Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
15 Cards in this Set
- Front
- Back
|
1. A man is so cautious that he refuses to sign all disclosure documents. Your office policy is to include a note in his file indicating the time, date, place, and circumstance under which you made the disclosure that the man refused to sign. Under which circumstance may you NOT work with the man?
a. List the man’s home as a single agent b. Provide limited representation to the man in locating a new home c. Provide real estate services to the man in a no brokerage relationship d. Change from a single agent to a transaction broker to show the man’s home to an in‐house buyer‐principal |
d. Change from a single agent to a
transaction broker to show the man’s home to an in‐house buyer‐principal |
|
|
2. The brokerage relationship disclosure requirements in Chapter 475, F.S., apply to the
a. Sale of a 20‐unit apartment complex b. Sale of a condominium unit c. Residential lease agreement in a duplex. d. Sale of a book store business and real property |
b. Sale of a condominium unit
|
|
|
3. Which statement BEST describes the duty of loyalty in a single agent relationship?
a. The broker must act in the best interest of the principal b. The broker must disclose all latent defects to prospective buyers c. The broker is held to a standard of care that requires knowledge concerning the land and physical characteristics of the property d. The broker must be able to account for all funds received on behalf of the principal |
a. The broker must act in the best interest of the principal
|
|
|
4. A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction is
a. A dual agent b. A transaction broker c. Bound to fiduciary duties to both the buyer and the seller d. A single agent of both the buyer and the seller |
b. A transaction broker
|
|
|
5. A licensee of ABC Realty must give the no brokerage relationship notice to
a. a buyer who has a single agent relationship with XYZ Realty b. every prospective buyer and prospective seller in all cases c. A for‐sale‐by‐owner (FSBO) seller before showing the FSBO home to a buyer customer of ABC Realty d. Every prospective buyer who walks through an open house listed by ABC Realty |
c. A for‐sale‐by‐owner (FSBO) seller before showing the FSBO home to a buyer customer of ABC Realty
|
|
|
6. A broker has listed a seller’s property. The seller has disclose to the broker that the ceramic tile is loose in the dining room because the cement did not adhere to the tile. The loose tile is not readily visible because it is covered with an area rug to protect the seller’s toddler. The broker has satisfied his legal obligation if he tells the buyer
a. That the floor appears to be in good condition b. That ceramic tiles in the dining room are loose c. That the buyer can order an inspection at his own expense if he is concerned about the floor d. Nothing unless he is asked specifically about the tile floor’s condition. |
b. That ceramic tiles in the dining room are loose
|
|
|
7. A transaction broker has all of the duties listed below EXEPT:
a. Limited confidentiality b. To use skill, care, and diligence c. To disclose all known facts that materially affect the value of residential real property and are not readily observable to the buyer d. Obedience |
d. Obedience
|
|
|
8. A seller lists her home for $116,900. The seller tells the sales associate that she needs to get at least $112,000 for the home. Following Sunday’s open house, the sales associate receives two offers on the home. The first offer for $116, 900 is contingent on the seller’s financing a portion of the down payment. The second offer is for $112,000, with the buyer to secure her own financing. The sells associate should
a. Seek his broker’s advice regarding which offer to present b. Present the full‐price offer to the seller c. Present the second offer to the seller d. Present both offers, and explaining the details of each to the seller |
d. Present both offers, and explaining the details of each to the seller
|
|
|
9. In the common public relationship that exists in a typical real estate transaction, buyers and sellers are said to be dealing
a. In a fiduciary capacity b. At arm’s length with each other c. In an agency status with each other d. Under the doctrine of ethical confidentiality |
b. At arm’s length with each other
|
|
|
10. If a principal gives the broker instructions that will result in loss or harm to the principal, the broker
a. Is justified in not carrying out such instructions b. Should carry out such instructions without question c. Should carry out only that portion of the instructions that will not cause loss or harm to the principal d. Should inform the principal of possible harm inherent in the instructions, and then either do as instructed or withdraw from the relationship |
d. Should inform the principal of possible harm inherent in the instructions, and then either do as instructed or withdraw from the relationship
|
|
|
11. A broker’s obligations to consumers with whom the brokerage firm has no brokerage relationship include the duty of
a. Full disclosure b. Accounting for all funds c. Loyalty d. Limited confidentiality |
b. Accounting for all funds
|
|
|
12. Designated sales associates are BEST described as
a. Single agents for the buyer and the seller in nonresidential transactions where the buyer and the seller meet certain asset thresholds. b. The sales associates designated to represent the buyer and the seller in a transaction broker relationship c. Undisclosed dual agents d. The sales associates in charge of the required brokerage disclosure forms for the brokerage office |
a. Single agents for the buyer and the seller in nonresidential transactions where the buyer and the seller meet certain asset thresholds.
|
|
|
13. Which relationship is a general agency relationship?
a. Brokerage company employed under a listing contract b. Relationship between the employing broker and a broker associate c. Sales associate working with a prospective buyer d. Relationship between a sales associate and the seller who has listed property with the brokerage |
b. Relationship between the employing broker and a broker associate
|
|
|
14. A real estate licensee makes a nonfactual statement about a property and the buyer accuses the licensee of fraud. The buyer is NOT required to prove that the
a. Misstatement was made by the licensee b. Misstatement made by the licensee was material to the transaction c. Buyer was damaged by the misstatement d. Information misstated could be proved to be false with due diligence |
d. Information misstated could be proved to be false with due diligence
|
|
|
15. A real estate sales associate must disclose to a prospective buyer that
a. A former occupant of the property committed suicide in the home b. The seller has been diagnosed HIV c. The family room addition does not comply with local building codes d. Families of other racial groups live in the immediate area |
c. The family room addition does not comply with local building codes
|
