SC Real Estate Review 2024 Questions and Answers 100% Pass

SC Real Estate Review 2024 Questions and Answers 100% Pass The ___ establishes an agency relationship between the prop owner as principal and the brokerage as agent - Correct Answer ️️ -listing agreement the LA does which of the following - Correct Answer ️️ -creates an agency relationship between the listing brokerage and the property owner a brokerage agreement whereby the property owner hires 1+ brokerages, agrees to compensate only 1 brokerage who produces a buyer, and reserves the right to sell by himself and pay no agents is called - Correct Answer ️️ -open listing a brokerage agreement whereby only 1 brokerage is hired by the owner, but the owner cal sell his/her own prop without incurring obligations to pay a commission is called - Correct Answer ️️ -exclusive agency a brokerage agreement that obligates the prop owner to pay the commission to the listing brokerage regardless of who made the sale is known as - Correct Answer ️️ - exclusive right to sell an owner says "i want to get $50k out of this prop, and you can have anything over that amount as your commission" is called - Correct Answer ️️ -net listing a salesperson was told his/her brokerage's commission was too high. he responded by saying that everyone charges about the same. which law may this have violated? - Correct Answer ️️ -federal antitrust laws the 3 practices that are forbidden by the Sherman and Clayton Acts are price fixing, allocation of customers and - Correct Answer ️️ -allocation of markets a listing contract creates an agency relationship and it may be terminated by - Correct Answer ️️ -expiration of the term a brokerage firm earned a commission from the sale of a parcel of property when the firm is - Correct Answer ️️ -managed by a licensed BIC, had a valid listing and the property was sold the owner received a full-price all cash offer from the buyer. the terms of the exclusive right to sell listing gave the owner the right to take a purchase money mortgage for 80% of the purchase price at 7-1/2% for 20 years. can the owner refuse this offer and owe the brokerage nothing? - Correct Answer ️️ -yes what does the statute of frauds relate to in RE - Correct Answer ️️ -contracts for the sale of land or any interest in land must be in writing in order to be enforceable what is the purpose of the statute of frauds? - Correct Answer ️️ -to provide reliable evidence of the existence and terms of a contract oral contracts for the sale of land are _____ because of______ - Correct Answer ️️ - unenforceable, statute of frauds who must sign a contract for the purchase of RE - Correct Answer ️️ -the person to be charged contract in which the agreements and terms are stated by both parties is ____ and when the consideration is an exchange of promises, it is also ______ - Correct Answer ️️ -express, bilateral a contract in which the terms are determined from observing hte conduct of the parties is a/an _____ contract - Correct Answer ️️ -implied promise for promise - Correct Answer ️️ -bilateral contract where parties meet all obligations - Correct Answer ️️ -executed contract which lacks 1+ of the essential elements of a contract is - Correct Answer ️️ - void a contract which allows one of the parties to elect to be bound to the contract or escape its consequences is - Correct Answer ️️ -voidable when an offerer changes his mind and notifies the offeree before the offer is accepted, this terminates the offer by - Correct Answer ️️ -revocation the elements of either fraud or misrep are a misstatement of a ______ with _____ and ______ - Correct Answer ️️ -misstatement of a material fact with reliance of the other party and resulting damages the substitution of s new contract for an old contract with discharges all obligations under the old contract is called - Correct Answer ️️ -accord and satisfaction a substitution of the parties to a contract which excuses the og parties is called - Correct Answer ️️ -novation certain contracts may be discharged by a definite time limit within which a suit must be initiated. the laws governing this are called - Correct Answer ️️ -statute of limitations one sitch that always terminates an offer. but which is only an excuse for non- performance of a contract of sale when specifically stated in the terms of the contract is - Correct Answer ️️ -death of one of the parties when once party to a contract fails to perform in whole or in part, gives advance notice that he does not intent to perform, or makes performance impossible this is called - Correct Answer ️️ -breach of contract a court ordered K to pay P $50k in excess of P's out of pocket damages that resulted from K's fraudulent actions in relationship to his contract with P. what is this $50 called - Correct Answer ️️ -punitive damages (damages over the actual loss) do words take precedence over numerals - Correct Answer ️️ -yes P leased an apt to L under an oral lease.... which lease agreement is enforceable - Correct Answer ️️ -8 months starting in 4 month