In order to eliminate confusion and provide for a better understanding on the part of customers in real estate transactions, the Legislature finds that the intent of the Brokerage Relationship Disclosure Act is to provide that:

1. (1) Disclosed dual agency as an authorized form of representation by a real estate licensee in this state is expressly revoked;
2. (2) Real estate licensees be required to disclose to customers upon first contact in residential real estate transactions that they are not and will not be represented by a licensee in a real estate transaction unless they engage a real estate licensee in an authorized form of representation, either as a single agent or as a transaction broker;
3. (3) Disclosure requirements for real estate licensees relating to nonrepresentation and authorized forms of brokerage representation are established;
4. (4) Florida law provides that real estate licensees will operate as single agents or in a limited representative capacity known as transaction brokers;
5. (5) Single agents may represent either a buyer or a seller, but not both, in a real estate transaction; and
6. (6) Transaction brokers provide a limited form of nonfiduciary representation to a buyer, a seller, or both in a real estate transaction.

History.--s. 3, ch. 97-42.