exam practice

From an agent's perspective, what's one benefit of a buyer representation agreement? a. It defines how and how much the agent will be paid. b. It elevates the services the buyer will receive. c. It ensures the buyer will receive exclusive representation. d. It's legally required in order to work with buyers.

a. It defines how and how much the agent will be paid. While better service and exclusive representation are buyer advantages, defining how (and how much) the agent will be paid is an important component of a buyer agency agreement for the agent.

Davina has engaged Sean as her real estate agent to sell her property. According to South Carolina statute, what does Sean owe Davina? a. Marketing Davina's property to seek a ready, willing, and able buyer b. Performing an inspection to uncover any defects with Davina's property c. Purchasing Davina's property if a buyer is not found by the end of the agreement period d. sharing any and all details requested by a buyer

a. Marketing Davina's property to seek a ready, willing, and able buyer A statutory duty of agents who represent sellers is to market the property so they can attract a buyer and sale at the price and terms the seller finds acceptable.

Which of these South Carolina transactions requires that property disclosures be provided to the buyer? a. a house for sale by owner b. A transfer between government agencies c. A transfer between spouses due to a divorce decree d. A transfer pursuant to a court order

a. a house for sale by owner

Which of these transaction types requires disclosure under the South Carolina Residential Property Disclosure Act? a. a lease with an option to purchase b. transfers due to court order c. Transfers from one or more co-owners to one or more other co-owners d. Transfers to a beneficiary as a result of a foreclosure sale or deed in lieu of foreclosure

a. a lease with an option to purchase Unless an exemption applies, a seller who's leasing property with an option to purchase must provide property condition disclosures.

Stormy is an unlicensed individual serving on the South Carolina Real Estate Commission. She's decided to resign her position prior to the end of her term. How will her successor be decided? a. a replacement will be appointed by the governor b. A replacement will be elected by a majority of members of the house and senate districts located in Stormy's congressional district. c. stormy can decide her replacement d. The remaining commission members will elect a replacement.

a. a replacement will be appointed by the governor Commission vacancies are filled in the same manner as the original position. Stormy is one of two members not active in real estate practice. These members are appointed by the governor, so replacements are also appointed.

South Carolina transaction brokers are required to ______. a. account for any trust funds given to them b. Avoid any ministerial acts that can be construed wrongly c. Do nothing—they aren't representing anyone d. not get involved with disclosing material facts

a. account for any trust funds given to them Transaction brokers are not exempt from all responsibility! Be sure you're clear on what your duties are in this role.

Which of these statements about duties is true if a South Carolina licensee is acting as a dual agent? a. agency duties may be limited b. Clients receive the same duties whether the licensee is acting as a single agent or dual agent or not. c. licensees are unable to maintain confidentiality d. Licensees can disclose one client's willingness to pay or accept a price other than list price to the other party.

a. agency duties may be limited When acting as a dual agent, limited agency duties are owed.

Amanda helps her neighbor sell his South Carolina home by assisting with negotiations. She receives no compensation for her assistance. Based on this one transaction, Amanda ______. a. Doesn't need a real estate license b. must have a broker license c. Must have at least an associate broker license d. Must have at least a salesperson license

a. doesn't need a real estate Remember that compensation is one factor in the requirement for licensure.

Which one of the following is an example of how agency can be terminated by an act of the agent? a. renunciation b. the agent dies c. The agent files bankruptcy d. the client dies

a. renunciation If an agent renounces the representation agreement before the expiration date, agency terminates by an action.

Giselle is a broker in South Carolina. She's transferring her license to a new broker-in-charge. What does she need to do? a. she must notify the commission immediately b. She must notify the commission of the change and provide her new business address within 30 days of the change. c. She needs to ensure her new broker-in-charge notifies the commission within 30 days. d. She needs to have her former broker-in-charge notify the commission immediately.

a. she must notify the commission immediately When licensees disassociate with a broker-in-charge they must notify the commission the licensee immediately. The licensee must supply the new business address to the commission, the authorization of the new broker-in-charge or new property manager-in-charge, and proof of notification to the former broker-in-charge or property manager-in-charge.

Brent wants to work with a real estate broker as a buyer client. How can he do this? a. sign a buyer representation agreement b. Sign a Disclosure of Real Estate Brokerage Relationships. c. sign a listing agreement d. Sign a transaction brokerage agreement.

a. sign a buyer representation agreement To become a buyer client, Brent must sign the appropriate agency agreement with the broker. Only the buyer representation agreement establishes an agent-buyer client relationship.

Joe is in violation of South Carolina's smoke detector laws because the detectors installed on his property don't work. Within how many days must he repair or replace the detectors? a. 14 days b. 15 days c. 30 days d. 7 days

b. 15 days Offenders have 15 days to repair, replace, or install smoke detector. No property can be conveyed if functional detectors aren't installed.

Within how many days can a purchaser of a time share cancel the contract without penalty? a. 10 days b. 5 days c. 7 days d. 3 days

b. 5 days Purchasers have five days (not including Sunday) from the date they sign the contract to notify the seller in writing that they wish to cancel.

Tony is a South Carolina resident. He's shopping for a home loan and has received the following offers. Which of these loans violates Consumer Protection Code? a. A 10-year loan with a 5% annual interest rate b. A 20-year loan with a 9% annual interest rate c. A 30-year loan with a 6% annual interest rate d. A 35-year loan with a 7% annual interest rate

b. A 20-year loan with a 9% annual interest rate The legal maximum annual interest rates for loans cannot exceed 8.75%.

Which of these lists includes all the protected classes recognized in South Carolina? a. Race, color, religion, sex, handicap, familial status, and credit score b. Race, color, religion, sex, handicap, familial status, and national origin c. Race, color, religion, sex, handicap, familial status, national origin, age, and political affiliation d. Race, color, religion, sex, handicap, familial status, national origin, and age

b. Race, color, religion, sex, handicap, familial status, and national origin In South Carolina, it's illegal to discriminate on the basis of race, color, religion, sex, handicap (i.e., disability), familial status, or national origin when it comes to obtaining housing in the state.

When must South Carolina licensees provide the Disclosure of Real Estate Brokerage Relationships to consumers? a. after signing an agency agreement b. at closing c. At first substantive contact before entering into an agency relationship d. when a written offer is drafted or presented

c. At first substantive contact before entering into an agency relationship The South Carolina required disclosure informs consumers about the relationships they can enter into. It should be presented when substantive contact is first made, and before entering into any agreements.

Which of these would NOT be considered first substantive contact with a customer? a. Asking a couple why they want to move from their gorgeous home b. discussing how much savings the customer has c. Engaging in small talk about the weather and the desire to buy property d. Finding out information about a customer's job and an upcoming raise and bonus

c. Engaging in small talk about the weather and the desire to buy property First substantive contact generally means before discussing financial, confidential, or motivational information with a consumer.

When acting as a dual agent in South Carolina, which of these items can the broker disclose to either party? a. Confidential information revealed by either party b. Either party's willingness to agree to financial terms other than those offered c. Known, adverse material facts related to the property or transaction d. Motivations of either the buyer or the seller

c. Known, adverse material facts related to the property or transaction

Which of the following scenarios best describes a net listing in South Carolina? a. Carmel is selling her condo for $280,000 and is offering 6% commission to the listing broker. b. Jason is listing his duplex for $400,000, but reserves the right to find his own buyer and not have to pay a listing commission. c. Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount. d. Ralph is selling his townhome for $225,000 and paying a brokerage fee of $25,000.

c. Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.

Which of the following is a duty a designated agent can perform, but a dual agent can't? a. Disclose known, adverse material facts. b. Keep motivations of clients confidential. c. Negotiate on the client's behalf. d. present offers

c. Negotiate on the client's behalf. Dual agents can't assist with negotiations since that could be seen as putting one client's interests above another's. Designated agents work solely for one client, so they can assist with negotiations.

What's true of the agency relationship in transaction brokerage? a. Designated agency is created in transaction brokerage. b. Dual agency is created in transaction brokerage. c. No agency relationship is created in transaction brokerage. d. Traditional agency is created in transaction brokerage.

c. No agency relationship is created in transaction brokerage.

Jan is a real estate salesperson in South Carolina. She recently moved to a new home, both personally and professionally. The office she works at moved to a new location, which happens to be a few miles away from the new house Jan bought. What does she need to do? a. Address changes don't need to be reported to the commission. b. Immediately notify the commission of the business address change, but she has 30 days to report her residential address change. c. Notify the commission within 30 days of changes to her residential and business address. d. Notify the commission within 30 days of the change to her business address, but residential address changes aren't reported.

c. Notify the commission within 30 days of changes to her residential and business address. Changes to physical residential address, mailing address, business address, email address, and phone number must be updated with the commission within 30 days. Failure to do so can result in disciplinary action. Her new broker will notify the commission of her new affiliation.

Under the South Carolina Fair Housing Law, there's a fair housing exemption for ______. a. The rental of an apartment in a multi-story building b. The rental of a room by the occupant of public housing c. The restriction of all rooms in a housing accommodation (e.g., a dormitory) to individuals of the same sex d. The sale, rental, and lease of accommodations of housing exclusively to persons of a particular race

c. The restriction of all rooms in a housing accommodation (e.g., a dormitory) to individuals of the same sex In South Carolina, single-sex housing accommodations (such as dormitories) are exempt from fair housing law.

When are designated agents permitted to disclose confidential information to their broker? a. never, since the broker is a dual agent b. when the cooperating agent consents c. When the designated agent is seeking advice or assistance for the client's benefit d. when the transaction closes

c. When the designated agent is seeking advice or assistance for the client's benefit Designated agents can reveal confidential information to their broker, and only to their broker, when they're seeking advice or assistance for the benefit of their client.

Which of the following is generally true about net listings? a. The listing agent is guaranteed at least some commission. b. They don't include compensation for the buyer's agent. c. they often involve a conflict of interest d. They're legal in all 50 states.

c. they often involved a conflict of interest Net listings are prohibited in several states, and there's no guarantee of commission. The conflict could occur if the listing agent didn't present offers that left little for a commission, even though the offers met the seller's needs.

When does a designated agency agreement end? a. never b. When the original listing or buyer representation agreement ends c. when the transaction closes d. Within 30 days of the date the agreement was signed

c. when the transaction closes The designated agency agreement extends the original buyer or listing agreement. The contract terminates when the transaction closes.

Hilda chose not to enter into an agency relationship with a broker to help her find and purchase a house. What types of services can she expect in return?

customer-level services

Georgina is selling her South Carolina home to Stanley at a price of $250,000. Stanley is financing 80% of the purchase. How much will the transfer fees be? a. $400 b. $500 c. $740 d. $925

d. $925 Transfer fees can be assessed on real property sales at a rate of $1.85 per $500 of the sales price.

Up to what amount is exempted from property taxes for those who qualify for the state homestead exemption? a. 10,000 b. 100,000 c. 25,000 d. 50,000

d. 50,000 The homestead exemption allows up to $50,000 of the property's value to be exempt from property taxes.

Kellen is purchasing a property in South Carolina from an individual who isn't a South Carolina resident. What percentage of the seller's gain must be withheld? a. 0% b. 10% c. 5% d. 7%

d. 7% If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.

Which of the following laws or acts does the South Carolina Human Affairs Commission specifically enforce? a. Age Discrimination in Employment Act b. Civil Rights Act c. Federal Fair Housing Act d. South Carolina Human Affairs Law

d. South Carolina Human Affairs Law The South Carolina Human Affairs Commission specifically enforces the South Carolina Human Affairs Law, as well as the South Carolina Fair Housing Law and the South Carolina Equal Enjoyment and Privileges to Public Accommodations Law to eliminate and prevent discrimination related to both employment and housing in the state.

What is the full name of South Carolina's version of UETA, which was enacted in July of 2004?

South Carolina's Uniform Electronic Transactions Act

Victor is interested in obtaining a real estate salesperson license in South Carolina. He's reviewing the eligibility requirements for the license and researching schools that offer pre-licensing education. Which entity determines these? a. Department of Labor, Licensing, and Regulation (LLR) b. Division of Professional and Occupational Licensing c. South Carolina Association of REALTORS® d. South Carolina Real Estate Commission

d. South Carolina Real Estate Commission The South Carolina Real Estate Commission (created under LLR) has the power to administer and enforce real estate license law, including determining qualification and eligibility standards for license applicants and education providers.

What must a consumer do to initiate an investigation into possible fair housing violations in the state of South Carolina? a. Contact the Human Affairs Commission via phone b. hire an attorney c. hire a private investigator d. Submit a written complaint to the Human Affairs Commission

d. Submit a written complaint to the Human Affairs Commission

Frank entered into a buyer representation agreement with Cassidy to act as his agent. Frank was under contract to purchase a property, but defaulted on his obligations and the sale fell through. Does he owe Cassidy any compensation? a. No, Cassidy is only owed compensation upon closing or seller default. b. no, the seller owes Cassidy c. No, the transaction didn't close, so Cassidy didn't earn the compensation. d. Yes, Cassidy earned her compensation the moment Frank was under contract.

d. Yes, Cassidy earned her compensation the moment Frank was under contract.

Which South Carolina legislation laid the ground rules for creating binding contracts electronically?

Uniform Electronic Transaction Act (UETA)

Kennedy is purchasing a property in South Carolina from a non-resident corporation. What percentage of the seller's gain must be withheld? a. 0% b. 10% c. 5% d. 7%

c. 5% If the non-resident seller is a corporation, 5% must be withheld. If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.

A time share unit week usually consists of ______ consecutive calendar days. a. 10 b. 5 c. 7 d. 3

c. 7 Usually, seven consecutive calendar days is a unit week, but the contract related to the time share transaction should clearly define the set time period for a unit week.

If a brokerage firm changes its name, address, phone, or email, within how many days must the commission be notified? a. 10 days b. 30 days c. immediately d. seven days

a. 10 days The broker-in-charge must notify the real estate commission of changes to name or contact information within 10 days.

In South Carolina, fair housing complaints must be submitted to the commission in writing within how many days of the discriminatory act? a. 180 b. 30 c. 365 d. 90

a. 180 The South Carolina Human Affairs Commission must receive complaints in writing within 180 days of the discriminatory action. Complaints filed with HUD must be made within one year.

Dean qualifies for the homestead exemption in South Carolina. How long has he been a resident of the state? a. At least one year as of December 31 of the year before application b. at least one year as of the date of application c. At least three years as of December 31 of the year before application d. at least three years as of the date of application

a. At least one year as of December 31 of the year before application Homestead exemption applicants must have been a South Carolina resident for at least one year on or before December 31 of the year prior to applying for exemption, among other criteria.

How long must someone be a resident of South Carolina before qualifying for the homestead exemption? a. At least one year as of December 31 of the year before application b. at least one years as of the date of application c. At least three years as of December 31 of the year before application d. At least three years as of the date of application

a. At least one year as of December 31 of the year before application Homestead exemption applicants must have been a South Carolina resident for at least one year on or before December 31 of the year prior to applying for exemption, among other criteria.

The South Carolina Real Estate Commission can issue fines as a disciplinary action for a license law violation. How much can these fines be? a. Between $500 and $5,000 for each violation b. Up to $10,000 c. Up to $5,000 d. Up to $500 for each violation

a. Between $500 and $5,000 for each violation

Erin is purchasing a new house in South Carolina for $160,000. She's financing 90% of the sales price. What does the Consumer Protection Code permit in terms of prepayment penalties? a. A prepayment penalty isn't permitted on any loans. b. A prepayment penalty isn't permitted on Erin's loan because the loan is for $150,000 or less. c. A prepayment penalty is permitted but can't be more than 2% of the prepaid amount. d. A prepayment penalty is permitted if the APR on Erin's loan is 2% more than rates on conventional mortgages.

b. A prepayment penalty isn't permitted on Erin's loan because the loan is for $150,000 or less. Prepayment penalties aren't permitted on loans of $150,000 or less. For other loans, a prepayment penalty may be charged if the loan's APR isn't more than 2% above the conventional mortgage rate and the penalty isn't more than 2% of the amount prepaid.

Which of these is a tenant obligation in South Carolina? a. adhere to fair housing law b. Allow the landlord access when a periodic service or critical repair is needed c. Comply with all rules and regulations, even unreasonable ones d. use the dwelling as a business

b. Allow the landlord access when a periodic service or critical repair is needed Tenants may not unreasonably withhold the landlord's right to access the premises to inspect the premises, supply services, or make repairs or upgrades. The tenant isn't providing housing, so fair housing law doesn't apply.

Phyllis is negotiating a vacation rental with a rental management company. Which of the following actions does NOT indicate acceptance of an agreement? a. an electronic signature on an agreement b. An email asking the company to send over the contract and she'll sign it c. An original (not electronic) signature on the agreement d. payment toward the rental

b. An email asking the company to send over the contract and she'll sign it

Darryl owns a property in a critical coastal area in South Carolina. What obligation does he have? a. Darryl doesn't have any obligation to disclose that the property lies in a critical area. b. Darryl must disclose that the property lies in a critical area and is subject to limitations. c. Darryl must first receive written authorization per the Coastal Zone Management Act. d. Darryl must notify the Ocean & Coastal Resource Management and National Oceanic and Atmospheric Administration of the transfer of ownership.

b. Darryl must disclose that the property lies in a critical area and is subject to limitations.

A South Carolina agency agreement can be viewed as a(n) ___________. a. disclosure of agency relationships b. Employment contract between a client and brokerage c. Employment contract between a customer and brokerage d. Employment contract between a licensee and brokerage

b. Employment contract between a client and brokerage By signing an agency agreement, clients are essentially hiring the brokerage to work for them.

Buyers in a transaction are owed duties from the seller's agent. Which of these are duties they can expect? a. Confidentiality and actions performed within scope of expertise b. Honesty and actions performed within scope of expertise c. honestly and confidentially d. honesty and disclosure

b. Honesty and actions performed within scope of expertise Agents owe other parties honesty and a commitment to performing only those actions that are within the scope of their expertise. The agent can't knowingly provide false or misleading information.

Stacey's South Carolina home has been sold as a result of foreclosure proceedings. Does she need to provide the purchaser with a property disclosure statement? a. No, Stacey doesn't need to provide the disclosure statement, but the bank does. b. No, transfers resulting from foreclosure sale are exempt. c. Yes, all sales (even foreclosure sales) require disclosure. d. Yes, all transfers of real property require disclosure.

b. No, transfers resulting from foreclosure sale are exempt. Transfers resulting from a foreclosure sale are exempt from residential property condition disclosure requirements.

Wayne and Sandy are moving to a cabin they own in the country. They decide to sell their South Carolina home in the city to their son, Robbie, for an amount equal to what they currently owe on the mortgage. Does this transaction require the residential property condition disclosure statement? a. No, a disclosure is not required because Wayne and Sandy gave the property to Robbie. b. No, transfers to direct descendants of one or more of the transferors are exempt. c. Yes, a disclosure must be provided so the deed can be updated. d. Yes, any transfer of real property requires a property disclosure.

b. No, transfers to direct descendants of one or more of the transferors are exempt. Robbie is a descendant of Wayne and Sandy (he's their son). This type of transfer or real property does not require the residential property condition disclosure statement.

In states where they're legal, for which type of listing or listings may a net listing be used? Select the most complete answer. a. exclusive right-to sell only b. Open, exclusive agency, or exclusive right-to-sell c. open listings only d. open or exclusive agency only

b. Open, exclusive agency, or exclusive right-to-sell Net listings are only related to the amount of compensation received and may be used with many types of listing agreements.

Incapacity or death, bankruptcy, or destruction of property are examples of circumstances where agency terminates by ______.

operation of law

In this description, which protected class is shown as a preference or discrimination? "Because of its location next to downtown (especially to the County Medical Center), Berglund Park neighborhood has been growing in population and becoming younger in age. The neighborhood's average income is lower than the citywide average, reflecting the senior housing, but this is improving as new families move into the area." a. Low-income buyers are discriminated against. b. Seniors are discriminated against and families are preferred. c. seniors are preferred d. Younger buyers are discriminated against.

b. Seniors are discriminated against and families are preferred. The association of low income with senior housing may not be a clear discrimination, but the added phrase, "This is improving as new families move in," makes the intent clear: New families should move in to fix the senior housing problem.

Abigail is a consumer in South Carolina who's closing on a mortgage. Which statement related to her legal representation is true? a. The borrower has no rights related to legal counsel representation at closing. b. The borrower has the right to choose legal counsel to represent them at loan closing. c. The borrower must seek permission from the lender to have legal counsel representation at loan closing. d. The lender has the right to choose the legal counsel to represent the borrower at closing.

b. The borrower has the right to choose legal counsel to represent them at loan closing. Borrowers have the right to choose legal counsel to represent them at loan closing. Lenders can't require the use of specific counsel.

Buyer Kent makes an offer on seller Khalidi's South Carolina house. Khalidi counters that offer on price alone, and Kent accepts that counter-offer. How should these changes be shown in the contract? a. The changes must be agreed to verbally by both parties in the presence of one or both of the parties' agents. b. The changes must be written down and then initialed and dated by both Kent and Khalidi. c. The changes must be written down and then initialed and dated by the buyer's and seller's agents. d. The changes must be written with the initials of the licensee who authorized the changes.

b. The changes must be written down and then initialed and dated by both Kent and Khalidi.

A fire occurred in the unit that Tim is leasing and the unit is no longer habitable. The cause of the fire was due to electrical issues in the kitchen. What remedy does Tim have? a. Tim may demand three months' free rent for his inconvenience. b. Tim may notify the landlord in writing within seven days of his intent to terminate and vacate. c. Tim must find separate lodgings while the landlord repairs the unit. d. Tim must pay for the repair himself

b. Tim may notify the landlord in writing within seven days of his intent to terminate and vacate. In the event of a fire or other serious damage (provided it's not caused by the tenant), the rental agreement will terminate as of the date the tenant leaves, and the landlord must return the tenant's security deposit and prepaid rent.

Edgar is selling his home in South Carolina. What should he expect in terms of transfer fees? a. The person buying Edgar's home is responsible for paying transfer fees to the county. b. Transfer fees may be assessed at a rate of $1.85 per $500 of the sales price. c. transfer fees only refer to foreclosure sales d. Transfer fees will only be assessed if Edgar is obtaining a mortgage for the purchase.

b. Transfer fees may be assessed at a rate of $1.85 per $500 of the sales price.

What happens when a representation agreement expires? a. Agency can be rescinded if both parties agree. b. agency terminates c. The agent has the option to renounce the seller. d. The principal has the option to abandon the agent.

b. agency terminates Agency terminates when a representation agreement expires, even if the objective of the agreement has not been accomplished—for example, the client's house has not been sold by the time the listing agreement expires.

In South Carolina, what purpose do agency agreements serve? a. To disclose brokerage relationship options to consumers b. to establish an agent client relationship c. To limit the duties a licensee may perform for a consumer d. To register an agency as a real estate brokerage firm

b. to establish an agent client relationship Agency agreements establish an agent-client relationship, and often include details such as a description of services, compensation and fee information, start and end dates, and other items.

In a designated agency relationship, certain parties are considered dual agents. Who?

broker and associated licensees

Sandra is interested in purchasing a time share that would give her the right to use a unit for two unit weeks each year. According to the South Carolina Vacation Time Sharing Plans Act definition of unit week, how many days does this give her? a. 10 days b. 12 days c. 14 days d. 16 days

c. 14 days

When the client or the agent dies, agency terminates by ______.

operation of law

South Carolina licensee Alma is one busy octogenarian. In addition to her regular broker duties, she also owns and manages three four-family apartments. Today, she's walking a new tenant through a one-year lease agreement. Which of the following must be included on page one of this agreement? a. A disclosure regarding the tenant's right to service animals with the proper documentation b. A disclosure that anyone who smokes on the property will be evicted immediately c. a disclosure that she is a real estate licensee d. A disclosure that she owns multiple rental properties, including the addresses of the other properties

c. a disclosure that she is a real estate licensee South Carolina licensees must disclose their licensed status when they're involved in a personal real estate transaction, including sales, rentals, exchanges, and auctions.

What happens if a house for sale is destroyed by a flood before the representation agreement expires? a. Agency continues until the representation agreement expires. b. Agency terminates by act of the agent or client. c. agency terminates by operation of law d. The agent and client most likely will agree to terminate agency.

c. agency terminates by operation of law When property is destroyed, agency terminates by operation of law.

Which of these terms describes a situation in which a broker uses client trust funds without the client's permission? a. reverse trust b. commingling c. conversion d. transferrable interest

c. conversion

When a South Carolina licensee is involved in a personal real estate transaction, which of the following must she disclose to the other parties to the transaction? a. Any complaints that have been filed against her with the South Carolina Real Estate Commission b. Her full name, home and cell phone numbers, and her broker's name, and home and cell phone numbers c. her licensed status d. How many years of experience she's had as a real estate licensee in South Carolina

c. her licensed status All South Carolina real estate licensees must, by law, disclose their licensed status when they're involved in a personal real estate transaction, including sales, rentals, exchanges, and auctions.

Creekview Realty is expanding! Jamie, the broker-in-charge, outgrew the small office of her firm's beginnings and has moved to a larger space to better accommodate the firm's 15 associated licensees and employees. Within how many days does Jamie need to notify the commission of the new address? a. 10 days b. 30 days c. immediately d. seven days

c. immediately The broker-in-charge must notify the real estate commission of changes to name or contact information within 10 days.

In order for a South Carolina resident to qualify for the homestead exemption, they must own their property as either complete fee simple or ______. a. concurrent b. leasehold c. life estate d. non-freehold

c. life estate

Karli's the transaction broker for seller Joshua. Joshua is buying a house from Norman, who's represented by his agent, Marc. To whom does Karli owe fiduciary duties in this transaction? a. Joshua b. marc c. no one d. norman

c. no one While agents work on behalf of and advocate for their clients, transaction brokers are neutral, not advocating for the buyer or the seller.

You're a South Carolina licensee engaged as a transaction broker for a customer in a real estate transaction. Which of these actions can you perform for that customer? a. Advocate for the customer. b. negotiate an agreeable price c. process paperwork d. recommend terms

c. process paperwork A transaction broker can perform ministerial duties, such as assisting with paperwork, but may not provide representation, advocate, or negotiate for either party.

Which of the following South Carolina license holders has completed the necessary continuing education requirements for license renewal? a. A broker completed 10 hours of continuing education, and four of the hours were on advanced topics. b. A broker-in-charge completed 10 hours of continuing education; four of those hours were on mandated topics. c. A licensee completed 15 hours of continuing education, and three of those hours focused on mandated topics. d. A salesperson completed 10 hours of continuing education, with four of those hours on mandated topics.

d. A salesperson completed 10 hours of continuing education, with four of those hours on mandated topics. Salespersons and brokers must take at least four of the 10 hours on mandated topics. A broker-in-charge must also complete four hours on advanced topics as part of their 10 hours.

Which of the following statements is true of the required disclosure of real estate brokerage relationships information? a. It establishes a brokerage relationship between the brokerage firm and the consumer. b. It establishes a customer relationship between a brokerage firm and a consumer. c. It establishes an employment contract between a licensee and real estate firm. d. It informs consumers about the relationships offered by a real estate brokerage firm.

d. It informs consumers about the relationships offered by a real estate brokerage firm. The required South Carolina disclosure information doesn't establish any kind of relationship. It simply explains to consumers the types of relationships that exist.

Kacey sold her house in South Carolina. At closing she provided an affidavit confirming that the home had functioning smoke detectors installed. A couple weeks after closing, the buyer discovered that the smoke detectors don't work. What's Kacey's liability in this situation? a. Because the buyer didn't notify anyone of the issue within 10 days of closing, Kacey isn't liable. b. If the buyer inspected the property for smoke detectors before closing, then Kacey isn't liable. c. Kacey is liable for smoke detector functionality for as long as 30 days after closing, unless a written agreement between Kacey and the buyer states otherwise. d. Kacey isn't liable after closing has occurred

d. Kacey isn't liable after closing has occurred Buyers can inspect the property for smoke detector functionality before closing. At closing, sellers provide an affidavit stating smoke detectors are installed and functional. After closing, sellers are no longer liable for functionality.

Which one of the following is NOT an example of how agency terminates by operation of law? a. client bankruptcy b. completion of sale c. Expiration of the agreement d. Mutual agreement to terminate

d. Mutual agreement to terminate Agency agreements can be terminated by operation of law (meaning that the parties don't initiate the termination) in several ways, including when either the client or the agent files for bankruptcy, the transaction is completed, or the contract expires.

Ned's listing agreement expires on November 5. What does he need to do to terminate this agreement? a. He must notify his broker in writing that he is cancelling the agreement, and he should retain a copy of the notice for his records. b. He must notify his broker verbally that he doesn't intend to renew the agreement, and his broker will cancel it. c. He's not responsible for terminating this agreement; his broker is. His broker must send him a copy of the written agreement with "cancelled" stamped across all of its pages, and retain a copy for his records. d. Nothing. It automatically expires on November 5.

d. Nothing. It automatically expires on November 5. Listing agreements automatically expire (terminate) on the date of expiration noted in the agreement. Neither the broker nor the owner needs to take any action or notify the other.

Agency terminates by ______ when either the client or the agent files for bankruptcy. a. act of the agent b. act of the client c. financial hardship d. Operation of law

d. Operation of law

In South Carolina, the ______ must include the names of the parties, the offer terms and dates, and the signature of the licensee who presented the offer to the seller. a. buyer agency agreement b. listing agreement c. Property condition disclosure form d. Real Estate Offer Rejection Form

d. Real Estate Offer Rejection Form

South Carolina licensee Victor has obtained his seller client's signature on an offer he just received. Victor faxes a copy of this agreement to the buyer's agent. Under South Carolina law, is this an appropriate way to communicate an accepted offer? a. No. Real estate documents may not be communicated electronically under the state law. b. No. While this signed agreement can be sent over the Internet, faxed documents aren't permitted. c. Yes, but only if Victor delivers the original signed agreement to the buyer's agent within 24 hours. d. Yes, this is an appropriate way to transmit the accepted offer.

d. Yes, this is an appropriate way to transmit the accepted offer. In South Carolina, an offer or counter-offer may be communicated via fax or through other secure electronic means, including, but not limited to, the Internet.

Dean, a real estate licensee, has entered into a transaction brokerage agreement with Brandy, a buyer. In this situation, Dean is a(n) ______, and Brandy is a ______. a. agent, client b. agent, customer c. Broker, client d. broker, customer

d. broker, customer Transaction brokerage relationships are not agency relationships. Therefore, the licensee isn't considered an agent. Since there's no agency relationship, there's also no client.

Daniel, a real estate licensee, has entered into a transaction brokerage agreement with Olivia, a buyer. What is Olivia's relationship to Daniel? a. agent b. client c. consumer d. customer

d. customer Transaction brokerage agreements establish a customer relationship. Daniel isn't Olivia's agent; he's merely assisting her with the transaction.

In South Carolina, smoke detectors are required in residential dwellings with how many units? a. five or more units b. one to five units c. one to four units d. one to two units

d. one to two units South Carolina law requires smoke detectors be installed in all one- and two-family residential dwellings, including manufactured homes, regardless of whether the property is owner- or tenant-occupied.

Who's responsible for completing the South Carolina Residential Property Condition Disclosure Statement? a. the buyer b. the home inspector c. the real estate agent d. the seller

d. the seller Sellers are solely responsible for fully and honestly completing the property condition disclosure statement.

According to South Carolina's Residential Landlord and Tenant Act, what's the largest amount a landlord can require for a security deposit? a. $1,000 b. one month's rent c. Six months' rent d. there's no limit

d. there's no limit No limit is specified for security deposits, but one month's rent is common.

One of the criteria to qualify for homestead exemption in South Carolina is, by December 31 of the year prior to application, residents must be 65 years old, be legally blind, or be ______. a. disabled veteran b. At least 50% disabled c. At least 75% disabled d. totally and permanently disabled

d. totally and permanently disabled

Licensee Lance has signed a written brokerage agreement with seller Daisy. He's responsible for helping Daisy complete her paperwork and submitting offers and counter-offers to and from her, but he's not considered her advocate, and he doesn't owe her any fiduciary duties. Based on this, you know he's acting as a _______. a. dual agent b. seller's agent c. sub-agent d. transaction broker

d. transaction broker A transaction broker doesn't owe any fiduciary duties—including loyalty—to the customer with whom he's working. His job is to be neutral and simply complete the duties of his contract with the customer.

What type of liability is a broker in charge in South Carolina subject to? a. dual b. joint c. several d. vicarious

d. vicarious A broker in charge is vicariously liable for the licensees he supervises. If a licensee performs an act that the broker in charge is unaware of, the broker in charge is held just as liable as the licensee who performed the act.