The REALTOR®:
- Abides by the National Association of REALTORS Code of Ethics and Standards of Practice, Fair Housing Act, Telephone Consumer Protection Act (TCPA)
- Provides Transaction Brokerage Agreement services a limited form of representation to a buyer, seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent (see explanation at the bottom of page)
- Reserves the right to provide or receive a referral for real estate services
- REALTOR® services for buyers or lessee does not include:
- Providing services when the buyer/lessee has signed an Agreement with another real estate agent
- Showing properties that are outside the scope of affordability
- Working with a buyer/lessee who has not completed and submitted the required documents
- Showing properties with a No Brokerage Relationship (i.e., By Owner)
- Showing properties outside of the REALTOR’s property type or geographical area of expertise
- Experiencing unprofessionalism behavior from the prospect or customer
BUYER | LESSEE
Step 1: Initial Conversation
- A brief conversation about the real estate goals
- Overview of REALTOR® services
Step 2: Consultation (all parties to the transaction) must:
- Complete, sign, and return the Buyer’s/Lessee’s Profile Form (provide updates in writing) with a copy of a valid government identification
- Schedule a face-to-face or virtual consultation presentation to meet REALTOR®, identify real estate goals, and discuss business practices and expectations.
Step 3: Agreement to Represent
- Read and Sign the Non-Exclusive Buyer/Lessee Representation Agreement OR the Exclusive Buyer/Lessee Representation Agreement (Transaction Broker) – prior to submission of the Offer
- Submit a current Pre-approval letter/Desktop Underwriting or Proof of Funds letter (with an expiration date within 90 days) to view properties based on price point
- Showing Agreement(s) must be signed for the property(ies)
- Additional documents (not inclusive list) are required for completion and submission upon offer submission and/or contract acceptance: Affiliated Business Arrangement Disclosure Statement, Buyer’s Disclosure and Acknowledgement, Residential Contract for Sales and Purchase Agreement or Memorandum to Lease, credit report, rental application, and HOA application and others
Seller
- Meet with the REALTOR® to discuss real estate goals and tour the property
- Read and sign the Exclusive Right of Sale Listing Agreement, Commission Agreement, and Seller’s Real Property Disclosure Statement…
- Submit required documents such as mortgage statement, HOA, title search, etc.
- Adhere to property showing availability, showing standards, and listing agreement
Contract to Close
- Time is of the Essence | Offer & Acceptance | Contract
- Read, sign, and submit required agreements, addendums, and transaction documents.
- Customers must adhere to professionalism, including submitting documents promptly, following up with the home-buying or selling process, responding to communications, arriving to meetings and showing up on time, vetting vendors/providers, informing of any changes to employment, timeline, real estate goals, etc., being respectable of property and adhering to any contractual obligations.
Explanation of Broker Relationships
TRANSACTION BROKER RELATIONSHIP
It shall be presumed in Florida that all licensees are operating as transaction brokers unless a single agency or No Brokerage Relationship is established, in writing, with a customer. The duties of the real estate licensee in this limited form of representation include the following:
- Dealing honestly and fairly;
- Accounting for all funds;
- Using skill, care, and diligence in the transaction;
- Disclosing all known facts that materially affect the value of the residential real property and are not readily observable to the buyer;
- Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
- Limiting confidentiality unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or list price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential;
- Any additional duties that are mutually agreed to with a party
Sources:
National Association of Realtors
