Chapter 4 - Quiz Flashcards
What type of agent usually has the Power of Attorney? A Limited Agent A Universal Agent A Special Agent An Dual Agent
A Universal Agent
Which of the following are NOT residential property as defined by Florida law?
A Condominium
A Single Family Home
A Five Unit Apartment House
Undeveloped Agricultural Land of 10 Acres or Less
A Five Unit Apartment House
A Five Unit Apartment House. Residential Property is defined as up to and including 4 units.
If a listing sales associate shows a property to a ready, willing and able buyer what is he NOT permitted to do?
must promptly tender to the seller any contract offer that has been offered unless advised in writing not to do so.
disclose to the buyer all material facts that will affect the value of the property.
Give the buyer a Consent to Transition to Transaction Broker form and get on with the sale
None of the Above
Give the buyer a Consent to Transition to Transaction Broker form and get on with the sale
When a broker represents a seller as a single agent on the sale of a home and a buyer wants the same broker to act on his behalf in the purchase of the same home and the broker agrees without any further notice to the seller which of the following is true?
the broker is acting illegally since undisclosed dual agency is not permitted in Florida
the broker must reduce the commission payable since he got both sides of the deal
the broker has divided loyalties
the Seller will be happy because the sale will go through quickly
The broker is acting illegally since undisclosed dual agency is not permitted in Florida
Which agency is NOT allowed under Florida law? Nonrepresentation agency Single agency Transaction Brokerage Dual Agency
A Dual Agency
Dual Agency is illegal in the state of FL.
What is the person who is empowered to act on behalf of another called? A Client A Customer An Agent A Principal
An Agent
Which form must be given to the buyer if a sales associate is working with them in a fiduciary capacity?
The Transaction Broker form
The Single Agent Notice
The Consent to Transition to Transaction Broker Form
The No Brokerage Relationship Notice
The Single Agent Notice
The Single Agent Notice should be signed by the buyer and the Sales Associate on behalf of the Broker who is the Agent.
Which is NOT true about Florida real estate disclosure laws?
Disclosure rules do not apply to auctions.
Disclosure paperwork only needs to be kept by a broker for three years.
Disclosure rules only apply to the rental or leasing of real property if an option is given.
Disclosure rules do not apply to Transaction Brokers.
Disclosure paperwork only needs to be kept by a broker for three years.
Disclosure paperwork needs to be kept by a broker for five years and an additional to years if there had been any litigation involved.
What are the Laws governing Agency Laws known as? Statute of Agency Statutory Law Law of Agency Common Law
Law of Agency
An agency relationship is created in which of the following cases?
When a licensee gets a phone call from someone they Direct Mailed
when the seller asks to be represented and the broker agrees
When a sales associate meets a customer at an open house
When a tenant is communicating with a property manager and not the owner
When the seller asks to be represented and the broker agrees
