A single agent broker is a broker that represents only one party to the transaction. A single agent owes a fiduciary duty to his client, meaning that he has to act in that client’s best interest, he can advise the client on the terms of the transaction, and he must inform that client of any communications with the other party. In other words, a single agent broker is an extension of the client.
In Florida, though, the vast majority of brokers act as transaction brokers. They represent the transaction, not an individual party, and they don’t have a fiduciary duty to either party. It is important to get written confirmation of whether a broker is acting as a transaction broker or as a single agent broker prior to the time that you begin your work with them.
Finally, a single agent broker should not be confused with a listing agent, seller’s agent, or buyer’s agent. These are simply designations as to who brought what party to the deal and do not determine whether you have a single agent relationship or a transaction broker relationship.
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