Agency Duties of a Transaction Broker Listing Agent
The agency duties of a real estate listing agent in Florida differ depending on which agency relationship is specified.
Under an Exclusive Right and Authority to Sell Agreement, the default agency relationship in a Naples Area Board of Realtors contract in Naples, Florida is Transaction Broker.
A Transaction Broker may show your property to a prospective buyer and work with both the seller and buyer to come to a contractual agreement. This is beneficial to the seller because the listing agent can find and bring a buyer at a open house or on his own to the property without waiting for a buyer’s broker to bring a qualified buyer.
Additionally, the seller (or the buyer for that matter) is not responsible for the acts of the licensee under a Transaction Broker agreement.
A Transaction Brokers duties are as follows:
- Dealing honestly and fairly;
- Accounting for all funds;
- Using skill, care and diligence in the transaction;
- Disclosing all known facts that materially effect the value of the residential real property and are not readily observable to the buyer;
- Presenting all offers and counter-offers in a timely manner, unless a party has previously directed the licensee otherwise in writing.
- Limited confidentiality, unless waived in writing by a party. The limited confidentiality will prevent disclosure that the seller will accept a price less than the asking price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party selling or buying the property, that the seller or buyer will agree to financing terms other than those offered, or any other information requested by a party to remain confidential; and
- Any additional duties that are entered into by this or by separate written agreement.