Agency
Under Florida law, designated sales associates may be used in a single-agent relationship when:
AThe buyer and seller both agree in writing to transaction brokerage
BThe buyer and seller are non-residential clients with assets over $1 million✓ Correct
CThe property is listed at or above $500,000
DThe broker determines it is in the best interest of both parties
Explanation
Florida's designated sales associate provision applies only to non-residential transactions where both the buyer and seller have assets over $1 million. Different sales associates in the same office can represent each party as single agents.
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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.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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