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

SC REAL ESTATE PSI EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED/ Agent AKA Proxy - -One engaged to respresent and be under the control of a principal Principal AKA Client - -One who contracts with another for represenation, advise and cousel in legal or business dealings with third parties. Third Party AKA customer - -The person(s) the agent is trying to do busines with while representing the client Common Law - -Created by judges Statues - -written State or Federal laws Types of agents - -Universal , Special, General, Subagent, Dual Agent and Designated agent Designated Agent - -BIC designates a licensee to seller and another licensee to the buyer - BIC can never designate themselves Universal Agent - -Can do ALL the acts a principal can do; created by a power of attorney Special Agent - -Hired by principal for a specific service - limited authority - does NOT have continuous service General Agent - -Hired for continuous service and has broad authority. (Usually a PM but if they are only to find a tenant and get a leased sign then they are a Special Agent). Dual Agent - -Real estate firm representing the buyer client and seller client in the same real estate transation Power of Attorney - -A piece of paper authorizing one person to act for another person Subagent - -An agent of an agent. Two types: Inhouse and cooperative. Cooperative Subagent - -When a compant sells another company's listing to a buyer customer, the selling company is a subagent of the listing compa