Agency
Which of the following is a characteristic of an 'implied agency' in Florida real estate?
ACreated by a written brokerage agreement
BCreated by the actions and conduct of the parties rather than a formal written agreement✓ Correct
COnly occurs in commercial transactions
DRequires FREC approval
Explanation
Implied agency arises from the behavior and conduct of the parties — not from a written contract. In Florida, a licensee can unintentionally create an implied agency relationship by acting as if they represent a party without a formal agreement.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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.
State-Specific Concepts
FREC Regulation
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