In a Ocala transaction, a buyer wants the Florida rule on single-agent loyalty. Which statement is correct?
Correct Answer
C) A Florida single agent owes loyalty, confidentiality, obedience, full disclosure, accounting, skill, care, diligence, and timely presentation of offers.
A Florida single agent owes loyalty, confidentiality, obedience, full disclosure, accounting, skill, care, diligence, and timely presentation of offers. This follows F.S. § 475.278(3); Pearson VUE Florida Sales Associate CIB.
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A stigmatized property is one that has an undesirable reputation due to events that occurred on the property or nearby, such as a murder, suicide, alleged haunting, or proximity to a registered sex offender. The stigma is psychological, not physical.
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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:
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A transaction broker discovers that the buyer and seller are actually related (brother and sister) but neither has disclosed this relationship. The price appears to be significantly below market value. What should the transaction broker do?
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Broker Johnson represents seller Martinez in the sale of a commercial property. During negotiations, the buyer's agent asks Johnson if Martinez would accept $50,000 less than the listed price. Johnson knows Martinez is facing foreclosure and desperately needs to sell quickly. What should Johnson do?