the Florida laws of Agency

The term "Agency" refers to how an agent is working with you. The law requires all licencees to discuss this with buyers PRIOR TO showing them any properties so the buyer will know in advance if this licencee is working FOR them or WITH them or Not representing the buyers at all. Following is the explanation of the various "agency" relationships a real estate licensee may have with a buyer. I use the term "licensee" rather than "agent" as a agent Represents a client. Otherwise they are simply a licensee as they are licensed to sell real estate, but they are not really an "agent". For more clarification, feel free to call me.

FLORIDA REAL ESTATE LAWS

AND HOW THEY AFFECT YOU!

It´s the law! All Florida real estate licensees with all companies must comply to the Florida law of 'Agency', the 3 modes of the licensee's relationship with their clients/customers. The purpose of this law is to insure that all buyers and sellers are fully informed at the onset of a relationship as to how that agent is working for them.

Single Agency is 100% Seller Representation or 100% Buyer Representation.

The licensee represents their client handling only one side of the transaction.

Many companies do not allow their agents to use this mode to reduce liability to the company and they must use Transaction Broker status. Joan can represent you 100%. In this mode, she could not work for the buyer and seller on the same property sale. She will refer buyer inquiries to an agent in another company who would then work with the buyer.

Transaction Broker Agency is 'partial' representation to the buyer or seller. The elements which are missing are: total loyalty to both parties, full disclosure to the parties, full obedience and complete confidentiality. To have an licensee who uses this agency, you need to know the agent well enough to feel confident they will adhere to the strict rules of keeping each parties information confidential from each other. Listing licensees who show their listings to buyers (from sign or ad calls, for example) MUST be a Transaction Broker by Florida law (unless the buyer agrees to a Non-Representation relationship with the agent, which most buyers would not care to do as it could be risky for the buyer).

Non-Representation is an agency where the real estate agent does not represent the party they are working with. They do not maintain confidentiality, loyalty, obedience or disclosure but are required to be fair and honest.

For a copy of the Florida Agency form to be e-mailed to you, call Joan at 813-884-2023.