Real Estate Study Guide

In South Carolina, listing agreements MUST contain which of the following elements in order to comply with SC Real estate License Law Requirements?

• Listing Price, brokerage compensation arrangements, and expiration dates

• Brokerage compensation arrangements, expiration date, and full legal description

• Listing price, property condition disclosure statement, and signatures of all parties concerned

• Property condition disclosure statement, full legal description, and signatures of all parties concerned

A CORRECT statement about a company’s office policy on agency relationships is that the policy:

• Is not required for offices with fewer than three agents

• Must include a statement about compensation for cooperative agents

• Must include a broker disclaimer of responsibility for a principal's unethical actions

• May not include disclosure requirements more stringent than those of the SC real estate Commission

In SC, a licensee MUST take which of the following actions with cash funds received in the course of a real estate transaction?

• Deposit them immediately

• Deposit them within one banking day

• Deliver to the licensee’s broker-in-charge no later than the next business day

• Deliver them in a timely manner to the institution responsible for the trust account

A licensee is showing properties of another company to a potential buyer. If the licensee represents the seller when working with the potential buyer, the licensee is practicing:

• Exclusive buyer agency

• Disclosed dual agency

• Designated agency

• Sub-agency

According to SC real estate license law, a licensee licensed with a broker-in-charge may expect the broker-in-charge to provide the licensee with which of the following services?

• Adequate supervision

• Office support services

• Payment for continuing education courses

• Reimbursement for reasonable marketing and adversting expenses

Which of the following statement’s abou failing to satisfy renewal requirements within the 6 month grace period after failing to renew by June 30th is CORRECT?

• The licensee is cancelled

• The licensee with be held on conditional status for three months

• The licensee will the subject to disciplinary action including fines and license suspension

• The licensee’s broker-in-charge may be found guilty of failure to properly supervise licensees.

Which of the following actions on the part of a licensee is MOST likely to result in a license suspension or revocation?

• Refusing to take an open listing

• Failing to meet minimum sales goals

• Discussing a principal’s motivations with others

• Omitting a material fact while obtaining the license

The main problem that can arise with dual agency is:

• The buyer and seller are not always kept informed

• The buyer may not qualify for a loan

• The seller may become too demanding

• Conflict of interest may develop

In South Carolina, which of the following documents MUST be maintained for a required statutory period?

• Licenses

• Listing contracts

• Printed advertisements

• Open house attendance

On a Monday of a normal workweek, a broker in charge receives a $1,000 cash deposit on one of the agency’s listings. However, the seller is out of the country and unavailable for another three weeks to review the offer. According to SC real estate License law, the broker in charge is required to take which of the following actions?

• Deposit the money immediately in a trust account

• Deposit the money into the operating account until acceptance

• Deposit the money in a trust account within 48 hours of receipt

• Insist on a post dated check and hold it until the seller returns and accepts the offer