7004 Flashcards
(8 cards)
The Department of Business and Professional Regulation (the Department), created by F.S. _____, and the Florida Real Estate Commission (the Commission), created by F.S. _____, administer and enforce certain laws and are examples of administrative agencies empowered by statutes to enforce real estate law.
455
475
A ______________ is authorized under agency law by the employer to perform a single act.
The employment contract between the employer and agent establishes the limit of authority granted.
special agent
A subagency is not a type of agency; it is an extension of another agency. In other words. A ___________ is a party who has been granted authority to act on behalf of another agent. Under agency law, a this agent has the same duties to the principal as the agent who was empowered by the principal.
subagent
A subagency is not a type of agency; it is an extension of another agency. In other words. A ___________ is a party who has been granted authority to act on behalf of another agent. Under agency law, a this agent has the same duties to the principal as the agent who was empowered by the principal.
subagent
A sales associate is a general agent of the broker and automatically becomes a subagent of all the broker’s principals. As an agent of the broker, a sales associate has the same duties to the broker’s principals, as does the broker.
Broker & Sales Associate both have a ___________ relationship with the principal.
fiduciary
A ___________________ is a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent. [F.S. 475.01(1)(l)]
transaction broker
A broker has a duty to transmit any and all offers to the employer including oral offers or offers made without a ________________. Failure to present an offer could be considered ____________ or a breach of trust and could result in disciplinary action against the broker.
binder deposit
concealment
An agency relationship is created when a broker accepts employment under a single agency agreement. A broker may represent a seller or a buyer.
Any attempt to represent both parties in a transaction would create an illegal ______ agency. [F.S. 475.01(k)]
dual
