Unit 4 exam

A licensee of ABC Realty must give the no brokerage relationship notice to?

A for-sale-by-owner (FSBO) seller before showing the FSBO home to a buyer customer of ABC Realty

Which action will terminate a single agent relationship with the principal who has listed a home for sale with the brokerage?

Destruction of the listed property by a large sinkhole

In the common public relationship that exists in a typical real estate transaction, buyers and sellers are said to be dealing

at arm's length with each other

A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction is

A transaction broker

A real estate brokerage company has entered into a single agent buyer broker relationship with the buyer. In order to show this buyer property that is listed with the same brokerage company for which it is a single agent, in what brokerage capacity may the company work with this buyer and seller?

Both the seller and the buyer must transition to a transaction broker relationship before the buyer can be shown the seller's property

Which relationship is a general agency relationship

Relationship between the employing broker and a broker associate

Which statement BEST describes the duty of loyalty in a single agent relationship?

The broker must act in the best interest of the principal

A real estate sales associate must disclose to a prospective buyer that

The family room addition does not comply with local building codes.

A broker's obligations to consumers with whom the brokerage firm has no brokerage relationship include the duty of

accounting for all funds

A transaction broker has all the duties listed below EXCEPT

obedience

A seller lists her home for $216,900. The seller tells the sales associate that she needs to get at least $212,000 for the home. After Sunday's open house, the sales associate receives two offers on the home. The first offer for $216,900 is contingent on the seller's financing a portion of the down payment. The second offer is for $212,000, with the buyer to secure her own financing. The sales associate should

present both offers, explaining the details of each to the sellers

The brokerage relationship disclosure requirements in Chapter 475, F.S. apply to the

sale of a condominium unit

If a principal gives the broker instructions that will result in loss or harm to the principal, the broker

should inform the principal of possible harm inherent in the instructions, and then either do as instructed or withdraw from the relationship

Designated sales associate are BEST described

single agents for the buyer and the seller in nonresidential transaction where the buyer and the seller meet certain asset thresholds

A broker has listed a seller's property. The seller has disclosed to the broker that the ceramic tile is loose in the dining room because the cement did not adhere to the tile. The loose tile is not readily visible because it is covered with an area rug to protect the seller's toddler. The broker has satisfied his legal obligation if he tells the buyer

that ceramic tiles in the dining room are loose