Sc Real Estate Review Questions And Answers, Graded A+/ Verif| Latest Exam Updates| 2024/25 |Ied/

SC REAL ESTATE REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED/ The ___ establishes an agency relationship between the prop owner as principal and the brokerage as agent - -listing agreement the LA does which of the following - -creates an agency relationship between the listing brokerage and the property owner a brokerage agreement whereby the property owner hires 1+ brokerages, agrees to compensate only 1 brokerage who produces a buyer, and reserves the right to sell by himself and pay no agents is called - -open listing a brokerage agreement whereby only 1 brokerage is hired by the owner, but the owner cal sell his/her own prop without incurring obligations to pay a commission is called - -exclusive agency a brokerage agreement that obligates the prop owner to pay the commission to the listing brokerage regardless of who made the sale is known as - -exclusive right to sell an owner says "i want to get $50k out of this prop, and you can have anything over that amount as your commission" is called - -net listing a salesperson was told his/her brokerage's commission was too high. he responded by saying that everyone charges about the same. which law may this have violated? - -federal antitrust laws the 3 practices that are forbidden by the Sherman and Clayton Acts are price fixing, allocation of customers and - -allocation of markets a listing contract creates an agency relationship and it may be terminated by - -expiration of the term a brokerage firm earned a commission from the sale of a parcel of property when the firm is - - managed by a licensed BIC, had a valid listing and the property was sold the owner received a full-price all cash offer from the buyer. the terms of the exclusive right to sell listing gave the owner the right to take a purchase money mortgage for 80% of the purchase price at 7- 1/2% for 20 years. can the owner refuse this offer and owe the brokerage nothing? - -yes what does the statute of frauds relate to in RE - -contracts for the sale of land or any interest in land must be in writing in order to be enforceable what is the purpose of the statute of frauds? - -to provide reliable evidence of the existence and terms of a contract oral contracts for the sale of land are _____ because of______ - -unenforceable, statute of frauds who must sign a contract for the purchase of RE - -the person to be charged contract in which the agreements and terms are stated by both parties is ____ and when the consideration is an exchange of promises, it is also