In a Ocala transaction, a buyer wants the Florida rule on limited duties owed in a no-brokerage relationship. Which statement is correct?
Correct Answer
A) In a no-brokerage relationship, the licensee owes honesty and fairness, disclosure of known material facts affecting value that are not readily observable to the buyer, and accounting for all funds.
In a no-brokerage relationship, the licensee owes honesty and fairness, disclosure of known material facts affecting value that are not readily observable to the buyer, and accounting for all funds. This follows F.S. § 475.278(4)-(5); Pearson VUE Florida Sales Associate CIB.
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HOA disclosure requires informing buyers about the existence, rules, fees, financial health, and restrictions of a homeowners association governing the property. This information helps buyers understand their obligations before purchase.
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A material defect is a condition that significantly affects the value, desirability, or safety of a property and that would likely influence a reasonable buyer's decision to purchase or the price they would pay.
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Agent Santos is a single agent for seller Rivera in Miami Beach. Santos discovers Rivera is his cousin, which he failed to disclose initially. The buyer has submitted an offer. What must Santos do immediately?
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Audit memo Harbor Memo highlights this Florida rule. In a Tallahassee transaction, a closing coordinator wants the Florida rule on limited duties owed in a no-brokerage relationship. Which statement is correct?