SC Real Estate PSI Exam Review Questions With Answers

SC /




Real
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Estate
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PSI
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Exam
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Review
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Questions With Answers
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Agent /



AKA
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Proxy -
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CORRECT ANSWERS(S)✔✔One engaged to respresent and
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be under the control of a principal
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Principal /



AKA
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Client -
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CORRECT
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ANSWERS(S)✔✔One
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who
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contracts
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with
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another
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,/ for /



/ represenation, /



/ advise /



/ and cousel in legal or business dealings with third parties.
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Third /



Party
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AKA
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customer -
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CORRECT
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ANSWERS(S)✔✔The
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person(s)
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the
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agent
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is trying to do busines with while representing the client
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Common /



Law - CORRECT ANSWERS(S)✔✔Created by judges
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Statues - // /



CORRECT ANSWERS(S)✔✔written State or Federal laws
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Types /



of
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agents -
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CORRECT
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ANSWERS(S)✔✔Universal ,
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,/ Special, /



/ General, Subagent, Dual Agent and Designated agent // // // // // //




Designated /



Agent -
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CORRECT
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ANSWERS(S)✔✔BIC
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designates
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a /



licensee
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to
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seller
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and
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another
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licensee
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to the buyer - BIC can never designate themselves
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Universal /



Agent -
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CORRECT
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ANSWERS(S)✔✔Can
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do
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ALL
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the
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acts a principal can do; created by a power of attorney
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Special /



Agent -
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, / CORRECT /



/ ANSWERS(S)✔✔Hired /



/ by principal for a specific service - limited authority - does
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// NOT have continuous service
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General /



Agent -
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CORRECT
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ANSWERS(S)✔✔Hired
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for
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continuous
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service
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and has broad authority. (Usually a PM but if they are only
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to
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find
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a /



tenant
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and get a leased sign then they are a Special Agent).
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Dual /



Agent -
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CORRECT
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ANSWERS(S)✔✔Real
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estate
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firm
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representing
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the
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