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?
Correct Answer
C) Provide factual market data and suggest the buyer consult with other professionals for valuation opinions
Correct: Transaction brokers can provide factual market information but should not give opinions or advice that would constitute advocacy for one party. Suggesting consultation with other professionals maintains the neutral role. Why not A: Providing detailed analysis and recommendations would exceed the transaction broker's limited representation role and constitute advocacy. Why not B: Giving pricing opinions or advice would violate the transaction broker's duty to remain neutral between parties. Why not D: Transaction brokers can provide factual information and are expected to use skill and diligence, which includes sharing relevant market data.
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More Authorized Relationships Disclosures Questions
Consent to transition from single agent to transaction broker in Florida must be:
In Florida, the default brokerage relationship when no disclosure is made is:
A Florida licensee working with a customer in a no brokerage relationship:
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