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A1 Florida Real Estate Sales Associate License > Chapter 4: Authorized Relationships, Duties, and Disclosures > Flashcards

Chapter 4: Authorized Relationships, Duties, and Disclosures Flashcards

1
Q

_____ law is unwritten law, created by decisions of courts.

A

Common

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2
Q

_____ law is written law that have been enacted by legislative bodies.

A

Statutory

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3
Q

_____ law are rules and regulations created by administrative agencies.

A

Administrative

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4
Q

true/false: Administrative agencies can place you in jail.

A

false

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5
Q

An agent authorized by the principal to perform a single act.

A

special agent

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6
Q

An agent authorized by the principal to act on their behalf on a continuing basis, but with limited authority.

A

general agent

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7
Q

An agent authorized by the principal to act of their behalf in all matters.

A

universal agent

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8
Q

If a broker is the principal’s agent, the sales associate working for them is the _____.

A

subagent

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9
Q

A sales associate is a _____ agent of the broker.

A

general

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10
Q

Provides limited representation to the customer(s). No fiduciary obligation.

A

transaction broker

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11
Q

The default relationship you enter into with customers in Florida is a _____ _____ relationship.

A

transaction brokerage

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12
Q

A transaction brokerage relationship requires _____ disclosures.

A

verbal

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13
Q

______ is a party with which a broker has entered a single agent relationship.

A

Principal

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14
Q

_____ _____ relationships require a fiduciary commitment to the principal.

A

Single agent

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15
Q

In a _____ _____ _____, the broker has only 3 duties to the customer.

A

no brokerage relationship

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16
Q

true/false: During an open house, a sales associate must disclose the type of relationship to potential buyers.

A

false

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17
Q

Single agency and no brokerage relationships require _____ disclosures.

A

written

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18
Q

true/false: Leasing with no option to buy is an exempt from disclosure of the type of relationship.

A

true

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19
Q

Confidentiality, obedience, loyalty, and full disclosure are examples of duties in which relationship?

A

single agent

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20
Q

Any attempt to represent both parties to a transaction creates a(n) _____ _____ ______.

A

illegal dual agency

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21
Q

true/false: If an agent breaches fiduciary duty to a principal, the principal can bring civil action against the agent.

A

true

22
Q

true/false: You may use “and its Associates” on a single agent notice form in lieu of listing all of the sales associates.

A

true

23
Q

If a principal refuses to agree to a transition to transaction broker, the broker must _____.

A

continue to act as a single agent

24
Q

When must the disclosure of a no brokerage relationship take place?

A

before the showing of property

25
Q

true/false: A consent to transition to transaction broker can be signed or initialed ahead of time, in case the relationship need to be transitioned later.

A

true

26
Q

Which two relationship types require presenting all offers and counteroffers?

A

single agent and transaction broker

27
Q

A form titled “Single Agent Notice” nust be completed _____, or _____, entering into a listing agreement. (when?)

A

before, or at the time of

28
Q

Dealing honestly and fairly, disclosing all known facts that affect property value, and accounting for all funds are the only duties in a _____ relationship.

A

no brokerage

29
Q

A no brokerage relationship form _____ required to be signed or initialed.

A

is not

30
Q

Written disclosures _____ apply to nonresidential sales.

A

do not

31
Q

A broker _____ accept or reject an offer on behalf of their employer without a power of attorney.

A

can not

32
Q

The _____ Act makes it illegal to discuss or establish uniform price or fee for services in any industry.

A

Sherman-Clayton Antitrust Act

33
Q

A broker cannot collect a commission from both parties to a transaction without _____ and _____ of both parties.

A

knowledge and consent

34
Q

A closing is also know as a _____.

A

settlement

35
Q

A broker may be employed by an owner to either _____ or _____ of the property.

A

find an owner or effect a sale

36
Q

If a broker is employed to find a purchaser of a property, the broker must be paid upon finding a _____, _____, and _____ purchaser.

A

ready, willing, and able

37
Q

If a broker is employed to effect a sale, the broker gets paid upon _____.

A

closing

38
Q

A sales associate may file suit against _______ for nonpayment of compensation.

A

their broker

39
Q

A broker _____ file lien against a residential property for nonpayment of commission.

A

cannot

40
Q

When a broker receives more than agreed upon in commission for a sale, it is called an _____ or _____.

A

overage

unjust commission

41
Q

The federal act RESPA prohibits brokers from receiving a kickback unless they are performing a service, have the appropriate license, and _____.

A

advise all parties

42
Q

A foreign (out of state) broker may refer a customer to a Florida broker or agent, and accompany them to Florida, but may not ______ if a referral fee is to be paid.

A

participate in the transaction in any manner

43
Q

The Brokerage Relationship Disclosure Act requires licensees to keep copies of all disclosure documents related to residential sales for _____ years.

A

5

44
Q

The opposite of fiduciary is _____, or adversaries.

A

arm’s length

45
Q

The _____ notice is the only notice relationship notice that must be signed.

A

consent to transition to transaction broker

46
Q

If one broker fails to pay another due commission, they can be charged with _____, which is a form of fraud.

A

failure to account

47
Q

In the No Brokerage Relationship, the broker is bound to deal with the buyer or the seller in the following manner:

A
  • Deal honestly and fairly.
  • Disclose all known facts that materially affect the value of residential property that is not readily observable to the buyer.
  • Account for all funds entrusted to the licensee.
48
Q

There are nine duties that Florida Statutes dictate must be upheld within the single agent relationship.

A
  1. Deal honestly and fairly.
  2. Disclose all known facts that materially affect the value of residential property that are not readily observable to the buyer.
  3. Account for all funds entrusted to the licensee.
  4. Loyalty
  5. Confidentiality
  6. Obedience
  7. Full disclosure
  8. Skill, care, and diligence in the transaction
  9. Presenting all offers and counteroffers in a timely manner.
49
Q

7 Duties that must be upheld as a transaction broker?

A
  1. Deal honestly and fairly.
  2. Disclose all known facts that materially affect the value of residential property that are not readily observable to the buyer.
  3. Account for all funds entrusted to the licensee.
  4. Skill, care, and diligence in the transaction
  5. Presenting all offers and counteroffers in a timely manner.
  6. Exercise limited confidentiality, unless waived in writing by a party
  7. Perform additional duties as agreed
50
Q

Agency may be terminated by what three things?

A

Agency may be terminated by: Lapse of time, Purpose achieved, Mutual agreement, Certain events, or Court action.

51
Q

In what instances do disclosures not have to be made?

A

Disclosures do not have to be made:

  • When the licensee knows that a single agent or transaction broker already represents the buyer or seller,
  • At a bona fide open house or model showing,
  • In unanticipated casual encounters,
  • When responding to general questions of advertised property,
  • While communicating about real estate services being offered, and
  • When selling new residential units and working for the owner/developer.
52
Q

Designated sales associate?

A

Designated sales associate:

​2 designated sales associates in a non-residential transaction. Each buyer/seller must have assets of $1 million or more and sign a disclosure to that effect.

A1 Florida Real Estate Sales Associate License (20 decks)

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