Brokerage Relationships In Florida (Study Set 3)

UP

Use Skill, care and diligence Present all offers

TRANSACTION BROKERAGE Owed DAD PUMA

1. Assumed role of Fl. licensees 2. Limited - not fiduciary DAD PUMA

Exemptions from Brokerage Disclosure Requirements (9)

1. Auctions 2. Appraisals 3. Rent/lease (4 units or less) 4. Open house/model home 5. Already represented 6.Answering general questions 7.Acting on behalf of new developer/owner 8.Unanticipated casual convo 9. Dispositions (4 or fewer)

COLD

1. Confidentiality 2. Obedience 3. Loyalty 4. Disclosure

Non-Representation ( No broker) DAD

1. Customers w/out representation 2.Written disclosure

Designated Sales Associate (4 things)

1. Non-residential 2. Two firm same firm act as singles for diff clients 3. Both have assets of one million 4. Clients request and sign

Single Agency duties owed - DAD UP COLD

1.Fiduciary 2. NO DUAL AGENCY 3. When residential, written disclosure required

Non- Representation Agent has these 3 duties and one word...

DAD

Single Agent has these 9 duties and three words...

DAD - UP - COLD

Transaction Broker has these 7 duties and two words...

DAD PUMA

DAD

Deal Honestly and Fairly Account for all Funds Disclose known material facts

PUMA

Present all offers Use skill, care and diligence Maintain limited confidentiality Additional duties agreed upon