During the listing presentation, the seller questions the

Real Estate U - South Carolina Flashcards During the listing presentation, the seller questions the amount of commission to be paid and is told The amount of commission is negotiable.Federal Truth-in-Lending laws are also known as...Regulation Z A judgment has been properly recorded. Any subsequent purchasers, whether they have actually examined the record or not, have been given Constructive Notice When might you encourage a seller to take a lower offer than their asking price?If the seller is frustrated that the home has been on the market for too long.What is not an advantage of being transparent about multiple offers?The seller might be more likely to wait for the perfect bid.Depreciation is calculated based on tehCost of the building only One of the most important elements in the Golden Rule is the idea of..?Reciprocity Fire stairs in a building will typically exit to the...?Building's Lobby or the Street Itself An exception to title insurance coverage is1. forged documents.2. defects found in public newspapers.3.incorrect records of marital status.4. defects that clearly appear in the title search.Incorrect records of marital status While an agent is showing a listed property, the seller and the buyer enter into an oral agreement for the purchase of the home. If a dispute over the terms arises later, the agreement may be unenforceable because The agreement does not comply with the statute of frauds.What is the role of an ombudsman?The ombudsman works as an informal intermediary between two conflicting parties.What is the recommended way to file a complaint according to the SIOR code of trial principles and standards of practice?Complaints begin with the Professional Standards Hearing Panel. This body listens to the alleged violation and determines if sanctions are necessary.In a financial dispute, what is the deadline for filing an official complaint with the SIOR?Six Months When might you encourage a seller to take a bid that is 15% over asking?When the buyer is paying all cash.A deed restriction is applicable to the activities ofall owners, present and future Which of these statements accurately describes a customer or a client as defined by the disclousre form?a customer is a buyer or seller who does not have an agency relationship with the brokerage.When a listing broker is preparing an offer to purchase for a buyer customer, contingencies involving inspections or approval by a third party should Have short deadlines What is the purpose of business ethics?Business ethics are designed to give real estate agents a Fram of reference when faced with tough decisions.The civil rights act of 1866 prohibits any type of discrimination based on Race

Under the common law of agency, licensees owe the broker with whom they are associated all of the following duties EXCEPT indemnification What consists of legal principals that regulate the principal-agent relationship.The law of agency.What is not a reason someone might consider cooperative living?Apartment-style living with deeded, fee-simple ownership If varying standards are imposed by public zoning laws and private regulations, which prevails in case of dispute?Typically, the more restrictive covenants are enforceable by existing law.What real estate contract is a service contract? listing agreement

Ordiances that specify construction standards are:building codes

A homeowner is willing to let his neighbor park an RV in his backyard. He does not want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor?A license If the terms of a contract indicate that Party A will be obliged to perform her part of the contract only if Party B chooses to take a certain action, then the contract is a Unilateral contract in which only Party A has made a promise to perform.What evidences a cooperative resident's ownership rights for their unit?Trust agreement A landlord may legally refuse to rent to a prospective tenant if the tenant has ever been convicted of selling illegal drugs Bob and Cindy, a married couple, own their home. They have an equal, undivided right to sell, mortgage, transfer, or encumber their property. What describes how they own their home?As joint tenants For Federal income tax purposes, which of the following are costs of homeownership that may be deducted from gross income?Mortgage loan interest, local property taxes, mortgage loan origination fees Under the terms of their listing contract, the owners may sell their house themselves and pay no commission. If their agent sells it, a commission will be due. What kind of listing contract do the owners have?Exclusive agency listing.

A transaction broker or facilitator is sometimes known as:A non-agent

Which of the following is NOT a sanction under the NAR enforcement code?Permanent revocation of the agent's real estate license.A homeowner has negotiated with a neighbor to obtain the permanent right to pass over the northern part of the neighbor's land to gain access to the river. He pays the neighbor $9,000 for the right of access and receives a deed. This is an easement appurtenant Although states make specific laws governing water rights and the rights in land that borders water, most states generally follow one of two basic doctrines regarding water rights. In many states, the common law doctrine of riparian

and littoral rights dictates that water rights are automatically conveyed with property. In others, all water rights are controlled by the state under the doctrine of prior appropriation A formal appraisal will always be required when thelender wants to sell the mortgage to the secondary market.Legal descriptions using the government survey system are NOT generally used in The original 13 states

The doctrine of prior appropriation is most likely to be followed in states where Water is scarce Three people buy a house as tenants in common.Subsequently, two of the owners want to sell, but the third discourages each potential purchaser. The two owners who wish to sell the house can File an action for partition against the third owner.How is arbitration handled under the NAR Code of Ethics?The NAR will first attempt to solve the issue with the help of a mediator whenever possible.You're representing a seller who is motivated to sell their property, but their home's elevation certificate says the home is 2.5 feet above the BPE. What does BPE mean and how would this affect the home's potential sales price and value?BPE stands for base flood plain elevation, and home that are less than 3 feet above the BPE according to their EC will have high flood risk ratings and high insurance premiums than homes that are more than 3 feet above the BPE.The buyer is assuming a mortgage presently on the property in the amount of $110,00. What is the adjustment made at closing?Credit buyer $110,000; debit seller $110,000 The FHA functions most likean insurance company In an exclusive right-to-sell listing, an owner lists the property for sale with how many brokers?One Broker The individuals who have the right to the property at the end of the measuring lifetime are called the?Remaindermen Alex, 14, and Kent, 17, inherited a piece of property. The next year, Kent deeded the whole property to Alex, who immediately put it on the market. An adult buyer made a written offer which was accepted by Alex. Which of the following is TRUE?The buyer cannot legally compel Alex to sell.Which of the following is NOT an acceptable way for an accused agent to respond to a formal complaint?Refusing to provide certain information based on the agent's moral values.A major difference between freehold and nonfreehold estates is that all freehold estates are of indeterminable duration Which of the following is a permissible restriction on a fee simple estate?Homeowner's Associate Covenant | Utility Easement | Local Zoning Restrictions A landowner wishes to build a neighborhood grocery store on a busy street in an area zoned for residential use. Which of the following would MOST likely be used to obtain permission for this store?Conditional use permit or zoning variance.If a person alleges a formal ethical violation against an agent, but the accusation does not fall within the NAR's official code of ethics, how is this handled?The complaint will be dismissed. A person cannot allege unethical conduct unless it's not addressed in the code.A consumer who works with a facilitator (or a transaction

broker) is sometimes considered:

An unrepresented party.According tot he truth-in-lending act, if any "trigger terms" are used in an ad, all of the following disclosures must appear in the ad except the Prepayment penalties and rebates