Florida Post-License 45 Exam With 100% Correct Answers

Florida Post-License 45 Exam With 100% Correct Answers Single Agent - answerA broker who represents either the seller or the buyer in a real estate transaction, but not both. Dual Agency - answerAn illegal arrangement whereby the broker tries to represent both the buyer and the seller in the same transaction. A residential sale is defined as: - answer-property with four units or fewer, -unimproved residential property intended for use of four units or fewer, or -agricultural property of 10 acres or fewer. The three types of required residential brokerage notices include the following: - answer-no brokerage relationship notice -single agent notice -consent to transition to transaction broker notice Appraising - answerThe process of estimating the market value of property. Single Agent Notice - answerA disclosure form informing the principal of the duties of his single agent. Transaction Broker - answerA licensee who has limited representation to the buyer, the seller, or both in a transaction. Instead of being an advocate for the buyer or the seller, the licensee is working for the contract. Customer - answerA person who works with a sales associate or a broker. While the person could be a principal, the usual definition is that the broker is either a transaction broker or has no brokerage relationship with the person. Transaction broker duties - answer-Dealing honestly and fairly. -Accounting for all funds. -Using skill, care, and diligence in the transaction. -Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer. -Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing. -Limited confidentiality, unless waived in writing by a party. The transaction broker may not reveal to either party:that the seller might accept a price less than the asking or list price,that the buyer might pay a price greater than the price submitted in a written offer,the motivation of any party for selling or buying property,that a seller or a buyer will agree to financing terms other than those offered, andany other information requested by a party to remain confidential. -Any additional duties that are entered into by this or a separate agreement. Principal - answer(1) The person who enters into a fiduciary relationship with a single agent licensee. (2) The amount of money remaining due on a mortgage loan. Fiduciary Relationship - answerA relationship of trust and confidence between an agent and a principal. Singe AGent Duties - answer-Dealing honestly and fairly -Loyalty -Confidentiality -Obedience -Full disclosure -Accounting for all funds -Skill, care, and diligence in the transaction -Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing -Disclosing all known facts that materially affect the value of residential real property and are not readily observable Buyer Brokerage Agreement - answerAn agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, a transaction broker, or a nonrepresentative. Consent To Transition To Transaction Broker Notice - answerA disclosure form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change. Fiduciary Relationship - answer-A relationship of trust and confidence between an agent and a principal. -Only single agent relationship creates this Role of Sales Associate - answerSales associates are agents of their registered brokers. If a seller's broker has a listing, that broker and all the sales associates in that firm represent the seller. No brokerage relationship notice - answerA disclosure that must be given by a licensee who does not represent a buyer or a seller before entering into an agreement or showing a property. Need not be signed. no brokerage relationship duties - answer-Dealing honestly and fairly -Disclosing all known facts that materially affect the value of the residential real property that are not readily observable to the buyer -Accounting for all funds entrusted to the licensee No Broker Relationship Example - answerBroker Helen lists the Smiths' home as a single agent. Later, Helen shows it to Mr. Jon