Chapter 4 Flashcards
The person who is empowered to act on behalf of another is called
- an agent.
- a customer.
- a client.
- a principal.
an agent
The mere payment or promise to pay compensation to a licensee does not determine whether an agency or transactional brokerage relationship exist. An agency relationship is created
- when the seller asks to be represented and the broker agrees.
- as specified by statute.
- whenever the buyer is purchasing a commercial property.
- when the tenant is dealing with a property manager and not the owner.
when the seller asks to be represented and the broker agrees.
Which agency is NOT allowed under Florida law?
- Dual agency
- Single agency
- Nonrepresentation agency
- Transaction brokerage
Dual agency
A listing sales associate who shows a property to a ready, willing, and able buyer has certain obligations to the buyer. Which is NOT true?
- The sales associate shall disclose to the buyer all material facts that will affect the value of the property.
- The sales associate must promptly tender to the seller any contract offer that has been offered unless advised in writing not to present all offers.
- The sales associate MUST disclose to the buyer that he is a Transaction Broker.
- All of the above.
The sales associate MUST disclose to the buyer that he is a Transaction Broker
Laws governing agency laws are called what?
- Common law
- Statutory Law
- Statute of Frauds
- Law of Agency
Law of Agency
A sales associate is working with a buyer in a fiduciary capacity. With regard to disclosure, which form must be given by the broker to the buyer to clarify the role of the buyer and the licensee?
- The No Brokerage Relationship notice
- The Transaction Broker form
- The Consent to Transition to Transaction Broker form
- The Single Agent notice
The Single Agent notice
All are residential property as defined by Florida law EXCEPT
- a five unit apartment house.
- undeveloped agricultural land of 10 acres or less.
- a single family home.
- a condominium unit.
a five unit apartment house.
A broker represents a seller as a single agent on the sale of his property. A buyer comes to the house and wants the broker to sell her the house and represent her in the transaction. The broker agrees without any further notice to the seller. This is a case of
- divided loyalty and is hard to handle.
- undisclosed dual agency and is illegal in Florida.
- disclosed dual agency and is legal.
- the seller wanting his property sold, so he will be agreeable to the representation without further communication with the broker.
undisclosed dual agency and is illegal in Florida
A subagency relationship would mostly likely occur in which of these situations?
- A salesperson is working for a broker who is a single agent of the seller or buyer.
- The broker represented both the buyer and seller in a transaction with both their consents.
- A sales associate paid a motel clerk for leads.
- A broker sold the property himself and represented only the seller.
A salesperson is working for a broker who is a single agent of the seller or buyer.
All are true about Florida real estate disclosure laws EXCEPT which of these statements?
- Disclosure rules do not apply to Transaction Brokers.
- Disclosure paperwork must be kept by a broker for three years.
- Disclosure rules do not apply to auctions.
- Disclosure rules do not apply to the rental or leasing of real property, unless an option is given.
Disclosure paperwork must be kept by a broker for three years.
Which agent usually has the power of attorney?
- A general agent
- An agent coupled with an interest
- A special agent
- A universal agent
A universal agent
