South Carolina Study Guide for State – |\ |\ |\ |\ |\ |\ |\
QUESTIONS WITH ANSWERS |\ |\
A listing agreement must always state
|\ |\ |\ |\ |\
a. the school district
|\ |\ |\
b. the price of the property
|\ |\ |\ |\ |\
c. the flood plain status
|\ |\ |\ |\
d. the property tax rate - CORRECT ANSWERS ✔✔b. the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
price of the property|\ |\ |\
What is a person called that retains the services of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
another in South Carolina real estate?
|\ |\ |\ |\ |\
a. Owner |\
b. Customer
|\
c. Seller
|\
d. Client - CORRECT ANSWERS ✔✔Client
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What is a person called that is authorized and empowered
|\ |\ |\ |\ |\ |\ |\ |\ |\
by a written agency agreement to perform actions for a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
client?
,a. Principal
|\
b. Subagent
|\
c. Customer
|\
d. Agent - CORRECT ANSWERS ✔✔Agent
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Which of the below is NOT considered a "Third Party?"
|\ |\ |\ |\ |\ |\ |\ |\ |\
a. Escrow Agent
|\ |\
b. Buyer
|\
c. Insurance Broker
|\ |\
d. Mortgage Broker - CORRECT ANSWERS ✔✔Buyer
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What is an agency called when the broker is providing
|\ |\ |\ |\ |\ |\ |\ |\ |\
"customer service" to two unrepresented customers?
|\ |\ |\ |\ |\ |\
a. Third Party
|\ |\
b. Customer
|\
c. Transaction Broker
|\ |\
d. Subagent - CORRECT ANSWERS ✔✔Transaction Broker
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,What is it called when the agent is in a "position of trust
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and confidence" with respect to another?
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a. Disclosed
|\
b. Fiduciary
|\
c. Mutual Agreement
|\ |\
d. Good Conduct - CORRECT ANSWERS ✔✔Fiduciary
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What is a written instrument authorizing a person to act
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
as the agent on behalf of another to the extent indicated
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in the instrument?
|\ |\
a. Attorney-In-Fact
|\
b. Power of Attorney
|\ |\ |\
c. Transaction
|\
d. Contract - CORRECT ANSWERS ✔✔Power of Attorney
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Who is a competent person that is authorized by another
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to act in his or her place as a "proxy?"
|\ |\ |\ |\ |\ |\ |\ |\ |\
a. Agent
|\
b. Contract
|\
c. Buyer
|\
, d. Attorney-In-Fact - CORRECT ANSWERS ✔✔Attorney-In-
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Fact
A written agreement between parties (principal/client and
|\ |\ |\ |\ |\ |\
agent).
|\
a. Fiduciary Relationship
|\ |\
b. Personal
|\
c. Confidential
|\
d. Contractual and/or Consensual - CORRECT ANSWERS
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✔✔Contractual and/or Consensual |\ |\
What type of relationship would "the acts of the agent
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
while acting within the scope of the authority given by the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
principal/client, are seen to be as if the principal/client
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
had acted himself." The agency relation is
|\ |\ |\ |\ |\ |\ |\
__________________ in nature. |\ |\
a. Buyer |\
b. Personal
|\
c. Fiduciary Relationship
|\ |\
d. Confidential - CORRECT ANSWERS ✔✔Personal
|\ |\ |\ |\ |\
QUESTIONS WITH ANSWERS |\ |\
A listing agreement must always state
|\ |\ |\ |\ |\
a. the school district
|\ |\ |\
b. the price of the property
|\ |\ |\ |\ |\
c. the flood plain status
|\ |\ |\ |\
d. the property tax rate - CORRECT ANSWERS ✔✔b. the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
price of the property|\ |\ |\
What is a person called that retains the services of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
another in South Carolina real estate?
|\ |\ |\ |\ |\
a. Owner |\
b. Customer
|\
c. Seller
|\
d. Client - CORRECT ANSWERS ✔✔Client
|\ |\ |\ |\ |\
What is a person called that is authorized and empowered
|\ |\ |\ |\ |\ |\ |\ |\ |\
by a written agency agreement to perform actions for a
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
client?
,a. Principal
|\
b. Subagent
|\
c. Customer
|\
d. Agent - CORRECT ANSWERS ✔✔Agent
|\ |\ |\ |\ |\
Which of the below is NOT considered a "Third Party?"
|\ |\ |\ |\ |\ |\ |\ |\ |\
a. Escrow Agent
|\ |\
b. Buyer
|\
c. Insurance Broker
|\ |\
d. Mortgage Broker - CORRECT ANSWERS ✔✔Buyer
|\ |\ |\ |\ |\ |\
What is an agency called when the broker is providing
|\ |\ |\ |\ |\ |\ |\ |\ |\
"customer service" to two unrepresented customers?
|\ |\ |\ |\ |\ |\
a. Third Party
|\ |\
b. Customer
|\
c. Transaction Broker
|\ |\
d. Subagent - CORRECT ANSWERS ✔✔Transaction Broker
|\ |\ |\ |\ |\ |\
,What is it called when the agent is in a "position of trust
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and confidence" with respect to another?
|\ |\ |\ |\ |\
a. Disclosed
|\
b. Fiduciary
|\
c. Mutual Agreement
|\ |\
d. Good Conduct - CORRECT ANSWERS ✔✔Fiduciary
|\ |\ |\ |\ |\ |\
What is a written instrument authorizing a person to act
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
as the agent on behalf of another to the extent indicated
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in the instrument?
|\ |\
a. Attorney-In-Fact
|\
b. Power of Attorney
|\ |\ |\
c. Transaction
|\
d. Contract - CORRECT ANSWERS ✔✔Power of Attorney
|\ |\ |\ |\ |\ |\ |\
Who is a competent person that is authorized by another
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to act in his or her place as a "proxy?"
|\ |\ |\ |\ |\ |\ |\ |\ |\
a. Agent
|\
b. Contract
|\
c. Buyer
|\
, d. Attorney-In-Fact - CORRECT ANSWERS ✔✔Attorney-In-
|\ |\ |\ |\ |\
Fact
A written agreement between parties (principal/client and
|\ |\ |\ |\ |\ |\
agent).
|\
a. Fiduciary Relationship
|\ |\
b. Personal
|\
c. Confidential
|\
d. Contractual and/or Consensual - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\
✔✔Contractual and/or Consensual |\ |\
What type of relationship would "the acts of the agent
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
while acting within the scope of the authority given by the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
principal/client, are seen to be as if the principal/client
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
had acted himself." The agency relation is
|\ |\ |\ |\ |\ |\ |\
__________________ in nature. |\ |\
a. Buyer |\
b. Personal
|\
c. Fiduciary Relationship
|\ |\
d. Confidential - CORRECT ANSWERS ✔✔Personal
|\ |\ |\ |\ |\
