SC REAL ESTATE PSI EXAM REVIEW
QUESTIONS WITH COMPLETE
ANSWERS
Agent qvvAKA qvvProxy qvv- qvvAnswerOne qvvengaged qvvto qvvrespresent qvvand qvvbe
qvvunder qvvthe qvvcontrol qvvof qvva qvvprincipal
Principal qvvAKA qvvClient qvv- qvvAnswerOne qvvwho qvvcontracts qvvwith qvvanother qvvfor
qvvrepresenation, qvvadvise qvvand qvvcousel qvvin qvvlegal qvvor qvvbusiness qvvdealings
qvvwith qvvthird qvvparties.
Third qvvParty qvvAKA qvvcustomer qvv- qvvAnswerThe qvvperson(s) qvvthe qvvagent qvvis
qvvtrying qvvto qvvdo qvvbusines qvvwith qvvwhile qvvrepresenting qvvthe qvvclient
Common qvvLaw qvv- qvvAnswerCreated qvvby qvvjudges
Statues qvv- qvvAnswerwritten qvvState qvvor qvvFederal qvvlaws
Types qvvof qvvagents qvv- qvvAnswerUniversal qvv, qvvSpecial, qvvGeneral, qvvSubagent,
qvvDual qvvAgent qvvand qvvDesignated qvvagent
Designated qvvAgent qvv- qvvAnswerBIC qvvdesignates qvva qvvlicensee qvvto qvvseller qvvand
qvvanother qvvlicensee qvvto qvvthe qvvbuyer qvv- qvvBIC qvvcan qvvnever qvvdesignate
qvvthemselves
Universal qvvAgent qvv- qvvAnswerCan qvvdo qvvALL qvvthe qvvacts qvva qvvprincipal qvvcan
qvvdo; qvvcreated qvvby qvva qvvpower qvvof qvvattorney
Special qvvAgent qvv- qvvAnswerHired qvvby qvvprincipal qvvfor qvva qvvspecific qvvservice qvv-
qvvlimited qvvauthority qvv- qvvdoes qvvNOT qvvhave qvvcontinuous qvvservice
General qvvAgent qvv- qvvAnswerHired qvvfor qvvcontinuous qvvservice qvvand qvvhas qvvbroad
qvvauthority. qvv(Usually qvva qvvPM qvvbut qvvif qvvthey qvvare qvvonly qvvto qvvfind qvva qvvtenant
qvvand qvvget qvva qvvleased qvvsign qvvthen qvvthey qvvare qvva qvvSpecial qvvAgent).
Dual qvvAgent qvv- qvvAnswerReal qvvestate qvvfirm qvvrepresenting qvvthe qvvbuyer qvvclient
qvvand qvvseller qvvclient qvvin qvvthe qvvsame qvvreal qvvestate qvvtransation
, Power qvvof qvvAttorney qvv- qvvAnswerA qvvpiece qvvof qvvpaper qvvauthorizing qvvone
qvvperson qvvto qvvact qvvfor qvvanother qvvperson
Subagent qvv- qvvAnswerAn qvvagent qvvof qvvan qvvagent. qvvTwo qvvtypes: qvvInhouse qvvand
qvvcooperative.
Cooperative qvvSubagent qvv- qvvAnswerWhen qvva qvvcompant qvvsells qvvanother
qvvcompany's qvvlisting qvvto qvva qvvbuyer qvvcustomer, qvvthe qvvselling qvvcompany qvvis qvva
qvvsubagent qvvof qvvthe qvvlisting qvvcompany.
Types qvvof qvvagencies qvv- qvvAnswerExpress qvvand qvvImplied
Express qvvAgency qvv- qvvAnswerTerms qvvthat qvvare qvvexpressed qvvin qvvwriting.
Implied qvvAgency qvv- qvvAnswerTerms qvvthat qvvare qvvexpressed qvvin qvvacts qvvof qvvthe
qvvparties.
SC qvvrequires qvvagency qvvcontracts qvvto qvvbe... qvv- qvvAnswerWritten
Listings qvv- qvvAnswerContracts qvvbetween qvvseller qvvand qvvthe qvvbroker
Buyer qvvRepresentation qvv- qvvAnswerContracts qvvbetween qvvthe qvvbuyer qvvand qvvthe
qvvbroker
Property qvvManagement qvvAgreement qvv- qvvAnswerConteacts qvvbetween qvvthe
qvvproperty qvvowner qvvand qvvthe qvvPM
Agency qvvContracts qvvmay qvvbe qvvterminated qvvby qvveither... qvv- qvvAnsweroperation
qvvif qvvthe qvvlaw qvvOR qvvacts qvvof qvvthe qvvparties
A qvvcontract qvvterminated qvvby qvvoperation qvvof qvvthe qvvlaw qvv- qvvAnswerDeath qvvor
qvvincapcity qvvof qvvprincipal/client/agent, qvvdestruction qvvof qvvsubjest qvvmatter, qvvloss
qvvof qvvtitle qvvthrough qvvforeclosure/tax qvvsale, qvvperformance, qvvbankrupcy qvvof
qvvprincipal/client/agent, qvvor qvvchange qvvof qvvlaw qvvthat qvvmakes qvvperformance
qvvimpossible.
A qvvcontract qvvterminated qvvby qvvActs qvvof qvvParties qvv- qvvAnswerMutual qvvagreement,
qvvbreach qvvof qvvcontract,
Exclusive qvvright qvvto qvvsell qvv(seller qvvagency) qvv- qvvAnswerListing qvvbrokerage qvvgets
qvvpaid qvvif qvvproperty qvvis qvvsold qvvby qvvanyone qvv(most qvvcommon)
Exclusive qvvagency qvv(seller qvvagency) qvv- qvvAnswerListing qvvbrokersage qvvdoes
qvvNOT qvvget qvvpaid qvvif qvvowner qvvsells qvvproperty
QUESTIONS WITH COMPLETE
ANSWERS
Agent qvvAKA qvvProxy qvv- qvvAnswerOne qvvengaged qvvto qvvrespresent qvvand qvvbe
qvvunder qvvthe qvvcontrol qvvof qvva qvvprincipal
Principal qvvAKA qvvClient qvv- qvvAnswerOne qvvwho qvvcontracts qvvwith qvvanother qvvfor
qvvrepresenation, qvvadvise qvvand qvvcousel qvvin qvvlegal qvvor qvvbusiness qvvdealings
qvvwith qvvthird qvvparties.
Third qvvParty qvvAKA qvvcustomer qvv- qvvAnswerThe qvvperson(s) qvvthe qvvagent qvvis
qvvtrying qvvto qvvdo qvvbusines qvvwith qvvwhile qvvrepresenting qvvthe qvvclient
Common qvvLaw qvv- qvvAnswerCreated qvvby qvvjudges
Statues qvv- qvvAnswerwritten qvvState qvvor qvvFederal qvvlaws
Types qvvof qvvagents qvv- qvvAnswerUniversal qvv, qvvSpecial, qvvGeneral, qvvSubagent,
qvvDual qvvAgent qvvand qvvDesignated qvvagent
Designated qvvAgent qvv- qvvAnswerBIC qvvdesignates qvva qvvlicensee qvvto qvvseller qvvand
qvvanother qvvlicensee qvvto qvvthe qvvbuyer qvv- qvvBIC qvvcan qvvnever qvvdesignate
qvvthemselves
Universal qvvAgent qvv- qvvAnswerCan qvvdo qvvALL qvvthe qvvacts qvva qvvprincipal qvvcan
qvvdo; qvvcreated qvvby qvva qvvpower qvvof qvvattorney
Special qvvAgent qvv- qvvAnswerHired qvvby qvvprincipal qvvfor qvva qvvspecific qvvservice qvv-
qvvlimited qvvauthority qvv- qvvdoes qvvNOT qvvhave qvvcontinuous qvvservice
General qvvAgent qvv- qvvAnswerHired qvvfor qvvcontinuous qvvservice qvvand qvvhas qvvbroad
qvvauthority. qvv(Usually qvva qvvPM qvvbut qvvif qvvthey qvvare qvvonly qvvto qvvfind qvva qvvtenant
qvvand qvvget qvva qvvleased qvvsign qvvthen qvvthey qvvare qvva qvvSpecial qvvAgent).
Dual qvvAgent qvv- qvvAnswerReal qvvestate qvvfirm qvvrepresenting qvvthe qvvbuyer qvvclient
qvvand qvvseller qvvclient qvvin qvvthe qvvsame qvvreal qvvestate qvvtransation
, Power qvvof qvvAttorney qvv- qvvAnswerA qvvpiece qvvof qvvpaper qvvauthorizing qvvone
qvvperson qvvto qvvact qvvfor qvvanother qvvperson
Subagent qvv- qvvAnswerAn qvvagent qvvof qvvan qvvagent. qvvTwo qvvtypes: qvvInhouse qvvand
qvvcooperative.
Cooperative qvvSubagent qvv- qvvAnswerWhen qvva qvvcompant qvvsells qvvanother
qvvcompany's qvvlisting qvvto qvva qvvbuyer qvvcustomer, qvvthe qvvselling qvvcompany qvvis qvva
qvvsubagent qvvof qvvthe qvvlisting qvvcompany.
Types qvvof qvvagencies qvv- qvvAnswerExpress qvvand qvvImplied
Express qvvAgency qvv- qvvAnswerTerms qvvthat qvvare qvvexpressed qvvin qvvwriting.
Implied qvvAgency qvv- qvvAnswerTerms qvvthat qvvare qvvexpressed qvvin qvvacts qvvof qvvthe
qvvparties.
SC qvvrequires qvvagency qvvcontracts qvvto qvvbe... qvv- qvvAnswerWritten
Listings qvv- qvvAnswerContracts qvvbetween qvvseller qvvand qvvthe qvvbroker
Buyer qvvRepresentation qvv- qvvAnswerContracts qvvbetween qvvthe qvvbuyer qvvand qvvthe
qvvbroker
Property qvvManagement qvvAgreement qvv- qvvAnswerConteacts qvvbetween qvvthe
qvvproperty qvvowner qvvand qvvthe qvvPM
Agency qvvContracts qvvmay qvvbe qvvterminated qvvby qvveither... qvv- qvvAnsweroperation
qvvif qvvthe qvvlaw qvvOR qvvacts qvvof qvvthe qvvparties
A qvvcontract qvvterminated qvvby qvvoperation qvvof qvvthe qvvlaw qvv- qvvAnswerDeath qvvor
qvvincapcity qvvof qvvprincipal/client/agent, qvvdestruction qvvof qvvsubjest qvvmatter, qvvloss
qvvof qvvtitle qvvthrough qvvforeclosure/tax qvvsale, qvvperformance, qvvbankrupcy qvvof
qvvprincipal/client/agent, qvvor qvvchange qvvof qvvlaw qvvthat qvvmakes qvvperformance
qvvimpossible.
A qvvcontract qvvterminated qvvby qvvActs qvvof qvvParties qvv- qvvAnswerMutual qvvagreement,
qvvbreach qvvof qvvcontract,
Exclusive qvvright qvvto qvvsell qvv(seller qvvagency) qvv- qvvAnswerListing qvvbrokerage qvvgets
qvvpaid qvvif qvvproperty qvvis qvvsold qvvby qvvanyone qvv(most qvvcommon)
Exclusive qvvagency qvv(seller qvvagency) qvv- qvvAnswerListing qvvbrokersage qvvdoes
qvvNOT qvvget qvvpaid qvvif qvvowner qvvsells qvvproperty
