Industry News

Clarification

Minimum-service standards part of previous law that was later amended

Inman News earlier reported that Florida was among the states that have passed laws setting service requirements for real estate professionals. These laws are sometimes referred to as "minimum-service laws" because they establish a range of services that real estate professionals must provide for clients – at all times or in some instances. The Florida Legislature in 1997 passed a real estate law that has been amended several times – most recently by the state Legislature in 2004. The law sets service requirements for agents and brokers. The law states that brokers who provide "a limited form of representation to a buyer, a seller, or both in a real estate transaction but (do) not represent either in a fiduciary capacity or as a single agent," must provide certain duties, including: "Dealing honestly and fairly; accounting for all funds; using skill, care, and diligence in the transaction; disclosing all known facts that materially affect the value of residential real prope...

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