A sales associate must work under the direction of a broker. Once licensed, an agent or broker is subject to recurring education requirements.įlorida licenses both real estate sales associates and brokers. State REALTOR® groups typically provide tools and support for REALTORS® while local REALTOR® organizations typically run the local Multiple Listing Service and provide other resources for members.Īny licensed Florida real estate agent is required to have a certain minimum amount of training, pass a state examination and be subject to a background check which includes submission of fingerprints. There are also state and local REALTOR® groups. The NAR is a trade association for the real estate industry in the United States. Many real estate agents are also REALTORS®, member of the National Association of Realtors (NAR). Even individuals with significant real estate experience in other states may be surprised by some aspects of Florida real estate operations. What this means is that agents in one state may have somewhat different relationships and responsibilities to the customers than they do in others. In addition, over the past 20 years or so, many states have made changes in the responsibilities that real estate agents have with the clients and customers, both on the selling and buying side. Each state is different so specific requirements in one state might not apply in another state. Real estate agents are licensed and regulated under state law. But that agent cannot favor the seller against the interests of the buyer. In a typical residential transaction, the agent that works with the buyer is typically compensated by a “co-op” share of the commission actually paid by the seller. The roles and responsibilities of the agent are independent of how the agent is paid. The agent providing a role other than that of a transaction broker should be able to explain their roles and responsibilities in detail. In such a situation, it is important for the customer to understand what roles and responsibilities the agent will have that differ from those of the transaction broker. Whenever a Florida agent is acting in a capacity other than as a transaction broker, that relationship must be disclosed to the customer in writing. It is important for customers to understand that, as a transaction broker, the agent is not permitted to represent one party to the detriment of another. Unless otherwise specified, Florida agents act as “transaction brokers” which means, in addition to the above, they they must use skill, care and diligence, present all offers and counteroffers, exercise confidentiality (unless it is waived) and perform additional duties mutually agreed to. Relative to residential real estate transactions, Florida real estate agents are required under state law to deal honestly and fairly with customers, disclose all known facts that affect the value of residential property and account for all funds. Florida real estate laws and regulations are designed to protect consumers and emphasize disclosure of significant facts regarding a particular piece of real estate to all parties. Mistakes in real estate transactions can have major consequences, both financial and otherwise.įlorida law requires real estate agents to undergo initial and recurring training, background checks and be licensed. Despite its long history, real estate law and practice is constantly changing and evolving. Real estate law, with its long history, has some very specific requirements that differ by state and, in some cases, locality. In the United States, some aspects of real estate law can be following back to English common law.īecause real estate transactions are typically large and most people do not have extensive real estate experience, real estate agents have an important role to educate customers and assist in facilitating transactions. Since real property and real estate is so basic, many of the procedures and laws date back many centuries. Land or real property began to become important to human society as soon as groups of individuals began to transition from a nomadic lifestyle to one in a fixed location. Also: the business of real estate the profession of buying, selling, or renting land, buildings or housing.” According to Wikipedia, real estate is “property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water immovable property of this nature an interest vested in this (also) an item of real property (more generally) buildings or housing in general.
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