Brokerage Disclosure The complete and up-to-date legal information you need to know when it comes brokerage agency disclosure. Currently, all licensees are presumed to be operating as transaction brokers unless a single agent or no brokerage relationship is established in writing. (Section 475.278(1)(b), Florida Statutes) The law that required a
transaction broker notice to be provided expired on July 1, 2008. However, a broker is still permitted to give this notice to a buyer if the broker wants the buyer to understand what a transaction broker relationship is. Brokerage relationship disclosure
requirements apply to residential transactions. Agricultural property is considered residential only if it is 10 acres or less, so these requirements do not apply to agricultural property larger than 10 acres. (Section
475.278(5)(a), Florida Statutes) Brokerage relationship disclosure requirements don’t apply to the rental or leasing of real property. The only exception is when tenants of properties with four or fewer units are given
an option to purchase all or a portion of the property. (Section 475.278(5) (b)(2), Florida Statutes) In Florida, which type of brokerage relationship is presumed? A) The answer is transaction broker. Under Florida law, it is presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established. Which statement is unique to the transaction broker relationship? A) Explanation Which brokerage relationship duty applies only to a single agent relationship? A) In commercial real estate transactions that meet specific criteria, a real estate brokerage may use one sales associate to work as a single agent of the buyer and another sales associate to act as a single agent of the seller. Which criteria must be met? A) B) Which brokerage relationship duty applies to all three types of brokerage relationships? A) A. accounting for all funds Which brokerage relationship duty applies only to a transaction broker relationship? A) D) The brokerage relationship disclosure requirements in Chapter 475 apply to which transaction? A) The answer is sale of three vacant lots zoned for single-family use. Brokerage relationship disclosure requirements apply to residential transactions. A residential sale is defined as the sale of improved residential property of four or fewer units, the sale of unimproved residential property intended for use as four or fewer units, and the sale of agricultural property of 10 or fewer acres. On Sunday at an open house, a sales associate receives two offers on a home listed for $300,000. One offer is for $250,000 cash at closing. The second offer is for $295,000 contingent upon the buyer securing a mortgage for 90% of the sale price. What action should the sales associate take? A) The answer is present both offers, explaining the details of each contract to the seller. Unless a party has previously directed the licensee otherwise in writing, the licensee must present all offers and counteroffers in a timely manner. Which type of transaction requires that the parties to the transaction receive brokerage relationship disclosures? A) C) Is a broker required to retain the brokerage relationship disclosure documents, and if so, for how long, if a written nonresidential transaction that used designated sales associates fails to close? A) B) Which information must be disclosed to a prospective buyer regarding a particular property? A) B) What are the types of brokerage relationships that have been authorized by Florida State?The statute clarifies that the relationship between a licensee and agency can work one of three ways: a transaction broker, a single agent, and a no-brokerage relationship. All three relationships must adhere to the following duties: Loyalty, confidently, and obedience.
Which type of brokerage relationship is prohibited for residential sales in Florida?In dual agency relationships, the Realtor acts as the seller and buyer's agent. Florida prohibits dual agency because it is impossible for a real estate broker to act in the best interests of both a seller and buyer at the same time.
What is no brokerage relationship in Florida?NO BROKERAGE RELATIONSHIP NOTICE. FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES WHO HAVE NO BROKERAGE RELATIONSHIP WITH A POTENTIAL SELLER OR BUYER DISCLOSE THEIR DUTIES TO SELLERS AND BUYERS.
How must a single agent brokerage relationship for a residential transaction be disclosed in Florida?1. Single agent disclosure. —Duties of a single agent must be fully described and disclosed in writing to a buyer or seller either as a separate and distinct disclosure document or included as part of another document such as a listing agreement or other agreement for representation.
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For how long must a broker keep written disclosures of brokerage relationships on file?
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