Question 1

What does the acronymOLDCAR represent in Florida real estate agency relationships?

Accepted Answer

OLDCAR stands for Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable care — the six fiduciary duties owed by a single agent to their principal.

Question 2

Under Florida law, what is the duty of loyalty a single agent owes to a principal?

Accepted Answer

The duty of loyalty requires the agent to place the principal's interests above all others, including the agent's own interests, at all times during the transaction.

Question 3

Which fiduciary duty prohibits a single agent from revealing a seller's willingness to accept less than the listing price without the seller's permission?

Accepted Answer

The duty of confidentiality prohibits the agent from disclosing the principal's confidential information, including the seller's motivation or acceptable price, without authorization.

Question 4

What is the duty of accounting that a Florida single agent owes to a principal?

Accepted Answer

The duty of accounting requires the agent to properly handle, safeguard, and account for all funds and property entrusted to them by the principal.

Question 5

Under Florida Statute 475, when must a licensee provide the No Brokerage Relationship, Single Agent, or Transaction Broker disclosure to a residential buyer or seller?

Accepted Answer

The disclosure must be provided before, or at the time of, entering into a listing agreement or before showing the property, whichever comes first.

Ethics & Disclosure – Florida Real Estate Salesperson Exam

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