Florida 45-hour SL Post License Study Exam Quiz

Florida 45-hour SL Post License Study Exam Quiz residential sale is defined as: - ANS property with four units or fewer, unimproved residential property intended for use of four units or fewer, or agricultural property of 10 acres or fewer. three types of required residential brokerage notices - ANS no brokerage relationship notice single agent notice consent to transition to transaction broker notice transaction broker owes the following seven duties to the customer: - ANS Dealing honestly and fairly. Accounting for all funds. Using skill, care, and diligence in the transaction. Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer. Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing. Limited confidentiality, unless waived in writing by a party. The transaction broker may not reveal to either party: that the seller might accept a price less than the asking or list price, that the buyer might pay a price greater than the price submitted in a written offer, the motivation of any party for selling or buying property, that a seller or a buyer will agree to financing terms other than those offered, and any other information requested by a party to remain confidential. Any additional duties that are entered into by this or a separate agreement. A single agent owes the following nine duties to the principal - ANS Dealing honestly and fairly Loyalty Confidentiality Obedience Full disclosure Accounting for all funds Skill, care, and diligence in the transaction Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing Disclosing all known facts that materially affect the value of residential real property and are not readily observable TRUE OR FALSE: If a principal who wants the single agent form of representation declines to sign a single agent notice, the licensee may still work as a single agent for that person but should note on the licensee's copy that the principal declined to sign - ANS TRUE TRUE OR FALSE: no brokerage relationship notice must be signed by prospective buyers and sellers of residential property before showing a property. - ANS FALSE - must be given to them Key message of Homeowner Association Notice? - ANS If the disclosure summary has not been provided to purchaser before executing this contract, this contract is voidable by buyer by delivering to seller or seller's agent written notice of the buyer's intention to cancel within 3 days after receipt of the disclosure summary or prior to closing, whichever occurs first Key message of Ad Valorem Tax Disclosure? - ANS Buyer should not rely on the seller's current property taxes as the amount of property taxes that the buyer may be obligated to pay What is Innocent Purchaser Status? - ANS An amendment to the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) that exempts from liability those landowners who made reasonable inquiries about hazardous substances before purchasing the property. What does the CAN-SPAM act of 2003 cover? - ANS establishes requirements for commercial email, spells out penalties for spammers, and gives consumers the right to ask emailers to stop spamming them