TheoryFlorida Real Estate 25 26 Practice Test Video
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Q1How many principals may a single agent represent in a single real estate transaction?
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✓ Correct answer: One
A single agent represents only one principal (buyer or seller) in a transaction, which is the hallmark of single-agent relationships. Representing both parties in the same transaction would create a dual agency, which requires written consent.
Q2Which of the following is NOT one of the fiduciary duties owed by a single agent to the principal under Florida law?
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✓ Correct answer: Subrogation
Florida Statute §475.278 lists the single-agent duties as dealing honestly and fairly, loyalty, confidentiality, obedience, full disclosure, accounting for all funds, skill/care/diligence, presenting all offers, and disclosing all known facts. Subrogation is an insurance term, not a real estate agency duty.
Q3A seller tells her single agent that she will accept $270,000 even though her list price is $299,000. The broker should:
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✓ Correct answer: Keep this information strictly confidential and not disclose it to any buyer
Under the duty of confidentiality in a single-agent relationship, the broker must not disclose the seller's minimum acceptable price (motivating factor) to any buyer. Disclosing it would breach the seller's fiduciary relationship.
Q4Which of the following best describes a transaction broker in Florida?
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✓ Correct answer: A broker who provides limited representation to a buyer, seller, or both in a transaction
A transaction broker provides limited representation and assists the buyer and/or seller in the transaction but does not owe full fiduciary duties. They facilitate the transaction rather than represent one side exclusively.
Q5Which duty is NOT owed by a transaction broker to a buyer or seller under Florida Statute §475.278?
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✓ Correct answer: Loyalty
Transaction brokers do not owe the fiduciary duty of loyalty (or confidentiality) because they do not represent either party exclusively. The duties of dealing honestly, accounting for funds, and presenting offers are still required of transaction brokers.
Q6A transaction broker may disclose which of the following about a seller to a prospective buyer?
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✓ Correct answer: That the seller is motivated to sell quickly due to a job relocation
A transaction broker may disclose that a party is motivated (e.g., job relocation) because this is the type of factual information that facilitates the transaction. However, confidential personal financial data or health information would still be protected from disclosure.
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