Florida Real Estate Chapter 4 Unit Questions

Front 1

A single agent is defined as a broker who represents, as a fiduciary, the buyer or seller but NOT both in the same transaction.

Back 1

True

Front 2

An agency relationship between a principal and broker may be terminated by the principal for any reason.

Back 2

False

Front 3

A transaction broker is a broker who provides representation to a buyer, a seller, or both in a real estate transaction, and who represents either the buyer or seller in a fiduciary capacity or as a single agent.

Back 3

False

Front 4

Dual agency exists when a real estate broker represents both parties in a transaction in a fiduciary capacity.

Back 4

True

Front 5

Residential sales are defined as the sale of improved residential property of two or fewer units, the sale of unimproved residential property intended for use as two or fewer units, or the sale of agricultural property of five or fewer acres.

Back 5

False

Front 6

A person who gives or delegates authority to another is referred to as the agent, while the person who accepts the authority is referred to as the principal.

Back 6

False

Front 7

When a real estate broker accepts employment as a single agent of the buyer or the seller, the broker enters into a fiduciary relationship.

Back 7

True

Front 8

The Code of Ethics adopted by the National Association of REALTORS® emphasizes fair dealings in three major areas: (1) with clients, (2) with other real estate brokers, and (3) with the general public.

Back 8

True

Front 9

Confidential information learned during the course of the single agency cannot be divulged by the broker until the transaction has concluded and the agent-principal relationship has ended.

Back 9

False

Front 10

A real estate licensee who enters into a transaction broker relationship must give the customer a transaction broker disclosure notice.

Back 10

False

Front 11

In commercial real estate transactions that meet specific criteria, a real estate brokerage may use one sales associate to work as a single agent of the buyer and another sales associate to act as a single agent of the seller. Which criteria must be met?

Back 11

The broker must serve as a neutral party and not give guidance or representation to the buyer and the seller.

Front 12

On Sunday at an open house, a sales associate receives two offers on a home listed for $300,000. One offer is for $250,000 cash at closing. The second offer is for $295,000 contingent upon the buyer securing a mortgage for 90 percent of the sale price. What action should the sales associate take?

Back 12

Present both offers, explaining the details of each contract to the seller

Front 13

Is a broker required to retain the brokerage relationship disclosure documents, and if so, for how long, if a written nonresidential transaction that utilized designated sales associates fails to close?

Back 13

The broker must retain the disclosure documents for five years even if a nonresidential transaction that utilized designated sales associates fails to close.

Front 14

Which element is NOT a cause of action for fraud in a real estate transaction?

Back 14

The licensee represented the buyer in the transaction. The licensee represented the buyer in the transaction.

Front 15

Which brokerage disclosure notice must be signed or initialed by the buyer or seller before implementation?

Back 15

Transition to transaction broker

Front 16

Which action does NOT terminate a single agent brokerage relationship with the seller?

Back 16

Withdrawal of an offer to purchase

Front 17

Which statement is unique to the transaction broker relationship?

Back 17

The customer is not responsible for the acts of the licensee.

Front 18

Which brokerage relationship duty applies to all three types of brokerage relationships?

Back 18

Accounting for all funds

Front 19

Which information must be disclosed to a prospective buyer regarding a particular property? Property is located in a flood zone area that requires flood insurance coverage In general business dealings, which type of agent is authorized by the principal to perform acts related to a certain business or to employment of a particular nature?

Back 19

General

Front 20

A real estate broker who works in a limited capacity for both the buyer and the seller in the same transaction is:

Back 20

a transaction broker

Front 21

The brokerage relationship disclosure requirements in Chapter 475 apply to which transaction?

Back 21

Sale of three vacant lots zoned for single-family use

Front 22

Which disclosure notice must be signed by the buyer and the seller in certain nonresidential transactions?

Back 22

Request to use designated sales associate representation

Front 23

In Florida, which type of brokerage relationship is presumed?

Back 23

Transaction broker

Front 24

Which brokerage relationship duty applies only to a transaction broker relationship?

Back 24

Exercise limited confidentiality