Agent Thompson is a single agent for seller Wilson in Sarasota. Thompson learns that a major employer in the area will be closing, likely affecting property values. When must Thompson disclose this information?
Correct Answer
B) Immediately to Wilson, but not to potential buyers
Correct: Thompson must immediately disclose material information to principal Wilson but has no duty to disclose it to potential buyers, as they represent Wilson's interests. Why not A: The duty to disclose to the principal is not conditional on being asked. Why not C: Single agents owe disclosure duties to their principal, not to the other party. Why not D: Information that materially affects property value must be disclosed to the principal.
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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:
Agent Rodriguez discovers that a property has had previous termite damage that was repaired. The seller instructs Rodriguez not to disclose this information to potential buyers. What should Rodriguez do?
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 Smith's firm represents the seller under a single agent relationship. During the transaction, the buyer asks Broker Smith to also represent them. If Broker Smith agrees, what must happen?
- → 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?
- → A Florida real estate brokerage has a policy that all licensees work as transaction brokers unless a single-agent relationship is specifically requested in writing. A prospective buyer calls the office asking about listed properties. Under current Florida law (F.S. 475.278), what disclosure obligation applies regarding the transaction-broker relationship?
- → 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?
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Broker Mike has been working as a single agent for seller Janet for 60 days. A potential buyer approaches Mike directly and asks him to also represent them in purchasing Janet's property. Mike wants to help both parties. What is the correct procedure for Mike to follow under Florida law?
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Single agent Rodriguez represents buyer Adams in Tallahassee. Adams asks Rodriguez to submit an offer $20,000 below asking price on a property Rodriguez knows has multiple offers at full price. What should Rodriguez do?