SC Real Estate PSI Exam Review Flashcards

SC Real Estate PSI Exam Review Flashcards Listing and Buyer Representation agreements SC LAW

40-57-135 (D) (4)(a)-(l):The agreements must state the

amount of compensation to be paid or method to calculate the compensation.This makes net listings impossible to do legally.ListingsContracts between seller and the broker Universal AgentCan do ALL the acts a principal can do; created by a power of attorney Types of agenciesExpress and Implied Sold real property is transferred with a... Deed Client level services or statutory duties Fiduciary duties - use OLD CAR to remember these duties.Principal AKA ClientOne who contracts with another for represenation, advise and cousel in legal or business dealings with third parties.Listing and Buyer Representation agreements SC LAW

40-57-135 (D) (4)(a)-(l): Explanation of if and how

compensation will be divided among cooperating...Brokers.When does SC Law require agency disclosure be presented to buyers and sellers?At first practical opportunity, at which there is substantive contract.Special AgentHired by principal for a specific service - limited authority - does NOT have continuous service Licensee may do for customers...Show property, provide statistics and information, provide pre-printed contracts, act as a scribe and write offers, locate list of professional service providers, and identify schools - etc.Special Purpose PropertyChurches, schools, other gov't building and cemetries.When does your license expire?Every two years - June 30 Property Management AgreementConteacts between the property owner and the PM Commercial Property/Income PropertyRetail or wholeslae shopping and offices, restuarants, hotels and theaters.

Trade fixturesTenant owned - Ex: sings, shelving, coolers, and clothing

racks. They are not real property unless they are left behind by tenant.Open (buyer agency)Buyer's brokaerage only gets paid if firectly invloved in the purchase Agent AKA ProxyOne engaged to respresent and be under the control of a principal Exclusive right to sell (seller agency)Listing brokerage gets paid if property is sold by anyone (most common) Agricultural propertyFarms, timberland, ranches and orchards Third Party AKA customerThe person(s) the agent is trying to do busines with while representing the client

Developing PropertyConstruction of improvements. Off-site: water and sewer

lines on public land. On-site: homes, offices, swimming

pools, etc. on individual parcels.Listing and Buyer Representation agreements SC LAW

40-57-135 (D) (4)(a)-(l): The agreements must contain a

description of the agents duties or services to be performed for the...Principal.Statueswritten State or Federal laws Listing and Buyer Representation agreements SC LAW

40-57-135 (D) (4)(a)-(l): signatures of all parties...

Pull a copy of the deed so you can makes sure you are getting all necessary signatures.What does IRMA stand for?Intent/understanding of the partiesRelationship of the annexor (who attached it) of the propertyOwner owns all fixtures and can remove before marketing the propertyTenant belongs to the LL unless in writing before installMethod of attachmentIs it permanent?Will it damage the property?Adaptation to propertyIs the item in question unique to the property?Has it been adapted for special purpose or need?Listing and Buyer Representation agreements SC LAW

40-57-135 (D) (4)(a)-(l):A copy should be given to client at

the time of signing or...Directly following.Mixed Use PropertyProperty that allows for 2 uses, comercial and residential, in the same building.ScarcityIs the limited supply of something - worth so much more (economic characteristic) LLRA level of gvt, under the governor, many commissions What does P.E.T.E. stand for?Police power -Eminent domain - right to take private property for public good, gvt pays for property, condemnation is the act of taking the propertyTaxationEscheat - those who die intestate, without will, and have no heirs, lose their property to the state.Designated AgentBIC designates a licensee to seller and another licensee to the buyer - BIC can never designate themselves General AgentHired for continuous service and has broad authority.(Usually a PM but if they are only to find a tenant and get a leased sign then they are a Special Agent).Agriculutral PropertyFarms, timberland, ranches and orchards.DevelopingConstruction of improvements, offsite improvements are water and sewer lines on public land.. onsite improvements are homes, offices and swimming pools.Cooperative SubagentWhen a compant sells another company's listing to a buyer customer, the selling company is a subagent of the listing company.Antitrust Laws (Sherman and Clayton Act) Primary purpose to promote competition. When two or more parties get together to conspire price fixing, group

boycotts, allocation of markets or terriorists, allocation of customers, tie in contracts or agreements.

IntestateWithout will Residential PropertySingle family, duplex to quadplex, multi-family which is 5 units or more.Mixed useProperty allow for 2 uses Common Law Obligations to third partiesHonesty and fair dealing; due care, knowledge, skill Licensee shall do for clients...Present ALL offers to and from parties involved, Account for all money and property received by the broker on behalf of a party in a real estate transaction, explanation of agency, explain scope of services, and proceed fairly and honestly.Commercial propertyRetail, wholesale shopping, and offices, restaurants, hotels and theaters SC Real Estate CommissionsRegulate the real estate industry to protect the public - policy, standards, disciplinary, recommended legislation changes - cant pass, est. fees but NOT commissions Broker protection clause AKA Safety Clause in buyersBuyer is obligated to pay the agrred fee if the buyer client buys a property that the agent has shown or told them about before the agency agreement expired. Signing an agreement with another broker does not normally void the protection period.A contract terminated by operation of the law Death or incapcity of principal/client/agent, destruction of subjest matter, loss of title through foreclosure/tax sale, performance, bankrupcy of principal/client/agent, or change of law that makes performance impossible.Modular homes are built...Offsite and assembled on location Does the LLR need a reason to initiate an investigation based on belief that law has been broken?No LLR compliant must be...Written Exclusive agency (seller agency)Listing brokersage does NOT get paid if owner sells property Agent's Common Law Fiduciary Duties to Prinicipal OLD CAR - Obedience, Loyalty, Disclosure - full, Confidentiality (out lives the contract), Accounting (out lives the contract), and Reasonable care and diligence Situsarea preference - Location, location, location.SC requires agency contracts to be...Written Net listingThis is not a type of listing and is unethical method of calculating the commission Client Level services/Statutory DutiesSC calls fiduciary duties - OLD CAR Rectangular survey system is notused in SC - longitudes and latitudes SubdivisionSplitting a parcel of land into smaller parcels Exclusive right to sell (buyer agency)Buyer's brokerage gets paid if the property is bought Chattelpersonal property Listing and Buyer Representation agreements SC LAW

40-57-135 (D) (4)(a)-(l): Can be no requirement to notify

agent of intent to cancel after listing or buyer representation