Gold Coast Florida Real Estate Exam -
Chapter 4 Questions and Answers
Statutory Law
Statutory law is enforced by - Answer-criminal courts.
Administrative Law
Statutes can authorize the creation and operation of administrative agencies to administer and enforce certain laws. Name the agencies
Chapter 455 created the ___
Chapter 475 created the ___ - Answer-Chapter 455 created the DBPR
Chapter 475 created the FREC
Types of Agency
An agent represents the interest of another party. Agency relationships are based on ___ and ___ - Answer-trust and confidence
Special Agent
A special agent is authorized by the employer to perform a - Answer-single act.
General Agent
A general agent has the principal's authority to act for him or her on a ___ basis, but with authority ____ ____ ____ ____ ____ ____ ____ ____ - Answer-Continuing basis and limited to a specific trade or business.
Example: A broker employed by an investor to manage all of his real estate is a general agent of the principal.
Universal Agent
Is authorized to act for and represent the principal in ___ matters, ___ limitation. - Answer-all matters and without limitations. This is usually authorized by a POA.
Subagent
A sub-agent is not a type of agency. it is an extension of another agency. In other words, a sub-agent is a party who has been granted authority to act on - Answer-behalf of another agent.
A sub-agent has the ____ duties to the principal as the agent who was empowered by the principal. - Answer-same duties
Brokerage Relationship Disclosure Act • Became effective on October ____ - Answer-1997 • As of 1997, all residential real estate professionals must use the disclosure forms specified in the... - Answer-Brokerage Relationship Disclosure Act
Authorized Brokerage Relationships
A broker is presumed to be acting as a _____ broker unless a single agency or no brokerage relationship has been established. - Answer-transaction broker
Transaction Broker
The role of a transaction broker is to provide
____ representation to a buyer - Answer-limited representation
Transaction Broker
Limited Representation allows a licensee to facilitate a r/e transaction by working with the buyer
the seller
both - Answer-both the buyer and the seller equally
An agency relationship is created when a broker accepts employment under a - Answer-single agency agreement.
In a single agency relationship, the employer becomes the - Answer-principle who authorizes the agent to perform certain services on his behalf
Single Agent
Name eight Fiduciary duties owed by an agent to the principal: - Answer-Confidentiality Obedience
Loyalty
Disclosure
Accountability
Skill, care, and diligence
Transition to Transaction Broker
Transition from one role to another may become necessary when a broker has been employed as a ___ ___ by a seller and is subsequently employed by buyer as a ___ ___. - Answer-single agent
As a single agent, if the buyer becomes interested in the seller's property, the broker would have two principals, which would be - Answer-an illegal dual agency.
What would need to be done to resolve an illegal dual agency relationship - Answer-
Transition from single agent to transaction broker would resolve this conflict.
Presenting Offers
A broker has a duty to transmit ___ and ___ offers to the employer including ___ offers or offers made without binder deposit. - Answer-any and all offers including oral offers made without a binder deposit.
Chapter 4 Questions and Answers
Statutory Law
Statutory law is enforced by - Answer-criminal courts.
Administrative Law
Statutes can authorize the creation and operation of administrative agencies to administer and enforce certain laws. Name the agencies
Chapter 455 created the ___
Chapter 475 created the ___ - Answer-Chapter 455 created the DBPR
Chapter 475 created the FREC
Types of Agency
An agent represents the interest of another party. Agency relationships are based on ___ and ___ - Answer-trust and confidence
Special Agent
A special agent is authorized by the employer to perform a - Answer-single act.
General Agent
A general agent has the principal's authority to act for him or her on a ___ basis, but with authority ____ ____ ____ ____ ____ ____ ____ ____ - Answer-Continuing basis and limited to a specific trade or business.
Example: A broker employed by an investor to manage all of his real estate is a general agent of the principal.
Universal Agent
Is authorized to act for and represent the principal in ___ matters, ___ limitation. - Answer-all matters and without limitations. This is usually authorized by a POA.
Subagent
A sub-agent is not a type of agency. it is an extension of another agency. In other words, a sub-agent is a party who has been granted authority to act on - Answer-behalf of another agent.
A sub-agent has the ____ duties to the principal as the agent who was empowered by the principal. - Answer-same duties
Brokerage Relationship Disclosure Act • Became effective on October ____ - Answer-1997 • As of 1997, all residential real estate professionals must use the disclosure forms specified in the... - Answer-Brokerage Relationship Disclosure Act
Authorized Brokerage Relationships
A broker is presumed to be acting as a _____ broker unless a single agency or no brokerage relationship has been established. - Answer-transaction broker
Transaction Broker
The role of a transaction broker is to provide
____ representation to a buyer - Answer-limited representation
Transaction Broker
Limited Representation allows a licensee to facilitate a r/e transaction by working with the buyer
the seller
both - Answer-both the buyer and the seller equally
An agency relationship is created when a broker accepts employment under a - Answer-single agency agreement.
In a single agency relationship, the employer becomes the - Answer-principle who authorizes the agent to perform certain services on his behalf
Single Agent
Name eight Fiduciary duties owed by an agent to the principal: - Answer-Confidentiality Obedience
Loyalty
Disclosure
Accountability
Skill, care, and diligence
Transition to Transaction Broker
Transition from one role to another may become necessary when a broker has been employed as a ___ ___ by a seller and is subsequently employed by buyer as a ___ ___. - Answer-single agent
As a single agent, if the buyer becomes interested in the seller's property, the broker would have two principals, which would be - Answer-an illegal dual agency.
What would need to be done to resolve an illegal dual agency relationship - Answer-
Transition from single agent to transaction broker would resolve this conflict.
Presenting Offers
A broker has a duty to transmit ___ and ___ offers to the employer including ___ offers or offers made without binder deposit. - Answer-any and all offers including oral offers made without a binder deposit.
