Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Note it is presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer. Any additional duties that are mutually agreed to with 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 and Limited confidentiality, unless waived in writing by a party.Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing.Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer.Using skill, care, and diligence in the transaction.
The duties of the real estate licensee in this limited form of representation include the following:
Transaction Broker: A transaction broker provides a limited form of 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. On the MLS listing form, the same commission will be shown for each type of representation. A seller will never pay more than one of the three, since an agent can only represent a buyer in one of those ways. This ensures sellers are able to work with the largest number of agents possible. When a Florida seller offers a commission to agents through, we use the same commission offer for each of these three possible ways of buyer agent representation. There are three ways a Florida real estate agent can represent a buyer:Īn agent can only represent a buyer as one of these three.
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