ESCROW FINAL PAPER 2026 FULL SOLUTION
QUESTIONS AND ANSWERS 100% CORRECT
◉ Under which of the following listing agreements may the owner of
listed property sell the real estate without having to pay the listing
broker a commission in South Carolina?
A) An exclusive right-to-sell listing
B) An exclusive agency listing
C) A multiple listing
D) A net listing.
Answer: B) An exclusive agency listing
◉ Which of the following people can legally enter into listing
agreements, advertise, and act as an agent in real estate
transactions?
A) A licensed broker-in-charge
B) A licensed salesperson
C) A licensed property manager
D) A licensed appraiser.
Answer: A) A licensed broker-in-charge
,◉ A listing agreement may be terminated for which of the following
reasons?
A) Change of seller's marital status
B) Bankruptcy of the salesperson who listed the property
C) Destruction of the premises
D) Death of the salesperson who listed the property.
Answer: C) Destruction of the premises
◉ Dual agency is _____.
A) legal in South Carolina if both parties give their written informed
consent
B) impossible to achieve
C) outlawed by South Carolina license law
D) outlawed by the South Carolina legislature.
Answer: A) legal in South Carolina if both parties give their written
informed consent
◉ The relationship of trust and confidence between an agent and his
principal is that of _____.
A) attorney
B) fiduciary
C) subagent
D) trustee.
,Answer: B) fiduciary
◉ An open listing _____.
A) must have an automatic renewal clause
B) allows the owner to sell by his/her own efforts without payment
of a commission
C) is a form of multiple listing
D) must contain a legal description of property.
Answer: B) allows the owner to sell by his/her own efforts without
payment of a commission
◉ All exclusive right-to-sell listings _____.
A) must have a dollar amount for commission
B) require payment of a commission to the agent if the property is
sold
C) must have a legal description of the property
D) must have a "time is of the essence" clause.
Answer: B) require payment of a commission to the agent if the
property is sold
◉ The relationship between the broker-in-charge and the client in a
listing would be that of _____.
A) special agent
, B) general agent
C) ostensible agent
D) implied agent.
Answer: A) special agent
◉ An agency contract may be terminated by _____.
A) acts of the parties
B) a change in the principal's marital status
C) police power
D) power of attorney.
Answer: A) acts of the parties
◉ A real estate broker-in-charge _____.
A) is always employed by the owner of the property
B) may not act as an agent for the purchaser
C) is usually considered a universal agent
D) is usually considered a special agent.
Answer: D) is usually considered a special agent
◉ An exclusive agency listing _____.
A) can employ more than one broker as the agent for the sale of the
property
QUESTIONS AND ANSWERS 100% CORRECT
◉ Under which of the following listing agreements may the owner of
listed property sell the real estate without having to pay the listing
broker a commission in South Carolina?
A) An exclusive right-to-sell listing
B) An exclusive agency listing
C) A multiple listing
D) A net listing.
Answer: B) An exclusive agency listing
◉ Which of the following people can legally enter into listing
agreements, advertise, and act as an agent in real estate
transactions?
A) A licensed broker-in-charge
B) A licensed salesperson
C) A licensed property manager
D) A licensed appraiser.
Answer: A) A licensed broker-in-charge
,◉ A listing agreement may be terminated for which of the following
reasons?
A) Change of seller's marital status
B) Bankruptcy of the salesperson who listed the property
C) Destruction of the premises
D) Death of the salesperson who listed the property.
Answer: C) Destruction of the premises
◉ Dual agency is _____.
A) legal in South Carolina if both parties give their written informed
consent
B) impossible to achieve
C) outlawed by South Carolina license law
D) outlawed by the South Carolina legislature.
Answer: A) legal in South Carolina if both parties give their written
informed consent
◉ The relationship of trust and confidence between an agent and his
principal is that of _____.
A) attorney
B) fiduciary
C) subagent
D) trustee.
,Answer: B) fiduciary
◉ An open listing _____.
A) must have an automatic renewal clause
B) allows the owner to sell by his/her own efforts without payment
of a commission
C) is a form of multiple listing
D) must contain a legal description of property.
Answer: B) allows the owner to sell by his/her own efforts without
payment of a commission
◉ All exclusive right-to-sell listings _____.
A) must have a dollar amount for commission
B) require payment of a commission to the agent if the property is
sold
C) must have a legal description of the property
D) must have a "time is of the essence" clause.
Answer: B) require payment of a commission to the agent if the
property is sold
◉ The relationship between the broker-in-charge and the client in a
listing would be that of _____.
A) special agent
, B) general agent
C) ostensible agent
D) implied agent.
Answer: A) special agent
◉ An agency contract may be terminated by _____.
A) acts of the parties
B) a change in the principal's marital status
C) police power
D) power of attorney.
Answer: A) acts of the parties
◉ A real estate broker-in-charge _____.
A) is always employed by the owner of the property
B) may not act as an agent for the purchaser
C) is usually considered a universal agent
D) is usually considered a special agent.
Answer: D) is usually considered a special agent
◉ An exclusive agency listing _____.
A) can employ more than one broker as the agent for the sale of the
property
