4-Authzd Relps Duties and Disclosre

Describe the disclosure requirements for non-residential transactions where the buyer and seller have assets of $1 million or more.

In a nonresidential real estate transaction where the buyer and seller each have assets of $1 million or more, the broker at the request of the buyer and the seller may designate two sales associates to act as single agents for the buyer and the seller in the same transaction.

Describe the provisions of the Brokerage Relationship Disclosure Act that apply only to residential real estate sales and list the types of real estate activities that are exempt from the disclosure requirements.

-Revocation of any dual agency allowance -Creating disclosure requirements for any representation or NON-representation -Allowing single agency to either a buyer or a seller, but not both, in a real estate transaction, and -Allowing that transaction brokers provide a limited form of non-fiduciary representation to a buyer, a seller or both in a real estate transaction. The scope of Brokerage Relationship Disclosure Act applies to residential sales ONLY. (1) Any person acting as an attorney ; as a certified public accountant, as the personal representative, (2) Any individual, corporation, partnership, trust, joint venture, which sells, exchanges, or leases its own real property; (3) Any employee of a public utility, (4) Any salaried employee in an onsite rental office of the apartment community in a leasing capacity. (5) Any person employed for a salary as a manager of a condominium (6) Any person, partnership, corporation, offers to buy, or negotiates the sale or purchase of radio, television, or cable enterprises licensed and regulated by the Federal Communications Commission (7) Any full-time graduate student who is enrolled in a commission-approved degree program i (8)(a) An owner of one or part of one or more timeshare periods for the owner's own use and occupancy who later offers one or more of such periods for resale. (9) Any person registered, licensed, or certified by the department under part II as an appraiser or trainee appraiser performing (10) Any person who appraises a railroad or railroad terminal company (11) Any person, partnership, corporation, that rents or advertises for rent, for transient occupancy, any public lodging establishment licensed under chapter 509. (12) Any dealer in connection with the sale, of a business enterprise to or by a person who is an accredited investor as defined by 15 U.S.C. s. 77b, the Securities Act of 1933, or any regulation adopted thereunder. (13) Any property management firm or any owner of an apartment complex provided the value of the fee does not exceed $50 per transaction.

Describe the disclosure procedures for the various authorized relationships.

1. Single agent disclosure.—Duties of a single agent must be fully described and disclosed in writing before, or at the time of, entering into a listing agreement or before the showing of property, whichever occurs first. .A single agent relationship may be changed to a transaction broker relationship at any time with written consent Must have certain lang and upper case and bold. Owe the following duties: 1. Dealing honestly and fairly; 2. Loyalty; 3. Confidentiality; 4. Obedience; 5. Full disclosure; 6. Accounting for all funds; 7. Skill, care, and diligence in the transaction; 8. Presenting all offers and counteroffers in a timely manner, 9. Disclosing all known facts As a transaction broker, 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, 7. Any additional duties Limited representation means that a buyer or seller is not responsible for the acts of the licensee. Additionally, parties are giving up their rights to the undivided loyalty of the licensee. :1. Dealing honestly and fairly;2. Disclosing all known facts that materially affect the value of the residential real property which are not readily observable to the buyer; and 3. Accounting for all funds entrusted to the licensee.(b) Disclosure requirements.—Duties of a licensee who has no brokerage relationship with a buyer or seller must be fully described and disclosed in writing to the buyer or seller. The disclosure must be made before the showing of property. When incorporated into other documents, the required notice must be of the same size type, or larger, as other provisions of the document and must be conspicuous in its placement

What are the four types of agency?

A Universal agent handles all delegated business of the Principal. The Universal agent often has a Power of Attorney and would be called an Attorney-in-Fact. An example would be a person who is appointed to handle the daily affairs of an individual who is no longer capable of handling these on their own. A universal agent in acting in their capacity for all practical purposes, is the person when signing on their behalf. This agency ceases upon the death of the individual whose affairs the agent is responsible and will defer to the estate at that point or the revocation of such a power of attorney. A General Agent handles multiple transactions of a principal/client. One example in real estate would be property management. All sales associates who work under a broker are general agents of that broker, meaning that they have a fiduciary responsibility and a loyalty to that broker. A Sub-Agency is the relationship between a sales associate to a principal/client. In all relationships, the broker is the agent (when the relationship is established) and the sales associates under that broker are sub-agents to that principal*. An Agency coupled with an Interest is defined as the real estate licensee who is a partner in the ownership of the property as well as represents the partners in an agency relationship. A Special Agent handles one transaction for one seller of one property. This is the most common type of real estate representation when an agency relationship is established. The broker can represent several sellers on one house each at one time but never the seller and buyer for a the same transaction.

transaction broker

A transaction broker is defined as a broker who provides limited representation to a buyer, a seller or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.

What Events Cause the Termination of Agency

Agency is considered terminated when: The fulfillment of the purpose of agency is completed (i.e. the transaction is complete). The time limit has expired as stated in the agreement (i.e. the listing agreement expires or a buyer's agreement expires). A Breach or cancellation by one of the parties is given: renunciation by the broker ("I quit") or revocation by the principal ("You're fired"). Mutual consent is given (both parties is mutually agree that it is in the best interest of all the parties to terminate the agreement). Death or incapacitation of either party occurs (i.e. the seller or broker dies). Destruction of the property or a change in the property is caused by outside forces (i.e. a change in zoning or condemnation etc.). Bankruptcy of either party or foreclosure of the property occurs. En

List and describe the duties owed in each authorized relationship.

All require dela honest and fair; only single and designted agency require obedience, confidly, loyalty and full disclosure.

non agency relp

As an agent, you normally work with a buyer or a seller and have a defined relationship with that person. There are times you may help a buyer or seller without being their authorized representative. In this case you have a non-agency relationship, a situation where you have no binding or legal responsibility to the other party.

Distinguish among non-representation, single-agent and a transaction broker.

Non: Agent reps buyer dir'ly or seller dirly only. Single: Agents reps one part - seller or buyer; transaction broker - The broker just handles the transaction not advocating i's. Designated Sales Associate: is a special case for non-residential transactions where two licensees under the direction of one broker act as single agents. One represents the buyer and the other the seller.Both buyer and seller must verify assets of more than $1 million.

Compare and contrast the fiduciary duties owed in a single agent relationship and the duties owed in a transaction broker relationship.

Single Agent has to rep buyer or seller with fiduciary resp. Under transaction broker relp the broker is just kind of like a customer svc rep.

Describe the required content and format of the various disclosure forms.

Single Agent: (c) Contents of disclosure.—1. Single agent duties disclosure.—The notice required under subparagraph (b)1. must include the following information in the following form: SINGLE AGENT NOTICE FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES OPERATING AS SINGLE AGENTS DISCLOSE TO BUYERS AND SELLERS THEIR DUTIES. As a single agent, (insert name of Real Estate Entity and its Associates) owe to you the following duties: 1. Dealing honestly and fairly; 2. Loyalty; 3. Confidentiality; 4. Obedience; 5. Full disclosure; 6. Accounting for all funds; 7. Skill, care, and diligence in the transaction; 8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and 9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable. ____________Date________________________Signature No Brokerage: Disclosure requirements.—Duties of a licensee who has no brokerage relationship with a buyer or seller must be fully described and disclosed in writing to the buyer or seller. The disclosure must be made before the showing of property. When incorporated into other documents, the required notice must be of the same size type, or larger, as other provisions of the document and must be conspicuous in its placement so as to advise customers of the duties of a licensee that has no brokerage relationship with a buyer or seller, except that the first sentence of the information identified in paragraph (c) must be printed in uppercase bold type. (c) Contents of disclosure.—The notice required under paragraph (b) must include the following information in the following form:l

Distinguish between and explain the disclosure requirements and forms pursuant to Florida Statute.

Structural; Termites; Water; Plumbing; Roof; Pool Spa; Sinkhole; HOA; Envirtl; Gov Glms Litig; Foreign Invest

Identify Information that is subject to recordation in Public Records.

The most common documents are related to mortgages, deeds, easements, foreclosures, estoppels, leases, licenses, and fees, among other kinds of documents. The most important real estate documents list ownership, encumbrances, and lien priority. These are used to maintain proper real estate transactions.

List the events that will cause an agency relationship to be terminated.

The transaction is complete. listing agreement expires or a buyer's agreement expires). A Breach or cancellation Mutual consent is given Death or incapacitation Destruction of the property or change like zoning Bankruptcy of either party or foreclosure of the property occurs.

Explain the procedure for transition from a single agent to a transaction broker.

Transition to transaction broker disclosure.—A single agent relationship may be changed to a transaction broker relationship at any time during the relationship between an agent and principal, provided the agent first obtains the principal's written consent to the change in relationship. This disclosure must be in writing to the principal either as a separate and distinct document or included as part of other documents such as a listing agreement or other agreements for representation. When incorporated into other documents, the required notice must be of the same size type, or larger, as other provisions of the document and must be conspicuous in its placement so as to advise customers of the duties of limited representation, except that the first sentence of the information identified in subparagraph (c)2. must be printed in uppercase and bold type. (c) Contents of disclosure.—

In Florida, what do you need to create an agency relationship?

appropriately, you must have: A Principal/client/s (or principals) A task to be done An Agent A written Agency Agreement

Define a residential transaction.

means any transaction (including a mortgage) carried out by a Relevant Person in connection with Residential Property for non-business purposes edxcluding that if it was to earn rental income;