South Carolina real estate Exam Solved 100% Correct!!

South Carolina real estate Exam Solved 100% Correct!! Board members and team - Answer- 10 members of the commission; 8 licensees and 2 members of the public- the term is for 4 years Activities that require a license - Answer- Acting as a broker, salesman, negotiating, listing, sale, purchase, exchange, auction License status - Answer- Active- under one BIC at a time Inactive- can hold indefinitely; must pay renewal biennially and then take mandatory continuing education Expired/lapsed- expires June 30 renewed biennially, if not it becomes a lapsed license and you can reinstate in six months with a $25 a month fee if not then it's expired Trust fund monies - Answer- Earnest money, rent, security deposit, referral fees, bonuses When must you disclose you are licensed? - Answer- When there is a possible transaction Property disclosures - latent defects - Answer- May not knowingly give false information about condition. Silence is considered giving false information. The agent is not obligated to discover latent or hidden defects in the property Stigmatized properties - Answer- A psychological problem with the property. It is up to you if you want to disclose any death or virus except HIV and AIDS cannot be disclosed Statute of frauds -offers and counter offers - Answer- In order for a contract to be enforceable it has to be in writing How long to keep all records? - Answer- Five years When must in earnest money deposit be given to a BIC? - Answer- Cash or certified funds to be given immediately within 24 hours Checks to be given 24 hours from ratification When most a BIC deposit earnest money ? - Answer- Cash or certified funds deposited within 48 hours of receipt Checks deposited 48 hours after acceptance of offer Commingling - Answer- Illegal-mixing of people in accounts example -keeping trust funds for commission Conversion - Answer- Theft- using trust money for example license renewal Disputed funds - Answer- If no agreement is made on who gets earnest money a written agreement signed by all parties who wants the money files an interpleader action funds are deposited to the court until determined Principal - Answer- Someone who is hired you - firm/human Client - Answer- Person who has hired you-Agency agreement Agent - Answer- The company Subagent - Answer- Us as a real estate agent Power of attorney - Answer- A written instrument authorizing a person called an attorney in fact to act as their agent and sign on their behalf Dual agency - Answer- One real estate company two clients in the same transaction both buyer and seller- obedience loyalty and disclosure duties become limited Designated agency - Answer- BIC appoints someone in company to one client so both aren't the same agent Universal agent - Answer- Unlimited power of attorney; can sign for a buyer Special agent - Answer- Company employed by principal ;specific limited function ; a single transaction General agent - Answer- Realtor employed by company What makes an agency - Answer- Hired and licensed Disclosed principal - Answer- A normal transaction everything is disclosed Undisclosed principal - Answer- You know nothing about the client whether it's a human or a corporation Partially disclosed - Answer- You don't know their name but you know it's a person example Mariah Carey under an alias Express agency - Answer- Oral or written contract Implied agency - Answer- Assumption created by the common-law agreement between principal and agent Fiduciary duties - Answer- Obedience loyalty disclosure confidentiality accounting reasonable care in diligence Indemnity - Answer- Compensation for incurred damages so client isn't in breach Obligations to customers - Answer- Entitled to Honesty with no opinions Termination by operation -expiration date - Answer- Loss of capacity-death or coma Loss of qualification-can't get a loan Loss of destruction-Hurricane Loss of title-foreclosure performance of authorized - sold Revocation by principal - Answer- Client wants to terminate Renunciation by agent - Answer- Agent wants to terminate Unavoidable conflicts - Answer- Two clients wanting to buy at same time Agency disclosure - Answer- Educated them about agency relationships in real estate so they can decide if they want to be your companies client ; provided at the first practical opportunity ; if a client is substantial info which gives personal information about themselves give at first contact Tort - Answer- Lawsuit breach of legal duty Megan's Law - Answer- Not required to notify homebuyers of location of sex offenders , tell them to check the sheriffs office Bilateral contract - Answer- Standard normal contract two-sided two promises -money for your house Unilateral contract- option contract - Answer- One promise- rent to own Executory contact - Answer- Pending Essential elements of valid contracts - Answer- Clap we have a contract Consideration-sales price Legal acts Agreed mutually Parties competent Mirror image rule - Answer- Proposal made by one person the offeror to another the offeree