Free 5-question sample test with instant feedback. See how ready you are.
Question 1
What does the acronymOLDCAR represent in Florida real estate agency relationships?
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?
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?
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?
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?
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.