Florida 45-hour SL Post License Study Quizzes & Ans..

Florida 45-hour SL Post License Study Quizzes & Ans.. residential sale is defined as: 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. three types of required residential brokerage notices no brokerage relationship notice single agent notice consent to transition to transaction broker notice transaction broker owes the following seven duties to the customer: 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, and any other information requested by a party to remain confidential. Any additional duties that are entered into by this or a separate agreement. A single agent owes the following nine duties to the principal 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 TRUE OR FALSE: If a principal who wants the single agent form of representation declines to sign a single agent notice, the licensee may still work as a single agent for that person but should note on the licensee's copy that the principal declined to sign TRUE TRUE OR FALSE: no brokerage relationship notice must be signed by prospective buyers and sellers of residential property before showing a property.