Florida law requires that real estate licensees operating astransaction brokers disclose to buyers and sellers their role and duties in providing a limited form of representation, as a transaction broker. A Timeshare Broker, Inc. provides to you a limited form of representation that includes the following duties:
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 residential real property and are not observable to buyer,
Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing.
Limited 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 listing 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 agrees to financing terms other than those offered, or of any other information requested by a party to remain confidential, and
Any additional duties that are entered into by this or by separate written agreement. Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty. This aspect of limited representation allows a licensee to facilitate a real 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.