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19 Cards in this Set
- Front
- Back
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In what type of agency relationship is the client responsible for the acts of the broker?
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Single
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Broker Chris Cross was in a single agency relationship with a buyer. Broker Chris Cross made an offer on behalf of the buyer to a For Sale By Owner with the condition that the seller pay Broker Chris Cross a 3% commission. What written disclosure should Broker Chris Cross have made to the For Sale By Owner.
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No brokerage relationship disclosure
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Sales Associate Jay Bird held an open house for one of his sellers for which he represented as a single agent. A potential buyer reported that the home was too small for his needs but spent about an hour at the property asking many questions about other homes for sale. Which of the following statements is TRUE regarding this situation.
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Jay Bird was under no obligation to make a disclosure unless he agreed to show him other property and didn't intend to represent the buyer as a transaction broker.
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Sales associate Jo King took a listing on behalf of Broker Barbara knowing that the seller was covering up a major crack in the foundation by a piling up landscaping bricks. Broker Barbara was never told about the crack. The property sold to a buyer who failed to have the property inspected. After discovering the crack, the buyer sued both Jo King and Broker Barbara. What would be the likely charge?
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Both could be charged with misrepresentation and fraud even though only Jo King knew about the crack
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Which duties apply to both single agency and transaction brokerage relationships but not to the no brokerage relationship?
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Use skill, care, and diligence in the transaction and Present all offers and counteroffers in a timely manner
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Lou Agent with Top Notch Realty had listed a 100 unit apartment complex for sale. Sam Agent also with Top Notch Realty had a buyer interested in buying the property. In order to work as designated sales associates, what events had to take place?
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Have both the buyer and seller sign required disclosures describing the designated sales agency relationship and stating that each the buyer and seller had assets of $1 million or more
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Buddy Bear Broker had a sale that failed to close. How long does Buddy Bear Broker have to keep the applicable agency disclosure documents?
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5 years
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Seller Skip is in a hurry to sell his home. So he wants his agent Alan Agent to let buyers know that he will consider all offers. Alan Agent has a transaction agency with Seller Skip. What should Alan Agent do to adhere to the duty of limited confidentiality?
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Alan Agent should have Seller Skip give permission in writing to disclose to buyers that Seller Skip will consider all offer
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Which agency relationship has the broadest and most comprehensive form of agency duties?
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Universal Agent
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A broker acts as that of a special agent when working to sell a property for a seller or assist a buyer in purchasing a property
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True
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A buyer or seller must sign a no brokerage relationship disclosure before the relationship can be formed
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False
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Florida law requires that the transaction broker disclosure be made before working with a client and that the disclosure be signed by the buyer or seller.
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False
{Under Florida law, it is presumed licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established. Therefore a transaction broker disclosure is not required. A transition to transaction agent notice would be required to be signed if moving back from a single agent to a transaction broker.} |
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A residential sale is defined as being an improved residential property of four units or fewer, or the sale of unimproved residential property intended for use of four units or fewer, or the sale of agricultural property of 10 acres or fewer
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True
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The type of agency relationship entered into is determined by the client
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False |
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When the licensee is not bound to agency disclosure, the licensee is automatically released from the agency duties.
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False |
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An agency relationship continues even upon the occurrence of death of one of the parties.
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False |
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Because Florida legislature believes that it is impossible to fulfill fiduciary duties to two parties of the same transaction; dual agency is not allowed
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True |
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If a brokerage firm is a Transaction broker for the seller, then the broker can be a Transaction broker for buyer or in a No brokerage relationship with buyer.
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True |
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1. A fiduciary is someone who acts in a special position of trust and confidence.
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True |
