What is a Fiduciary or what is also known as a True Agent ?

An Agency relationship creates a Fiduciary Relationship with the employer known as a Principal. A Fiduciary acts in a position of trust or confidence for another. The Fiduciary owes complete allegiance to the Principal. most familiar are the relationships one has with their doctor or attorney.

In Florida and in most all other States - there are other relationships created by Real Estate Firms with their Customers. In Florida the relationship you are most likely to get is called a ‘Transaction Broker Relationship’

The reason for this is to allow the large brokerages [and small] to have other Licensees conduct business with buyers and sellers within the same Brokerage - as it is illegal and a felony to represent both in the same transaction as a true Agent.

To make matters worse, in Florida, there are no disclosure requirements and the presumption by law is that you will be represented by what is known as a Transaction Broker

As a Buyer, [or for that matter a Seller] if you want the legal protections afforded by total confidentiality, obedience, loyalty, and full disclosure - you must ask for and execute a legally binding Agency Agreement.

Bottom Line: Even though someone calls themselves your Real Estate Agent, the chances in Florida of that being so is virtually Zero without a signed Agency Agreement