South Carolina Real Estate Exam Latest Update with Certified Solutions

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South Carolina Real Estate Exam Latest Update with Certified Solutions When a loan is subject to the provisions of the Real Estate Settlement Procedures Act (RESPA), Which of the following elements... of the Real estate transaction need NOT observe RESPA guidelines ✔✔The Commission structure for licensees Regulation Z of the Truth_in lending Act Provides what penalty for licensees who willfully fail to comply with its advertising guidelines for real estate financing? ✔✔Fines and/or imprisionment Salesperson A for Broker B has listed a home. Salesperson C for Broker D is acting as a Buyers agent and trying to sell the same home to his buyer. Salesperson C is primarily responsible to: ✔✔Broker D In MOST states, the listing broker has a fiduciary duty with ✔✔The Client A broker was employed by an owner to sell her home. What does NOT correctly describe the broker's relationship to the owner ✔✔The broker is a General Agent You are a licensee holding an open house on one of your listings. An old friend sees the sign and stops in, and ultimately asks you to write an offer to purchase. At this point, without any discussion about agency, what is true about agency ✔✔Your friend is your Customer You listed a home that was subsequently shown by six cooperating outside brokers. How many seller-agency relationships are involved in this transaction? ✔✔One A Salesperson listed a home for sale and transferred to another brokerage firm two weeks later. What describes the status of the statement. ✔✔The listing will stay with the former broker of the salesperson. A salesperson presented an offer that was accepted and received an earnest money payment for $2,000. The salesperson should.. ✔✔Give money to the Broker You are working as a buyer's broker for a client. What would NOT describe your role as a buyer's broker? ✔✔You should show the buyer properties only in which your commission is protected. According to the law of agency, a real estate broker does NOT owe the principal the duty of.. ✔✔Offering legal advice A broker acting as the agent of the seller... ✔✔Must report all offers to the principal unless instructed otherwise. A broker listed a residential property under a valid written listing agreement. After the sale was completed, the owner refused to pay the broker's fee. What can the broker do? ✔✔She can take the seller to court and sue for the commission Commissions and fees paid by the seller to a listing agency are determined by ✔✔Negotiations between the seller and the the listing licensee. A listing broker is MOST likely to have earned a commission from a principal when .. ✔✔A "Ready, Willing, and able buyer" signed a non contingent or cash offer that meets the terms of the listing contract A broker listed an owner's home and later received an offer from another licensee that met all of the listing terms and conditions. After considering the offer, the owner informed the broker that the owner no longer wished to sell, and asked to be released from the listing agreement immediately. What is a TRUE statement about the brokers position in this situation? ✔✔The broker may succeed in collecting an earned commission from the owner. On July 1 an owner and a salesperson entered into a six month exclusive right-to- sell agreement for a residential property. On July 15 the owner rejected a low offer and fired the listing agent. On August 1 there was a house fire that required extensive kitchen repairs. On Sep 12 the owner entered into another exclusive -right-to sell agreement with a salesperson of a different agency. On Jan 1 the property was still unsold. On which date was the first listing agreement Most likely to terminate. ✔✔September 12, Because the owner breached the first listing agreement by signing a second. An option, prior to being exercised, is an example of ✔✔Unilateral Contract What is a similarity between an exclusive-right-to sell listing and an exclusive- agency listing? ✔✔Both give the responsibility of representing the seller to just one broker. A buyer has entered into an agency agreement with more than one buyer's agent but only owes compensation to the one who puts an actual transaction together. This arrangement is known as ... ✔✔Nonexclusive agency agreement What type of clauses governs the right of a listing broker to collect a commission from an owner who waits until the listing period expires and then personally contracts to sell the property to a party the broker had shown the property to during the listing period. ✔✔Protection You wrote an offer on a house for $214,000. The seller gave you a counteroffer for $218,000. The seller may withdraw the counteroffer anytime. ✔✔Prior to the buyer's acceptance You signed a lease for one year and took possession of an apartment. When the lease expired, you continued to live in the apartment without the owners consent. Your tenancy would be considered to be a(n) ✔✔Tenancy at sufferance A commercial lease that allows rent to be increase or decrease periodically based on changes in economic indicators is a(n) ✔✔Index Lease In theory, What deed gives a property buyer the most protection against problems that may arise with the title. ✔✔General Warranty Deed Personal Property is generally conveyed by a .. ✔✔Bill of Sale The movement of land caused by an earthquake would be an example of... ✔✔Avulsion When property transfers from one party to another, recording the deed provides what is called? ✔✔Constructive Notice The IRS has how many requirements for establishing an independent contractor status? ✔✔Three Brokers who violate the Sherman Antitrust Act may be punished by a maximum fine of .. ✔✔$100,000.00 one hundred thousand dollars What is NOT a violation of Antitrust Laws? ✔✔A broker refuses to cooperate with a flat fee broker The Civil Rights Act of 1866 prohibits discrimination based on ✔✔Race Broker X is showing buyer Y, an Asian, homes only in Asian Neighborhoods. the broker may be guilty of .. ✔✔Steering What is not a category protected by federal fair housing laws against discrimination in housing? ✔✔Sexual Orientation Licensed or certified appraised performing federally related transactions must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). A federally related transaction is any transaction with a value greater than.. ✔✔$250,000.00 two hundred thousand dollars. A sale is to close on June 23. Real estate taxes of $2,640 for the current year have NOT been paid. What is the amount of the real estate tax prorarion to be credited to the buyer? ✔✔$1,268.66 A home is valued at $92,000. Property in this city is assed at 70 percent of its value and the local tax rate is $3.40 per $100. What is the amount of the owner's monthly taxes? ✔✔182.74 A mother wants to know how much money her son owes on his mortgage loan. The mother knows that the interest part of the last monthly payment was $473.26. If her son is paying interest at the rate of 9 percent, what was the outstanding balance of the loan before the last payment was made? ✔✔$63,101.33 An Oral agreement between two licensed brokers to divide a commission is? ✔✔Is Valid When all parties agree to the terms of a contract there has said to have been a/an? ✔✔Meeting of the minds An instrument that transfers possession without the transfer of title is a/an ✔✔Lease The appropriation of land by the owner to some public uses along with the acceptance for such use by or on the behalf of the public constitutes ✔✔Dedication The following has changed the old maximum "the principal is the person who always pays the agent." ✔✔Buyer Agency The rights of ownership including the right to use, possess, enjoy and dispose of a thing in any legal way and to exclude everyone else without rights from interfering is: ✔✔The Bundle Of Rights Chain of title means ✔✔A Record of a Property's grantors and grantees Capitalization as used in appraising is ✔✔A method of determining value based on net income. A Parcel of lease property is sold and the tenant recognized the new landlord. The tenant is said to have gone through an act of: ✔✔Attornment For a lease to be binding it should be signed by: ✔✔Lessor and lessee Under the theory of mortgages used in South Carolina, ✔✔Title remains with the mortgagor. Recordation of instruments which transfer or encumber a parcel of real property will do all of the following EXCEPT ✔✔Give actual notice of the insturments to third parties who may be affected by the related transactions. The Real Estate broker is most often a _______Agent ✔✔Special The type of deed most likely to be given at a sheriff's sale is: ✔✔Bargain and Sale Deed To obtain a gross rent multiplier, the appraiser must obtain from comparable properties: ✔✔The rent and the sales price Under the usual agreement of sale, the option to declare the deposit of the earnest money forfeited usually lies with the: ✔✔Seller To each Sales agreement there must be: ✔✔An Offer and an Acceptance Under a land contract, who holds title until certain contractual obligations are met? ✔✔Vendor Building houses close together with little yard space, and a large common area, rather than each house having a large yard is called ✔✔Cluster Housing (clustering) The instrument of conveyance in and of its specific writing restricts the grantee's right as to how the property will be used. This is a/an ✔✔Deed Restriction What gives the state the right to enact regulations governing the real estate profession ✔✔Police Power When a broker acts as an agent for both the buyer and the seller and all facts are disclosed to all parties involved, the broker can collect payment for his/her services from: ✔✔Seller and/or Buyer A broker should furnish a copy of the closing statement to the: ✔✔Seller and Buyer [Show More]

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