Florida Real Estate Exam 2024 with 100% correct answers

administrative law - correct answer -Body of law created by administrative agencies in the form of rules, regulations, orders, and decisions. agent - correct answer -A person entrusted with another's business; the person authorized by the principal to act on the principal's behalf. at arm's length - correct answer -People conduct negotiations on their own behalf without trusting the other's fairness or integrity and without being subject to the other's control or influence. caveat emptor - correct answer -Latin for "let the buyer beware." common law - correct answer -Judge-made law manifested in decrees and judgments of the courts (case law) as opposed to statutory law. consent to transition - correct answer -A written agreement to gain the principal's permission to a change in brokerage relationship. customer - correct answer -A member of the public who is or may be a buyer or a seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship. designated sales associates - correct answer -Two real estate licensees from the same brokerage company designated to represent the buyer and the seller as single agents in nonresidential transactions. dual agency - correct answer -Representing both principals in a transaction (not a legal agency relationship in Florida). dual agent - correct answer -A broker who represents as a fiduciary both the buyer and the seller in a residential real estate transaction; dual agency is illegal in Florida. fiduciary - correct answer -Occurs when a broker is in a relationship of trust and confidence with the broker as agent and the seller or the buyer as principal. fraud - correct answer -The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person. general agent - correct answer -An agent authorized by the principal to handle the affairs related to a business or trade, or to handle all the business at a certain location; for example, a property manager. Limited Representation - correct answer -Transaction brokers provide a limited form of nonfiduciary representation to a buyer, a seller, or both in a real estate transaction.