South Carolina Real Estate Exam State Portion Only Flashcards

South Carolina Real Estate Exam (State Portion Only) Flashcards In South Carolina, which of these duties of an agent to a principal always continues after the agency relationship has been terminated?A) Full disclosureB) LoyaltyC) ObedienceD) Confidentiality

• Confidentiality

Four of the permissible agency relationships in South Carolina are _____.A) designated agency, disclosed dual agency, transaction brokerage, and seller agencyB) seller agency, buyer agency, disclosed dual agency, and designated agencyC) seller agency, single agency, disclosed dual agency, and transaction brokerageD) buyer agency, disclosed dual agency, designated agency, and transaction agency

• seller agency, buyer agency, disclosed dual agency, and

designated agency A competent person who is authorized by another to act in his PLACE AS AN AGENT is known as a/an _____.A) attorney-at-lawB) masterC) servantD) attorney-in-fact

• attorney-in-fact

An agent shows a house knowing the house has substantial termite damage. The agent must disclose this information to the buyer because _____.A) termite damage constitutes a material factB) termite damage may become a stigma surrounding the propertyC) an agent must disclose all facts concerning the propertyD) it is required by the South Carolina Consumer Protection Code

• termite damage constitutes a material fact

The relationship of trust and confidence between an agent and his principal is that of _____.A) attorneyB) fiduciaryC) subagentD) trustee

• fiduciary

An owner employing more than one broker at a time has given a/an _____.A) unilateral listingB) open listingC) net listingD) multiple listing

• open listing

Authority exercised by an agent which is in accord with usual or TRADITIONAL PRACTICES is called _____.A) express authorityB) traditional authorityC) statutory authorityD) implied authority

• implied authority

There are several situations by which an agency can be terminated. Which is best for the agent?A) lapse of timeB) performanceC) change of lawD) destruction of the home or building

• performance

Misrepresentation by a party to a contract differs from fraud as to the _____.A) considerationB) voidability of the agreementC) requirement of competencyD) requirement of intent

D) requirement of intent (NOTE: This means

misrepresentation is different than fraud because there has to be INTENT to misrepresent for it to be considered fraud)

All exclusive right-to-sell listings _____.A) must have a dollar amount for commissionB) require payment of a commission to the agent if the property is soldC) must have a legal description of the propertyD) must have a "time is of the essence" clause

• require payment of a commission to the agent if the

property is sold In South Carolina, when must a licensee provide a meaningful explanation of agency relationships to a buyer or a seller?A) Anytime before the offer is presentedB) Prior to writing the offer for a buyerC) Prior to asking the buyer his name and telephone numberD) At the first practical opportunity at which the licensee and the buyer or seller has substantive contact

• At the first practical opportunity at which the licensee

and the buyer or seller has substantive contact A real estate broker-in-charge _____.A) is always employed by the owner of the propertyB) may not act as an agent for the purchaserC) is usually considered a universal agentD) is usually considered a special agent

• is usually considered a special agent

You, the listing agent, receive an offer on a home you have listed, which refers to the sewer connection. You know that the property has a septic tank. You should _____.A) refuse the offer based on the inaccurate informationB) give the offer to the seller and let him/her decide about disclosure of the septic tankC) give the offer to the seller and say nothingD) recommend that the seller make this change either in his/her acceptance or in the counteroffer and send it back

• recommend that the seller make this change either in

his acceptance or in the counteroffer, and send it back The best description of a special agent would be a person who _____.A) is an attorneyB) is an accountantC) has limited authorityD) has contractual authority

• has limited authority

One employed by and under the control of another known as the principal, to represent such principal in business dealings with third parties is known as a/an _____.A) servantB) agentC) independent contractorD) client

• agent

The assessed value is $3,000 and the tax is based on 200 mills. How much is the tax?A) $500B) $600C) $700D) $800

B) $600 [NOTE: ($3,000 assessed value)(0.200 mill rate) =

$600 annual tax] The assumption fee when assuming a loan in SC may not exceed _____.A) 1% of the loan or $400, whichever is greaterB) 1/2% of the loanC) $500D) 1% of the loan or $400, whichever is less

• 1% of the loan or $400, whichever is less

A cooperating agent _____.A) always works for the buyerB) may work for the sellerC) does not receive a commission, but rather is paid a flat fee based on his/her actsD) normally works as a dual agent

• may work for the seller

An agent disclosed to the customer that he represents a client and he also disclosed the client's identity. What type of principal is this?A) undisclosed principalB) disclosed

principalC) partially disclosed principalD) general principal

• disclosed principal

In South Carolina, if a mortgage loan is written, the amount of interest that can be charged is _____.A) no more than

6%B) any amount agreed to by the partiesC) no more than 18%D) not covered by this law

• any amount agreed to by the parties