South Carolina Real Estate Exam (SC
Exam Question Prep) with Complete
solution.
Mindy, |a |South |Carolina |resident, |is |buying |a |new |home. |She'll |occupy |the |home |as |her
|primary |residence. |It |has |a |fair |market |value |of |$220,000 |and |is |in |an |area |with |a |millage
|rate |of |.350. |What |can |she |expect |to |pay |in |property |taxes? |- |ANSWER-$3,080
**Fair |market |value |is |multiplied |by |the |assessment |ratio |to |calculate |the |property's
|assessed |value. |For |primary |residences, |this |ratio |is |4%. |This |is |then |multiplied |by |the
|millage |rate |to |determine |property |taxes |due.
Brent |wants |to |work |with |a |real |estate |broker |as |a |buyer |client. |How |can |he |do |this?
-Sign |a |buyer |representation |agreement.
-Sign |a |Disclosure |of |Real |Estate |Brokerage |Relationships.
-Sign |a |listing |agreement.
-Sign |a |transaction |brokerage |agreement. |- |ANSWER-Sign |a |buyer |representation
|agreement.
**To |become |a |buyer |client, |Brent |must |sign |the |appropriate |agency |agreement |with |the
|broker. |Only |the |buyer |representation |agreement |establishes |an |agent-buyer |client
|relationship.
In |addition |to |providing |proof |of |character, |an |applicant |seeking |a |new |South |Carolina |real
|estate |license |after |their |original |was |revoked |must |provide |what |other |proof?
Education |and |examination
Education |and |income
Examination |and |income
Experience |and |education |- |ANSWER-Education |and |examination
South |Carolina |broker |Craig |Jenkins |is |selling |his |own |home. |He |discloses |this |fact |in |his
|marketing |materials |for |the |house, |and |at |his |first |substantive |contact |with |interested
|buyers. |Should |Craig |disclose |this |fact |anywhere |else?
-No. |Craig |has |fulfilled |his |duties |of |disclosure.
-Yes. |He |must |complete |a |Licensee-Seller |Disclosure |form, |and |have |any |prospective
|buyers |sign |it |before |submitting |an |offer.
-Yes. |He |must |complete |the |Licensee-Seller |Disclosure |form |(and |have |the |seller |sign |it)
|and |disclose |it |on |page |one |of |any |purchase |offers |he |receives.
-Yes. |He |must |disclose |this |on |page |one |of |any |purchase |offers |he |receives. |- |ANSWER-
Yes. |He |must |disclose |this |on |page |one |of |any |purchase |offers |he |receives.
**This |disclosure |must |be |written |in |bold, |underlined, |capital |letters |on |the |first |page |of |all
|real |estate |purchase |contracts |Craig |uses |in |personal |transactions.
, Carlos |wants |a |real |estate |broker |to |help |him |sell |his |lake |house. |He |expects |top-notch,
|full |services. |How |can |he |get |this?
-Sign |a |buyer |representation |agreement.
-Sign |a |Disclosure |of |Real |Estate |Brokerage |Relationships.
-Sign |a |listing |agreement.
-Sign |a |transaction |brokerage |agreement. |- |ANSWER-Sign |a |listing |agreement.
**To |become |a |seller |client, |Carlos |must |sign |the |appropriate |agency |agreement |with |the
|broker. |Only |a |listing |agreement |establishes |an |agent-seller |client |relationship.
Raquel's |license |was |revoked |by |the |South |Carolina |Real |Estate |Commission |three |years
|ago. |She'd |like |to |apply |for |a |new |license. |What |does |she |need |to |do?
-Anyone |who |had |a |real |estate |license |revoked |can |never |apply |for |a |new |license.
-Nothing, |after |the |revocation |period |has |ended |her |license |will |be |automatically
|reinstated, |assuming |she's |kept |up |with |renewal |requirements |over |the |last |three |years.
-She |must |provide |proof |that |she's |reliable, |has |a |good |reputation |for |honest |and |fair
|conduct, |has |completed |all |education |requirements |within |the |last |five |years, |and |has
|passed |all |required |exams.
-She |needs |to |submit |a |reinstatement |application |and |include |a |sworn |statement |from |her
|broker-in-charge |detailing |the |supervision |activities |that |will |be |provided |to |ensure |lawful
|practice |of |real |estate. |- |ANSWER-She |must |provide |proof |that |she's |reliable, |has |a |good
|reputation |for |honest |and |fair |conduct, |has |completed |all |education |requirements |within
|the |last |five |years, |and |has |passed |all |required |exams.
When |must |the |Real |Estate |Offer |Rejection |Form |be |used |in |South |Carolina? |- |ANSWER-
When |a |seller |rejects |an |offer |without |countering |it
A |South |Carolina |agency |agreement |can |be |viewed |as |a(n) |___________.
-Disclosure |of |agency |relationships
-Employment |contract |between |a |client |and |brokerage
-Employment |contract |between |a |customer |and |brokerage
-Employment |contract |between |a |licensee |and |brokerage |- |ANSWER-Employment
|contract |between |a |client |and |brokerage
**By |signing |an |agency |agreement, |clients |are |essentially |hiring |the |brokerage |to |work |for
|them.
South |Carolina |licensee |Victor |has |obtained |his |seller |client's |signature |on |an |offer |he |just
|received. |Victor |faxes |a |copy |of |this |agreement |to |the |buyer's |agent. |Under |South
|Carolina |law, |is |this |an |appropriate |way |to |communicate |an |accepted |offer?
-No. |Real |estate |documents |may |not |be |communicated |electronically |under |the |state |law.
-No. |While |this |signed |agreement |can |be |sent |over |the |Internet, |faxed |documents |aren't
|permitted.
-Yes, |but |only |if |Victor |delivers |the |original |signed |agreement |to |the |buyer's |agent |within
|24 |hours.
-Yes, |this |is |an |appropriate |way |to |transmit |the |accepted |offer. |- |ANSWER-Yes, |this |is |an
|appropriate |way |to |transmit |the |accepted |offer.
Exam Question Prep) with Complete
solution.
Mindy, |a |South |Carolina |resident, |is |buying |a |new |home. |She'll |occupy |the |home |as |her
|primary |residence. |It |has |a |fair |market |value |of |$220,000 |and |is |in |an |area |with |a |millage
|rate |of |.350. |What |can |she |expect |to |pay |in |property |taxes? |- |ANSWER-$3,080
**Fair |market |value |is |multiplied |by |the |assessment |ratio |to |calculate |the |property's
|assessed |value. |For |primary |residences, |this |ratio |is |4%. |This |is |then |multiplied |by |the
|millage |rate |to |determine |property |taxes |due.
Brent |wants |to |work |with |a |real |estate |broker |as |a |buyer |client. |How |can |he |do |this?
-Sign |a |buyer |representation |agreement.
-Sign |a |Disclosure |of |Real |Estate |Brokerage |Relationships.
-Sign |a |listing |agreement.
-Sign |a |transaction |brokerage |agreement. |- |ANSWER-Sign |a |buyer |representation
|agreement.
**To |become |a |buyer |client, |Brent |must |sign |the |appropriate |agency |agreement |with |the
|broker. |Only |the |buyer |representation |agreement |establishes |an |agent-buyer |client
|relationship.
In |addition |to |providing |proof |of |character, |an |applicant |seeking |a |new |South |Carolina |real
|estate |license |after |their |original |was |revoked |must |provide |what |other |proof?
Education |and |examination
Education |and |income
Examination |and |income
Experience |and |education |- |ANSWER-Education |and |examination
South |Carolina |broker |Craig |Jenkins |is |selling |his |own |home. |He |discloses |this |fact |in |his
|marketing |materials |for |the |house, |and |at |his |first |substantive |contact |with |interested
|buyers. |Should |Craig |disclose |this |fact |anywhere |else?
-No. |Craig |has |fulfilled |his |duties |of |disclosure.
-Yes. |He |must |complete |a |Licensee-Seller |Disclosure |form, |and |have |any |prospective
|buyers |sign |it |before |submitting |an |offer.
-Yes. |He |must |complete |the |Licensee-Seller |Disclosure |form |(and |have |the |seller |sign |it)
|and |disclose |it |on |page |one |of |any |purchase |offers |he |receives.
-Yes. |He |must |disclose |this |on |page |one |of |any |purchase |offers |he |receives. |- |ANSWER-
Yes. |He |must |disclose |this |on |page |one |of |any |purchase |offers |he |receives.
**This |disclosure |must |be |written |in |bold, |underlined, |capital |letters |on |the |first |page |of |all
|real |estate |purchase |contracts |Craig |uses |in |personal |transactions.
, Carlos |wants |a |real |estate |broker |to |help |him |sell |his |lake |house. |He |expects |top-notch,
|full |services. |How |can |he |get |this?
-Sign |a |buyer |representation |agreement.
-Sign |a |Disclosure |of |Real |Estate |Brokerage |Relationships.
-Sign |a |listing |agreement.
-Sign |a |transaction |brokerage |agreement. |- |ANSWER-Sign |a |listing |agreement.
**To |become |a |seller |client, |Carlos |must |sign |the |appropriate |agency |agreement |with |the
|broker. |Only |a |listing |agreement |establishes |an |agent-seller |client |relationship.
Raquel's |license |was |revoked |by |the |South |Carolina |Real |Estate |Commission |three |years
|ago. |She'd |like |to |apply |for |a |new |license. |What |does |she |need |to |do?
-Anyone |who |had |a |real |estate |license |revoked |can |never |apply |for |a |new |license.
-Nothing, |after |the |revocation |period |has |ended |her |license |will |be |automatically
|reinstated, |assuming |she's |kept |up |with |renewal |requirements |over |the |last |three |years.
-She |must |provide |proof |that |she's |reliable, |has |a |good |reputation |for |honest |and |fair
|conduct, |has |completed |all |education |requirements |within |the |last |five |years, |and |has
|passed |all |required |exams.
-She |needs |to |submit |a |reinstatement |application |and |include |a |sworn |statement |from |her
|broker-in-charge |detailing |the |supervision |activities |that |will |be |provided |to |ensure |lawful
|practice |of |real |estate. |- |ANSWER-She |must |provide |proof |that |she's |reliable, |has |a |good
|reputation |for |honest |and |fair |conduct, |has |completed |all |education |requirements |within
|the |last |five |years, |and |has |passed |all |required |exams.
When |must |the |Real |Estate |Offer |Rejection |Form |be |used |in |South |Carolina? |- |ANSWER-
When |a |seller |rejects |an |offer |without |countering |it
A |South |Carolina |agency |agreement |can |be |viewed |as |a(n) |___________.
-Disclosure |of |agency |relationships
-Employment |contract |between |a |client |and |brokerage
-Employment |contract |between |a |customer |and |brokerage
-Employment |contract |between |a |licensee |and |brokerage |- |ANSWER-Employment
|contract |between |a |client |and |brokerage
**By |signing |an |agency |agreement, |clients |are |essentially |hiring |the |brokerage |to |work |for
|them.
South |Carolina |licensee |Victor |has |obtained |his |seller |client's |signature |on |an |offer |he |just
|received. |Victor |faxes |a |copy |of |this |agreement |to |the |buyer's |agent. |Under |South
|Carolina |law, |is |this |an |appropriate |way |to |communicate |an |accepted |offer?
-No. |Real |estate |documents |may |not |be |communicated |electronically |under |the |state |law.
-No. |While |this |signed |agreement |can |be |sent |over |the |Internet, |faxed |documents |aren't
|permitted.
-Yes, |but |only |if |Victor |delivers |the |original |signed |agreement |to |the |buyer's |agent |within
|24 |hours.
-Yes, |this |is |an |appropriate |way |to |transmit |the |accepted |offer. |- |ANSWER-Yes, |this |is |an
|appropriate |way |to |transmit |the |accepted |offer.
