Final Exam - South Carolina Real Estate Principles 2.0 Part 1

Final Exam - South Carolina Real Estate Principles 2.0 Part 1 Flashcards The primary purpose of real estate-related professional organizations is to increase public awareness of the value of working with members of the organization.Television ads encouraging potential buyers to work with a REALTOR® who subscribes to a Code of Ethics are presented by the National Association of REALTORS®.A real estate settlement in Virginia isMOSTlikely to be heldin either a real estate attorney or title company office.NonagencyA customer relationship whereby the consumer receives basic services in a real estate transaction. These services are called ministerial acts and do not rise to the level of an agency relationship The biggest problem that occurred relative to the removal of the home inspection contingency was that neither the buyer nor the seller felt that Tony represented their best interests.A licensee has agreed to assist the owner of the property with cleanup in order to get the listing agreement. In this case, the licensee is hoping for an agency coupled with an interest.Jodie has buyer clients who now wish to buy her listing on Maine Avenue. After receiving written consent from both parties, Jodie will now represent both the buyer and the seller with equal responsibility to both. Jodie is acting as a dual agent.In a dual-agency situation,duty of disclosure of information is limited.Gloria is a property manager for 20 single-family homes owned by Mr. Lee. She willMOSTlikely be required to have a state real estate license if she has the right to sign on behalf of Mr. Lee.ForMOSTpeople, the purchase of a home is the largest investment they will ever make.Brokerage relationships allowable under South Carolina agency law are single, dual, designated, and transaction broker.In a real estate transaction,the brokerage needs no clients to enter a transaction as a transaction broker.A buyer client of the agent is interested in a particular property. The agent also has other buyer clients who have expressed interest in the same property. In this situation, all clients may continue to be represented by a single brokerage with a written disclosure and informed consent.agency coupled with an interestAn agency where the licensee acquires an interest in the property by performing certain acts. Such an agency cannot be revoked by the principal.The Code of Ethics became mandatory for members in the National Association of REALTORS® (NAR) in 1924.Transaction brokerage providescustomer service with limited confidentiality.The potential seller does not need assistance with showing or negotiating his property. He does not want to sign a

full-service listing agreement but desires to have the licensee market the property through various sources. In addition, if the seller gets a contract on the property, he would like for the licensee to provide transaction management from contracting to closing. The licensee would more than likely provide this service as a transaction broker

All real estate settlements must be conducted by a licensed attorney.true The builder does not want to offer client services to buyers who come to the site to look at properties. He only wants to give them customer service. In this case, the builder's office policy should state that the brokerage only practices single agency seller agency and transaction brokerage.A listing or buyer agency agreement must contain all of the followingEXCEPT the agent's split with the brokerage TRID, the Truth in Lending/RESPA Integrated Disclosures, was developed by the Consumer Financial Protection Bu One of the biggest challenges for the expanding of the global real estate market is the difference in interpretation of ethical behavior.Revisions to the NAR Code of Ethics that took place in the mid-1990s reflect all of the followingEXCEPT clients and customers should receive equal representation.All of the following statements of facts involved in this case are true and would have an impact on the ethical situationEXCEPT Martin brought the Orchard Street property to George's attention.Expressed AgencyThe brokerage and the consumer have expressed their understanding of the relationship in words. To be enforceable and acceptable under license law, the expression must be in writing and contain certain terms and conditions.The brokerage has an office policy of transaction brokerage only. This means that all consumers are customers.Ann wants to enter into an agreement with the seller ensuring that she will get paid in every situation unless the seller sells on his own. Her agreement is called exclusive agency agreement.State license law requiring disclosure of agency relationship to all potential buyers to ensure that the buyer understood that the agent represented theBESTinterests of the seller became prevalent in the 1980s underground storage tanksA tank and any underground piping connected to the tank that has at least 10 percent of its combined volume underground.Agent Ann has no personal listing inventory, and she is showing the property of sellers who are listed with another brokerage in her area to some customers. She is not representing the seller when working with the potential purchasers. Ann is practicing transaction brokerage.The main difference between customer- and client-level service is advice, counsel, and advocacy.When the Lees expressed interest in purchasing Tony's listing, he should have discussed the alternative of bringing in another agent to represent them.In this situation, the broker at XYZ Realty has a primary duty to promote and protect the best interest of all three clients.

Transaction brokerage is the default position of the licensee in the law. This means that the consumer receives customer service until a client agreement is signed.The ultimate victims of the downfall of Mr. X's communication company were the public stockholders.true Appraisers forMOSTproperties are hired by the lender Dual AgencyThe brokerage has two clients in a single transaction Wilma and Charlie are both agents with H&R Realty. Wilma has a signed buyer agency agreement with Mr. and Mrs.Jones. The Joneses now want to purchase a property listed by Charlie. In some states, Wilma will be able to continue solely representing the Joneses even though they are purchasing a property listed by her company. This is an example of designated agency.An agreement to represent a buyer mustbe in writing and gained with informed consent.Julio is representing both the seller and the buyer in the same transaction. In this case of disclosed dual agency, Julio has two clients.Jenna has both a buyer client and a seller client in a single transaction. She will need both buyer and seller to sign a dual agency consent agreement, depending on the office policy of the brokerage.In a dual agency situation, both clients receive limited service with informed consent.In a dual agency situation, informed consent to act as a dual agent is gained when the buyer and the seller agree in writing.informed consentConsent to certain terms and conditions after receiving a full explanation of benefits and responsibilities of the relationship All 50 states in the United States, plus the District of Columbia, require all real estate practitioners to maintain a state license to practice real estate.As long as a company has a published code of ethics, there will never be a problem of unethical behavior on the part of its employees.false Marcia'sBESTapproach to the Gonzalezes is to discuss optional ways that a commission could be included in the sales price.If a potential purchaser will not sign a representation agreement, she must be treated as a customer.Jan is practicing transaction brokerage with a potential buyer of a retail space. The seller of the property has his own listing agent. This means that the seller has client service while the buyer is treated as a customer.A dual agentrepresents both parties at the same time.clientA consumer who has hired the brokerage through a written agreement to perform certain act Both listing agreements and buyer agency agreements are actually a contract between the client and the broker.If Jack and Susan have concerns about neighborhood issues, they should do any of the followingEXCEPT ask the listing agent for all information