Unit 4: Florida Real Estate Exam Questions and Answers 100% Pass

Unit 4: Florida Real Estate Exam Questions and Answers 100% Pass administrative law - Correct Answer ️️ -Body of law created by administrative agencies in the form of rules, regulations, orders, and decisions. agent - Correct Answer ️️ -A person entrusted with another's business; the person authorized by the principal to act on the principal's behalf. at arm's length - Correct Answer ️️ -People conduct negotiations on their own behalf without trusting the other's fairness or integrity and without being subject to the other's control or influence. caveat emptor - Correct Answer ️️ -Latin for "let the buyer beware." common law - Correct Answer ️️ -Judge-made law manifested in decrees and judgments of the courts (case law) as opposed to statutory law. consent to transition - Correct Answer ️️ -A written agreement to gain the principal's permission to a change in brokerage relationship. customer - Correct Answer ️️ -A member of the public who is or may be a buyer or a seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship. designated sales associates - Correct Answer ️️ -Two real estate licensees from the same brokerage company designated to represent the buyer and the seller as single agents in nonresidential transactions. dual agency - Correct Answer ️️ -Representing both principals in a transaction (not a legal agency relationship in Florida). dual agent - Correct Answer ️️ -A broker who represents as a fiduciary both the buyer and the seller in a residential real estate transaction; dual agency is illegal in Florida. fiduciary - Correct Answer ️️ -Occurs when a broker is in a relationship of trust and confidence with the broker as agent and the seller or the buyer as principal. fraud - Correct Answer ️️ -The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person. general agent - Correct Answer ️️ -An agent authorized by the principal to handle the affairs related to a business or trade, or to handle all the business at a certain location; for example, a property manager. Limited Representation - Correct Answer ️️ -Transaction brokers provide a limited form of nonfiduciary representation to a buyer, a seller, or both in a real estate transaction. misrepresentation - Correct Answer ️️ -The misstatement of fact or the omission or concealment of a factual matter no brokerage relationship - Correct Answer ️️ -The parties may agree that the brokerage firm will not represent the buyer or the seller at all. The brokerage