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11 Cards in this Set
- Front
- Back
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Duties of a single agent
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-Deal honestly and fairly, be loyal, maintain confidentiality, maintain obedience to the Principal's instruction unless in violation of law, Provide skill, due care and diligence in the transaction, present all offers in a timely manner, disclose all known facts that materially affect the value of thee residential real property that are not readily observable, provide the single agent disclosure before, or at thee time of, entering a listing agreement, or an agreement for representation, at the time of or before showing a property, whichever occurs first, provide the required information on the required format. There will be a sample disclosure on the next screen.
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A broker represents a sellers on thee sale of his property. A buyer comes to the house and wants the broker to sell her thee house and represent her in the transaction. The broker agrees without any further notice to the seller. This is a case of:
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Undisclosed dual agency and is illegal in Florida
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Florida law describes residential sales as:
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Four units or fewer, agricultural property of 10 acres of fewer.
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The person who is empowered to act on behalf of another is called:
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An agent
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Laws governing agency laws are called?
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Law of Agency
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Which agent usually has the power of attorney?
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A universal agent
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Susie's friend Gayle shows Susie's house to Mitchael. She explains all about the house and gives him the tax information and a survey of the house. Gayle has a license but she doesn't have a current listing agreement with Susie nor has she had Susie sign a single agent disclosure form. In order for Gayle to be Susie's agent and collect a commission, what must Gayle do?
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She should have Susie sign a ratification of agency contract as well as a single agent disclosure.
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A subagency relationship would mostly likely occur when:
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A broker accepted a subagency relationship as part of his single agency to the seller.
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Which agency is not allowed under Florida law?
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Dual agency
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The mere payment or promise to pay compensation to a licensee does not determine whether an agency or transactional brokerage relationship exist. An agency relationship is created:
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When the seller asks to be represented and the broker agrees,
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Florida real estate disclosure laws
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- A broker is required to keep and make available to the department such books and records as will enable the department to determine if such a broker is in compliance with Florida real estate statutes. - Each broker shall preserve one legible copy of all books, accounts, and records, including disclosure documents for at least 5 years from the date of thee document. - Documents must be kept for two years after any legal proceedings.
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