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?
Correct Answer
B) Convert to transaction broker for both parties
Under Florida Statute Chapter 475 Part II, Florida has effectively abolished dual agency; when a single agent for the seller also wishes to represent the buyer, the parties must give written consent to transition the relationship to transaction brokerage, where the licensee provides limited representation to both.
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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 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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