Thursday, April 28, 2011

Rules of Engagement -- Realtor

I have found that most people really don't understand the real estate process. There are tons of misconceptions and misinformation floating around out there. Here are the basic responsibilities of the realtor.

Under Florida law, it is presumed that all real estate licensees are operating as transaction brokers unless established otherwise in writing. Basically, that means we work to make a transaction take place. We provide limited representation to a buyer, a seller, or both in a real estate transaction.

Here are the 7 duties of a transaction broker:

  1. Deal honestly and fairly.
  2. Account for all funds.
  3. Use skill, care and diligence in the transaction.
  4. Disclose all known facts that materially affect the value of residential real property and are not readily observable to the buyer.
  5. Present all offers and counteroffers in a timely manner.
  6. Exercise limited confidentiality unless waived in writing by a party.
  7. Perform any additional duties that are mutually agreed to with a party.
This aspect of limited representation allows a realtor to facilitate a real estate transaction by assisting both the buyer and seller. However, a realtor will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.

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