Section 4 TF Quiz

Question 1

Because Florida legislature believes that it is impossible to fulfill fiduciary duties to two parties of the same transaction, dual agency is not allowed.

Answer 1

[A] A. True
B. False

Question Feedback
[Section 4B, Slides 9 & 10]

Question 2

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

Answer 2

[A] A. True
B. False

Question Feedback
[Section 4A, Slides 43 & 44]

Question 3

When the licensee is not bound to agency disclosure, the licensee is automatically released from the agency duties.

Answer 3

A. True
[A] B. False

Question Feedback
[Section 4A, Slide 41]

Question 4

A broker acts as that of a special agent when working to sell a property for a seller or assist a buyer in purchasing a property.

Answer 4

[A] A. True
B. False

Question Feedback
[Section 4A, Slides 79 & 80]

Question 5

If a brokerage firm is a transaction broker for the seller, then the broker can be a transaction broker for buyer or in a no brokerage relationship with buyer.

Answer 5

[A] A. True
B. False

Question Feedback
[Section 4B, Slides 98 & 99]

Question 6

A residential sale is defined as being an improved residential property of four units or fewer, or the sale of unimproved residential property intended for use of four units or fewer, or the sale of agricultural property of 10 acres or fewer.

Answer 6

[A] A. True
B. False

Question Feedback
[Section 4B, Slide 77]

Question 7

Florida law requires that the transaction broker disclosure be made before working with a client and that the disclosure be signed by the buyer or seller.

Answer 7

A. True
[A] B. False

Question Feedback
[Section 4E, Slide 8]; Under Florida law, it is presumed licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established. Therefore a transaction broker disclosure is not required. A transition to transaction agent notice would be required to be signed if moving back from a single agent to a transaction broker.

Question 8

A buyer or seller must sign a no brokerage relationship disclosure before the relationship can be formed.

Answer 8

A. True
[A] B. False

Question Feedback
[Section 4B, Slides 67 & 68]; Only the consent to transition from a single agent to a transaction agent must be signed. The no brokerage relationship must be presented in writing (not signed).

Question 9

The type of agency relationship entered into is determined by the client.

Answer 9

A. True
[A] B. False

Question Feedback
[Section 4B, Slide 32]

Question 10

An agency relationship continues even upon the occurrence of death of one of the parties.

Answer 10

A. True
[A] B. False

Question Feedback
[Section 4B, Slide 56]; An agency relationship will automatically terminate upon the occurrence of death or insanity of one of the parties, or bankruptcy of either the principal or agent.