- the intermediary between buyers and sellers of real estate.
The Sunshine State of Florida each year attracts
millions of visitors and part time residents. These people need a home for their
stay and not everyone loves it to stay in a hotel room for their time here.
Therefore more and more people buy a house here in
this beautiful sunny state. When they come to Florida they live in their own
house while the rest of the year the houses are usually rented furnished.
The industry - buying, selling, leasing and
management - is the field of activity for a growing number of Realtors here in
A Realtor here in Florida is not comparable to an
agent in Germany. To qualify as a Florida Realtor you need to take an education
class and to show your knowledge in a state exam which lasts several hours. Only
when this exam has been successful a license is issued. This license is only
valid for a maximum time of 2 years and must be renewed after this period.
The renewal is only possible if the license holder
constantly educates himself and takes the prescribed courses. If the training is
not completed then the license expires after a maximum of 2 years.
The new licensee cannot begin at once his own
business. First the licensee has to act as an agent under the supervision of a
broker for approximately 1 year to get the necessary experience. During this
year further training is mandatory for another exam which must be finished
successfully to become a broker.
The earliest time for this broker exam is one year
after the first state exam and only possible if the licensee collected
experience in the employment of a broker during this year.
There are different types of agents:
Seller agent and
The Transaction Agent
The transaction agent works with both parties to a
real estate transaction activities. For example the agent serves both the buyer
and the seller in the Real estate transaction. These activities include only the
settlement of necessary communication and Paperwork of the transaction. The
transaction agent gives the questions of the buyer or buyer’s offer for the
property to the seller. The agent also presents the answers of seller or the
acceptance of an offer to buyer.
The agent has in this case an intermediary status
and will neither favor the buyer nor the seller. The agent’s payment for such a
transaction is a commission which the seller of the property has to pay.
The seller agent
The seller agent is hired from the seller of the property and this agent take
every necessary efforts to sell the seller’s property at the best market price
and the best financial conditions.
The seller agent has confidentiality obligations to
the Seller. These obligations are restricted by legal and ethical rules which
must be respected. If these rules are not respected this may lead to sensitive
monetary penalties and in some cases the loss of the license.
For these services the agent receives a listing
contract in which all legal agreements between the seller and the agent is
regulated. One point of that agreement is the commission for the agent. The
amount of the remuneration is freely negotiable between the seller and the
The buyer agent is hired from the buyer. If a
buyer's agent is only hired for a particular purchase of a property then the
agent will do the research for the desired property and will get all major
information about this property together. For this work buyer and agent write
usually an agreement which includes an appropriate compensation for the agent or
the agent will be paid on hourly basis.
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