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FL Sales Associate Pre-License 63 Hr Course > Section 4 Review > Flashcards

Section 4 Review Flashcards

1
Q

Who is considered a fiduciary?

A

Someone who acts in a special position of trust and confidence in respect to the principal

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2
Q

when is a fiduciary relationship formed?

A

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

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3
Q

Who is a principal in a fiduciary relationship?

A

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

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4
Q

what are three types of agency relationships?

A

Universal
General
Special agent

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5
Q

what is a universal agent?

A

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

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6
Q

what is a general agent?

A

Someone who performs a task in One specific area of the principal’s life.

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7
Q

When a broker is hired to be a property manager, they are acting as what kind of agent?

A

General agent

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8
Q

what is a special agent?

A

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

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9
Q

when is a real estate broker a special agent?

A

when working for either a buyer or a seller in the transfer of property.

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10
Q

Acting as a fiduciary for two opposing parties creates what?

A

dual agency relationship

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11
Q

Is dual agency legal in FL?

A

NO

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12
Q

who determines agency relationships?

A

Broker

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13
Q

who does a Transaction Broker represent?

A

Both the buyer and/or seller as a Transaction Broker in the same transaction

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14
Q

who does a Single Agent represent?

A

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

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15
Q

who doe the broker represents in a No Brokerage Relationship?

A

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

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16
Q

Does payment form agency?

A

payment has no bearing on the creation of an agency relationship.

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17
Q

Agency may be terminated by what 5 conditions?

A 
Lapse of time
Purpose achieved
Mutual agreement
Certain events
Court action.
18
Q

Agency disclosure is a requirement for residential sales and must be met as outlined in the what?

A

Brokerage Disclosure Act

19
Q

A broker is presumed to be working in the capacity of a transaction broker unless what?

A

a disclosure is made in writing that either a single agency or a no brokerage relationship has been formed.

20
Q

A single agent disclosure must be provided before or at the time of what?

A

entering into a listing agreement or before showing the property to a buyer.

21
Q

The no brokerage notice must be provided when?

A

before showing property to a buyer.

22
Q

when do disclosures not have to be made by a licensee?

A

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

23
Q

In a No Brokerage Relationship, the broker is still bound to which 3 duties?

A
  1. Deal honestly and fairly
  2. Disclose all known facts that materially affect the value of the property
  3. Account for all funds entrusted to the licensee.
24
Q

In a Single Agency Relationship, the broker is still bound to what duties?

A

Deal honestly and fairly
Disclose all known facts that materially affect the value of the property
Account for all funds entrusted to the licensee
Be Loyal to their PARTY and Maintain Confidentiality
Provide Full disclosure to their party
Show Skill, care, and diligence in the transaction
Present all offers and counteroffers in a timely manner.

25
Q

In a Transaction Brokerage Relationship, the broker is bound to which 6 duties?

A
  1. Deal honestly and fairly
  2. Disclose all known facts that materially affect the value of the residential property
  3. Account for all funds entrusted to the licensee
  4. Use Skill, care, and diligence in the transaction
  5. Present all offers and counteroffers in a timely manner Exercise limited confidentiality (unless waived in writing by a party
  6. Perform additional duties as agreed.
26
Q

A signature is required in advance of a relationship being changed from a Single Agency Relationship to a Transaction Broker Relationship on what form?

A

Consent to Transition from Single Agent to Transaction Broker form

27
Q

when can a broker designate sales associates to act as single agents for both the buyer and the seller in the same transaction?

A

at the signed request of the customers a broker In a non-residential transaction where the buyer and seller each must have assets of $1 million or more

28
Q

Brokerages must maintain disclosure forms for how long?

A

five years

29
Q

what is consent to transition?

A

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

30
Q

what is a no brokerage agreement?

A

agreement of non-representation.

31
Q

principal in a brokerage relationship?

A

The person employing the broker.

32
Q

a general agent is authorized to perform?

A

only acts related to ongoing business of a particular nature.

33
Q

Transaction brokers have what kind of representation?

A

limited representation to buyer/seller or both provides limited non-fiduciary representation.

34
Q

A no brokerage agreement is what kind of representation?

A

non-representation.

35
Q

what does a transaction broker provide

A

limited representation to buyer/seller or both

does not represent either as a single agent or in a fiduciary capacity.

36
Q

a transaction broker provides what kind of representation to the parties?

A

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

37
Q

who does the broker represent in a single agent representation?

A

Either the buyer or seller in a transaction –never both.

38
Q

a special agent is what kind of representation?

A

agent that performs a particular act in a transaction.

39
Q

what is a sub-agency?

A

An agent under the original agent.

40
Q

what does a transaction broker do?

A

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

FL Sales Associate Pre-License 63 Hr Course (20 decks)

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