Real Estate Basics - Agency Representation in FL

by Doug Nunnery

In Florida, there are two types of real estate agents: single agency and transaction brokerage. As a buyer or seller, it is important to understand the differences between the two before hiring an agent to represent you.

Single agency representation occurs when a real estate agent or broker represents only one party in a real estate transaction. This means that the agent owes their full loyalty, confidentiality, and fiduciary duties to their client. In other words, they are working exclusively for the best interests of their client and not for the other party in the transaction. Single agency representation is often preferred by clients who want their agent to work solely for them.

On the other hand, transaction brokerage occurs when a real estate agent or broker works as a neutral party in a transaction, representing neither the buyer nor the seller exclusively. In this scenario, the agent’s main responsibility is to facilitate the transaction and ensure that it is completed in a fair and ethical manner. There is no exclusivity in transaction brokerage, meaning that the agent is not bound to work solely for the buyer or seller.

It is important to note that in Florida, single agency representation must be agreed to in writing by both the agent/broker and the client. If an agent is not representing a client exclusively, they are considered to be working as a transaction broker. Additionally, the type of agency representation has no direct bearing on broker commissions and fees.

So, which type of agent should you hire? It ultimately depends on your personal preferences and goals. If you want an agent who is solely focused on your needs and interests, single agency representation may be the best choice for you. However, if you are comfortable with a more neutral approach and just want an agent to facilitate the transaction, then transaction brokerage may be more suitable.

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