In Florida, residential real estate licensees may serve as a single agent, transaction broker, or maintain a no-representation status in a luxury real estate transaction. It is presumed that all licensees are acting as transaction brokers unless a single agent or no brokerage status is designated in writing to the customer. A transaction broker provides limited representation to a buyer, seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. Limited representation allows a licensee to facilitate a real estate transaction by assisting both the buyer and the seller, but a licensee will not work to represent one party to the detriment of the other party when acting as a transaction broker to both parties.
There are different types of listing contracts that may be entered by luxury real estate brokers. In Florida, the most common listing contract is an exclusive right of sale. The exclusive right of sale gives brokers the best chance for a return on expenses incurred trying to sell a home. An exclusive agency listing or an open listing may also be entered; however, these listings are less desirable.