Flashcards in Chapter 4: Authorized Relationships, Duties, and Disclosures Deck (46)
_____ law is unwritten law, created by decisions of courts.
_____ law is written law that have been enacted by legislative bodies.
_____ law are rules and regulations created by administrative agencies.
true/false: Administrative agencies can place you in jail.
An agent authorized by the principal to perform a single act.
An agent authorized by the principal to act on their behalf on a continuing basis, but with limited authority.
An agent authorized by the principal to act of their behalf in all matters.
If a broker is the principal's agent, the sales associate working for them is the _____.
A sales associate is a _____ agent of the broker.
Provides limited representation to the customer(s). No fiduciary obligation.
The default relationship you enter into with customers in Florida is a _____ _____ relationship.
A transaction brokerage relationship requires _____ disclosures.
______ is a party with which a broker has entered a single agent relationship.
_____ _____ relationships require a fiduciary commitment to the principal.
In a _____ _____ _____, the broker has only 3 duties to the customer.
no brokerage relationship
true/false: During an open house, a sales associate must disclose the type of relationship to potential buyers.
Single agency and no brokerage relationships require _____ disclosures.
true/false: Leasing with no option to buy is an exempt from disclosure of the type of relationship.
Confidentiality, obedience, loyalty, and full disclosure are examples of duties in which relationship?
Any attempt to represent both parties to a transaction creates a(n) _____ _____ ______.
illegal dual agency
true/false: If an agent breaches fiduciary duty to a principal, the principal can bring civil action against the agent.
true/false: You may use "and its Associates" on a single agent notice form in lieu of listing all of the sales associates.
If a principal refuses to agree to a transition to transaction broker, the broker must _____.
continue to act as a single agent
When must the disclosure of a no brokerage relationship take place?
before the showing of property
true/false: A consent to transition to transaction broker can be signed or initialed ahead of time, in case the relationship need to be transitioned later.
Which two relationship types require presenting all offers and counteroffers?
single agent and transaction broker
A form titled "Single Agent Notice" nust be completed _____, or _____, entering into a listing agreement. (when?)
before, or at the time of
Dealing honestly and fairly, disclosing all known facts that affect property value, and accounting for all funds are the only duties in a _____ relationship.
A no brokerage relationship form _____ required to be signed or initialed.