Florida and the Transaction Broker mess. Speak up. Make a difference!
Remember 5 years ago, when you could read everywhere
As of July 1st 2008 Florida Real Estate agents do not have to disclose transaction brokerage anymore. It can be assumed that a Realtor is a transaction broker.
Back than I did not pay too much attention because I though “they have 5 years to come to their senses” and by 2008 they will have changed their mind 55 times.
Well, since I had not seen any updates I e mailed FAR, asking for an update
I got an answer within hour (see below) and I e mailed back, saying
“we should keep the form”
To my surprise I immediately got an e mail back (not automated) saying “thank you for your input, we will forward your opinion to the forms committee.
Wow, someone is listening.
So, What do you think?
Lets’ create this blog, we, the Realtors and our Clients are the once who have to live the decision, lets speak up. (It might make a difference)
The FAR Business Forms committee will be voting as to whether FAR will keep the forms as they are, or remove them. So, for the next few months, the Transaction Brokerage forms will remain as they have been on floridarealtors.org.
Here’s an e-mail prepared for the Business Forms Forum:
As of July 1, 2008 the requirement to give the transaction broker notice will no longer exist. For the last 5 years, there has been a presumption in 475.278 of the Florida Statutes of transaction broker. Though the presumption existed for the last 5 years, real estate licensees acting in a transaction broker capacity were still obligated to give the transaction broker notice. Effective July 1, 2008, that will no longer be the case. Accordingly, the question now is whether FAR should delete forms containing the transaction broker notice (BRD-6 Brokerage Relationship Disclosure and ERL 11tbx Exclusive Right of Sale) from the website and from the vendor lists. The forms containing single agency, no brokerage relationship and consent to transition to transaction broker would still remain.
What say you? Keep or delete? The obvious reason to delete would be that the notice will no longer be required. On the other hand, a reason for keeping the forms would be to use the forms as a means to educate the consumer on the duties of a transaction broker (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 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; limited confidentiality, unless waived in writing by a party and any additional duties that are mutually agreed to with a party).
Real Estate Broker ABR, E-PRO,
C-CREC, TRC, ASR, RECS, AHS
St. Petersburg Florida