Florida followed that statutory approach allowing sole agents, subagents, transaction brokers
, disclosed dual agents, and buyers' brokers but mandating disclosure of the relationship.
Ironically, the word "represent," the very word used in the proposed act to polarize the formerly neutral concept of transaction broker, converts the transaction broker to an agent look-alike.
Since a transaction broker has no fiduciary obligations to a client under the proposed act, will prospective buyers who retain transaction brokers to "represent" them understand the ramifications?
In the context of the transaction broker, limited representation appears to be little more than mere empty words to suggest a representative service that does not exist, and can never be rendered.
Is it mere coincidence that the same proposed act (that has been before the 1997 Florida Legislature), which abrogates dual agency, also changes the genetic code of independent transaction broker to create an agent-like limited representative?
What really is created by making the transaction broker a limited representative is dual agency in transaction-broker clothing.
For example, the 1996 version included a new section entitled, "Presumption of transaction broker relationship; legislative findings and intent.
The transaction brokerage concept is retained under the proposal and the duties of a transaction broker are carefully spelled out.
1) Transaction brokers could keep a buyer's or seller's identity confidential;
5) A specific list of obligations and responsibilities for transaction brokers was provided, along with a list of duties and obligations that transactions brokers did not have;