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2bfabian

Banned
Dec 29, 2006
323
0
61
on grand lagoon
I must chime in here, and point out that most Realtors in this area are not representing their customers as a ficuciary. You might want to look that word up along with some other FL real estate terms, like Single Agent, Transaction Broker, No Brokerage, and Dual Agency (dual agency is illegal in the state of FL). Even your very own Realtors for your Red Bay property do not represent you as a fiduciary.

So, before saying that "Realtors are shrieking their fiduciary responsibilities," doesn't make much sense, since most of them are representing sellers as Transaction Brokers, in order to be able to have other agents within their company show their listings. ;-)

I believe they teach this in Real Estate 101. ;-)

Thank you for those constructive comments. I did not know that.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,775
802
I must chime in here, and point out that most Realtors in this area are not representing their customers as a ficuciary. You might want to look that word up Even your very own Realtors for your Red Bay property do not represent you as a fiduciary.

fiduciary n. from the Latin fiducia, meaning "trust," a person (or a business like a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty. The most common is a trustee of a trust, but fiduciaries can include business advisers, attorneys, guardians, administrators of estates, real estate agents, bankers, stockbrokers, title companies or anyone who undertakes to assist someone who places complete confidence and trust in that person or company. Characteristically, the fiduciary has greater knowledge and expertise about the matters being handled. A fiduciary is held to a standard of conduct and trust above that of a stranger or of a casual business person. He/she/it must avoid "self-dealing" or "conflicts of interests" in which the potential benefit to the fiduciary is in conflict with what is best for the person who trusts him/her/it. For example, a stockbroker must consider the best investment for the client and not buy or sell on the basis of what brings him/her the highest commission. While a fiduciary and the beneficiary may join together in a business venture or a purchase of property, the best interest of the beneficiary must be primary, and absolute candor is required of the fiduciary.
 
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Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
fiduciary n. He/she/it must avoid "conflicts of interests"

Shelly, the conflicts of interest is the primary concern according to the law, regarding fiduciares. While a Realtor can represent a seller as a fiduciary (Single Agent Brokerage Relationship), no other agent working for the listing agent's brokerage company can show that listing, unless the seller agrees, in writing, to transition to a Transaction Brokerage Relationship, thereby loosing that fiduciary. The goverment's reason for this requirement is that they say an agent cannot have loyalty to two opposing sides in a transaction (potential conflict of interest). Since the Broker, not the agent, owns the listing, the gov't sees all of the agents in that brokerage as the same, even if they don't work in the same office and have never met each other.
 
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jimmyp5

Beach Lover
Mar 1, 2006
104
0
Seagrove
"I'm not not your agent" a/k/a "I'm not your fiduciary" .... this is presumed under Florida law for customers who begin working with a real estate licensee, though we are also required to disclose same to the customer ( Florida Statutes Sec. 475.278 http://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=Ch0475/ch0475.htm )

Different states have developed various methods to inform & protect the consumer, especially over the past 20 years or so, because the buyer used to always think I was working for her, when in fact (20 years ago) I was almost always an agent or subagent of the seller.

The transaction broker that this State presumes me to be still has to deal squarely:

1. Dealing honestly and fairly;

2. Accounting for all funds;

3. Using skill, care, and diligence in the transaction;

4. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;

5. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;

6. Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and

7. Any additional duties that are mutually agreed to with a party.

Furthermore, when you work with a Realtor (a member of the National Association of Realtors), you're working with someone who's pledged to follow a Code of Ethics that's evolved over 97 years, and who voluntarily holds himself to standards of professionalism that go above and beyond the law.
 
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2bfabian

Banned
Dec 29, 2006
323
0
61
on grand lagoon
fiduciary n. from the Latin fiducia, meaning "trust," a person (or a business like a bank or stock brokerage) who has the power and obligation to act for another (often called the beneficiary) under circumstances which require total trust, good faith and honesty. The most common is a trustee of a trust, but fiduciaries can include business advisers, attorneys, guardians, administrators of estates, real estate agents, bankers, stockbrokers, title companies or anyone who undertakes to assist someone who places complete confidence and trust in that person or company. Characteristically, the fiduciary has greater knowledge and expertise about the matters being handled. A fiduciary is held to a standard of conduct and trust above that of a stranger or of a casual business person. He/she/it must avoid "self-dealing" or "conflicts of interests" in which the potential benefit to the fiduciary is in conflict with what is best for the person who trusts him/her/it. For example, a stockbroker must consider the best investment for the client and not buy or sell on the basis of what brings him/her the highest commission. While a fiduciary and the beneficiary may join together in a business venture or a purchase of property, the best interest of the beneficiary must be primary, and absolute candor is required of the fiduciary.

Thank you shelly, I thought so,but I wasn't sure.

You are always courteous and helpful. I thank thank you for being this way, even if we disagree sometimes.

I do value your input.
 
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2bfabian

Banned
Dec 29, 2006
323
0
61
on grand lagoon
Shelly, the conflicts of interest is the primary concern according to the law, regarding fiduciares. While a Realtor can represent a seller as a fiduciary (Single Agent Brokerage Relationship), no other agent working for the listing agent's brokerage company can show that listing, unless the seller agrees, in writing, to transition to a Transaction Brokerage Relationship, thereby loosing that fiduciary. The goverment's reason for this requirement is that they say an agent cannot have loyalty to two opposing sides in a transaction (potential conflict of interest). Since the Broker, not the agent, owns the listing, the gov't sees all of the agents in that brokerage as the same, even if they don't work in the same office and have never met each other.

I did not know this. This is good information to know and I thank you for your response.
 

SHELLY

SoWal Insider
Jun 13, 2005
5,775
802
Thank you shelly, I thought so,but I wasn't sure.

You are always courteous and helpful. I thank thank you for being this way, even if we disagree sometimes.

I do value your input.

2b,

Since you're so interested in Realtors, you may want to watch CBS's 60-Minutes tomorrow night (Sunday, May 13, 2007) which will include a segment about the Real Estate Industry. The National Assn of Realtors put out a "Publicity Alert" to its members which states in part, "Be glad it's Mother's Day and the show will probably draw fewer than its average 14 million viewers."

Makes ya kinda want to set up the ole Tivo. :cool:

http://blog.seattlepi.nwsource.com/venture/library/60minutes.pdf
 

Chickpea

Beach Fanatic
Dec 15, 2005
1,151
366
30-A Corridor
Shelley,

This post is completely UNRELATED to the topic at hand - and I have been absent for a while - HOWEVER - I have been reading posts where it is affirmed matter of factly that you are a 'he' and not a 'she'???? Did I miss something or is it just wild guessing on everyone's part???

And btw: you will hopefully one day reveal your true identity - I think I speak for many on this board that many of us would like to meet you and we respect your arguments and intelligence, even if we may not always agree......

If you are a 'she' and a mother - Happy Mother's Day!!!!
 

2bfabian

Banned
Dec 29, 2006
323
0
61
on grand lagoon
Miss K. The horse is dead!
beat-dead-horse.gif


I'm waiting for some tangenticization ................. pretty please.:D

.

Stuff like this always brings a smile on my face.
 

2bfabian

Banned
Dec 29, 2006
323
0
61
on grand lagoon
Shelley,

This post is completely UNRELATED to the topic at hand - and I have been absent for a while - HOWEVER - I have been reading posts where it is affirmed matter of factly that you are a 'he' and not a 'she'???? Did I miss something or is it just wild guessing on everyone's part???

And btw: you will hopefully one day reveal your true identity - I think I speak for many on this board that many of us would like to meet you and we respect your arguments and intelligence, even if we may not always agree......

If you are a 'she' and a mother - Happy Mother's Day!!!!


Thank you for your aways kind remarks,

I am a he,and I would like you to know it has been enjoyable to read your comments of this message board.

I find you to be intelligent,courteous, and thoughtful when writing your post. Furthermore it has been interesting to say the least, on reading many of the other comments on this board.
 
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