Unit II: Module A- Agency and

What is the approximate average annual flood premium fee paid in South Carolina?

$600

Federal lead-based paint disclosure laws apply to what type of residential housing?

1978

The gain or loss of property through forces of nature, labor, or the addition of new materials is ____________.

Accession

A type of involuntary transfer of property to the government is _______________. Dedication by deed Statutory dedication Common-law dedication All of the above

All of the above.

A person or business that purchases a commodity or service is a(n):

Customer

Which answer below prevents a person from claiming a right or interest that is inconsistent with the person's previous statements or acts?

Estoppel

What is the most common natural disaster in the U.S.?

Flooding

Failure to provide proper disclosure, even when done unintentionally, could be considered:

Fraud

What type of agency relationship may be created unknowingly or unwittingly?

Implied agency

The most obvious repercussion for being careless in the real estate industry is the risk of being liable for:

Negligence

What is the most common type of voluntary transfer?

Sale

The critical difference in tort liability between the average person and skilled professionals is known as:

Standard of care

According to the United States Geological Service (USGS), sinkholes consist of an area formed underground where what happens?

Water drains and collects

To claim legal title by an adverse possessor, what is not required?

A willing transferor

Which party below is the most likely to be the instigator in a property associated with debt stigma?

Debt Collectors

Traditionally, the seller's agent listed the property and entered it into the multiple listing service. Any agent who showed the listed property worked as a subagent of the:

Seller's agent

Which decade was the start of severe restrictions or outright bans of asbestos in the use of the construction of properties?

1980s

How many Americans live within 100 miles of an ocean?

200 Million

What percentage of earthquakes in South Carolina typically happen in the Coastal Plain region each year?

70%

Facts that an agent knows because they are known by their principal or a subordinate agent would be considered:

Imputed knowledge

A licensee who assists one or more parties through a transaction without being an agent for any party to the transaction is a(n):

Intermediary