South Carolina Real Estate Exam
Questions and Answers 100% Correct
Answers Already Graded A+
QUESTIONS AND ANSWERS
When a loan is subject to the provisions of the Real Estate Settlement Procedures Act
(RESPA), Which of the following elements of the Real estate transaction need NOT
observe RESPA guidelines. ANSWER -The Commission structure for licensees
Regulation Z of the Truth_in lending Act Provides what penalty for licensees who willfully
fail to comply with its advertising guidelines for real estate financing?. ANSWER -Fines
and/or imprisionment
Salesperson A for Broker B has listed a home. Salesperson C for Broker D is acting as a
Buyers agent and trying to sell the same home to his buyer. Salesperson C is primarily
responsible to:. ANSWER -Broker D
In MOST states, the listing broker has a fiduciary duty with. ANSWER -The Client
A broker was employed by an owner to sell her home. What does NOT correctly describe
the broker's relationship to the owner. ANSWER -The broker is a General Agent
You are a licensee holding an open house on one of your listings. An old friend sees the sign
and stops in, and ultimately asks you to write an offer to purchase. At this point, without
any discussion about agency, what is true about agency. ANSWER -Your friend is your
Customer
You listed a home that was subsequently shown by six cooperating outside brokers. How
many seller-agency relationships are involved in this transaction?. ANSWER -One
, A Salesperson listed a home for sale and transferred to another brokerage firm two weeks
later. What describes the status of the statement.. ANSWER -The listing will stay with the
former broker of the salesperson.
A salesperson presented an offer that was accepted and received an earnest money payment
for $2,000. The salesperson should... ANSWER -Give money to the Broker
You are working as a buyer's broker for a client. What would NOT describe your role as a
buyer's broker?. ANSWER -You should show the buyer properties only in which your
commission is protected.
According to the law of agency, a real estate broker does NOT owe the principal the duty
of... ANSWER -Offering legal advice
A broker acting as the agent of the seller.... ANSWER -Must report all offers to the
principal unless instructed otherwise.
A broker listed a residential property under a valid written listing agreement. After the sale
was completed, the owner refused to pay the broker's fee. What can the broker do?.
ANSWER -She can take the seller to court and sue for the commission
Commissions and fees paid by the seller to a listing agency are determined by. ANSWER -
Negotiations between the seller and the the listing licensee.
A listing broker is MOST likely to have earned a commission from a principal when ...
ANSWER -A "Ready, Willing, and able buyer" signed a non contingent or cash offer that
meets the terms of the listing contract
A broker listed an owner's home and later received an offer from another licensee that met
all of the listing terms and conditions. After considering the offer, the owner informed the
broker that the owner no longer wished to sell, and asked to be released from the listing
agreement immediately. What is a TRUE statement about the brokers position in this
situation?. ANSWER -The broker may succeed in collecting an earned commission from
the owner.
Questions and Answers 100% Correct
Answers Already Graded A+
QUESTIONS AND ANSWERS
When a loan is subject to the provisions of the Real Estate Settlement Procedures Act
(RESPA), Which of the following elements of the Real estate transaction need NOT
observe RESPA guidelines. ANSWER -The Commission structure for licensees
Regulation Z of the Truth_in lending Act Provides what penalty for licensees who willfully
fail to comply with its advertising guidelines for real estate financing?. ANSWER -Fines
and/or imprisionment
Salesperson A for Broker B has listed a home. Salesperson C for Broker D is acting as a
Buyers agent and trying to sell the same home to his buyer. Salesperson C is primarily
responsible to:. ANSWER -Broker D
In MOST states, the listing broker has a fiduciary duty with. ANSWER -The Client
A broker was employed by an owner to sell her home. What does NOT correctly describe
the broker's relationship to the owner. ANSWER -The broker is a General Agent
You are a licensee holding an open house on one of your listings. An old friend sees the sign
and stops in, and ultimately asks you to write an offer to purchase. At this point, without
any discussion about agency, what is true about agency. ANSWER -Your friend is your
Customer
You listed a home that was subsequently shown by six cooperating outside brokers. How
many seller-agency relationships are involved in this transaction?. ANSWER -One
, A Salesperson listed a home for sale and transferred to another brokerage firm two weeks
later. What describes the status of the statement.. ANSWER -The listing will stay with the
former broker of the salesperson.
A salesperson presented an offer that was accepted and received an earnest money payment
for $2,000. The salesperson should... ANSWER -Give money to the Broker
You are working as a buyer's broker for a client. What would NOT describe your role as a
buyer's broker?. ANSWER -You should show the buyer properties only in which your
commission is protected.
According to the law of agency, a real estate broker does NOT owe the principal the duty
of... ANSWER -Offering legal advice
A broker acting as the agent of the seller.... ANSWER -Must report all offers to the
principal unless instructed otherwise.
A broker listed a residential property under a valid written listing agreement. After the sale
was completed, the owner refused to pay the broker's fee. What can the broker do?.
ANSWER -She can take the seller to court and sue for the commission
Commissions and fees paid by the seller to a listing agency are determined by. ANSWER -
Negotiations between the seller and the the listing licensee.
A listing broker is MOST likely to have earned a commission from a principal when ...
ANSWER -A "Ready, Willing, and able buyer" signed a non contingent or cash offer that
meets the terms of the listing contract
A broker listed an owner's home and later received an offer from another licensee that met
all of the listing terms and conditions. After considering the offer, the owner informed the
broker that the owner no longer wished to sell, and asked to be released from the listing
agreement immediately. What is a TRUE statement about the brokers position in this
situation?. ANSWER -The broker may succeed in collecting an earned commission from
the owner.
