475.272  Purpose.--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)  Disclosed dual agency as an authorized form of representation by a real estate licensee in this state is expressly revoked;

(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)  Disclosure requirements for real estate licensees relating to nonrepresentation and authorized forms of brokerage representation are established;

(4)  Single agents may represent either a buyer or a seller, but not both, in a real estate transaction; and

(5)  Transaction brokers provide a limited form of nonfiduciary representation to a buyer, a seller, or both in a real estate transaction.