SC Real Estate PSI Exam Review 2024 Questions and Answers

SC Real Estate PSI Exam Review 2024 Questions and Answers Agent AKA Proxy - Correct Answer ️️ -One engaged to respresent and be under the control of a principal Principal AKA Client - Correct Answer ️️ -One who contracts with another for represenation, advise and cousel in legal or business dealings with third parties. Third Party AKA customer - Correct Answer ️️ -The person(s) the agent is trying to do busines with while representing the client Common Law - Correct Answer ️️ -Created by judges Statues - Correct Answer ️️ -written State or Federal laws Types of agents - Correct Answer ️️ -Universal , Special, General, Subagent, Dual Agent and Designated agent Designated Agent - Correct Answer ️️ -BIC designates a licensee to seller and another licensee to the buyer - BIC can never designate themselves Universal Agent - Correct Answer ️️ -Can do ALL the acts a principal can do; created by a power of attorney Special Agent - Correct Answer ️️ -Hired by principal for a specific service - limited authority - does NOT have continuous service General Agent - Correct Answer ️️ -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 Answer ️️ -Real estate firm representing the buyer client and seller client in the same real estate transation Power of Attorney - Correct Answer ️️ -A piece of paper authorizing one person to act for another person Subagent - Correct Answer ️️ -An agent of an agent. Two types: Inhouse and cooperative. Cooperative Subagent - Correct Answer ️️ -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 Answer ️️ -Express and Implied Express Agency - Correct Answer ️️ -Terms that are expressed in writing. Implied Agency - Correct Answer ️️ -Terms that are expressed in acts of the parties. SC requires agency contracts to be... - Correct Answer ️️ -Written Listings - Correct Answer ️️ -Contracts between seller and the broker Buyer Representation - Correct Answer ️️ -Contracts between the buyer and the broker Property Management Agreement - Correct Answer ️️ -Conteacts between the property owner and the PM Agency Contracts may be terminated by either... - Correct Answer ️️ -operation if the law OR acts of the parties A contract terminated by operation of the law - Correct Answer ️️ -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 Answer ️️ -Mutual agreement, breach of contract, Exclusive right to sell (seller agency) - Correct Answer ️️ -Listing brokerage gets paid if property is sold by anyone (most common) Exclusive agency (seller agency) - Correct Answer ️️ -Listing brokersage does NOT get paid if owner sells property Open Listing (seller agency) - Correct Answer ️️ -Could have many listing brokerages; only the comnpany that sells it gets paid (rarely used