Transaction broker agency relationship12/2/2023 ![]() ![]() As a result, the real estate agent in this relationship remains a neutral party. In transaction broker relationships, an agent works for the transaction rather than for the buyer or seller. ![]() This relationship exists when residential property is being bought and sold. The most common type of agency relationship in Florida involves a transaction broker. There are also a number of situations in which Florida’s agency laws do not apply, which include leasing transactions and non-residential transactions. The relationships that licensees in Florida are allowed to share with principals fall into one of three categories - no brokerage relationship, transaction brokers, and single agency. A licensee in Florida has an ethical and legal duty to the “principal,” which refers to a buyer or a seller in a transaction. The reason why these laws were created is to make sure that the public is protected when interacting with real estate agents. Law in Florida clarifies how a real estate licensee must work with both buyers and sellers of property. While this concept might be easy to understand, this article examines some commonly encountered nuances in agency law. This type of relationship in Florida is referred to as a single agency. The salesperson in these relationships owes a fiduciary duty of loyalty and confidentiality to the client. In the world of real estate, “agency” refers to when a salesperson enters into a relationship with a client. ![]()
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