Chapter 475.278, Florida Statutes sets forth authorized brokerage relationships; presumption of transaction brokerage; required disclosures. The following is a summary of the section of law pertaining to brokerage relationships. Show (1) BROKERAGE RELATIONSHIPS (a) Authorized brokerage relationships A real estate licensee in this state may enter into a brokerage relationship as either a transaction broker or as a single agent with potential buyers and sellers. A licensee may change from one brokerage relationship to the other as long as the buyer or the seller, or both, give consent as required by subparagraph (3)(c)2 before the change and the appropriate disclosure of the duties as provided in this part is made to the buyer or seller. A customer is not required to enter into any brokerage relationship with any real estate licensee. It is presumed that all licensees are operating as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer. A TRANSACTION BROKER relationship provides a limited form of representation to a buyer, seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The duties of a real estate licensee in this limited form of representation in-clude the following: (a) Dealing honestly and fairly; (b) Accounting for all funds; (c) Using skill, care, and diligence in the transaction; (d) Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer; (e) Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; (f) Limited confidentiality, unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and (g) Any additional duties that are mutually agreed to with a party. The duties of a real estate licensee owed to a buyer or seller who engages the real estate licensee as a SINGLE AGENT include the following: 1. Dealing honestly and fairly; 2. Loyalty; 3. Confidentiality; 4. Obedience 5. Full Disclosure 6. Accounting for all funds; 7. Skill, care, and diligence in the transaction; 8. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing; and 9. Disclosing all known facts that materially affect the value of residential real property and are not readily observable. Duties of a single agent must be fully described and disclosed in writing to a buyer or seller either as a separate and distinct disclosure document or included as part of another document such as a listing agreement or other agreement for representation. The disclosure must be made before, or at the time of entering into a listing agreement or purchase agreement. A single agent relationship may be changed to a transaction broker relationship at any time during the relationship between an agent and principal, provided the agent first obtains the principal’s written consent to the change in relationship. This disclosure must be in writing to the principal (the party with whom you have a fiduciary relationship) either as a separate and distinct document or included as part of other documents such as a listing agreement or other agreements for representation. Although parts of the law may seem confusing, your real estate agent should be able to explain these disclosures and forms of representation. The foregoing is not intended to be legal advice. Mario D’Artagnan is a broker associate with Miloff Aubuchon Realty Group, Inc. Mario is a former investigator for the Florida Real Estate Commission. He is also a former real estate instructor. Mr. D’Artagnan is a published author and has been a keynote speaker on the subject of agency law. Mario is also a veteran of the U.S. Air Force. For questions or comments contact Mr. D’Artagnan at: or call 239-565-4445. Who owes fiduciary duties in a single agency relationship? (a) The broker only (b) The principal only (c) Both parties (d) Neither party All of the following activities are exempt from the requirement to provide disclosures under the Brokerage Relationship Disclosure Act, EXCEPT: (a) Sales staff at a new development center (b) Showing property to a party that is not being represented (c) A bona fide open house or model home showing that does not involve eliciting confidential information, the execution of a contractual offer or an agreement for representation, or negotiations concerning price terms, or conditions of a potential sale (d) Responding to general factual questions from a potential buyer or seller concerning properties that have been advertised for sale (b) Showing property to a party that is not being represented As an agent, a broker is employed by and acts on behalf of whom? (a) A buyer (b) A seller (c) A customer (d) A principal In which of the following situations does a general agency relationship exist? (a) When a broker is employed to market a property (b) When a sales associate is working with a customer (c) When a sales associate is employed by a broker (d) When a broker is employed by a buyer (c) When a sales associate is employed by a broker Broker Joan just received an oral offer to purchase a listed property. No earnest money accompanied the oral offer. Which of the following statements is correct? (a) Joan must present the offer. (b) Joan should not present the offer since no earnest money deposit was received. (c) Joan must advise the customer that an earnest money deposit is required to make an offer valid. (d) Joan should reject the offer on behalf of the seller. (a) Joan must present the offer. Which of the following statements best describes a transaction broker? (a) A transaction broker is an agent of both parties. (b) A transaction broker has fiduciary duties to the seller. (c) A transaction broker has fiduciary duties to the buyer. (d) A transaction broker provides limited representation to both parties. (d) A transaction broker provides limited representation to both parties. An agent failed to advise a principal regarding the value of the owner’s property prior to accepting a listing. Which fiduciary duty did the agent breach? (a) Loyalty (b) Disclosure (c) Accounting (d) Obedience Broker Tom sold a property which was listed with broker Alice. Tom was unable to attend the closing, so Alice collected the entire commission. Alice refused to pay Tom his share of the commission. What could Alice be charged with? (a) Failure to account (b) Collecting an overage (c) Commingling (d) Fraud Mary, an Ohio broker, accompanied a customer to Florida and met with broker Stan in his office in Miami. While Stan showed the customer property and obtained a binding contract for the purchase of a condominium, Mary took some time off and went to the beach. When Mary returned to Stan’s office, she discovered that Stan had written a contract and demanded a share of the commission. Which statement is correct? (a) Stan may share the commission with Mary. (b) Mary violated the real estate license law by accompanying the customer to Florida. (c) If Stan pays Mary a share of the commission, Stan will be in violation of the license law. (d) If Stan pays Mary a share of the commission, both Stan and Mary will be in violation of the license law. (a) Stan
may share the commission with Mary. What is an agent required to do in an agency relationship? (a) Obtain the highest price possible. (b) Attempt to obtain the most favorable price and terms on behalf of the principal. (c) Obtain the lowest price possible. (d) Negotiate the transaction to receive the highest possible commission. (b) Attempt to
obtain the most favorable price and terms on behalf of the principal. When can an agent disclose confidential or harmful information about a principal? (a) At any time (b) During the fiduciary relationship period only (c) After the transaction is completed and the fiduciary relationship is over (d) Never Each of the following is contained in the definition of a residential transaction, EXCEPT: (a) Unimproved property intended for four units or fewer (b) Agricultural properties of ten acres or less (c) Leases with options to purchase all or a portion of improved property of four or fewer residential units (d) Dispositions of business interests involving property of five or more residential units (d) Dispositions of business interests involving property of five or more residential units When can both parties in a transaction pay a broker a commission? (a) When the broker has performed. (b) When both parties are aware of the dual commission. (c) When both parties are being represented by the broker. (d) When both parties agree to the dual commission. (d) When both parties agree to the dual commission. All of the following provide control of agency relationships in real estate, EXCEPT: (a) F.S. 475 (b) Common law (c) The Brokerage Relationship Disclosure Act (d) The Department of Financial Services (d) The Department of Financial Services Which of the following statements best describes policy and procedure manuals? (a) Policy and procedure manuals are maintained by all real estate offices. (b) Policy and procedure manuals are required by law. (c) Policy and procedure manuals are a major cause of arguments. (d) Policy and procedure manuals are useful in maintaining good relations within a brokerage office. (d) Policy and procedure manuals are useful in maintaining good relations within a brokerage office. A broker has appointed two sales associates to act as agents in a nonresidential transaction, one for the seller and one for the buyer. Which statement is correct? (a) This is an illegal dual agency. (b) The sales associates are referred to as designated sales associates. (c) Buyer and seller must have combined assets of $1 million. (d) The FREC will revoke the licenses of the broker and both sales associates. (b) The sales associates are referred to as designated sales associates. Each of the following relationships is adversarial, EXCEPT: (a) Arm's length (b) Buyer beware (c) Caveat emptor (d) Fiduciary Fairness and honesty are required of all licensees in which brokerage relationship? (a) Single agency only (b) Transaction brokerage only (c) Nonrepresentational one (d) Any real estate transaction (d) Any real estate transaction According to the Brokerage Relationship Disclosure Act, which is the only brokerage relationship form that must be signed or initialed? (a) Single Agency Disclosure (b) Transaction Broker Disclosure (c) Consent to Transition to Transaction Broker (d) Important Information Disclosure (c) Consent to Transition to Transaction Broker Which of the following statements is correct regarding a broker's authority to act on behalf of the principal? (a) A broker can refuse offers on behalf of the principal. (b) A broker can buy the listed property without consent of the principal. (c) A broker must follow all legal instructions of the principal or withdraw. (d) A broker must ignore the instructions of a principal when the instructions are not in the best interests of the principal. (c) A broker must follow all legal instructions of the principal or withdraw. In many brokerage relationship situations, the broker gives permission for the sales associate to work directly with a principal. Which of the following is true in this situation? (a) The broker gives up the fiduciary relationship with the principal. (b) The broker has a fiduciary relationship with the sales associate, but not with the principal. (c) The sales associate is no longer under the supervision or direction of the broker. (d) The sales associate has a fiduciary relationship with both the broker and the principal. (d) The sales associate has a fiduciary relationship with both the broker and the principal. In regards to agency relationships, which statement is most correct? (a) A special agent is only authorized to perform a single act on behalf of the principal. (b) A dual agency is the preferred relationship in Florida. (c) A sales associate is a general agent of the broker’s principals. (d) A fiduciary relationship cannot be created without the payment of compensation. (a) A special agent is only authorized to perform a single act on behalf of the principal. Sal, a properly licensed Arizona broker, forms a relationship with Betty, a properly licensed Florida broker. Sal agrees to refer potential buyers to Betty, and in return, Betty agrees to pay Sal 25% of her commission as a referral fee. Jorge, a competitor of Betty's, discovers the relationship and files a complaint with DBPR. What will an investigation of the complaint most likely determine? (a) The Florida real estate license law was not violated. (b) Broker Betty violated F.S. 475 by paying the commission to Sal. (c) Since Sal accepted the commission, both brokers violated F.S. 475. (d) Sal violated Florida's real estate license law by asking Betty to pay a referral fee. (a) The Florida real estate license law was not violated. Which of the following best describes the practice of dual agency in Florida? (a) Dual agency is legal, provided it is disclosed to both parties. (b) Dual agency is another name for Transaction Brokerage. (c) Dual agency is a violation of Florida Statute 475. (d) Florida law creates a presumption of dual agency unless another relationship is formed. (c) Dual agency is a violation of Florida Statute 475. A prospective purchaser made a written offer to purchase a home listed by broker Ben. Before Ben presented the offer to the seller, a second prospective purchaser made a verbal offer of $180,000, but did not put the offer in writing, and did not provide any earnest money. Which statement correctly describes Ben's situation? (a) Ben is not required to submit the oral offer. (b) Ben must only present the written offer since the law requires him to present offers in the order they are received. (c) Ben should not present the oral offer because oral offers not accompanied by an earnest money deposit are worthless. (d) Ben is required to present both offers to the seller. (d) Ben is required to present both offers to the seller. A real estate licensee who is working with a seller receives a call from another broker stating that, "I am representing a buyer as the buyer's broker. I'm standing in front of one of your listed properties with my buyer." What can the licensee infer from this conversation? (a) The licensee is required to collect the No Brokerage Relationship Disclosure prior to giving any information to the broker. (b) The agent who is calling is in a single agency relationship. (c) The buyer's broker must first contact the listing broker for permission to enter into this relationship. (d) Unless the licensee is a single agent for the seller, the licensee should stay away from this transaction. (b) The agent who is calling is in a single agency relationship. A home was listed and sold within 24 hours. The buyer felt that the broker did not earn the full commission called for in the contract and requested that the broker rebate $3,000 at closing. The broker agreed. Which of the following statements is correct? (a) This is a violation of F.S. 475 and the broker would be subject to disciplinary action by the FREC. (b) This is a violation of F.S. 120. (c) This is legal, provided that all parties are informed and agree. (d) This is acceptable, as long as the rebate does not exceed 10% of the purchase price. (c) This is legal, provided that all parties are informed and agree. A seller with nonrepresentation (no brokerage relationship) informed an agent that he is selling his home due to a divorce, and for that reason would take $20,000 below market value. The agent told a potential buyer "If I were you, I would offer $20,000 less than the asking price. The seller is in in the middle of a nasty divorce, and you'll likely get a good deal." Which of the following statements is correct? (a) The agent should not have disclosed this information due to limited confidentiality, and disciplinary action may be taken by the FREC. (b) The agent has an implied loyalty to the seller to obtain offers as close to market value as possible. (c) The agent may disclose the above information in a No Brokerage Relationship. (d) The agent was in compliance by telling the buyer to offer less, but violated the law by telling the buyer about the divorce. (c) The agent may disclose the above information
in a No Brokerage Relationship. Regarding single agency, which of the following statements is most correct? (a) The licensee would be a designated agent, which is acceptable in residential transactions. (b) A licensee may represent the buyer and seller as a single agent in the same transaction. (c) A licensee may represent both parties in the same transaction, but must be careful what is said to each party. (d) A licensee is prohibited from representing the buyer and seller as a single agent in the same transaction. (d) A licensee is prohibited from representing the buyer and seller as a single agent in the same transaction. Which brokerage relationship status includes a full fiduciary relationship? (a) Single Agency (b) Transaction Broker (c) Dual Agency (d) Nonrepresentation (no brokerage relationship) Anxious to close a deal, a sales associate agreed to kick back part of her commission to the buyer. Which of the following best describes this situation? (a) This is a violation of F.S. 475 and the licensee would be subject to discipline. (b) This arrangement is acceptable provided all parties are notified and agree. (c) This is a violation of F.S. 455. (d) Provided the kickback does not exceed 10% of the total commission due, it would be a legal arrangement. (b) This arrangement is acceptable provided all parties are notified and agree. Which of the authorized brokerage relationships in Florida owes fiduciary duties to the client?Who owes fiduciary duties in a single agency relationship? The single agency relationship is the only one that establishes a fiduciary relationship, which legally allows the seller or buyer as principal to place trust and confidence in the broker as his or her agent.
What kind of authorized brokerage relationships are allowed under Florida law?(a) Authorized brokerage relationships. —A real estate licensee in this state may enter into a brokerage relationship as either a transaction broker or as a single agent with potential buyers and sellers. A real estate licensee may not operate as a disclosed or nondisclosed dual agent.
What are the brokerage relationships in Florida?The statute clarifies that the relationship between a licensee and agency can work one of three ways: a transaction broker, a single agent, and a no-brokerage relationship. All three relationships must adhere to the following duties: Loyalty, confidently, and obedience.
Who does fiduciary duties in a single agency relationship?Agents who represent clients under a single agency have a fiduciary responsibility to the client—they cannot share confidential information with the other party or the other party's agent. Single agency agents must use care and due diligence to perform duties, disclose all material facts, and be honest.
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Which one of the following authorized brokerage relationships includes fiduciary duties in Florida?
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