.
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