Florida Broker Practice Exam

Which of these is NOT one of the three fundamental duties of a sales associate or broker?

1. Account for all funds

2. Deal honestly and fairly

3. Negotiate the highest price for the seller

4. Disclose known facts affecting property value

The correct answer is: Negotiate the highest price for the seller

In the context of real estate practice in Florida, sales associates and brokers have three fundamental duties they must adhere to in their professional conduct: the duty to account for all funds, the duty to deal honestly and fairly, and the duty to disclose known facts affecting property value. These duties are critical for maintaining ethical standards and protecting the interests of clients. While negotiating the highest price for the seller might seem like an important duty, it is not one of the three fundamental duties outlined in real estate regulations. Instead, real estate professionals are encouraged to negotiate effectively, but their primary obligation does not focus solely on achieving the highest price. Other factors, such as the fiduciary responsibility to represent the client’s best interests while upholding ethical standards, also come into play. Thus, choosing to prioritize negotiation for the highest price alone can lead to conflicts with the broader duties of honesty, fairness, and proper disclosure.