SC Real Estate Sales Person Exam - National Portion Only Flashcards

SC Real Estate Sales Person Exam - National Portion Only Flashcards Which of the following is an example of single agency?An agent from one firm acts as the agent for the buyer Layla, a licensee, has had a few casual meetings with a potential client, Marcus. Marcus has told Layla the type of home and locations he's interested in. Layla has mentioned a few homes that she thinks Marcus might be interested in.Although Layla hasn't said that she will continue to look for homes for Marcus, Marcus believes she'll do just that.Which of these statements about this situation is correct?Layla's actions may have created an implied agency agreement with Marcus.Seth owns a property on a small island with six other property owners. Recently, Seth built a fishing pier along the water's edge; however, the pier is actually on his neighbor's property, which Seth has no rights to. What might this be an example of?Encroachment ______ is the principle that the more similar properties there are on the market, the lower the price will be driven.Competition Sondra thinks the new business contract she's signed with her business partner is valid. Both parties are legally competent, the purpose is a business transaction so it's a legal purpose, an offer was made and accepted, and a fee has been negotiated and documented. Which essential element of a valid contract has Sondra not yet considered?Whether the consent was voluntary.Which of the following is a promise from the borrower to repay a certain sum of money to another party (the lender or holder of the note) under specified terms?Promissory Note Trina is a licensee at Midtown Homes. Which of these factors indicates that she's classified as an employee?She's eligible to participate in the firms 401k retirement plan Elvin owns 150 acres of prime hunting land. Every year, he gets requests from private groups that would like to use his land for a day or two during hunting season. He sometimes grants these requests, but this year, he's decided to only use it himself with his friends. Which right in the bundle of rights says that he can say no to these requests?Exclusion The seller disclosure indicates that the central air conditioning unit is 26 years old. Why might this worry Margot's buyers?The unit may need to be replaced Dean and Michael have an oral contract. Dean said he would sell Michael his bike in return for Michael's vinyl album collection. What does the record collection represent?Consideration Which of these is NOT an example of price fixing? Jake's Firm agrees to charge all clients a listing commission of between 2% AND 2.5%

Which of the following is most likely to establish workmanship standards when someone is building an addition to their property?Building Code Which of the following is a buyer's agent's task or duty?Representing the buyer's interests If Hal sold his client's listing for $230,000, but it appraised at $200,000 and the buyers agreed to put the extra $30,000 down, what will Hal's commission be if he charged 5%?

$11,500

Edric owes $115,000 on his lakefront home, which he's selling for $350,000. He's spent $73,000 in major renovations, and he wants to take that expense into consideration when he calculates how much he'll actually pocket at closing. What number does he come up with?

$162,000; 350000-115000-73000

Which of these statements about title marketability standards is correct?Marketable title carries a higher standard of assurance than insurable title.Sandra is purchasing a home for $200,000 and provides a $3,000 earnest money check to the seller. Her closing costs and down payment total $7,000. Assuming that Sandra is financing the purchase, how much should she bring to the closing?

$4,000

Shira bought a condominium in a planned unit development. The development has a small playground, tennis and basketball courts, and a putting green. Who owns these recreational facilities?The condo owners Which of the following is true regarding the definition of agency?Agency describes the relationship between the real estate professional and the person or persons being represented While hosting an open house, Liza speaks with prospective buyers. They're interested in the house, but think the listing price is a little high. They ask her what other incentives they could include in their offer to get the seller to come down on their price. If Liza helps them, what duty may she be breaching?Loyalty Carlton listed his property with an agreement end date of August 31. The property went under contract on May 12 and closed on July 2. When did Carlton's listing agreement officially terminate?July 2; agreement officially terminates on the date the transaction closed and was completed.Jared wants to purchase property. One of the properties his agent shows him was formerly zoned for commercial use. It has a steep drop off at the back of the property, as well as some soft spots and mounds. Should Jared's agent recommend that he have a home inspector investigate it?Yes, these are clues that the property may have been used as a waste disposal site.Private mortgage insurance protects the lender in case the borrower takes which of the following actions?Defaults on the loan Tawna agrees to sell her small plot of land to Morris for $5,000 cash. They don't write up a contract, but otherwise

all the necessary elements for a valid contract are in place.What's the status of this contract?It's valid but not enforceable

Three days ago, there was a severe thunderstorm in Shirley's town. Today, there's still a large puddle of water on her property, but it doesn't appear the neighboring properties have any puddles. This could indicate a(n) ______ problem.Drainage Breanna signs a contract offering to purchase Kathy's home for $150,000. Kathy replies, "No way," but offers to sell it to her for $200,000. Breanna agrees to these terms and they add their signatures. Which of the following statements is correct?Breanna accepted the offer Kathy made. Kathy's offer to sell the home is a counter offer, and when Breanna agrees to the terms of the counter, it constitutes acceptance.Which department typically decides which development projects require a permit or approval?Building Department Saul was unhappy after he and Janelle liquidated their business. Janelle sold some items for less than he'd initially agreed to and he wanted the full price to be included in the profit split. He wanted to sue, but he was required to pursue other options. What contract clause kept Saul from being able to sue?Arbitration Which of the following is an action borrowers take to temporarily lower the interest rate on their mortgage loan?Buydown Which statement correctly identifies a federal fair housing law and what it addresses?Title VIII of the Civil Rights Act of 1968 prohibits housing discrimination based on race, color, national origin, and religion.The duty of reasonable skill and care assumes that agents can provide expert advice to their clients in which area?Real Estate The MARIA acronym helps to identify the five tests of a fixture. Which of the following tests refers to how and whether the item is attached to the property?Method of Annexation Which of these would most likely be an implied contractual condition in a real estate sales contract?Freedom from fraud and misrepresentation Renee listed her property for three months starting on March 13. By August, the property hasn't sold. This is after lots of marketing and effort from the agent, a price adjustment, and several showings. Renee decided to list the property with another firm. Under which of these conditions can Renee list the property with another firm without breaching her agreement?The listing agreement expired.Kenneth enters into a contract to sell his home to Valerie, who puts down a $5,000 earnest money deposit. At the last minute, Valerie backs out of the deal. Kenneth keeps the earnest deposit. This is an example of ______.Accepting Liquidated Damages. "Liquidated damages provide a specific compensation amount in the event of a breach. That's the correct answer.It's January, and the pool at Roger's listing has been prepped for winter for several weeks. The homeowner assures Roger that it's in good working order. Roger has no reason to disbelieve the homeowner, so he tells