If Alison has agreed in writing to represent the fiduciary interests of Bruce, who is ready to buy his first home, she has agreed to act as a _______.
General agent
Seller’s representative
Single agent
Transaction broker
Alison has disclosed in writing that she has no brokerage relationship with Zsa Zsa, who is selling her home to her daughter and needs assistance with the sales contract. What type of relationship has Alison established?
Contract agency
Non-representation
Sales agency
Transaction brokerage
Which of these is an example of practicing within your area of competence?
Informing your clients that the odd odor in the property is from an ongoing black mold issue.
Recommending that your married clients take title to their new property as joint tenants.
Researching the property tax amount that a client will pay on the home he’s purchasing.
Telling your client that the wood shavings outside the basement window means there are termites in the home.
What acronym can licensees use to recall the fiduciary duties an agent owes to a client?
ARMOR
CANDOR
FARMOR
OLD CAR
Which one of the following statements about dual agency in Florida is true?
A licensee can’t act as a fiduciary for a buyer and a seller in the same transaction.
A transaction broker may act as a dual agent.
Dual agency must be disclosed in writing.
Dual agents are not bound to confidentiality.
Which one of the following statements about disclosing single agency is true?
Before a licensee may act as a fiduciary at a showing, the single agent notice must be fully explained and disclosed in writing.
Before a licensee may discuss the duties of a single agent, the single agent notice must be fully explained and disclosed in writing.
The single agency notice may not be included as part of another agency agreement. It must be provided as a separate document.
Written disclosure of single agency is required for all types of real estate transactions.
When questions arise that are outside of your scope of expertise, what should you do?
Give some advice, even if you aren’t sure.
Pretend to be an expert in that field.
Refer clients and customers to a competent professional in that field.
Tell whoever is asking not to ask so many questions.
Which fiduciary duty requires agents to follow all of their client’s lawful instructions?
Disclosure
Loyalty
Obedience
Reasonable skill and care
Which one of the following authorized brokerage relationships includes fiduciary duties in Florida?
Dual agency
Non-representation
Single agency
Transaction brokerage
What is the least amount of time disclosure documents must be retained after the close of a transaction?
Five years
One year
Six months
Two years
How many duties are owed in a “no brokerage” relationship in Florida?
Nine
None
Seven
Three
What acronym can be used to remember an agent’s fiduciary duties?
CARE OF
DUE CARE
FAR GONE
OLD CAR
Which duty is missing from the following string of duties owed by Florida licensees in a “no-brokerage” relationship with a real estate customer? Deal honestly and fairly, account for all funds, and ______.
Be loyal
Disclose material facts
Keep confidential information confidential
Provide full disclosure
You get a call from another sales associate at your brokerage firm who’s frantic because her child is sick and her buyer client wants to see a property. Before you can show the listing, you ______.
Don’t need to disclose your relationship to the buyer in writing
Must disclose a “no-broker” relationship in writing
Must get permission from your broker
Must get written permission to transition to transaction broker for the client
Which fiduciary duty requires agents to put their client’s interests ahead of all others?
Confidentiality
Disclosure
Loyalty
Reasonable skill and care
Alison is providing limited representation to buyer Jeremy and Susie, the seller in a single residential transaction. What role has Alison taken on?
Dual agency
General agency
Limited dual agency
Transaction brokerage
Which fiduciary duty requires agents to reveal all facts that are pertinent to the transaction to their clients?
Disclosure
Loyalty
Obedience
Reasonable skill and care
If Lara is showing one of her listings to Trina, who is represented by Kevin, which one of the following statements is true?
Kevin must be in a transaction broker relationship with Lara.
Lara a must give notice of non-representation to Trina before showing the property.
Lara is breaching Kevin’s relationship with Trina.
Lara is not required to give any notice of non-representation to Trina.
Which of the described situations requires the brokerage relationship be disclosed?
Advising a buyer client on negotiating the best price
Answering factual questions about the brokerage firm
Facilitating a lease agreement that does not include an option to purchase
Hosting an open house
Which fiduciary duty requires agents to promptly account for all money and property with which their client entrusts them?
Accounting
Disclosure
Obedience
Reasonable skill and care
Real estate professionals are required to practice within their scope of expertise and not venture into what’s considered the legal realm. Which of the following actions would be the unauthorized practice of law if a licensee were to take it?
Explaining a contingency to a client
Interpreting the legal consequences of a client’s actions
Using existing forms an attorney has reviewed
Using standard language for addenda
Of the fiduciary duties an agent owes to a client, which one was left out of the following string: loyalty, care, obedience, confidentiality, accounting?
Disclosure
Disobedience
Lawfulness
Skill
Which of the following actions would be a violation related to the unauthorized practice of law?
Predicting a tax increase in a geographic area
Predicting the return on investment for a rental property
Recommending a certain investment
Writing contract addenda or additional provisions that cover unfamiliar circumstances
Which one of the following specifies the forms that must be used to provide notice of single agency or non-representation?
Administrative Procedures Act
Brokerage Relationship Disclosure Act
Organizational Structure Act
Standardized Brokerage Forms Act
Which fiduciary duty requires agents to provide their clients with quality, knowledgeable, and prudent service, and live up to the trust that is placed in them?
Confidentiality
Loyalty
Obedience
Reasonable skill and care
You’ve entered into a nonrepresentation relationship with a buyer who wants to see one of your listings. What duties do you owe to that customer?
Deal honestly and fairly, account for all funds, and disclose material facts.
No duties are owed in a no-broker relationship.
Offer confidentiality, obedience, and loyalty.
Use skill and deal honestly and fairly.
When must a buyer client give written consent for a licensee to transition to a transaction broker role?
Before a licensee shows property to the buyer as a fiduciary
Before a transaction broker relationship may begin
When the buyer has previously agreed to a no-broker relationship
When the buyer is in a single-agency relationship with the licensee
What happens when your client asks you to do something that’s against the law?
According to the duty of obedience, you must obey, but document the request.
You must break your duty of obedience.
You must obey, but ask your client to sign a disclaimer for your actions.
You must report your client to the authorities.
Which fiduciary duty requires agents to keep any confidential information their clients share with them confidential?
Accounting
Confidentiality
Disclosure
Reasonable skill and care
Which of the duties owed in any authorized relationship is missing from this string? Account for all funds, deal honestly and fairly, and ______.
Be loyal
Disclose all material facts
Keep confidential information confidential
Provide full disclosure
Your buyer client wants to learn as much as they can and asks a lot of questions. Which of the following of your buyer client’s questions could you answer while staying within your scope of expertise?
Do the wood shavings outside the basement window mean there are termites in the home?
Is the mold in the basement the dangerous kind?
What are the property taxes for this property?
Will an investment in this property lower my income taxes?