Florida Real Estate Final Exam Prep (New 2
m m m m m m m
023/ 2024 Update) Grade A_ Questions and V
m m m m m m m
erified Answers_ 100% Correct
m m m
QUESTION
What maremthem3mformsmof mbrokeragemrelationships?
Answer:
1. SinglemAgency
2. TransactionmAgency
3. NomBrokerage
QUESTION
What mismFLOC?
Answer:
Fm-
mFullmDisclosuremL m
-mLoyalty
Om-mObediance
Cm-mConfidentiality
QUESTION
Whenmdomyoumhavemtomdisclosemtomsomeonemif myourmaremgoingmtombemamSinglemAgent,mNomBrokera
gemormTransactionalmAgent?
Answer:
Not mamfirst mcontact
QUESTION
If msomeonemwantsmlimited mrepresentationmof mamrealmestatembrokermbut mdoesn't mwant mtombemlegallyml
iablemformthemactsmof mthemlicensee,mwhat mtypemof mbrokeragemrelationshipmshould mbemchosen?
,Answer:
TransactionmBrokerm(Nonmfiduciary)
QUESTION
InmamSinglemAgent mRelationship,mdoesmthembrokermrepresent mbothmthembuyermand mthemseller?
Answer:
No.mAnmSAmonlymrepresentsmeithermthembuyermORmthemsellerm(fiduciary)
QUESTION
Dutiesmof m"NomBrokerage"mare
Answer:
1. Honest mand mFairmDealing
2. FactsmAffectingmValuem(material)
3. AccountingmformFunds
QUESTION
Dutiesmof m"TransactionalmBrokerage"mare
Answer:
1. Honest mand mFair
2. FactsmAffectingmValue
3. Accountingmformfunds
4. Skill,mCaremand mDiligence
5. Present mallmoffers
6. Limited mConfidentialitym(neutral)
7. AnymadditionalmDuties
QUESTION
Dutiesmof m"SinglemAgent"mare
,Answer:
1. Honest mand mFair
2. FactsmAffectingmValue
3. Accountingmformfunds
4. Skill,mCaremand mDiligence
5. Present mallmoffers
6. Limited mConfidentialitym(neutral)
7. AnymadditionalmDuties
8. FLOCm(fullmdisclosure,mloyalty,mobediance,mconfidentiality)
QUESTION
DomTransactionalmBrokersmhavemPrinciplesmormClients?
Answer:
No.mTheymhavemProspectsmormCustomers
QUESTION
What mdoesmCaveat mEmptormmean?
Answer:
Let mthemBuyermBeware.mUsuallymapplied mtomtransactionsmwheremthempartiesmhavemconflictingminter
ests.mThismdoesmNOTmapplymtomamSinglemAgencymrelationship.
QUESTION
IsmFullmDisclosuremrequired mof mamTransactionalmBroker?
Answer:
No.
QUESTION
InmamNomBrokeragemormSinglemAgent mrelationship,mwrittenmdisclosuremappliesmtomwhom?
Answer:
, SinglemFamilymResidential.mIncludes:
1. 1-4munits
2. Vacant mland mzoned mform1-4munits
3. Agriculturalmland mof m10mormlessmacres
4. Lease-optionmtompurchasem1-4mresidentialmunits
QUESTION
AcemRealtymismrepresentingmthemsellermand mthembuyermasmtransactionmbroker.mAssocmHenrymtellsmth
emprospectivembuyermthat mhembelievesmthemsellermwould maccept m$10,000mlessmthanmthem$200,000mlis
t mprice.mWhichmdutymhasmAssocmHenrymviolated?
Answer:
Limited mConfidentiality
QUESTION
Anmoffermof m$200,000monmamcontract mformpurchasemand msalemhasmbeenmaccepted mbymthemseller.mSub
sequent moffersmcanmwhat?
Answer:
Bemsubmitted muntilmclosingmwhenmthemtitlemismtransferred.
QUESTION
AmSalesmAssocmshowsmampropertymwhichmthembrokeragemfirmmhasmlisted mformsalemtomamprospectivem
buyer.mThemsalesmassociatemismconsidered mwhat mtomthembroker?
Answer:
Amgeneralmagent mof mthembroker
QUESTION
Whenmismamsinglemagent mbrokeragemrelationshipmterminated?
Answer:
1. Deathmof mPrinciplemagent
m m m m m m m
023/ 2024 Update) Grade A_ Questions and V
m m m m m m m
erified Answers_ 100% Correct
m m m
QUESTION
What maremthem3mformsmof mbrokeragemrelationships?
Answer:
1. SinglemAgency
2. TransactionmAgency
3. NomBrokerage
QUESTION
What mismFLOC?
Answer:
Fm-
mFullmDisclosuremL m
-mLoyalty
Om-mObediance
Cm-mConfidentiality
QUESTION
Whenmdomyoumhavemtomdisclosemtomsomeonemif myourmaremgoingmtombemamSinglemAgent,mNomBrokera
gemormTransactionalmAgent?
Answer:
Not mamfirst mcontact
QUESTION
If msomeonemwantsmlimited mrepresentationmof mamrealmestatembrokermbut mdoesn't mwant mtombemlegallyml
iablemformthemactsmof mthemlicensee,mwhat mtypemof mbrokeragemrelationshipmshould mbemchosen?
,Answer:
TransactionmBrokerm(Nonmfiduciary)
QUESTION
InmamSinglemAgent mRelationship,mdoesmthembrokermrepresent mbothmthembuyermand mthemseller?
Answer:
No.mAnmSAmonlymrepresentsmeithermthembuyermORmthemsellerm(fiduciary)
QUESTION
Dutiesmof m"NomBrokerage"mare
Answer:
1. Honest mand mFairmDealing
2. FactsmAffectingmValuem(material)
3. AccountingmformFunds
QUESTION
Dutiesmof m"TransactionalmBrokerage"mare
Answer:
1. Honest mand mFair
2. FactsmAffectingmValue
3. Accountingmformfunds
4. Skill,mCaremand mDiligence
5. Present mallmoffers
6. Limited mConfidentialitym(neutral)
7. AnymadditionalmDuties
QUESTION
Dutiesmof m"SinglemAgent"mare
,Answer:
1. Honest mand mFair
2. FactsmAffectingmValue
3. Accountingmformfunds
4. Skill,mCaremand mDiligence
5. Present mallmoffers
6. Limited mConfidentialitym(neutral)
7. AnymadditionalmDuties
8. FLOCm(fullmdisclosure,mloyalty,mobediance,mconfidentiality)
QUESTION
DomTransactionalmBrokersmhavemPrinciplesmormClients?
Answer:
No.mTheymhavemProspectsmormCustomers
QUESTION
What mdoesmCaveat mEmptormmean?
Answer:
Let mthemBuyermBeware.mUsuallymapplied mtomtransactionsmwheremthempartiesmhavemconflictingminter
ests.mThismdoesmNOTmapplymtomamSinglemAgencymrelationship.
QUESTION
IsmFullmDisclosuremrequired mof mamTransactionalmBroker?
Answer:
No.
QUESTION
InmamNomBrokeragemormSinglemAgent mrelationship,mwrittenmdisclosuremappliesmtomwhom?
Answer:
, SinglemFamilymResidential.mIncludes:
1. 1-4munits
2. Vacant mland mzoned mform1-4munits
3. Agriculturalmland mof m10mormlessmacres
4. Lease-optionmtompurchasem1-4mresidentialmunits
QUESTION
AcemRealtymismrepresentingmthemsellermand mthembuyermasmtransactionmbroker.mAssocmHenrymtellsmth
emprospectivembuyermthat mhembelievesmthemsellermwould maccept m$10,000mlessmthanmthem$200,000mlis
t mprice.mWhichmdutymhasmAssocmHenrymviolated?
Answer:
Limited mConfidentiality
QUESTION
Anmoffermof m$200,000monmamcontract mformpurchasemand msalemhasmbeenmaccepted mbymthemseller.mSub
sequent moffersmcanmwhat?
Answer:
Bemsubmitted muntilmclosingmwhenmthemtitlemismtransferred.
QUESTION
AmSalesmAssocmshowsmampropertymwhichmthembrokeragemfirmmhasmlisted mformsalemtomamprospectivem
buyer.mThemsalesmassociatemismconsidered mwhat mtomthembroker?
Answer:
Amgeneralmagent mof mthembroker
QUESTION
Whenmismamsinglemagent mbrokeragemrelationshipmterminated?
Answer:
1. Deathmof mPrinciplemagent
