Fiduciary Duty in Florida Real Estate
Florida real estate professionals owe varying levels of duty based on their agency relationship, as defined by Section 475.278, Florida Statutes. Understanding these duties is essential for both agents and their clients.
Duties by Relationship Type
- Single agent: Loyalty, confidentiality, obedience, disclosure, accountability, skilled care
- Transaction broker: Honesty, material fact disclosure, competence, proper fund handling
- Escrow agent: Accountability, FREC compliance, impartiality
- Title agent: Accuracy, impartiality, compliance with underwriter requirements
Common Breaches
- Failure to disclose material property defects
- Undisclosed conflicts of interest or dual agency
- Mishandling earnest money deposits
- Sharing confidential client information
- Failure to present offers promptly
- Prioritizing commission over client interests
Enforcement
Breaches are enforced through FREC discipline (fines, suspension, revocation), civil lawsuits, criminal prosecution, and professional liability claims.
Related Terms
- Closing — Where fiduciary duties culminate
- Escrow — Fiduciary fund management
- Contract — Agency agreements
Barnes Walker Real Estate
Barnes Walker's attorneys advise Florida real estate professionals on fiduciary compliance and litigate breach of duty claims. Request a legal inquiry for assistance.
Reviewed by the attorneys at Barnes Walker, Goethe, Shea & Robinson, PLLC