David Barr's Sarasota and Venice Real Estate Blog

When you're working with me as your real estate agent in Sarasota, Venice, or Lakewood Ranch, the state of Florida treats our relationship with customers differently than you may be used to in your current state. In Florida, real estate agency (relationship or representation) with customers is by default termed as a "transaction brokerage relationship". A transaction broker provides a limited form of representation to a buyer or home seller, but does not represent either in a fiduciary capacity.  In other words, when you hire me to buy or sell, we do not act as a single legal entity, for which you can be sued for my actions, or I can be sued for your actions.  Transaction broker duties (which most customers expect anyway) are: Dealing honestly and fairly; Accounting for all funds (such as escrow deposits); Using skill, care, and diligence in a transaction; Disclosing all known facts that may affect the value of residential real property which may not be rea...

This question came up on Trulia forums today, and it was a timely coincidence.  I was thinking about this just yesterday. I was watching Bravo TV's Million Dollar Listing.  What can I say?  I love seeing other people's houses, part of why I love being in the real estate business.  This show also happens to be a great example of what does NOT make a great buyer's agent. I recently blogged about the Realtor Code of Ethics and Florida real estate law, which says a Realtor may not convey a minimum price to either party without the express consent of the buyer or seller they represent.  This did not happen on this program. Cut to one scene with the two cooperating brokers negotiating price on a golf course, without consulting the buyer or seller.  Cut to another scene with one agent saying "I'll take $X....".  He'll take?  He is not the seller.  Cut to another scene with the agent concerned about a cut in compensation over a price reduction....