Unit 4: Florida Real Estate Exam (Passed!)

administrative law correct answers Body of law created by administrative agencies in the form of rules, regulations, orders, and decisions. agent correct answers A person entrusted with another's business; the person authorized by the principal to act on the principal's behalf. at arm's length correct answers People conduct negotiations on their own behalf without trusting the other's fairness or integrity and without being subject to the other's control or influence. caveat emptor correct answers Latin for "let the buyer beware." common law correct answers Judge-made law manifested in decrees and judgments of the courts (case law) as opposed to statutory law. consent to transition correct answers A written agreement to gain the principal's permission to a change in brokerage relationship. customer correct answers A member of the public who is or may be a buyer or a seller of real property and may or may not be represented by a real estate licensee in an authorized brokerage relationship. designated sales associates correct answers Two real estate licensees from the same brokerage company designated to represent the buyer and the seller as single agents in nonresidential transactions. dual agency correct answers Representing both principals in a transaction (not a legal agency relationship in Florida). dual agent correct answers A broker who represents as a fiduciary both the buyer and the seller in a residential real estate transaction; dual agency is illegal in Florida. fiduciary correct answers Occurs when a broker is in a relationship of trust and confidence with the broker as agent and the seller or the buyer as principal. fraud correct answers The intent to misrepresent a material fact or to deceive to gain an unfair advantage or to harm another person. general agent correct answers An agent authorized by the principal to handle the affairs related to a business or trade, or to handle all the business at a certain location; for example, a property manager. Limited Representation correct answers Transaction brokers provide a limited form of nonfiduciary representation to a buyer, a seller, or both in a real estate transaction.