If a sales associate is working with a buyer in a residential transaction as a customer, not a client, what type of brokerage relationship must be disclosed?
Designated sales associate
Nonrepresentation
Single agent
Transaction broker
Which one of the following authorized brokerage relationships includes fiduciary duties in Florida?
Dual agency
Non-representation
Single agency
Transaction brokerage
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
Florida’s Brokerage Relationships Disclosure Act requirements apply to transactions involving which one of the following properties?
A duplex
A grocery store
High-rise apartment building
Office building
Informing parties of material facts related to a transaction describes which duty?
Accounting
Disclosure
Loyalty
Reasonable skill and care
Which duties owed by a transaction broker are missing from this list: deal honestly and fairly; account for all funds; present all offers; disclose material facts; and use skill, care, and diligence.
Act as a dual agent.
Inspect all properties.
Maintain limited confidentiality.
Perform appraisals as requested.
Which type of brokerage relationship is prohibited for transactions involving residential sales in Florida?
Dual agency
No brokerage relationship
Subagency
Transaction broker
For how long must a broker keep written disclosures of brokerage relationships on file?
Five years after the close of the transaction
Four years after the close of the transaction
Six years after the close of the transaction
Three years after the close of the transaction
Why might someone want to transition from a single agent representation to transaction broker representation in Florida?
A client may agree to the transition because they want the broker to put their interests first, above all others involved in the transaction.
A client may agree to transition to a more limited type of representation in order to keep working with the same brokerage.
The transaction broker owes the client fiduciary duties.
The transaction broker owes the client more duties.
Carrying out a client’s instructions describes the duty of ______.
Accounting
Loyalty
Obedience
Reasonable skill and care
Which authorized brokerage relationship in Florida owes the most duties to a client?
Dual agent
No brokerage relationship
Single agency
Transaction broker
Business is hopping, and you’re managing four sales at once! Which of your clients should have received a written agency notice?
Seller of a 16-unit apartment complex
Seller of an ice cream parlor
Seller of a triplex
Seller of vacant land zoned for agricultural use
What is the difference between working with a party as a transaction broker or as a single agent in Florida?
A transaction broker is not a fiduciary; a single agent is a fiduciary.
The transaction broker is a fiduciary, and the single agent is not a fiduciary.
The transaction broker owes more duties than the single agent.
The transaction broker relationship must be disclosed because single agency is the presumed brokerage relationship.
While hosting an open house, the agent speaks with prospective buyers. They’re interested in the house, but think the listing price is a little high. They ask the agent what other incentives they could include in their offer to get the seller to come down on their price. If the agent helps them, what duty may she be breaching?
Accounting
Loyalty
Obedience
Reasonable skill and care
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
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 one of the following transactions does NOT require disclosure of a single agent brokerage relationship?
The sale of a 6-acre agricultural property
The sale of a lot for building a residential duplex
The sale of a residential property with three units
The sale of a retail store
What authorized brokerage relationship is presumed in Florida unless specified in writing otherwise?
Designated sales associate
Nonrepresentation
Single agent
Transaction broker
A broker has designated one sales associate to work with a seller and another sales associate to work with a buyer on the same commercial transaction. What must the parties disclose?
Assets of $1 million or more
Nothing, the broker is required to make a written disclosure of the relationship
That the transaction involves a nonresidential property
That the transaction involves a property to be developed as a residential property
How many duties are owed by a designated sales associate?
Nine
Seven
Three
Zero
What are the disclosure requirements for a transaction broker?
Written disclosure is not required.
Written disclosure must be included in a listing agreement.
Written disclosure must be provided in a separate document.
Written disclosure must be provided in duplicate.
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
When must a single agent brokerage relationship be disclosed?
At first contact
At first in person contact
Before showing property as a fiduciary
Before submitting an offer or accepting an offer
When pitching the benefits of full representation to a potential client, you can list which of the following duties as exclusive to a single agent relationship?
Accounting for funds
Disclosure of material facts
Honesty and fairness
Loyalty
If a sales associate is working with a seller on a residential transaction and has not given the seller a brokerage relationship disclosure, what is the brokerage relationship if the sales associate is complying with Florida’s Brokerage Relationship Disclosure Act?
Working as a designated sales associate
Working as a single agent
Working as a transaction broker
Working with no brokerage relationship
Which of the following duties are among those owed by a designated sales associate?
Commercial duties
Confidentiality, obedience, loyalty, and full disclosure
Designated sales associates do not owe any duties
Limited representation and limited confidentiality
What is particular about the duty of confidentiality as it’s owed by transaction brokers?
Confidentiality only applies when representing a buyer or seller, not both.
It is limited.
It is unlimited.
There is no confidentiality owed.
Which one of the following statements about the designated sales associate method of representation is true?
A designated sales associate acts as a single agent.
Agricultural transactions cannot use the designated sales associate method of representation.
In the request for designated sales associate representation, the buyer or seller fills in the name of the sales associate they are requesting.
The designated sales associate method of representation may only be used when the buyer and seller’s combined assets equal $1 million.
Why must nonrepresentation be established in writing in Florida?
Because the presumed brokerage relationship is designated sales associate.
Because the presumed brokerage relationship is no brokerage relationship.
Because the presumed brokerage relationship is single agency.
Because the presumed brokerage relationship is transaction broker.
If a party to a residential transaction in Florida wants a licensee to put the party’s interest before all other interests, what brokerage relationship should the licensee recommend?
Dual agency
No brokerage relationship
Single agency
Transaction broker
While explaining the benefits of representation to a potential buyer, the buyer asks if you can help get a good rate on a mortgage. How should you respond?
“Of course! That’s part of my duties.”
“Only if we keep it between us.”
“Sorry, that’s outside the scope of my expertise.”
“Yes, for an extra fee.”
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.
What fiduciary duty means putting the clients’ interests ahead of the agent’s interests?
Accounting
Loyalty
Obedience
Reasonable skill and care
What is required in order to transition from a single agent to a transaction broker in Florida?
Disclosure of the duties owed by all authorized brokerage relationships is required.
Nothing, because single agents are not allowed to transition to the transaction broker relationship.
The clients must disclose that they have assets over $1 million.
The parties must receive written disclosure notice.
The sale of vacant land is considered a residential transaction in which of the following cases?
It’s zoned for one to four residential units.
The property once contained a residential property.
The representing agent is a residential sales agent.
The total amount of land sold is 15 acres or fewer.
When must the no brokerage relationship be disclosed to parties in a real estate transaction?
Before meeting with the parties
Before signing a listing agreement
Before the showing of the property
Before the transaction closes
Why might a client prefer to work with a designated sales associate?
Designated sales associates owe limited, nonfiduciary duties.
Designated sales associates owe the least amount of duties to clients.
The client is working with a broker and would like to proceed with a transaction with another client of the broker.
The client might prefer a no brokerage relationship.
Can a broker designate sales associates to work a buyer and a seller in the same residential transaction?
No, designated sales associates may only be used for any nonresidential transaction.
No, designated sales associates may only work on nonresidential transactions if both the buyer and seller disclose assets of over $1 million.
Yes, designated sales associates may work with a buyer and a seller in the same residential transaction.
Yes, designated sales associates may work with a buyer and seller if both disclose that their assets are over $1 million.
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
Which of the authorized brokerage relationships in Florida owes fiduciary duties to the client?
Dual agency
No brokerage relationship
Single agency
Transaction broker
Brokers may assign the designated sales associate method of representation when the transaction is ______ and the buyer and seller each have assets of $1 million or more.
Agricultural
Industrial
Non-residential
Residential
Which of the following is true of the disclosure requirements of Florida’s Brokerage Relationship Disclosure Act?
The disclosure may be provided in a separate document or included in another document, as long as it’s conspicuous.
The disclosure must be included in a buyer representation agreement.
The disclosure must be included in a listing agreement.
The disclosure must be provided in a separate document.
In order to work in Florida with a seller as a customer in a residential transaction, what type of brokerage relationship should a licensee disclose?
Designated sales associate
No brokerage relationship
Single agent
Transaction broker
You’re speaking to a potential buyer client who thinks agents just drive up the price of the house in order to increase their commission. Which fiduciary duty should you mention when explaining why that wouldn’t happen in an agency relationship?
Confidentiality
Disclosure
Loyalty
Obedience
A seller who wants to be represented in a residential transaction by a fiduciary is seeking what authorized brokerage relationship in Florida?
Dual agency
Nonrepresentation
Single agency
Transaction broker
Why were the Brokerage Relationship Disclosure Act requirements enacted?
To define the qualifications for real estate licensure.
To eliminate any confusion by the parties as to who is represented by whom.
To establish education standards for real estate licensees.
To establish rules regarding real estate advertising.
In which of the following transactions must nonrepresentation be disclosed?
A boutique restaurant
A hotel franchise
A split-level ranch home
A storage warehouse
Which of the following activities would constitute a breach of the duty to use skill, care, and diligence?
Performing a market analysis to determine a market value range for a home
Performing an appraisal to determine the value of a home
Searching for property on the MLS
Showing a model home to an unrepresented buyer
How must a single agent brokerage relationship for a residential transaction be disclosed?
As part of a listing agreement
In writing
On a form provided by the Florida Real Estate Commission
Verbally
Which of the following properties is considered to be nonresidential or commercial?
15 acres of vacant land zoned for agricultural use
Duplex
Five-acre farm
Four-unit apartment building
What disclosure is required for transitioning from single agent to transaction broker in Florida?
Both parties have assets of $1 million.
The transaction involves a non-residential property.
The transaction involves a residential property.
Written notice of the change in brokerage relationship and what duties are owed as a transaction broker is required.
5sect.unit1.CeSh.PreLic.Qonly.txt
An individual is a partner in CRL Brokerage. The liability is limited to the amount of money they have invested. What type of partner is this individual?
Close
Franchisee
General
Limited
Which of the following tasks would require a real estate license in Florida?
Assemble closing documents
Calculate a commission check
Host an open house
Place a for-sale sign in a front yard
Which item is required to be a part of every broker’s office?
Adequate heating and cooling
A private room within which to conduct closings and negotiations
Ergonomic desks and chairs
Telephones for every associate and unlicensed assistant
Dolcita is an unlicensed assistant for licensee Glynnis at Gator Realty in Destin. Which of the following best describes how Dolcita can be compensated for her work?
As a percentage of Glynnis’s earned commission
Hourly, salaried, or as a percentage of Glynnis’s earned commission
Hourly, salaried, or per activity
Hourly, salaried, per activity, per transaction closed, or as a percentage of Glynnis’s earned commission
What would a broker need to do to begin using a temporary shelter on a permanent basis in which to conduct business?
Display a temporary shelter sign outside the building.
Equip the building with a phone to make emergency calls.
Nothing; temporary shelters do not need anything else, whether used on a regular or permanent basis
Register the shelter as a branch office with the DBPR and display the appropriate signage.
Mike and Ike set up a real estate company. Mike, Ike, and Spike each own a portion of the stock. Mike & Ike Realty is a legal entity of its own. Mike is involved in a ______.
Corporation
Limited liability company
Partnership
Sole proprietorship
What must every broker register with the DBPR in order to maintain an active broker’s license?
A permanent office location with at least one private room
A sale log with all home sales listed by price
A temporary shelter
A valid driver’s license and proof of vehicle insurance
What must a broker associate do to obtain multiple licensure?
Broker associates aren’t permitted to hold multiple licenses.
File an application and pay a transfer fee to the DBPR.
Pass the multiple brokerage examination.
Submit an application and fee to the DBPR with the signature of the broker they wish to work under as a broker associate.
ABC Realty’s broker just left. If a new broker is not identified within 14 days, what will happen?
Brokerage registration will be canceled.
Cease-and-desist orders will be issued.
Interpleader will be used to bring legal action.
Penalties and fines will accrue at $1,000 a day.
In this type of corporation, stockholders, directors, and company officers are typically the same people.
Close
Franchise
General
Limited
Loretta is an unlicensed assistant in Ft. Lauderdale. Which of the following tasks is she permitted to perform for her broker?
Assemble closing documents.
Call prospective clients to solicit business.
Host an open house.
Interpret contract information for a client.
A broker plans to open a brokerage. What might make him select a sole proprietorship legal structure?
They want control over branding.
They want to enter the market with a recognized brand.
They want to minimize their personal liability.
They want to share liability.
What is multiple licensure?
A broker who also holds a firm license
A broker working at two brokerages
An out-of-state licensee holding an in-state license at the same time
A salesperson getting licensed as a property manager
What must a broker do to open a branch office in another state?
Agree to cooperate with any investigations under Florida statute.
Appear before a judge to plead the intent to operate outside the state
Franchise the brokerage.
Sign and date the registration application form for out-of-state branch offices.
What position may a sales associate or broker associate hold in a corporation?
Director
Officer
Qualifying broker
Shareholder
Stefan is an unlicensed assistant for the Ace Team at Acme Realty in Florida. Which of these activities can he perform?
Calculate commissions for team members.
Explain listing information to a client.
Host an open house.
Solicit business for the team.
Which of these options is a legal license association in Florida?
A broker working at his own firm while working as a broker associate at another firm
A broker working with two brokerages with permission from both
A sales associate working for two brokerages at the same time
A sales associate working on her own without a supervising broker
Which type of legal structure may be either general or limited in type?
Corporation
Limited liability corporation
Partnership
Sole proprietorship
Camila, a broker, has approval to work at another brokerage while maintaining her own broker firm. What is this called?
Dual agency
Licensure by reciprocity
Multi-licensure
Multiple licensure
What are some roles and responsibilities of your sponsoring broker in Florida?
Has no responsibility for you.
Maintains your license in the broker’s office, supervises and trains you, and is responsible for your actions for at least the first two years of your career.
Provides a signature and nothing else.
Responsible for making sure you show up to work each day.
Broker Amanda hires Jake to be an assistant at her firm in Sarasota. She would like to compensate Jake on a completed-transaction basis. For this to be permissible, Jake must ______.
Be licensed
Be paid in cash
Receive no more than $4,000 in a single month
Report the income on his taxes
You’ve just spent the last year affiliated with another broker. How much longer do you have to be affiliated before you qualify for a broker’s license?
Another three years
Eight more years
One more year
Only until you’re 21 years old
Regarding their employment classification, unlicensed assistants in Florida are most often ______.
Dependent contractors
Employees
Independent contractors
Unpaid interns
How do you change supervising brokerages in Florida?
File an affidavit from both brokerages approving the switch at the county clerk’s office.
Just start working at the new brokerage.
Request that your existing and new brokers complete the termination and affiliation processes respectively.
Tell your current brokerage you’re leaving after your license is transferred to the new brokerage.
What is a broker required to maintain?
A monthly update to any police profiles
An office space within which to privately conduct business negotiations and closings
Membership status with the NAR
Up-to-date dental records
How many days does a brokerage corporation have to replace a vacating qualifying broker before its registration is canceled?
14 days
30 days
One day
Seven days
What’s one benefit to affiliating with a broker?
Increased liability
Lack of administrative support
Split commission with the broker
Training
You should ______ before you affiliate with a broker.
Ask lots of questions
Ask only about the commission rate
Build your own website
Refrain from asking any questions
How long must you be affiliated with a broker before you can qualify for a broker’s license?
10 years
720 hours
One year of full-time work
Two years
Which type of partner shares full personal liability for the partnership’s debts and obligations?
Close
Franchisee
General
Limited
Which item is optional for a broker to include on office signage?
Associate names and license statuses
Broker’s name
“Licensed real estate broker”
The firm’s name
Which of the following is required to register a brokerage with the DBPR?
Business name and at least one licensed active broker
Multiple licensure
Names and addresses of limited partners or shareholders
Tax records for the previous year
When must a branch office must be registered with the DBPR?
If the structure is a permanent building only.
Never
Only trailers used out in subdivisions to conduct business while a client is visiting must be registered as branch offices.
When the use of the office and the activities performed there are for more than just emergency shelter from inclement weather.
When selecting a broker to affiliate with you should ______.
Do your homework and pick one who is located in the area where you would like to work and is a good fit
Not ask any questions about the training programs that are offered
Pick the closest one to your house
Pick the most recognizable one in town and work for the broker, despite low pay and lack of attention
Which of the following is true about corporations?
A close corporation is one located near the company headquarters.
A general corporation passes on liability to the owners.
Corporations are separate entities.
Owners in a close corporation turn the reins over to a board of directors.
Which one of these people qualifies for multiple licensure?
Bethany, who is almost finished with her 180 hours of broker education and is ready to take her broker’s examination.
Eric, who works for the largest real estate firm in the state as a sales associate.
Jason, a registered administrative clerk and licensed sales associate.
Luiz, a licensed broker at his own small backwoods real estate firm.
Eliza is an unlicensed assistant for the In It to Win It Team at Everglades Realty in Miami. Tom is an associate broker on the team. Which of these activities must be performed by Tom and not Eliza?
Assembling documents for closing
Following up on a loan’s processing status with a mortgage broker
Negotiating a commission with a client
Writing advertisements for broker approval