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Flashcard Prompts Chapter 4: Fiduciary Relationship in Brokerage

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Flashcard Prompts Chapter 4: Fiduciary Relationship in Brokerage

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Questions and Answers

Does a transaction broker have the duty of complete trust and confidence (fiduciary) to his customers?

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?

Is dual agency permitted in Florida?

No Signup and view all the answers

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 Signup and view all the answers

What is a fiduciary relationship?

A relationship that contains complete trust and confidence. Signup and view all the answers

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. Signup and view all the answers

Which brokerage relationship contains a fiduciary relationship?

The single agent relationship. Signup and view all the answers

When is a licensee required to disclose all known defects that affect the value of residential property?

Always. Signup and view all the answers

If a contract is an 'as is' contract, does that remove the requirement of the licensee to disclose all known facts?

No. Signup and view all the answers

When is a licensee required to show the no brokerage relationship notice?

Before showing property. Signup and view all the answers