This is a fiduciary relationship. Where the broker works for either the buyer or seller as their single agent; it is illegal to represent both seller and buyer in the same transaction (called Dual Agency). The disclosure most be made before, or at the time of, entering into a listing agreement or an agreement for representation or before the showing of the property, whichever occurs first.
This relationship does not involve any fiduciary obligations. A licensee who provides limited representation to a buyer, a seller, or both. A transaction broker does not represent either party in a fiduciary capacity or as a single agent. They provide limited confidentiality and may represent both the buyer and the seller in the same transaction. The seller and/or buyer being represented in this manner are not responsible for the actions of the statements made by a transaction broker.
Non Brokerage Relationship:
This is not an agency relationship, and the broker works with members of the public who are term customers. The law requires a written Notice of No Brokerage Relationship (also known as a Notice of Non-Representation)
An illegal relationship in the state of Florida in which the licensee represents both the buyer and seller in a fiduciary capacity in the same transaction.
Designated Sales Associate:
In the case of a nonresidential transaction where both the seller and buyer have assets in excess of $1 million each and both the buyer seller have requested single agency representation, the brokerage firm may act as single agent for both parties. This is not the same as an illegal dual agency for residential transactions.
Changing from Single Agent to Transaction Broker:
The Consent to Transition to Transaction Broker form most be signed for the transaction to proceed.