SC Real Estate PSI Exam Review || with Authenticated
Answers.
Agent AKA Proxy correct answers One engaged to respresent and be under the control of a
principal
Principal AKA Client correct answers One who contracts with another for represenation, advise
and cousel in legal or business dealings with third parties.
Third Party AKA customer correct answers The person(s) the agent is trying to do busines with
while representing the client
Common Law correct answers Created by judges
Statues correct answers written State or Federal laws
Types of agents correct answers Universal , Special, General, Subagent, Dual Agent and
Designated agent
Designated Agent correct answers BIC designates a licensee to seller and another licensee to the
buyer - BIC can never designate themselves
Universal Agent correct answers Can do ALL the acts a principal can do; created by a power of
attorney
Special Agent correct answers Hired by principal for a specific service - limited authority - does
NOT have continuous service
General Agent correct answers 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 correct answers Real estate firm representing the buyer client and seller client in the
same real estate transation
Power of Attorney correct answers A piece of paper authorizing one person to act for another
person
Subagent correct answers An agent of an agent. Two types: Inhouse and cooperative.
Cooperative Subagent correct answers When a compant sells another company's listing to a
buyer customer, the selling company is a subagent of the listing company.
Types of agencies correct answers Express and Implied
Express Agency correct answers Terms that are expressed in writing.
Implied Agency correct answers Terms that are expressed in acts of the parties.
, SC requires agency contracts to be... correct answers Written
Listings correct answers Contracts between seller and the broker
Buyer Representation correct answers Contracts between the buyer and the broker
Property Management Agreement correct answers Conteacts between the property owner and the
PM
Agency Contracts may be terminated by either... correct answers operation if the law OR acts of
the parties
A contract terminated by operation of the law correct answers Death or incapcity of
principal/client/agent, destruction of subjest matter, loss of title through foreclosure/tax sale,
performance, bankrupcy of principal/client/agent, or change of law that makes performance
impossible.
A contract terminated by Acts of Parties correct answers Mutual agreement, breach of contract,
Exclusive right to sell (seller agency) correct answers Listing brokerage gets paid if property is
sold by anyone (most common)
Exclusive agency (seller agency) correct answers Listing brokersage does NOT get paid if owner
sells property
Open Listing (seller agency) correct answers Could have many listing brokerages; only the
comnpany that sells it gets paid (rarely used)
Broker protection clause AKA Safety Clause in listings correct answers Makes the seller
obligated to pay the commission if the property is sold to a registered buyer after the listing
expires. Protection voided if seller doesn't become a FSBO and lists with another broker. Signing
another listing agreement with another broker will void this.
Net listing correct answers This is not a type of listing and is unethical method of calculating the
commission
Exclusive right to sell (buyer agency) correct answers Buyer's brokerage gets paid if the property
is bought
Exclusive agency (buyer agency) correct answers Buyer's brokerage does NOT get paid if the
buyer buys a property not listed and no other licensee is involved. Rarely used.
Open (buyer agency) correct answers Buyer's brokaerage only gets paid if firectly invloved in the
purchase
Broker protection clause AKA Safety Clause in buyers correct answers Buyer is obligated to pay
the agrred fee if the buyer client buys a property that the agent has shown or told them about
Answers.
Agent AKA Proxy correct answers One engaged to respresent and be under the control of a
principal
Principal AKA Client correct answers One who contracts with another for represenation, advise
and cousel in legal or business dealings with third parties.
Third Party AKA customer correct answers The person(s) the agent is trying to do busines with
while representing the client
Common Law correct answers Created by judges
Statues correct answers written State or Federal laws
Types of agents correct answers Universal , Special, General, Subagent, Dual Agent and
Designated agent
Designated Agent correct answers BIC designates a licensee to seller and another licensee to the
buyer - BIC can never designate themselves
Universal Agent correct answers Can do ALL the acts a principal can do; created by a power of
attorney
Special Agent correct answers Hired by principal for a specific service - limited authority - does
NOT have continuous service
General Agent correct answers 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 correct answers Real estate firm representing the buyer client and seller client in the
same real estate transation
Power of Attorney correct answers A piece of paper authorizing one person to act for another
person
Subagent correct answers An agent of an agent. Two types: Inhouse and cooperative.
Cooperative Subagent correct answers When a compant sells another company's listing to a
buyer customer, the selling company is a subagent of the listing company.
Types of agencies correct answers Express and Implied
Express Agency correct answers Terms that are expressed in writing.
Implied Agency correct answers Terms that are expressed in acts of the parties.
, SC requires agency contracts to be... correct answers Written
Listings correct answers Contracts between seller and the broker
Buyer Representation correct answers Contracts between the buyer and the broker
Property Management Agreement correct answers Conteacts between the property owner and the
PM
Agency Contracts may be terminated by either... correct answers operation if the law OR acts of
the parties
A contract terminated by operation of the law correct answers Death or incapcity of
principal/client/agent, destruction of subjest matter, loss of title through foreclosure/tax sale,
performance, bankrupcy of principal/client/agent, or change of law that makes performance
impossible.
A contract terminated by Acts of Parties correct answers Mutual agreement, breach of contract,
Exclusive right to sell (seller agency) correct answers Listing brokerage gets paid if property is
sold by anyone (most common)
Exclusive agency (seller agency) correct answers Listing brokersage does NOT get paid if owner
sells property
Open Listing (seller agency) correct answers Could have many listing brokerages; only the
comnpany that sells it gets paid (rarely used)
Broker protection clause AKA Safety Clause in listings correct answers Makes the seller
obligated to pay the commission if the property is sold to a registered buyer after the listing
expires. Protection voided if seller doesn't become a FSBO and lists with another broker. Signing
another listing agreement with another broker will void this.
Net listing correct answers This is not a type of listing and is unethical method of calculating the
commission
Exclusive right to sell (buyer agency) correct answers Buyer's brokerage gets paid if the property
is bought
Exclusive agency (buyer agency) correct answers Buyer's brokerage does NOT get paid if the
buyer buys a property not listed and no other licensee is involved. Rarely used.
Open (buyer agency) correct answers Buyer's brokaerage only gets paid if firectly invloved in the
purchase
Broker protection clause AKA Safety Clause in buyers correct answers Buyer is obligated to pay
the agrred fee if the buyer client buys a property that the agent has shown or told them about
