11 Questions
Does a transaction broker have the duty of complete trust and confidence (fiduciary) to his customers?
No
Does a single agent have the duty of complete trust and confidence (fiduciary) to his principals/clients?
Yes
Can a transaction broker or single agent ever discuss with the other party the motivations of their party?
No
Is dual agency permitted in Florida?
No
Which disclosure form must be signed by the principal when the broker is transitioning from a single agent to a transaction broker relationship?
The Consent to Transition to Transaction Broker Disclosure Form
What is a fiduciary relationship?
A relationship that contains complete trust and confidence.
What are the three brokerage relationship options a broker has with a member of the public?
Single agent, transaction broker, and the no brokerage relationship.
Which brokerage relationship contains a fiduciary relationship?
The single agent relationship.
When is a licensee required to disclose all known defects that affect the value of residential property?
Always.
If a contract is an 'as is' contract, does that remove the requirement of the licensee to disclose all known facts?
No.
When is a licensee required to show the no brokerage relationship notice?
Before showing property.
Test your knowledge on fiduciary relationships in the brokerage industry with these flashcard prompts from Chapter 4. Learn about the different brokerage relationship options and which one involves a fiduciary relationship.
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