Section 4

Question 1

someone who acts in a special position of trust and confidence.

Answer 1

fiduciary

Question 2

formed when one party agrees to act for the benefit of the other party.

Answer 2

fiduciary relationship

Question 3

person delegating authority for the other to act on his or her behalf

Answer 3

principal

Question 4

Three types of agency relationships

Answer 4

Universal
General
Special

Question 5

has broad powers that cross over into all aspects of an individual’s life

Answer 5

universal agent

Question 6

agent limited to one specific area of the principal’s life

Answer 6

general agent

Question 7

Real estate licensees are _____ _____ of the employing broker

Answer 7

general agent

Question 8

When a broker is hired to be a property manager, the broker is a _____ _____ of the property owner.

Answer 8

general agent

Question 9

agent appointed for a specific purpose or to handle a single business transaction.

Answer 9

special agent

Question 10

A real estate broker is a _____ _____ when working for either a buyer or a seller in the transfer of property.

Answer 10

special agent

Question 11

Acting as a fiduciary for two opposing parties creates a

Answer 11

dual agency relationship

Question 12

In Florida dual agency is

Answer 12

illegal

Question 13

Agency relationships are determined by the

Answer 13

broker

Question 14

DELETE

Answer 14

DELETE

Question 15

may represent EITHER a buyer or seller but never both in the same transaction.

Answer 15

Single Agent

Question 16

may represent EITHER a buyer or seller or both parties in the same transaction.

Answer 16

No Brokerage relationship

Question 17

Is payment required to form an agency relationship?

Answer 17

no

Question 18

Agency may be terminated by:

Answer 18

Lapse of time
purpose achieved
mutual agreement
certain events
court action

Question 19

Agency disclosure requirements for residential sales must be met as outlined in the

Answer 19

Brokerage Disclosure Act

Question 20

A broker is presumed to be working in the capacity of a _____ _____ unless a disclosure is made in writing to the buyer or seller of residential property that either a single agency or a no brokerage relationship has been formed.

Answer 20

transaction broker

Question 21

must be provided before or at time of entering into a listing agreement or before showing property to a buyer.

Answer 21

Single agent disclosure

Question 22

must be provided before showing property to a buyer.

Answer 22

no brokerage notice

Question 23

in a _________ _______ where the buyer and seller each have assets of $1 million or more, the broker at the signed request of the customers may designate salesassociates to act as single agents for both the buyer and the seller in the same transaction.

Answer 23

non-residential transaction

Question 24

How long must brokerages maintain disclosure forms?

Answer 24

5 Years

Question 25

One who acts on the behalf of another.

Answer 25

agent

Question 26

Refers to the time prior to licensing laws when all risk and responsibility was on the buyer, known as “Let the buyer beware"

Answer 26

caveat emptor

Question 27

Change in the relationship between agent and principal (must be written.)

Answer 27

consent to transition

Question 28

member of the public that potentially may become employer of the broker in a transaction.

Answer 28

customer

Question 29

representing both the buyer and the seller in a transaction. NOT legal in Florida.

Answer 29

dual agent

Question 30

person entrusted with confidence and respect to principal.

Answer 30

fiduciary

Question 31

Agent authorized to perform only acts related to on going business of a particular nature

Answer 31

general agent

Question 32

Specifically transaction broker. To buyer/seller or both provide limited non-fiduciary representation.

Answer 32

limited reprentation

Question 33

A no brokerage agreement is

Answer 33

non-representation

Question 34

The person employing the broker.

Answer 34

principal

Question 35

the amount paid on a loan that reduces the total outstanding amount owed.

Answer 35

principal

Question 36

Described as 4 or fewer units, property intended for 4 or fewer units, agricultural property of 10 or fewer acres.

Answer 36

residential sale

Question 37

Represents either the buyer or seller in a transaction –but not both

Answer 37

single agent

Question 38

agent that performs a particular act in a transaction.

Answer 38

special agent

Question 39

An agent under the original agent.

Answer 39

subagency

Question 40

Provides limited representation to buyer/seller or both but does not represent either as a single agent or in a fiduciary capacity

Answer 40

transaction broker