Florida Authorized Relationships, Duties and Disclosures — Printable Practice Pack

Answer key & explanations

1. 1. D — When no brokerage relationship is established, the sales associate owes 3 duties to the parties: dealing honestly and fairly, accounting for all funds, and disclosing all known facts that materially affect the value of the property.
2. 2. D — When no brokerage relationship exists, a sales associate owes 3 duties to the parties, including dealing honestly and fairly.
3. 3. D — As a Single Agent, the sales associate must provide the seller with a Single Agent Notice, disclosing their fiduciary duties to the seller.
4. 4. D — All of the above brokerage relationships are available to a sales associate working with a seller to sell a commercial property, as the choice of brokerage relationship is not limited by the type of property.
5. 5. D — A No Brokerage Relationship has 3 duties to the parties in a real estate transaction, as outlined in s.475.278.
6. 6. D — The primary difference between a Single Agent and a Transaction Broker relationship is the level of fiduciary duty owed to the parties, with a Single Agent owing full fiduciary duties and a Transaction Broker owing limited representation with no fiduciary duty.
7. 7. D — Disclosures are not required in commercial transactions, as stated in s.475.278.
8. 8. D — As a Single Agent, the sales associate owes 9 fiduciary duties to the buyer, including loyalty, confidentiality, and full disclosure.
9. 9. C — A Single Agent owes 9 duties to their client, including loyalty, confidentiality, and full disclosure, among others.
10. 10. D — A written Consent to Transition is required for a Single Agent to transition to a Transaction Broker in Florida.
11. 11. D — To act as a Single Agent, the sales associate must provide the buyer with a Single Agent Notice, as required by s.475.278.
12. 12. A — As a Transaction Broker, the sales associate owes 8 duties to both parties, including accounting, disclosure, and limited confidentiality, as outlined in s.475.278.
13. 13. D — The Single Agent Notice is required to be provided to the buyer when a sales associate is acting as a Single Agent, as it outlines the fiduciary duties owed to the buyer.
14. 14. D — A Transaction Broker has 8 duties under Florida law, including dealing honestly and fairly, and disclosing all known facts.
15. 15. D — In a commercial real estate transaction, a Designated Sales Associate can represent the seller while another sales associate in the same brokerage represents the buyer.
16. 16. D — A Transaction Broker has 8 duties to the parties in a real estate transaction, as outlined in s.475.278.
17. 17. A — If a sales associate fails to provide the required brokerage relationship disclosure in a residential transaction, they will be subject to disciplinary action.
18. 18. D — A sales associate is required to provide a disclosure to the parties in residential sales transactions of 4 units or fewer, as this ensures that the parties are aware of the brokerage relationship and the duties owed to them.
19. 19. D — A sales associate is required to provide a disclosure to the client on residential sales of 4 units or fewer.
20. 20. A — A Transaction Broker owes 8 duties to the parties, including dealing honestly and fairly, and limited representation.