Florida Real Estate School Providing the Best Online CE
FLORIDA School License: ZH1001469License Renewal Requirements
4.0 hours Disclosure Is Not A Secret Course Syllabus
4.0 Specialty Credit Hours
A broker has no fiduciary duties in the absence of a broker-client relationship. Common law has held that in the common situation where one broker secures a listing to sell real estate (seller's broker) and another broker represents a buyer who makes an offer on the listed property (buyer's broker), an agency relationship between the seller and the buyer's broker is not established. While there is no agency relationship, the buyer's broker still has some disclosure obligations to the non-client seller. The buyer's broker still has the obligation to disclose pertinent facts about the transaction.
If the broker working with the buyer is, in fact, acting as a subagent of the seller's broker, then the buyer does not have a broker-client relationship and may be acting on his own behalf. Since most buyers assume that they are getting agency representation in the sub agency situation, the disclosure of agency relationships is most important.
The top two issues facing licensees today are agency and disclosure. Both subjects are fraught with disclosure opportunities and the risk can be minimized or mitigated by full disclosure. Upon completion of this course, the real estate licensee will have a better understanding of the disclosure obligations a licensee owes to non-clients and other licensees.