chapter 6 quiz questions only  – answers will be revealed with Post-License subscriptions

1 of 10 – All of the following are true about Florida real estate disclosure laws EXCEPT?
Disclosure rules do not apply to nonresidential transactions.
That compensation determines whether an agency or transactional brokerage relationship exists.
Disclosure rules do not apply to auctions.
Disclosure rules do not apply to the rental or leasing of real property unless an option is given.

2 of 10 – Which of the following is not allowed under Florida law?
Dual agency.
Single agency.
Nonrepresentation agency.
Transaction agency.

3 of 10 – Your sellers need to fill out a Property Disclosure Statement, but they are gone for two weeks on vacation. What should you do?
Ask the Commission for a Property Disclosure Exemption.
Either wait for them to return from vacation or email them the form so they can fill it out themselves.
Do not bother with a Disclosure Statement; the home is in great shape.
Call them, and talk them through the Disclosure Statement, marking down the answers they give you.

4 of 10 – You received your license on June 15, 2016. It will have to be renewed by?
30-Sep-17
31-Mar-18
15-Jun-18
30-Sep-18

5 of 10 – Your buyers are anxious to get into a home. Finances have been a challenge and they have finally found a mortgage broker willing to work with them. They find a home they really like and want to make an offer. The home is older and not in the best condition, so you suggest they have a home inspector take a good look at the house. Your buyers refuse, saying they do not want to spend the extra money since they have already received a copy of the Property Disclosure Statement. You?
Fill out the sales contract and make the offer. If you push too hard, they may change their minds and not buy a house at all.
Re-state your concerns and ask them to reconsider, explaining that you understand their wish to save money, but that finding any material defects now could save them a lot in the long run.
Should pay for the home inspection yourself. Then charge them a higher commission at closing.
Take them on another walkthrough of the home. Maybe you can locate any material defects yourselves.

6 of 10 – What two types of laws govern agency relationships?
Fiduciary law and mandatory law
Judicial law and de facto law
Common law and statutory law
Average law and enforced law

7 of 10 – The obligations of a transaction broker include all EXCEPT?
Dealing honestly and fairly.
Accounting for all funds entrusted to the broker.
Using skill, due care and diligence.
Disclosing that the buyer will pay a higher price than offered.

8 of 10 – When does a designated sales associate come into the transaction?
When a seller has assets of more than $1 million and has requested a designated sales associate.
When both the buyer and seller have assets of $1 million or more and have requested designated sales associates.
When the broker determines that there is a danger of undisclosed dual agency.
When the FREC requires this of a broker.

9 of 10 – Which type of authorized brokerage relationship requires no disclosure notice prior to showing a property?
Single agency
No Brokerage relationship
Designated Agency
Transaction Brokerage

10 of 10 – Which of the following would not end the agency relationship?
The bankruptcy of the client
The signing of a sales contract
The expiration of the listing agreement
The completion of closing