South Carolina Real Estate Exam Questions and Answers

South Carolina Real Estate Exam 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 - Correct 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? - Correct 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: - Correct Answer ️️ -Broker D In MOST states, the listing broker has a fiduciary duty with - Correct 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 - Correct 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 - Correct 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? - Correct 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. - Correct 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.. - Correct 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? - Correct 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.. - Correct Answer ️️ -Offering legal advice A broker acting as the agent of the seller... - Correct 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? - Correct Answer ️️ -She can take the seller to court and sue for the commission