CHAPTER FOUR QUIZ

For how long must a broker retain documents and records relating to a transaction?

A licensee has a nonrepresentation relationship with a transaction principal. What fiduciary duties does the licensee owe to that person?

Designated sales associates are used when

Brokerage relationship disclosure records must be retained

An owner’s agent is showing a buyer an apartment building. The buyer notices water stains on the ceiling, and informs the agent. The agent’s best course of action is to

An outside broker locates a seller for a buyer representative’s client. In this instance, the outside broker is acting as

An agency relationship may be involuntarily terminated for which of the following reasons?

The essence of the agency relationship between an agent and a principal can best be described as a relationship of

What is a designated sales associate?

An agent owes customers several duties. These may be best described as

When may a licensee acting as a single agent transition to a transaction brokerage relationship with a principal?

Agent Bob, who works for Broker Bill, obtains an owner listing to lease a building. Bill’s other agent, Sue, locates a tenant for Bob’s listing. This situation is illegal in Florida unless

Which duty is required in a nonrepresentation relationship?

A single agency disclosure must be made

Which of the following statements is true?

Which of the following statements is true?

A principal empowers an agent to conduct the ongoing activities of one of her business enterprises. This is an example of

Which type of brokerage relationship is illegal in Florida?

A principal instructs an agent to market a property only to families on the north side of town. The agent refuses to comply. In this case,

Implied agency arises when

A property seller empowers an agent to market and sell a property on his behalf. This is an example of

In an agency relationship, the principal is required to

A licensee acting as a transaction broker