Under Florida law, a transaction broker provides which type of representation?
Correct Answer
D) Limited representation with specific duties to facilitate the transaction
Correct: D - Limited representation with specific duties to facilitate the transaction. A transaction broker provides limited representation to both parties with specific statutory duties designed to facilitate the transaction while maintaining neutrality. Why not A: This option is incorrect because "Full fiduciary representation to both buyer and seller" does not match the rule tested by the question. The correct answer is "Limited representation with specific duties to facilitate the transaction". A transaction broker provides limited representation to both parties with specific statutory duties designed to facilitate the transaction while maintaining neutrality. Why not B: This option is incorrect because "No representation, acting only as a facilitator" does not match the rule tested by the question. The correct answer is "Limited representation with specific duties to facilitate the transaction". A transaction broker provides limited representation to both parties with specific statutory duties designed to facilitate the transaction while maintaining neutrality. Why not C: This option is incorrect because "Fiduciary representation to the party who pays the commission" does not match the rule tested by the question. The correct answer is "Limited representation with specific duties to facilitate the transaction". A transaction broker provides limited representation to both parties with specific statutory duties designed to facilitate the transaction while maintaining neutrality.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A property condition disclosure is a written statement by the seller detailing the known condition of the property, including defects, repairs, and issues with major systems. Most states require sellers to complete this form.
Protected classes are groups of people who are legally shielded from discrimination based on specific characteristics.
Radon disclosure involves informing buyers about the presence or potential presence of radon gas in a property. Radon is a naturally occurring radioactive gas that can accumulate in buildings and is the second leading cause of lung cancer.
More Authorized Relationships Disclosures Questions
Under Florida law (F.S. § 475.272 and § 475.278), which statement most accurately describes Florida's rules on brokerage relationships in a residential real estate transaction?
Consent to transition from single agent to transaction broker in Florida must be:
Real estate licensee Mike is working as a transaction broker in a commercial property sale. The buyer asks Mike for his opinion on whether the asking price is fair for the property. How should Mike respond?
A Florida real estate licensee provides market analysis information to a property owner who is considering selling their home, but does not assist with negotiations or provide advice. The licensee receives no compensation. What type of relationship exists?
Listing agent Kevin receives an inquiry from buyer agent Rachel about his listed property. Rachel wants to schedule a showing for her client tomorrow morning. When must Kevin provide disclosure to Rachel's client?
- → In Florida, the disclosure of brokerage relationship must be made:
- → Agent Lopez represents seller Garcia as a single agent. During negotiations, Lopez learns that the buyer is being transferred by his company and must close within 30 days or lose the opportunity. Garcia's property has been on the market for 8 months. How should Lopez use this information?
- → In Florida, when does a licensee have a no brokerage relationship with a consumer?
- → In a Tampa transaction, a buyer wants the Florida rule on buyer-and-seller same-transaction scenarios. Which statement is correct?
- → Agent Mitchell is a single agent for seller Brown in Naples. Brown asks Mitchell to lie about the age of the roof to potential buyers. How should Mitchell respond?
- → In a Tampa transaction, a buyer wants the Florida rule on lawful transition from single agent to transaction broker. Which statement is correct?
- → Licensee Rodriguez is working as a single agent for seller Williams on a Tampa Bay condo. When must Rodriguez provide the single agent disclosure to prospective buyers?
- → ABC Realty represents both the buyer and seller in the same transaction. The broker has appointed Sales Associate Johnson to represent the buyer and Sales Associate Martinez to represent the seller. What type of agency relationship exists?
- → In a dual agency with designated sales associates, the buyer's agent learns the seller is facing foreclosure and needs to close quickly. The seller's agent doesn't know this information. What should the buyer's agent do?
- → Broker Chen represents buyer Park as a single agent. Park finds a property he likes, but Chen discovers the property has a lien that the seller hasn't disclosed. The seller's agent is unaware of the lien. What should Chen do?
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Previous Question
A licensee is working as a transaction broker for both the buyer and seller in a residential sale. The seller mentions they are willing to accept $10,000 less than the listed price, but asks the licensee not to tell the buyer. What should the transaction broker do?
Next Question
In a Tampa transaction, a buyer wants the Florida rule on transition from single agent to transaction broker. Which statement is correct?