Unit 4 Practice Exam Repeat

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Question 1 of 14

1. Question
Which is NOT a requirement for becoming a designated sales associate in a real estate transaction?
- The transaction be for non-residential property
- Buyer and seller each sign a statement the he or she has assets in excess of $1 million
- Buyer and seller request this representation status
- Buyer and seller must be given a notice of dual agency
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Question 2 of 14

2. Question
A real estate broker must retain all documents for real estate transactions that result in a written contract to purchase and sell real property for
- twelve months.
- two years.
- five years.
- seven years.
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Question 3 of 14

3. Question
A sales associate works in a realty company that is the single agent for a seller. The sales associate wants to show the house to a prospective buyer. Which choice is a legal way to accomplish this goal?
- Have the buyer sign a no brokerage relationship notice
- Become a designated sales associate
- Give the buyer a transaction broker notice
- Give the buyer a single agent notice
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Question 4 of 14

4. Question
Who authorizes an agent to handle business matters on his or her behalf?
- Fiduciary
- Arm’s length
- Principal
- Sales associate
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Question 5 of 14

5. Question
Which type of agent is authorized to act on all matters for his principal?
- Universal
- Special
- General
- Broker
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Question 6 of 14

6. Question
The law presumes that a broker is acting as a
- single agent.
- transaction broker.
- dual agent.
- designated broker.
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Question 7 of 14

7. Question
The three authorized brokerage relationships under Florida law are
- transaction broker, single agent, dual agent.
- transaction broker, designated sales associate, dual agent.
- single agent, dual agent, no brokerage relationship.
- transaction broker, single agent, designated sales associate.
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Question 8 of 14

8. Question
Which is defined as a residential sale?
- A quadruplex
- A 120-acre farm
- A vacant lot intended for use as a 6-unit apartment building
- A five-unit apartment building
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Question 9 of 14

9. Question
Which situation requires that a sales associate give a brokerage relationship disclosure?
- The rental of a one-family house
- Single agent selling a duplex
- When acting as a transaction broker
- Single agent selling a commercial building
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Question 10 of 14

10. Question
A transaction broker is NOT required to
- account for all funds.
- obey the principal.
- deal honestly and fairly.
- use skill, care, and diligence in the transaction.
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Question 11 of 14

11. Question
A buyer asks a transaction broker why the sellers are moving. Which duty requires that the broker not disclose the information?
- Limited confidentiality
- Dealing honestly and fairly
- Disclosing all known facts
- Accounting for all funds
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Question 12 of 14

12. Question
Transaction brokers
- must give a brokerage relationship notice to all customers.
- have the duty of limited confidentiality.
- must obey the instructions of the principal.
- have a fiduciary relationship with the customer.
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Question 13 of 14

13. Question
Which is NOT correct about single agents?
- Have the duty of obedience
- Must be loyal to the principal
- Must give the principal a single agent notice
- Have a nonfiduciary relationship with the principal
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Question 14 of 14

14. Question
Which is NOT a duty of a licensee with no brokerage relationship?
- Limited confidentiality
- Dealing honestly and fairly
- Disclosing all known facts that materially affect the value of residential property which are not readily observable
- Accounting for all funds entrusted to the licensee
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