SOUTH CAROLINA REAL ESTATE EXAM 2024 |COMPLETE
QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS )
A GRADE.
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.
On July 1 an owner and a salesperson entered into a six month
exclusive right-to- sell agreement for a residential property. On July
15 the owner rejected a low offer and fired the listing agent. On
August 1 there was a house fire that required extensive kitchen
, repairs. On Sep 12 the owner entered into another exclusive -right-to
sell agreement with a salesperson of a different agency. On Jan 1 the
property was still unsold. On which date was the first listing
agreement Most likely to terminate. - ANSWER-September 12,
Because the owner breached the first listing agreement by signing a
second.
An option, prior to being exercised, is an example of - ANSWER-
Unilateral Contract
What is a similarity between an exclusive-right-to sell listing and an
exclusive- agency listing? - ANSWER-Both give the responsibility of
representing the seller to just one broker.
A buyer has entered into an agency agreement with more than one
buyer's agent but only owes compensation to the one who puts an
actual transaction together. This arrangement is known as ... -
ANSWER-Nonexclusive agency agreement
What type of clauses governs the right of a listing broker to collect a
commission from an owner who waits until the listing period expires
and then personally contracts to sell the property to a party the
broker had shown the property to during the listing period. -
ANSWER-Protection
QUESTIONS AND CORRECT ANSWERS (VERIFIED ANSWERS )
A GRADE.
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.
On July 1 an owner and a salesperson entered into a six month
exclusive right-to- sell agreement for a residential property. On July
15 the owner rejected a low offer and fired the listing agent. On
August 1 there was a house fire that required extensive kitchen
, repairs. On Sep 12 the owner entered into another exclusive -right-to
sell agreement with a salesperson of a different agency. On Jan 1 the
property was still unsold. On which date was the first listing
agreement Most likely to terminate. - ANSWER-September 12,
Because the owner breached the first listing agreement by signing a
second.
An option, prior to being exercised, is an example of - ANSWER-
Unilateral Contract
What is a similarity between an exclusive-right-to sell listing and an
exclusive- agency listing? - ANSWER-Both give the responsibility of
representing the seller to just one broker.
A buyer has entered into an agency agreement with more than one
buyer's agent but only owes compensation to the one who puts an
actual transaction together. This arrangement is known as ... -
ANSWER-Nonexclusive agency agreement
What type of clauses governs the right of a listing broker to collect a
commission from an owner who waits until the listing period expires
and then personally contracts to sell the property to a party the
broker had shown the property to during the listing period. -
ANSWER-Protection
