At Garden Views Realty we work for sellers as Transaction Brokers. This article is to make sure you understand what that means.
In Florida all real estate licensees are presumed to be "Transaction Brokers" unless disclosed differently. We do not have to have any additional forms or disclosures that need to be signed by the public. Personally, I think this was a great change in how we as licensees are able to "represent" our customers. There I said it "represent our customers." Yes, folks "Transaction Brokerage" IS a type of representation.
This seems to be the biggest misunderstanding among licensees and the general public alike. Let me repeat it again, "Transaction Brokerage" IS a type of representation to our customers. AND we are NOT representing the transaction, EVER.
A "Transaction Brokerage Relationship" is a limited form of representation. With limited liability (for licensee and customer) and limited confidentiality. You can be a "Transaction Broker" for either Seller or Buyer or BOTH. If you are a "Transaction Broker" for both parties it cannot be to the detriment of either party. A Seller or Buyer is your customer, not a client, EVER.
Also, when we take a listing as a "Transaction Broker" we are able and expected to represent our customer's interests. If the Buyer has a Realtor, we are not in any way representing that Buyer or the Transaction. Our duties are to you, our customer. If the Buyer is unrepresented then we work with BOTH parties as a Transaction Broker. Our duties at that time are to treat both parties fairly.
Here are some links if you need additional information.
Florida Statutes 475.278
Authorized Brokerage Relationships in Florida
So in summary:
1. "Transaction Broker" is a type of representation, albeit limited.
2. You do not represent the transaction. EVER
3. Your Buyer or Seller is a customer, not a client.
4. Unless you have a Single Agent relationship you are a Realtor, sales associate, broker or broker associate not an Agent.
5. All State laws vary when it comes to "Agency." This post relates to Florida law