(VI) Disclosing to all prospective buyers or tenants any adverse material facts actually known by the broker including but not limited to adverse material facts pertaining to the title, the physical condition of the property, any defects in the property, and any environmental hazards affecting the property required by law to be disclosed (V) Assisting the parties in complying with the terms and conditions of any contract including closing the transaction (IV) Keeping the parties fully informed regarding the transaction (III) Accounting in a timely manner for all money and property received (II) Advising the parties regarding the transaction and suggesting that such parties obtain expert advice as to material matters about which the transaction-broker knows but the specifics of which are beyond the expertise of such broker (I) Presenting all offers and counteroffers in a timely manner regardless of whether the property is subject to a contract for sale or lease or letter of intent (b) To exercise reasonable skill and care as a transaction-broker, including, but not limited to: (a) To perform the terms of any written or oral agreement made with any party to the transaction (2) A transaction-broker shall have the following obligations and responsibilities: (1) A broker engaged as a transaction-broker is not an agent for either party. Licensees are presumed to operate as transaction brokers unless one of the other two available brokerage relationships is created in writing.CO Rev Stat ยง 12-61-807 (2016) What's This? Transaction brokers must disclose the nature of their relationship with a buyer or seller in all residential sales but not in commercial real estate transactions. The duties of the licensee include: (1) dealing honestly and fairly (2) accounting for all funds (3) using skill, care, and diligence in the transaction (4) disclosing all known facts that materially affect the value of the residential property and are not readily observable to the buyer (5) presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing (6) limited confidentiality, unless waived in writing by a party, and this limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed 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 and (7) any additional duties that are mutually agreed to with a party. In a transaction broker relationship, a buyer or seller is not responsible for the acts of a licensee. Limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties. A transaction broker provides limited 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. It is presumed that all licensees are acting as transaction brokers unless a single agent or no brokerage status is designated in writing to the customer. In Florida, residential real estate licensees may serve as a single agent, transaction broker, or maintain a no-representation status in a luxury real estate transaction.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |