The Palm Beach Post from West Palm Beach, Florida on March 29, 1998 · Page 331
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March 29, 1998

A Publisher Extra Newspaper

The Palm Beach Post from West Palm Beach, Florida · Page 331

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Location:
West Palm Beach, Florida
Issue Date:
Sunday, March 29, 1998
Page:
Page 331
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Page 331 article text (OCR)

7 2 'THE PALM BEACH POST RESIDENCES ADVERTISING SECTION SUNDAY, MARCH 29, 1998 FOCUS ON REAL ESTATE Brokerage relationship disclosure act explained NORTH ADVERTISING INDEX Residences is published in cooperation with the membership of the E REALTORS Association of the Palm Beaches, Inc. For more information call 820-4305. Admirals Cove Page 27 Angstrom Realty Page 44 BalTenlsles Realty, Inc., Resales Div Pages 4, 34 Berman Realty Page 12 Century 21 -Holmes Realty Pages 22, 48 Coldwell Banker Real Estate Pages 16, 17, 18 DiVosta Homes Page 31 Engle Homes Pages 26, 32 Exclusive Realty Page 1 1 Family Mortgage Page 2 Great Southern Realty Page 14 Home Sellers Direct Page 24 Illustrated Properties Pages 5, 19, 22, 25, 33, 40, 43, 46 Investment Equity Corp Pages 6, 7, 9, 15, 30, 36, 38, 42, 44, 45 Islands of Jupiter Page 45 Keyes Company Realtors Page 39 Lubeclc Agency Realty Page 38 Mariner Sands Realty Page 29 Oceanfront Properties Page 47 Old Marsh Golf & Country Club Page 20 Old Port Cove Realty Page 37 PGA National Realty Company Pages 10, 21, 28, 41 Properties Unlimited Realty, Inc Pages 30, 43 Prudential Florida Realty Pages 13, 39, 41 Reback Realty, Inc Page 46 REMAX-Northern Palm Beaches, Inc Pages 28, 35, 36 Showcase Homes Page 34 Waterfront Properties Page 3 Weigert Real Estate Page 23 EOUAL HOUSING OPPORTUNITY PUBLISHER'S NOTICE: AH rental and real astata advartiwig i a Palm Batch Pact autxact to Via Federal Fair Housing law which make II Megal to advertise "any preference, limitation of discrimination based on race, color, religion, sai. handicap. tamiBal status or national origin or any intention to make such preference, limitation or discrimination." m addition, the Palm Beach County Fair Housing Ordinance prohibits discnrramtion based on age. marital status and sexual orientation. The Palm Beach Post wHI not knowingly accept any . m yMahnn Ail nvsnns am heraov informed that aH dweMmos are available on an eaual opportunity (The article printed here last week applies on a national level to other states. For full-time residents of Florida, please note that Florida has a new law prohibiting "dual agency. " The following article was submitted by the Realtors Association of the Palm Beaches Inc. to explain the law in Florida, which affects the relationship between broker and buyer.) The statute known as the Brokerage Relationship Disclosure Act became law on Oct 1, 1997. Its purpose was to clarify relationships between licensed real estate brokers and sales people and those who buy and sell real estate, and to define the responsibilities of licensed brokers and salespeople to buyers and sellers. A licensed broker I II i.wiw . sr" ' y 4 . or salesperson who meets a buyer or seller for the first time is now required to disclose that the bass To complain of dMcnminaiton cat HUD tos-tree at 1-80069 9777 The ton tree number for the hearing impaired 543-8294. 414149A c I buyer or seller will J not be represented V lv --- - f "J a uiurci in any Kreal estate transac-A tion unless he enters a representation agreement with a broker. When the - ... Marjorie Potter obedience; full disclosure; accounting for all money; skill, care and diligence in the transaction; and presenting all offers and counteroffers in a timely manner. Transaction brokerage requires these duties: dealing honestly and fairly; accounting for all money; using skill, care, and diligence in the transaction; disclosing all known facts that materially affect the value of real property and are not readily observable to the buyer; presenting all offers and counter offers in a timely manner; and limited confidentiality, unless waived in writing by a party. When a broker enters a relationship as an agent or transaction broker, a written disclosure statement in the form required by the new law must be given to the buyer or seller. The form specifies that the broker is acting as an agent or transaction broker and specifies the duties imposed on either an agent or transaction broker. The form may be a separate writing or incorporated into a listing agreement or buyer representation agreement Perhaps the most important provision of the new law is that it clearly prohibits any broker from acting as an agent for both the buyer and the seller in the same transaction. Such representation, known as "dual agency," has been a widespread practice that was legal if properly disclosed and if the buyer and seller gave full consent There are very real liabilities faced by the broker involved in a dual agency. The new law tries to remove those liabilities by prohibiting any broker from being a dual agent However, a broker can still represent a buyer and a seller in the same transaction if the broker represents both parties as a transaction broker and is not an agent of either party. It is also possible for a broker who represents a seller and a buyer as an agent to represent both parties in the same transaction if the broker changes his relationship with both parties by becoming a transaction broker. The transition from an agent to a transaction broker requires the consent of both the buyer and seller and the new law establishes a form of consent that must be executed by buyer and seller. This form of consent may be a separate paper or included in a listing agreement or buyer representation agreement Marjone B Potter s president of the Realtors Association of the Palm Beaches Inc. and broker for ERA Potter and Associate Realty Inc. Licensed 1973. Potter has the Graduate Realtor Institute and the Certified Residential Brokerage Manag w designations. fof tnformatlon catt (561) 688 9294. n : I ? i J Twenty Years Experience Apply by Phone 60 Minate Approvals. The Best Best Interest Rates. alaaaaWMMBaWBlaaaaaal nTSt COntaCt W1U1 i buyer or seller occurs, a separate written form, "Notice of nonrepresentation," must be given. A buyer or seller is not required to be represented by a broker. But if a buyer or seller seeks representation, a broker may represent him as an agent or as a transaction broker. Brokers traditionally have represented buyers and sellers as agents, and the duties given a broker acting as an agent are the traditional duties of agents. Now, the complexity of real estate transactions has motivated many -brokers to represent buyers and sellers only as a transaction broker because transaction brokerage offers a limited form of representation with less liability to the broker. As a practical matter, a transaction broker will perform all the services that an agent will perform. But because of the limited duties given a transaction broker by the new law, a transaction broker will not have the same liabilities as an agent The new law clearly defines the differences between an agent and a transaction broker. If a broker represents a buyer or seller as an agent, the broker owes the buyer or seller these duties: dealing honestly and fairly; loyalty; confidentiality; Call Skip McDorxxigh 625-2660 Contents prepared by the Marketing Department of The Palm Beach Post. Residence bditor, Aftice llelhenngton h or adivrtmng xnJormalwn.eaU Lots Fayles at (561) 820-4305 e-mail: Residences piipost com

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