Chapter 4: Authorized Relationships, Duties, and Disclosures Flashcards Preview

Florida Real Estate Sales Associate License > Chapter 4: Authorized Relationships, Duties, and Disclosures > Flashcards

Flashcards in Chapter 4: Authorized Relationships, Duties, and Disclosures Deck (46)
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1

_____ law is unwritten law, created by decisions of courts.

Common

2

_____ law is written law that have been enacted by legislative bodies.

Statutory

3

_____ law are rules and regulations created by administrative agencies.

Administrative

4

true/false: Administrative agencies can place you in jail.

false

5

An agent authorized by the principal to perform a single act.

special agent

6

An agent authorized by the principal to act on their behalf on a continuing basis, but with limited authority.

general agent

7

An agent authorized by the principal to act of their behalf in all matters.

universal agent

8

If a broker is the principal's agent, the sales associate working for them is the _____.

subagent

9

A sales associate is a _____ agent of the broker.

general

10

Provides limited representation to the customer(s). No fiduciary obligation.

transaction broker

11

The default relationship you enter into with customers in Florida is a _____ _____ relationship.

transaction brokerage

12

A transaction brokerage relationship requires _____ disclosures.

verbal

13

______ is a party with which a broker has entered a single agent relationship.

Principal

14

_____ _____ relationships require a fiduciary commitment to the principal.

Single agent

15

In a _____ _____ _____, the broker has only 3 duties to the customer.

no brokerage relationship

16

true/false: During an open house, a sales associate must disclose the type of relationship to potential buyers.

false

17

Single agency and no brokerage relationships require _____ disclosures.

written

18

true/false: Leasing with no option to buy is an exempt from disclosure of the type of relationship.

true

19

Confidentiality, obedience, loyalty, and full disclosure are examples of duties in which relationship?

single agent

20

Any attempt to represent both parties to a transaction creates a(n) _____ _____ ______.

illegal dual agency

21

true/false: If an agent breaches fiduciary duty to a principal, the principal can bring civil action against the agent.

true

22

true/false: You may use "and its Associates" on a single agent notice form in lieu of listing all of the sales associates.

true

23

If a principal refuses to agree to a transition to transaction broker, the broker must _____.

continue to act as a single agent

24

When must the disclosure of a no brokerage relationship take place?

before the showing of property

25

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.

true

26

Which two relationship types require presenting all offers and counteroffers?

single agent and transaction broker

27

A form titled "Single Agent Notice" nust be completed _____, or _____, entering into a listing agreement. (when?)

before, or at the time of

28

Dealing honestly and fairly, disclosing all known facts that affect property value, and accounting for all funds are the only duties in a _____ relationship.

no brokerage

29

A no brokerage relationship form _____ required to be signed or initialed.

is not

30

Written disclosures _____ apply to nonresidential sales.

do not