Fl real estate unit 4 exam
Designated sales associates are used only in ________
$1,000,000 transactions
List the three duties in a no brokerage rerelationship
1.account for all funds 2.disclose all known facts 3.deal honestly and fairly
The broker serves as an advisor to the _______
Agents
______ is a broker's duty to keep the principal fully informed at all times of all facts that might affect the transaction or the property value
Full disclosure
Designated sales associates have the duties of a
Single agent
Designated sales associates are best described as
Single agent for the buyer and the seller and non-residential transactions where the the buyer and the seller meet certain asset thresholds
The designated sales associates act as_______ for the buyer and the seller in the same transaction
Single agents
Common law is sometimes called _____
Unwritten law
A residential sale is defined as the sale of residential property of ____ or fewer units And ____ or fewer acres
4,10
The consent to transition to transaction broker notice includes a list of the_____ duties that a transaction broker owes to the _______.
7 and customer
A single agent owes a buyer or a seller who engages into a single agent relationship _____ duties
9
A licensee of ABC realty must give the no brokerage relationship notice to
A for sale by owner seller before showing the FSBO home to a buyer customer of ABC realty
A real estate agent who works in a limited capacity for both the buyer and the seller in the same transaction is?
A transaction broker
A brokers obligations to consumers with him the brokerage firm has no brokerage relationship include the duty of
Accounting for all funds
In the common public a relationship that exist in a typical real estate transaction, buyers and sellers are said to be dealing
At arms length
A real estate brokerage Company has entered into a single agent and 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 made 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 sellers property
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 a transaction broker relationship, the brokerage does not represent the buyer or the seller in a _____ capacity.
Fiduciary
The duty of _____ requires the broker to place the principal's interests above those of other persons with whom the broker deals
Loyalty
A transaction broker has all the duties listed below except
Obedience
The duty of _________ obligates an agent to act in good faith according to the principals lawful instructions
Obedience
Which relationship is a general agency relationship?
Relationships between a sales associate and a seller who has listed property with the brokerage
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 principle of possible harm inherent in the instructions and then either do as instructed or withdraw from the relationship
The no brokerage relationship notice must be disclosed before the ____ of the property
Showing
Laws created by the Florida legislature are called _______
Statutory law
Which statement best describes the duty of loyalty in a single agent relationship?
The broker must act in the best interest of the principle
A real estate sales associate must disclose to a prospective buyer that
The family room addition does not comply with local building codes
In Florida there is a presumption that the brokerage is working in a ______ relationship
Transaction brokerage
