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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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?