Broker Lee represents both parties in a transaction but has not appointed designated sales associates. Sales Associate Garcia works with both the buyer and seller. What type of relationship exists?
Correct Answer
B) Standard dual agency without designated sales associates
This is standard dual agency without designated sales associates since the broker represents both parties but hasn't made specific designations. It's not designated sales associate representation since no appointments were made. It's not transaction brokerage since the broker is acting as an agent. It's not illegal if proper disclosures and consent were obtained.
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Related Topics & Key Terms
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Consent to transition from single agent to transaction broker in Florida must be:
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- → 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?
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- → 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?
- → A Florida transaction broker assists both parties without fiduciary representation. Which listed action is not among that broker's duties?
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- → Which duty is NOT owed by a Florida transaction broker?
- → A Florida single agent owes the principal all duties EXCEPT: