Agency
A Florida real estate licensee working as a transaction broker has which of the following duties?
AFiduciary duties to both the buyer and the seller
BLoyalty, confidentiality, and obedience to both parties
CLimited representation including dealing honestly and fairly, accounting for funds, and using skill and care✓ Correct
DNo duty of disclosure since neither party is a client
Explanation
A transaction broker provides limited representation. The duties include: dealing honestly and fairly, accounting for all funds, using skill, care, and diligence, disclosing known facts, presenting all offers and counteroffers, and limited confidentiality.
People Also Study
Related Florida Questions
- A Florida licensee's fiduciary duties under a single agent relationship include 'obedience.' This duty means the licensee must:Agency
- A Florida transaction broker provides limited representation. Which duty does a transaction broker NOT owe to the parties?Agency
- A Florida property manager's fiduciary duties to the property owner include all of the following EXCEPT:Property Management
- Under Florida law, the duty of 'skill, care, and diligence' owed by a transaction broker means:Agency
- A Florida licensee using the 'transaction broker' form of representation has obligations to the seller. When the seller asks the transaction broker not to disclose that the roof leaks, the broker:Agency
- A licensee in Florida who engages in 'dishonest dealing by trick, scheme, or device' may have their license:Florida License Law
- What is the license status called when a Florida licensee is not currently working under a broker but their license is active with DBPR?Florida License Law
- Under FREC's rules, a Florida real estate licensee's advertisement must include:Florida License Law
Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Study This Topic
Practice More Florida Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Florida Quiz →