South Carolina real estate Exam A+ Pass Brand New!!

South Carolina real estate Exam A+ Pass Brand New!! Carlos wants a real estate broker to help him sell his lake house. He expects top-notch, full services. How can he get this? -Sign a buyer representation agreement. -Sign a Disclosure of Real Estate Brokerage Relationships. -Sign a listing agreement. -Sign a transaction brokerage agreement. - Answer- Sign a listing agreement. **To become a seller client, Carlos must sign the appropriate agency agreement with the broker. Only a listing agreement establishes an agent-seller client relationship. In South Carolina, what's the pre-licensing education requirement for brokers? -120 hours of coursework -150 hours of coursework -60 hours of coursework -90 hours of coursework - Answer- 150 hours of coursework Dean, a real estate licensee, has entered into a transaction brokerage agreement with Brandy, a buyer. In this situation, Dean is a(n) ______, and Brandy is a ______. -Agent, client -Agent, customer -Broker, client -Broker, customer - Answer- Broker, customer **Transaction brokerage relationships are not agency relationships. Therefore, the licensee isn't considered an agent. Since there's no agency relationship, there's also no client. Victor is interested in obtaining a real estate salesperson license in South Carolina. He's reviewing the eligibility requirements for the license and researching schools that offer pre-licensing education. Which entity determines these? -Department of Labor, Licensing, and Regulation (LLR) -Division of Professional and Occupational Licensing -South Carolina Association of REALTORS® -South Carolina Real Estate Commission - Answer- South Carolina Real Estate Commission **The South Carolina Real Estate Commission (created under LLR) has the power to administer and enforce real estate license law, including determining qualification and eligibility standards for license applicants and education providers. A South Carolina resident is purchasing a second home along the coast. The property has a fair market value of $300,000 and is in an area with a millage rate of .335. How much could they expect to pay in property taxes? - Answer- $6,030 **Fair market value is multiplied by the assessment ratio to calculate the property's assessed value. For secondary residences, this ratio is 6%. This is then multiplied by the millage rate to determine property taxes due. On which of these is a South Carolina rollback tax assessed? -Property that's converted from low-income housing to condominiums -Property that's no longer classified as agricultural -Property that was previously undeveloped -Residential land that's been subdivided - Answer- Property that's no longer classified as agricultural **A rollback tax is assessed on property that was previously designated as agricultural. To qualify for the homestead exemption in South Carolina, the owner must hold either a life estate or ______ to the residence. -Complete fee simple -Freehold -Leasehold -Non-freehold - Answer- Complete fee simple Stanley and Julie are partnering up to form a team within their South Carolina real estate firm. Which of the following would be an appropriate name for their team? -Just Say Sold, LLC -Just Say Sold Partners -Just Say Sold Real Estate Partners -Just Say Sold Realty - Answer- Just Say Sold Partners **Team names can't imply they're a different entity from the brokerage and must avoid words such as realty, real estate, realtors, etc. With its limited liability company acronym (LLC), Just Say Sold, LLC, implies that the team is its own business entity, separate from Stanley and Julie's brokerage firm. When must a South Carolina licensee notify the commission of a felony conviction? -Before any penal sentence is served -Within 10 days of notification of the conviction -By the time all appeals have been exhausted -Within 60 days of the conviction - Answer- Within 10 days of notification of the conviction Which qualification is a personal assistant legally required to have if the licensee wants the assistant to help manage negotiations and other real estate activities in South Carolina? -A positive background check -Permission from the broker-in-charge -A real estate license -A bachelor's degree in finance or other business field - Answer- A real estate license As soon as a South Carolina offer or counter-offer is accepted, the licensee must promptly deliver ______. -The original offer to purchase, signed by both the buyer and the seller, to the licensee's designated broker for safekeeping -Copies of the fully signed offer to purchase to each party to the transaction -Copies of that offer to purchase, signed by the licensee, to the licensee's broker-in-charge -The original offer to purchase, signed by all parties to the contract, to the South Carolina Real Estate Commission to be recorded - Answer- Copies of the fully signed offer to purchase to each party to the transaction Mindy, a South Carolina resident, is buying a new home. She'll occupy the home as her primary residence. It has a fair market value of $220,000 and is in an area with a millage rate of .350. What can she expect to pay in property taxes? - Answer- $3,080 **Fair market value is multiplied by the assessment ratio to calculate the property's assessed value. For primary residences, this ratio is 4%. This is then multiplied by the millage rate to determine property taxes due. Brent wants to work with a real estate broker as a buyer client. How can he do this? -Sign a buyer representation agreement. -Sign a Disclosure of Real Estate Brokerage Relationships. -Sign a listing agreement. -Sign a transaction brokerage agreement. - Answer- Sign a buyer representation agreement. **To become a buyer client, Brent must sign the appropriate agency agreement with the broker. Only the buyer representation agreement establishes an agent-buyer client relationship. South Carolina broker Craig Jenkins is selling his own home. He discloses this fact in his marketing materials for the house, and at his first substantive contact with interested buyers. Should Craig disclose this fact anywhere else? -No. Craig has fulfilled his duties of disclosure. -Yes. He must complete a Licensee-Seller Disclosure form, and have any prospective buyers sign it before submitting an offer. -Yes. He must complete the Licensee-Seller Disclosure form (and have the seller sign it) and disclose it on page one of any purchase offers he receives. -Yes. He must disclose this on page one of any purchase offers he receives. - Answer- Yes. He must disclose this on page one of any purchase offers he receives. **This disclosure must be written in bold, underlined, capital letters on the first page of all real estate purchase contracts Craig uses in personal transactions. A South Carolina agency agreement can be viewed as a(n) ___________. -Disclosure of agency relationships -Employment contract between a client and brokerage -Employment contract between a customer and brokerage -Employment contract between a licensee and brokerage - Answer- Employment contract between a client and brokerage **By signing an agency agreement, clients are essentially hiring the brokerage to work for them. Which of the following tasks is an unlicensed assistant in South Carolina permitted to perform? -Interpret contract information for a client. -Negotiate a commission. -Show property. -Write advertisements for broker-in-charge approval. - Answer- Write advertisements for broker-in-charge approval. **Unlicensed assistants may perform administrative tasks only, and may only write real estate ads with their broker-in-charge's approval.