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Real Estate Practice Final - State

Terms in this set (241)

Wendell once held a real estate license in South Carolina. After some mishandling of trust funds, he's prohibited from practicing real estate for the next three years, after which he can apply for a new license.

Which term best describes his current license status?
Revoked

Revoked describes when a license has been rescinded, usually as part of a disciplinary action. It requires the license holder to wait at least three years before applying for a new license.
How can time terminate agency?
Agency terminates when the time specified in the agreement elapses.
Which of the following is a requirement of a broker-in-charge in South Carolina?


Must be at least 25 years old

Must complete at least 180 hours of pre-licensing education

Must have an ownership interest in the brokerage and be actively engaged in its management and operations

Must have at least five years of real estate experience in the last seven years
Must have an ownership interest in the brokerage and be actively engaged in its management and operations
What is the South Carolina Real Estate Commission authorized to do?
Set requirements and standards of conduct for real estate licensees, as well as enforce South Carolina's real estate laws
Which of the following South Carolina license holders has completed the necessary continuing education requirements for license renewal?


A broker completed 10 hours of continuing education, and four of the hours were on advanced topics.

A broker-in-charge completed 10 hours of continuing education; four of those hours were on mandated topics.

A licensee completed 15 hours of continuing education, and three of those hours focused on mandated topics.

A salesperson completed 10 hours of continuing education, with four of those hours on mandated topics.
A salesperson completed 10 hours of continuing education, with four of those hours on mandated topics.


Salespersons and brokers must take at least four of the 10 hours on mandated topics.
A broker-in-charge must also complete four hours on advanced topics as part of their 10 hours.
Celine holds a salesperson's license in South Carolina. What can we reasonably assume about her?


She has at least three years of experience.

She isn't supervised by a broker-in-charge.

She's at least 18.

She's completed 60 hours of pre-licensing education.
She's at least 18.
Under South Carolina law, the landlord can begin the eviction process after the tenant is how many days late with rent?
5 days

In South Carolina, if the rent is five days late, the landlord may terminate the rental agreement, provided the landlord has provided prior written notice reserving this right.
Such prior notice may be provided at any time prior to the five days, even at the beginning of the lease.
Joe is in violation of South Carolina's smoke detector laws because the detectors installed on his property don't work.

Within how many days must he repair or replace the detectors?
15 days

Offenders have 15 days to repair, replace, or install smoke detector. No property can be conveyed if functional detectors aren't installed.
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
Just Say Sold Partners
Keven has violated the South Carolina Vacation Rental Act. From whom may he face disciplinary action?
South Carolina Real Estate Commission
As soon as a South Carolina offer or counter-offer is accepted, the licensee must promptly deliver ______.
Copies of the fully signed offer to purchase to each party to the transaction
What is true about a South Carolina broker-in-charge's license, if an affiliated licensee commits a violation?
It's in jeopardy if it can be shown the broker-in-charge failed to supervise the licensee.
Daniel, a real estate licensee, has entered into a transaction brokerage agreement with Olivia, a buyer. What is Olivia's relationship to Daniel?
Customer
Sandy has a listing with Jason at Fairview Realty. When Sandy's fiancé loses his job, Sandy decides to take her house off the market. Jason agrees, and agency is ______.

Postponed indefinitely
Renounced by the agent
Revoked by the client
Terminated by mutual agreement
Terminated by mutual agreement
Kenny is buying Josie's South Carolina property, which is listed with broker Ariel. Who are the parties to the listing agreement?
Josie and Ariel
Which one of the following is an example of how agency can be terminated by an act of the agent?

Renunciation
The agent dies
The agent files bankruptcy
The client dies
Renunciation

If an agent renounces the representation agreement before the expiration date, agency terminates by an action.
Jan is a real estate salesperson in South Carolina. She recently moved to a new home, both personally and professionally. The office she works at moved to a new location, which happens to be a few miles away from the new house Jan bought.

What does she need to do?
Notify the commission within 30 days of changes to her residential and business address.

Changes to physical residential address, mailing address, business address, email address, and phone number must be updated with the commission within 30 days. Failure to do so can result in disciplinary action.
According to South Carolina's Residential Landlord and Tenant Act, what's the largest amount a landlord can require for a security deposit?
There's no limit
What term describes a situation in which a broker uses client trust funds without the client's permission?
Conversion

Conversion is when a broker spends client trust funds on personal items.
One of the criteria to qualify for homestead exemption in South Carolina is, by December 31 of the year prior to application, residents must be 65 years old, totally and permanently disabled, or ______.
legally blind
Stacey's South Carolina home has been sold as a result of foreclosure proceedings. Does she need to provide the purchaser with a property disclosure statement?
No, transfers resulting from foreclosure sale are exempt.
Which of the following must be included in a buyer agency agreement?

An automatic renewal clause
A two-year termination
Standardized real estate commission
The licensee's duties and responsibilities to the buyer
The licensee's duties and responsibilities to the buyer
Which of these statements about duties is true if a South Carolina licensee is acting as a dual agent?

Agency duties may be limited.

Clients receive the same duties whether the licensee is acting as a single agent or dual agent or not.

Licensees are unable to maintain confidentiality.

Licensees can disclose one client's willingness to pay or accept a price other than list price to the other party.
Agency duties may be limited.

When acting as a dual agent, limited agency duties are owed.
In addition to the South Carolina licensee's name, what other information must be included on advertisements?
firm's full name
Carlisle works as Robin's unlicensed personal assistant in South Carolina. Which activity may Carlisle legally perform?

Counseling clients on strategies
Discussing terms
Negotiating offers
Placing an advertisement
Placing an advertisement
Which of these duties is outside the scope of the South Carolina Real Estate Commission?

Determining commission splits between licensees
Determining license qualifications and requirements
Holding hearings on possible license law violations
Promulgating regulations
Determining commission splits between licensees
You're a South Carolina licensee engaged as a transaction broker for a customer in a real estate transaction. Which of these actions can you perform for that customer?

Advocate for the customer.
Negotiate an agreeable price.
Process paperwork.
Recommend terms.
Process paperwork.
What's true of the agency relationship in transaction brokerage?

Designated agency is created in transaction brokerage.
Dual agency is created in transaction brokerage.
No agency relationship is created in transaction brokerage.
Traditional agency is created in transaction brokerage.
No agency relationship is created in transaction brokerage.
Time share sales are regulated by ______.
The South Carolina Real Estate Commission
Which of the following items is part of a South Carolina agency agreement?

Closing date
Description of services to be performed
Financing contingency
Sale price
Description of services to be performed
Which of the following is a statutory duty an agent owes to seller clients?


Disregard fair housing regulations.

Negotiate a sale that meets the buyer's objectives.

Receive and present all offers in a timely manner.

Share confidential information shared by the seller with the buyer's agent.
Receive and present all offers in a timely manner.
Andrew is purchasing a property in South Carolina from a non-resident trust. What percentage of the seller's gain must be withheld?
7%
Myra's license has just been suspended by the South Carolina Real Estate Commission. May she continue to perform real estate activities?
She must discontinue real estate activities immediately.

A suspended license is no license. She must cease licensed activities immediately.
Parker represents buyer clients, Mr. and Mrs. Malone, who have just made an offer on a house. Parker presents the offer to the seller's agent and says, "Just so you know, my clients are happy to come down a bit on that price." Has Parker done anything wrong, and if so, what?
Parker has violated the duty of confidentiality he owes his clients.
Salvatore, a South Carolina licensee, is drafting a billboard advertisement. Which of the following pieces of information must be included?

Brokerage firm address
Brokerage firm name
Brokerage firm phone number
Licensee phone number
Brokerage firm name
Which of the following is generally true about net listings?

The listing agent is guaranteed at least some commission.
They don't include compensation for the buyer's agent.
They often involve a conflict of interest.
They're legal in all 50 states
They often involve a conflict of interest.
South Carolina licensee Victor has obtained his seller client's signature on an offer he just received. Victor faxes a copy of this agreement to the buyer's agent.

Under South Carolina law, is this an appropriate way to communicate an accepted offer?
Yes, this is an appropriate way to transmit the accepted offer.
Licensed residents of other states can apply for a license in South Carolina, but must pass the ______.
State portion of the licensing exam
Which of the following statements regarding electronic offers and counter-offers in South Carolina is true?

Any electronic signatures, initials, handwritten or typewritten modifications on offers and counter-offers are considered valid and binding in South Carolina.

Electronic signatures, initials, and modifications are only permitted on real estate purchase contracts in South Carolina. They may not be used for offers and counter-offers.

Electronic signatures, initials, and modifications on offers and counter-offers are neither valid nor legally binding in South Carolina.

Only electronic initials and modifications on offers and counter-offers are considered valid and binding in South Carolina. Electronic signatures are not acceptable.
Any electronic signatures, initials, handwritten or typewritten modifications on offers and counter-offers are considered valid and binding in South Carolina.
Which South Carolina legislation laid the ground rules for creating binding contracts electronically?
Uniform Electronic Transactions Act
South Carolina transaction brokers are required to ______.

Account for any trust funds given to them
Avoid any ministerial acts that can be construed wrongly
Do nothing—they aren't representing anyone
Not get involved with disclosing material defects
Account for any trust funds given to them
Which entity conducts an investigation when a complaint is filed against a South Carolina licensee?
South Carolina Real Estate Commission
What best describes a net listing in South Carolina?
The seller specifies a price desired for the property and agrees to pay the broker any amount received more than that price.
What state agency is responsible for protecting critical coastal areas in South Carolina?
Ocean & Coastal Resource Management (OCRM)

The Ocean & Coastal Resource Management (OCRM) regulates critical areas in the state through the Coastal Zone Management Program.
Davina has engaged Sean as her real estate agent to sell her property. According to South Carolina statute, what does Sean owe Davina?

Marketing Davina's property to seek a ready, willing, and able buyer

Performing an inspection to uncover any defects with Davina's property

Purchasing Davina's property if a buyer is not found by the end of the agreement period

Sharing any and all details requested by a buyer
Marketing Davina's property to seek a ready, willing, and able buyer
Which of the following is true of team advertising in South Carolina?

It must include the brokerage firm name, but not the team name.
It must include the team name and brokerage firm name.
It must include the team name, but not the brokerage firm name.
It's prohibited.
It must include the team name and brokerage firm name.
Xavier is purchasing a property in South Carolina from non-resident estate. What percentage of the seller's gain must be withheld?
7%
Which one of the following is NOT an example of how agency terminates by operation of law?

Client bankruptcy
Completion of a sale
Expiration of the agreement
Mutual agreement to terminate
Mutual agreement to terminate
Ann is a South Carolina licensee. Which of the following statements most accurately describes her need to disclose that she's a principal to a real estate transaction?


She doesn't need to disclose when she's a principal to the transaction, regardless of circumstances.

She must disclose she's a principal after the property has been on the market for 30 days.

She must disclose she's a principal to the transaction if the sales price is more than $200,000.

She must disclose whenever she's a principal to the transaction.
She must disclose whenever she's a principal to the transaction.
Frank is representing Jonathan in the sale of his South Carolina home. A buyer approaches Frank at Jonathan's open house, and Frank agrees to represent her in purchasing Jonathan's house.

What must Frank do to avoid an illegal dual agency situation?
Obtain dual agency consent from all parties.
A time share unit week usually consists of ______ consecutive calendar days.
7
What duty does a listing agent in South Carolina owe to buyers?

Confidentiality of information shared by the buyer
Honest treatment
Obedience
Putting the buyer's interests ahead of their client's
Honest treatment

One of the duties an agent owes a customer (and any other party they encounter related to the transaction) is honest treatment. Agents cannot lie to their client or anyone else involved in the transaction. This would be misrepresentation and would threaten the agent's license.
What purpose does the South Carolina Real Estate Commission serve?
To regulate the real estate industry to protect the public's interest when involved in real estate transactions.
Kacey sold her house in South Carolina. At closing she provided an affidavit confirming that the home had functioning smoke detectors installed. A couple weeks after closing, the buyer discovered that the smoke detectors don't work.

What's Kacey's liability in this situation?
Kacey isn't liable after closing has occurred.

Buyers can inspect the property for smoke detector functionality before closing. At closing, sellers provide an affidavit stating smoke detectors are installed and functional. After closing, sellers are no longer liable for functionality.
Which of the following individuals meets the experience requirement for a real estate broker's license in South Carolina?

Amelia was an unlicensed property management company employee for one year, an unlicensed assistant at a real estate brokerage for one year, and has been licensed as a real estate salesperson for one year.

Clayton has been a real estate salesperson for two years and is in the process of taking broker courses.

Georgina has been an active salesperson for the last three years.

Rolando received her real estate salesperson license last year and has completed 150 hours of real estate courses.
Georgina has been an active salesperson for the last three years.
Kathy Lee is up for her first renewal of her South Carolina salesperson license.

How many hours of continuing education must she complete?
10 hours every 2 years
Jamie wants to establish an agency relationship with a South Carolina broker. How can this be done?
Through a written agreement
Jermaine holds a salesperson license in South Carolina. How often must he renew his license?
Every two years
South Carolina broker-in-charge Malcom submits his client's purchase offer, then goes on vacation. When he returns two weeks later, he learns that a counter-offer was submitted and the response date had expired. His client's offer was terminated because he failed to respond on time.

This violation is an example of ______.
Demonstrating untrustworthiness or incompetency to act as a real estate professional
Hilda chose not to enter into an agency relationship with a broker to help her find and purchase a house. What types of services can she expect in return?
Customer-level services
Which of the following advertising activities is considered illegal in South Carolina?

A licensee including a link to the firm's homepage on electronic advertisements

A licensee receiving written permission from a seller to advertise the seller's property

A member of a real estate team including both the team name and firm name on an advertisement

A person in the process of obtaining a real estate license advertising as a licensee
A person in the process of obtaining a real estate license advertising as a licensee
In South Carolina, smoke detectors are required in residential dwellings with how many units?
1 to 2 units
What's the minimum age requirement to qualify for a broker license in South Carolina?
21
If a brokerage firm changes its name, address, phone, or email, within how many days must the commission be notified?
10 days

The broker-in-charge must notify the real estate commission of changes to name or contact information within 10 days.
Jacqueline a broker-in-charge in South Carolina, is creating a policy manual for her new firm. She's working on the record keeping section of the manual. In it, she notes that transaction related records must be retained for at least ______ years.
5 years

Contracts, forms, and other documents related to a real-estate transaction must be retained for at least five years.
South Carolina licensee Alma is one busy octogenarian. In addition to her regular broker duties, she also owns and manages three four-family apartments. Today, she's walking a new tenant through a one-year lease agreement.
Which of the following must be included on page one of this agreement?

A disclosure regarding the tenant's right to service animals with the proper documentation

A disclosure that anyone who smokes on the property will be evicted immediately

A disclosure that she is a real estate licensee

A disclosure that she owns multiple rental properties, including the addresses of the other properties
A disclosure that she is a real estate licensee
What type of liability is a broker in charge in South Carolina subject to?
Vicarious

A broker in charge is vicariously liable for the licensees he supervises. If a licensee performs an act that the broker in charge is unaware of, the broker in charge is held just as liable as the licensee who performed the act.
Ned's listing agreement expires on November 5. What does he need to do to terminate this agreement?
Nothing. It automatically expires on November 5.
Toby owns a single-family manufactured home in South Carolina that's occupied by a tenant. Is this property subject to South Carolina smoke detector laws?
Yes, all one- and two-family residential properties are subject to smoke detector laws in the state.
What's the name of the document that explains agency relationships and must be provided to consumers at the first practical opportunity?
Disclosure of Real Estate Brokerage Relationships
When the client or the agent dies, agency terminates by ______.
Operation of law
Dolcita is an unlicensed assistant for the Ace Team at Acme Realty in South Carolina. Which of the following best describes how Dolcita can be compensated for her work?

As a percentage of team commission earned

Hourly, salaried, or as a percentage of team commission earned

Hourly, salaried, or per activity

Hourly, salaried, per activity, per transaction closed, or as a percentage of team commission earned
Hourly, salaried, or per activity
Erin is purchasing a new house in South Carolina for $160,000. She's financing 90% of the sales price.
What does the Consumer Protection Code permit in terms of prepayment penalties?
A prepayment penalty isn't permitted on Erin's loan because the loan is for $150,000 or less.
When are designated agents permitted to disclose confidential information to their broker?
When the designated agent is seeking advice or assistance for the client's benefit
Which organization promulgates the Real Estate Offer Rejection Form in South Carolina?
The South Carolina Real Estate Commission
Which of the following statements is true regarding the termination date of agency agreements in South Carolina?

A definite termination date must be included.
No termination date is required.
The agreement automatically terminates after six months.
The termination date may not be extended.
A definite termination date must be included.
Which of the following laws or acts does the South Carolina Human Affairs Commission specifically enforce?

Age Discrimination in Employment Act
Civil Rights Act
Federal Fair Housing Act
South Carolina Human Affairs Law
South Carolina Human Affairs Law

The South Carolina Human Affairs Commission specifically enforces the South Carolina Human Affairs Law, as well as the South Carolina Fair Housing Law and the South Carolina Equal Enjoyment and Privileges to Public Accommodations Law to eliminate and prevent discrimination related to both employment and housing in the state.
Frank entered into a buyer representation agreement with Cassidy to act as his agent. Frank was under contract to purchase a property, but defaulted on his obligations and the sale fell through.

Does he owe Cassidy any compensation?
Yes, Cassidy earned her compensation the moment Frank was under contract.

Compensation is considered earned when the buyer is under contract. It's payable at closing or immediately if the buyer defaults.
List all the protected classes recognized in South Carolina.
Race, color, religion, sex, handicap, familial status, and national origin
What must a consumer do to initiate an investigation into possible fair housing violations in the state of South Carolina?
Submit a written complaint to the Human Affairs Commission
What's the difference between commingling and conversion?
Commingling is mixing client funds with your own; conversion is using them.

Commingling is mixing client funds with your own; conversion is using client funds for different purposes than was originally intended.
When a South Carolina licensee is involved in a personal real estate transaction, what must she disclose to the other parties to the transaction?
Her licensed status
What does a dual agency agreement do to the listing and buyer representation agreements a broker already has in place?
Modifies

A dual agency agreement modifies any original listing and buyer representation agreements the broker has in place. It highlights what buyers and sellers should expect when agreeing to a dual agency relationship.
Gwendolyn qualifies for the South Carolina homestead exemption. Her property is valued at $175,000. Up to what amount of her property's value is exempt from property taxation?
$50,000

The homestead exemption allows up to $50,000 of the property's value to be exempt from property taxes.
Broker-in-charge Amanda hires Jake to be an assistant at her South Carolina firm. She would like to compensate Jake on a completed-transaction basis. For this to be permissible, Jake must ______.
Be licensed
Which of these scenarios could be seen as a real estate violation in South Carolina?

Before showing a buyer customer her listing, Mitchell reviewed the agency disclosure form with the buyers and told them she represents the sellers.

Henry provided a customer with a copy of the signed agency disclosure form.

Isabelle stored a signed agency disclosure form in a safe but accessible location in the broker's office.

Mandy didn't disclose to potential buyers that she was showing her own listing, so she is representing the seller.
Mandy didn't disclose to potential buyers that she was showing her own listing, so she is representing the seller.
Which South Carolina licensees are allowed to work independently, without being supervised?
Brokers-in-charge
Brent wants to work with a real estate broker as a buyer client. How can he do this?
Sign a buyer representation agreement.
Upon moving in, the tenant noticed a bad smell from the bathroom and black mold, and reported this to the landlord.
What would be an appropriate response by the landlord?
Scheduling a plumber to fix the problem
Which of the following is an example of commingling?

Depositing client funds into a broker trust fund
Depositing trust funds into a general business account
Giving trust funds to your broker
Using client funds for your personal expenses
Depositing trust funds into a general business account

Commingling is mixing trust funds with non-trust funds. Using those funds would be conversion, another serious violation.
What status would a South Carolina real estate license be in if the expiration date just passed and the licensee hasn't renewed it?
Lapsed

A license is lapsed if it was not renewed before its expiration date. Licenses are inactive when lapsed.
South Carolina licensee Barbara is house hunting in Columbia, and this time, it's for a house of her own. At what point must she first let the sellers know that she is a licensee?
At her first substantive contact with them
How often are salesperson and broker licenses in South Carolina renewed?
Every two years
In South Carolina, what's the pre-licensing education requirement for brokers?
150 hours of coursework
According to South Carolina law, buyers and sellers are defined as customers if they ______.
Choose not to establish an agency relationship with a broker
Amanda helps her neighbor sell his South Carolina home by assisting with negotiations. She receives no compensation for her assistance. Based on this one transaction, Amanda ______.

Doesn't need a real estate license
Must have a broker license
Must have at least an associate broker license
Must have at least a salesperson license
Doesn't need a real estate license

Remember that compensation is one factor in the requirement for licensure.
To receive a new South Carolina real estate license after the original was revoked, an applicant must provide proof of competence to practice real estate, a good reputation for honesty and fairness, and ________.
Trustworthiness
Both federal and South Carolina state law consider real estate contracts that have been transmitted and signed electronically to be ______.
Valid and enforceable
When must a South Carolina licensee notify the commission of a felony conviction?
Within 10 days of notification of the conviction
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?
South Carolina Real Estate Commission
A fire occurred in the unit that Tim is leasing and the unit is no longer habitable. The cause of the fire was due to electrical issues in the kitchen. What remedy does Tim have?
Tim may notify the landlord in writing within seven days of his intent to terminate and vacate.
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?
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.
What statement best describes the people a broker-in-charge supervises?
All members of the firm, including associated licensees and unlicensed employees
Alfred, a South Carolina licensee, received trust funds from a client on Monday. When must he deliver the funds to his broker-in-charge?
By end of day Tuesday

Associated licensees must deliver trust funds to the broker-in-charge no later than the end of the next business day.
Sari, a licensee for Tynan Realty, is placing a listing ad in the Presbyterian Outlook. Is this a potential fair housing violation?
Yes, unless she also places the ad in publications that reach a broader market.
Jillian is a licensed broker-in-charge in South Carolina. Salesperson Charles, broker Josephine, and unlicensed assistant Nick also work at the brokerage. Who supervises whom?
Jillian supervises everyone.
Which of the following is an example of conversion?

A broker accepts an earnest money check from a buyer.

A broker deposits an earnest money check from a buyer into a trust account.

A broker mixes trust funds with his own money.

A broker uses client trust funds without the client's permission.
A broker uses client trust funds without the client's permission.
Reba is pleased that her agent, Jerry, has helped her sell her property. What happens to their agency relationship after the sale?
It's been terminated by completion of their goal to sell the property.
Karli's the transaction broker for seller Joshua. Joshua is buying a house from Norman, who's represented by his agent, Marc. To whom does Karli owe fiduciary duties in this transaction?
No one
Which of the following statements about South Carolina purchase offers is true?

Licensees aren't required to present verbal offers to the seller.
Licensees must present all purchase offers to the seller.
Licensees should only present realistic offers to the seller.
Licensees should use their own discretion to determine which offers to present to the seller.
Licensees must present all purchase offers to the seller.
Scotty wants to become a licensed real estate broker in South Carolina. To qualify, he must be at least how old?
21
Raquel's license was revoked by the South Carolina Real Estate Commission three years ago. She'd like to apply for a new license. What does she need to do?
She must provide proof that she's reliable, has a good reputation for honest and fair conduct, has completed all education requirements within the last five years, and has passed all required exams.

Those whose licenses were revoked must apply for a new license after the revocation period has ended and provide proof that they're worthy of holding an active license.
Kennedy is purchasing a property in South Carolina from a non-resident corporation. What percentage of the seller's gain must be withheld?
5%

If the non-resident seller is a corporation, 5% must be withheld.
If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.
Nadine is an active real estate licensee elected to serve on the South Carolina Real Estate Commission. Seth is an unlicensed individual appointed by the governor to serve on the commission. The secretary of state certified both members on the same day.

How long will each serve on the commission?
Both Nadine and Seth will serve four-year terms.
After having second thoughts, Penny decided to cancel her listing agreement with Oscar, a South Carolina broker-in-charge. Penny would still like to compensate Nathan, the associated licensee who was working closely with her, for the services he provided.
Can she do this?
Yes, but payment must go through Nathan's broker, Oscar.
When does a designated agency agreement end?
When the transaction closes
Mathew is a South Carolina salesperson representing a seller on behalf of his broker-in-charge, Lanie. Kendra is a salesperson representing a buyer on behalf of her broker-in-charge, Janelle. Mathew's listing agreement provides for compensation to the buyer's agent in the transaction.

Who will Kendra receive her compensation from?
Janelle
Which of the following is a South Carolina licensee prohibited from doing when engaged as a dual agent?

Disclosing known, adverse material facts
Keeping clients' motivations confidential
Negotiating to the advantage of either client
Presenting offers
Negotiating to the advantage of either client
Georgina is selling her South Carolina home to Stanley at a price of $250,000. Stanley is financing 80% of the purchase. How much will the transfer fees be?
$925
Abigail is a consumer in South Carolina who's closing on a mortgage. Which statement related to her legal representation is true?

The borrower has no rights related to legal counsel representation at closing.

The borrower has the right to choose legal counsel to represent them at loan closing.

The borrower must seek permission from the lender to have legal counsel representation at loan closing.

The lender has the right to choose the legal counsel to represent the borrower at closing
The borrower has the right to choose legal counsel to represent them at loan closing.
Percy and Maxwell have formed a team within their South Carolina real estate brokerage firm. They're drafting up some advertisements to help launch their team.

What do they need to keep in mind when designing their marketing materials?
Ads must include the team name and brokerage firm name.
What happens if a house for sale is destroyed by a flood before the representation agreement expires?
Agency terminates by operation of law.

When property is destroyed, agency terminates by operation of law.
Creekview Realty is expanding! Jamie, the broker-in-charge, outgrew the small office of her firm's beginnings and has moved to a larger space to better accommodate the firm's 15 associated licensees and employees.

Within how many days does Jamie need to notify the commission of the new address?
10 days

The broker-in-charge must notify the real estate commission of changes to name or contact information within 10 days.
A portion of Jason's South Carolina property includes a marsh often covered in saltwater. Is this considered a critical area?
Yes, this area is defined as coastal wetland and is subject to the Coastal Zone Management Program.
In this description, which protected class is shown as a preference or discrimination? "Because of its location next to downtown (especially to the County Medical Center), Berglund Park neighborhood has been growing in population and becoming younger in age. The neighborhood's average income is lower than the citywide average, reflecting the senior housing, but this is improving as new families move into the area."
Seniors are discriminated against and families are preferred.
Which of these South Carolina transactions requires that property disclosures be provided to the buyer?

A house for sale by owner
A transfer between government agencies
A transfer between spouses due to a divorce decree
A transfer pursuant to a court order
A house for sale by owner
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 ______.
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.
When Sam and Lisa first signed their buyer representation agreement, they filled it out based on the three-bedroom ranch home they had their eyes on. Then they found a four-bedroom converted barn that they fell in love with.

If they want to make an offer on the barn home, does their representation agreement still stand?
Yes, the agreement serves as a commitment to the agency representation, not a specific home.
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 listing agreement.
From an agent's perspective, what's one benefit of a buyer representation agreement?
It defines how and how much the agent will be paid.
When acting as a dual agent in South Carolina, which of these items can the broker disclose to either party?

Confidential information revealed by either party
Either party's willingness to agree to financial terms other than those offered
Known, adverse material facts related to the property or transaction
Motivations of either the buyer or the seller
Known, adverse material facts related to the property or transaction
Which of the following is a duty a designated agent can perform, but a dual agent can't?

Disclose known, adverse material facts.
Keep motivations of clients confidential.
Negotiate on the client's behalf.
Present offers.
Negotiate on the client's behalf.
Which of these is a tenant obligation in South Carolina?

Adhere to fair housing law
Allow the landlord access when a periodic service or critical repair is needed
Comply with all rules and regulations, even unreasonable ones
Use the dwelling as a business
Allow the landlord access when a periodic service or critical repair is needed
Buyer Kent makes an offer on seller Khalidi's South Carolina house. Khalidi counters that offer on price alone, and Kent accepts that counter-offer.

How should these changes be shown in the contract?
The changes must be written down and then initialed and dated by both Kent and Khalidi.
Which term best describes the duties a designated agent in South Carolina owes to their client?

Full
Lengthy
Limited
Restricted
Full
If a client breaches a representation agreement, what may the client owe the agent after agency terminates?If a client breaches a representation agreement, what may the client owe the agent after agency terminates?
Payment of the agent's commission
Which of the following statements about South Carolina listing agreements' term length is true?


The term automatically renews after a specified period of time.

The term for the contract must begin on the day the seller signs the agreement.

The term has a specified start and end date.

The term has a specified start date, but the end date remains open to allow flexibility.
The term has a specified start and end date.
Dean qualifies for the homestead exemption in South Carolina. How long has he been a resident of the state?
At least one year as of December 31 of the year before application

Homestead exemption applicants must have been a South Carolina resident for at least one year on or before December 31 of the year prior to applying for exemption, among other criteria.
Nathan assisted with the purchase of a commercial building in South Carolina that will be used as a community center. He doesn't hold a real estate license, yet his actions didn't violate any license laws.
What must be true about Nathan's situation?

He received less than a $1,000 commission for the transaction.

Nathan is an employee of a government agency whose official duties include real estate transactions.

The building was purchased by Nathan's church.

The commercial building was valued at less than half-a-million dollars.
Nathan is an employee of a government agency whose official duties include real estate transactions.

Licensure is nearly always required when performing real estate activities for others for compensation, but exceptions are made in specific circumstances, such as a government employees performing official duties.
Within how many days can a purchaser of a time share cancel the contract without penalty?
5 days

Purchasers have five days (not including Sunday) from the date they sign the contract to notify the seller in writing that they wish to cancel.
Jerome signed a contract to purchase a time share, but is now having second thoughts. How long after signing the contract can he rescind without penalty?
5 days

Purchasers have five days (not including Sunday) from the date they sign the contract to notify the seller in writing that they wish to cancel.
One of the criteria to qualify for homestead exemption in South Carolina is, by December 31 of the year prior to application, residents must be 65 years old, be legally blind, or be ______.
Totally and permanently disabled
Chloe's South Carolina real estate license expired 10 months ago. What's its status?
Canceled

A license is considered lapsed if it has passed the expiration date without renewal.
After the last day of the sixth month has passed without renewal, the licensed is considered canceled.
Tito is a resident of South Carolina who's purchasing a property from the Jackson Corporation (a non-resident). What percentage of the Jackson Corporation's gains from the sale will be withheld?
5%

If the non-resident seller is a corporation, 5% must be withheld. If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.
Which of these transaction types requires disclosure under the South Carolina Residential Property Disclosure Act?


A lease with an option to purchase

Transfers due to court order

Transfers from one or more co-owners to one or more other co-owners

Transfers to a beneficiary as a result of a foreclosure sale or deed in lieu of foreclosure
A lease with an option to purchase
How many members of the South Carolina Real Estate Commission aren't active real estate professionals?
2

Two members appointed by the governor aren't active real estate professionals.
Emmett is the listing agent for a South Carolina seller who's completed a property disclosure form. For how long must this form be retained?
For at least 5 years
Two associated licensees in South Carolina have formed a team within their brokerage firm. Regarding their team name, which of these words or phrases would be appropriate to include?

Brokerage
Group
Real estate
Realty
Group
Within a South Carolina brokerage, who's ultimately responsible for supervising unlicensed employees' business activities?
The firm's broker-in-charge
Agency terminates by ______ when either the client or the agent files for bankruptcy.
operation of law
Jim is a listing agent in South Carolina. What offers must he present to his client, and when?
He must present all offers as soon as practicable.
Records related to a real estate transaction in South Carolina must be kept, and available upon commission request, for at least ______ years.
5

Records must be retained for at least 5 years and must be accessible to inspectors or the commission upon request.
Incapacity or death, bankruptcy, or destruction of property are examples of circumstances where agency terminates by ______.
Operation of law
South Carolina licensee Joseph tells his client that a property is zoned as residential, even though he knows it's zoned as commercial. This violation is an example of ______.
Making a substantial and willful misrepresentation
One of the criteria to qualify for homestead exemption in South Carolina is, by December 31 of the year prior to application, residents must be totally and permanently disabled, legally blind, or ______.
65 years old
Candice is a real estate salesperson in South Carolina. She's got a new listing and is ready to advertise it for sale. What must she have first so she can do this?
A signed listing agreement
To qualify for the homestead exemption in South Carolina, the owner must hold either a life estate or ______ to the residence.
Complete fee simple

Residents must hold either complete fee simple or life estate to their primary residence, among other criteria.
In order for a South Carolina resident to qualify for the homestead exemption, they must own their property as either complete fee simple or ______.
Life estate

Residents must hold either complete fee simple or life estate to their primary residence, among other criteria.
Dimitri, a South Carolina salesperson, received escrow funds from a client on Friday. When must he deliver these trust funds to his broker-in-charge?
By end of day Monday
After a tenant raised a concern about mold in the bathroom, the landlord retaliated against the tenant. The tenant may be able to recover up to ______________________.
Three months' rent or triple damages, plus reasonable attorney fees
Sandra is interested in purchasing a time share that would give her the right to use a unit for two unit weeks each year. According to the South Carolina Vacation Time Sharing Plans Act definition of unit week, how many days does this give her?
14 days
Marco is a South Carolina salesperson associated with Movin' On Up Realty in Spartanburg. He and his family own a few single-family rental properties in the area. Marco just received a security deposit check from a new renter.
Into which of these accounts is Marco permitted to deposit these funds?

His broker's trust account
His personal savings account
His personal trust account
His rental operating account
His personal trust account

South Carolina licensees who own and manage their own rental properties must have a personal trust account into which all trust funds must be deposited.
In addition to providing proof of character, an applicant seeking a new South Carolina real estate license after their original was revoked must provide what other proof?
Education and examination

The applicant must provide proof of character, education, and examination, in addition to any other requirements other applicants are held to.
Darryl owns a property in a critical coastal area in South Carolina. What obligation does he have?
Darryl must disclose that the property lies in a critical area and is subject to limitations.
What is the purpose of a listing agreement in South Carolina?
To spell out the agreement between the listing broker and the seller

The listing agreement spells out the contractual agreement between the seller and the listing broker. There's no guarantee of payment because the agreement may expire before the property sells.
Ryan has engaged Jaclyn as his real estate agent to purchase a property. According to South Carolina statute, what does Jaclyn owe Ryan?
Seek a property at a price and terms acceptable to Ryan
Stormy is an unlicensed individual serving on the South Carolina Real Estate Commission. She's decided to resign her position prior to the end of her term. How will her successor be decided?
A replacement will be appointed by the governor.
Under the South Carolina Fair Housing Law, there's a fair housing exemption for ______.

The rental of an apartment in a multi-story building

The rental of a room by the occupant of public housing

The restriction of all rooms in a housing accommodation (e.g., a dormitory) to individuals of the same sex

The sale, rental, and lease of accommodations of housing exclusively to persons of a particular race
The restriction of all rooms in a housing accommodation (e.g., a dormitory) to individuals of the same sex
In a designated agency relationship, certain parties are considered dual agents. Who?
Licensees from other brokerages

Designated agents aren't considered dual agents, but the brokerage firm, broker-in-charge, and all other associated licensees are.
Up to what amount is exempted from property taxes for those who qualify for the state homestead exemption?
$50,000
When must the Real Estate Offer Rejection Form be used in South Carolina?
When a seller rejects an offer without countering it
If a South Carolina licensee commits a violation and it's found the broker-in-charge didn't adequately supervise the licensee, whose license in jeopardy?
Both the broker-in-charge's and licensee's
Which of these transactions is exempt from the disclosure requirements of the South Carolina Residential Property Disclosure Act?

A condo lease that offers the lessee the option to buy
A court-ordered sale due to the owner's failure to pay state taxes
A house for sale by owner
A house listed for sale by a real estate licensee
A court-ordered sale due to the owner's failure to pay state taxes

Transfers resulting from a property owner's failure to pay property taxes (local, state, or federal) are exempt from disclosure requirements.
When is a South Carolina real estate license required?
When performing real estate activities for others, for compensation of any kind
When agency terminates when a listing agreement expires, the seller is free to ______.

Accept an offer from a protected buyer without paying a commission to the broker

Immediately close all monetary accounts without balancing them

Share confidential information about the property

Work with another licensee
Work with another licensee

When agency terminates, the seller is free from obligations to the original agent and may work with another licensee.
Which term best describes the duties a dual agent owes to both clients?

Fiduciary
Full
Lengthy
Limited
Limited
Which phrase from the following description should be edited to meet fair housing guidelines? "Nestled away in a neighborhood of gracious pre-war mansions, many now converted to offices, Bertrice Place, built in 2004, emulates its predecessors in scale, and to some extent in visual expression. The peaked roofline has a Tudor effect, capped by our ancestors' signature copper roofing. The handsome interiors are ample, not over-sized, with 10-foot ceilings and high-quality features and finishes."
"Our ancestors' signature copper roofing"
A person performing real estate activities in South Carolina under the judgment or order of a court, such as a trustee in a bankruptcy, is ______.

Not required to have a real estate license
Required to have a broker license
Required to have at least a sales agent license
Required to have taken all pre-licensing courses, but passing the exam is not required
Not required to have a real estate license

There are specific circumstances when licensure is not required.
If a South Carolina associated licensee receives trust funds, when must the licensee deliver the funds to the broker-in-charge?
By end of the next business day
Tyrone, a South Carolina real estate licensee, just wrapped up a sale of a single-family home. How long must Tyrone's firm retain the related contracts and forms?
5 years
On what item will a South Carolina's broker compensation details be defined?
Agency agreement
Buyer Kelly and seller Javier just signed the purchase offer Kelly made to buy Javier's South Carolina house. What must Kelly's agent, Jim, do next?
He must provide copies of the signed agreement to Kelly and Javier.

Once the buyer and seller have signed the offer to purchase, the licensee must provide copies of the fully signed document to each party to the transaction.
Which of the following statements is true of the required disclosure of real estate brokerage relationships information?

It establishes a brokerage relationship between the brokerage firm and the consumer.
It establishes a customer relationship between a brokerage firm and a consumer.
It establishes an employment contract between a licensee and real estate firm.
It informs consumers about the relationships offered by a real estate brokerage firm.
It informs consumers about the relationships offered by a real estate brokerage firm.
Jim would like to sell his own home. What is the minimum South Carolina real estate license he must possess?
None
The South Carolina Real Estate Commission can issue fines as a disciplinary action for a license law violation. How much can these fines be?
Between $500 and $5,000 for each violation

The commission can issue fines between $500 and $5,000 for each license law violation.
After being evicted for late payment, under South Carolina law, what action might the landlord legally take if the tenant left belongings behind?
The landlord can place the tenant's belongings on the curb and have them removed by the local trash haulers 48 hours after eviction.
Which of the following scenarios best describes a net listing in South Carolina?


Carmel is selling her condo for $280,000 and is offering 6% commission to the listing broker.

Jason is listing his duplex for $400,000, but reserves the right to find his own buyer and not have to pay a listing commission.

Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.

Ralph is selling his townhome for $225,000 and paying a brokerage fee of $25,000.
Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount.
Which of the following statements about electronic transmission and the agreement of sale in South Carolina is true?

Although the electronic transmission of some real estate documents is allowed in South Carolina, it's not legal for the agreement of sale.

If signed by all parties, the electronic transmission of the agreement of sale constitutes acceptance of the agreement.

Only the buyer has to consent to the use of electronic transmission in an agreement of sale in South Carolina.

Only the seller has to consent to the use of electronic transmission in an agreement of sale.
If signed by all parties, the electronic transmission of the agreement of sale constitutes acceptance of the agreement.
How many members of the South Carolina Real Estate Commission are active real estate professionals?
8

8 members are active real estate professionals.
(7 are elected by state house and senate members, and
1 is elected by other commission members.)
If a broker-in-charge becomes medically incapacitated or dies, an associated licensee may act as the broker-in-charge for up to ______ months.
6 months

In the event a broker-in-charge becomes medically incapacitated or dies, an associated licensee may be permitted to act as the broker-in-charge for up to 6 months.
Phyllis is negotiating a vacation rental with a rental management company. Which of the following actions does NOT indicate acceptance of an agreement?

An electronic signature on the agreement
An email asking the company to send over the contract and she'll sign it
An original (not electronic) signature on the agreement
Payment toward the rental
An email asking the company to send over the contract and she'll sign it
When must South Carolina licensees provide the Disclosure of Real Estate Brokerage Relationships to consumers?
At first substantive contact before entering into an agency relationship
James's South Carolina real estate license expiration date passed last week and he hasn't renewed it. Which of the following statements are true?

He can continue practicing real estate for six months, at which time his license must be renewed.

He can continue practicing real estate if he's actively in the process of renewing his license.

He can't practice real estate until he renews his license.

His license is automatically revoked upon expiration.
He can't practice real estate until he renews his license.

A license becomes lapsed and inactive if the expiration date has passed and the license hasn't been renewed. Licensees can't practice real estate when a license is lapsed.
Tony is a South Carolina resident. He's shopping for a home loan and has received the following offers. Which of these loans violates Consumer Protection Code?

A 10-year loan with a 5% annual interest rate
A 20-year loan with a 9% annual interest rate
A 30-year loan with a 6% annual interest rate
A 35-year loan with a 7% annual interest rate
A 20-year loan with a 9% annual interest rate

The legal maximum annual interest rates for loans cannot exceed 8.75%.
Kellen is purchasing a property in South Carolina from an individual who isn't a South Carolina resident. What percentage of the seller's gain must be withheld?
7%
Which phrase from the following description should be edited to meet fair housing guidelines?

"These high-rise buildings are nestled along the Loring Greenway, which connects pedestrians to the Nicollet Mall and the riverfront. The location is exceptionally convenient for families, within an easy walk of downtown, Orchestra Hall, the Hennepin theater district, Walker Art Center, the Sculpture Garden, and numerous restaurants at all price levels. The neighborhood is well-served by bus routes."
"The location is exceptionally convenient for families"
What does a designated agency agreement do to the listing and buyer representation agreements a broker already has in place?
Modifies
Shania is a South Carolina licensee. Where can she find which agency relationships are permitted in her brokerage?
Brokerage written policy manual
What happens when a representation agreement expires?
agency terminates
Seller Brandon isn't satisfied with the service he's receiving from his listing agent, Doreen. Brandon terminates agency by ______ the agreement with Doreen.
Revoking
You're a South Carolina real estate licensee. Mitch, your seller client, has asked you about the tax ramifications of selling his townhome. You've handled your own taxes for years and are fairly familiar with the state tax code.

What's your best response?
"That's not my area of expertise. You should ask your tax advisor."
Andrew is purchasing a property in South Carolina from a non-resident trust. What percentage of the seller's gain must be withheld?
7%
In states where they're legal, for which type of listing or listings may a net listing be used?
Open, exclusive agency, or exclusive right-to-sell
In South Carolina, what's the pre-licensing education requirement for salespersons?
90 hours of coursework
Which of the following is a duty of a South Carolina listing agent?

Disclose material facts to the seller alone
Guarantee a sale to the seller
Maintain seller confidentiality
Negotiate on behalf of all buyers
Maintain seller confidentiality
Myra's license was suspended by the South Carolina Real Estate Commission. How many days does she have to appeal its decision?
30 days
In South Carolina, the ______ must include the names of the parties, the offer terms and dates, and the signature of the licensee who presented the offer to the seller.
Real Estate Offer Rejection Form
As soon as a South Carolina offer or counter-offer is accepted, the licensee must promptly deliver ______.
Copies of the fully signed offer to purchase to each party to the transaction
How many members make up the South Carolina Real Estate Commission?
10
What is the full name of South Carolina's version of UETA, which was enacted in July of 2004?
South Carolina's Uniform Electronic Transactions Act
Which of the following scenarios constitutes illegal licensee compensation in South Carolina?

Carrie, a licensee, had her broker make her commission check out to "Shoe Gal, LLC," her sole-proprietor company.

Miranda's seller client reimbursed Miranda for the special signage she paid for when marketing his property.

Per the listing agreement, Charlotte's broker shared her listing commission with the buyer agent's broker.

Samantha's broker paid another broker a referral fee after he sent a local client Samantha's way.
Miranda's seller client reimbursed Miranda for the special signage she paid for when marketing his property.
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 real estate license
Licensee Lance has signed a written brokerage agreement with seller Daisy. He's responsible for helping Daisy complete her paperwork and submitting offers and counter-offers to and from her, but he's not considered her advocate, and he doesn't owe her any fiduciary duties. Based on this, you know he's acting as a(n) ______.
Transaction Broker
Which of these would be considered a lawful tenant complaint against a landlord about a health and safety issue?

A fire hazard the tenant caused
An allergy to a neighboring tenant's cooking smells
An unheated breezeway in the common area
A pest intrusion
a pest intrusion
Judith will be helping Brent find a new condo to purchase. The two have entered into a buyer representation agreement. For how long must the agreement be retained?
for at least 5 years

Records related to a real estate transaction must be kept, and available upon commission request, for at least five years.
What's a buyer representation agreement?
A legal document that formalizes the working relationship between the agent and buyer client
Wayne and Sandy are moving to a cabin they own in the country. They decide to sell their South Carolina home in the city to their son, Robbie, for an amount equal to what they currently owe on the mortgage.

Does this transaction require the residential property condition disclosure statement?
No, transfers to direct descendants of one or more of the transferors are exempt.
In South Carolina, fair housing complaints must be submitted to the commission in writing within how many days of the discriminatory act?
180 days

The South Carolina Human Affairs Commission must receive complaints in writing within 180 days of the discriminatory action. Complaints filed with HUD must be made within one year.
What's the definition of commingling?
Combining a client's funds with business or personal funds
Giselle is a broker in South Carolina. She's transferring her license to a new broker-in-charge. What does she need to do?
She must immediately notify the commission of the change, including her new business address and authorization from her new broker-in-charge.

When licensees disassociate with a broker-in-charge they must immediately notify the commission, provide a new business address, get authorization from their new broker-in-charge, and supply proof they notified their former broker-in-charge.
Francisco is the listing agent for a seller named Samantha. He's not comfortable with Samantha's plans to omit a material fact from the seller's disclosure, so Francisco terminates agency by ______ the agreement with the client.
Renouncing
Chloe's South Carolina real estate license expired 10 months ago. What's its status?
Canceled
To which of the following transactions does the South Carolina Vacation Rental Act apply?

Angela is renting a condo in Myrtle Beach for a month for her annual summer vacation.

David is purchasing a timeshare on Hilton Head Island.

Gina and her family are staying in a hotel along the South Carolina coast for the weekend.

Mike and his family are camping for a week near Yemassee.
Angela is renting a condo in Myrtle Beach for a month for her annual summer vacation.

The South Carolina Vacation Rental Act applies specifically to vacation rentals or leases of fewer than 90 days.
Vacation rental doesn't include time shares, lodging at hotels, motels, or campgrounds, or weekly or monthly residential leases.
Buyers in a transaction are owed duties from the seller's agent. Which of these are duties they can expect?

Confidentiality and actions performed within scope of expertise

Honesty and actions performed within scope of expertise

Honesty and confidentiality

Honesty and disclosure
Honesty and actions performed within scope of expertise

Agents owe other parties honesty and a commitment to performing only those actions that are within the scope of their expertise. The agent can't knowingly provide false or misleading information.
A South Carolina agency agreement can be viewed as a(n) ___________.
Employment contract between a client and brokerage
Bob was a real estate professional whose South Carolina license was revoked. He's met all the requirements to apply for a new license. At least how much time has passed?
3 years
Andrew, a South Carolina licensee, represents a buyer who's interested in a home that a seller client of Andrew's has on the market. Both clients have already given their consent to consider dual agency representation. Before proceeding with representing both parties, what must Andrew do?

Have both parties confirm their agreement with the dual agency relationship by signing a dual agency agreement.

Have each client sign a transaction brokerage agreement.

Nothing, he can proceed.

Obtain verbal approval from both his clients that they're still okay with having Andrew act as a dual agent.
Have both parties confirm their agreement with the dual agency relationship by signing a dual agency agreement.
Edgar is selling his home in South Carolina. What should he expect in terms of transfer fees?
Transfer fees may be assessed at a rate of $1.85 per $500 of the sales price.
In South Carolina, what purpose do agency agreements serve?
To establish an agent-client relationship
Nelly works for a vacation rental management company in South Carolina. She received a security deposit from a future tenant along with a signed vacation rental agreement. What should Nelly do with the deposit?
Deposit it in a trust account.
Brent wants to work with a real estate broker as a buyer client. How can he do this?
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.
Which one of the following is an example of how agency can be terminated by an act of the agent?

Renunciation
The agent dies
The agent files bankruptcy
The client dies
Renunciation
Who's responsible for completing the South Carolina Residential Property Condition Disclosure Statement?
the seller
How many members of the South Carolina Real Estate Commission aren't active real estate professionals?
2

Two members appointed by the governor aren't active real estate professionals.
Joe is in violation of South Carolina's smoke detector laws because the detectors installed on his property don't work. Within how many days must he repair or replace the detectors?
15 days
Kennedy is purchasing a property in South Carolina from a non-resident corporation. What percentage of the seller's gain must be withheld?
5%

If the non-resident seller is a corporation, 5% must be withheld. If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.
Tito is a resident of South Carolina who's purchasing a property from the Jackson Corporation (a non-resident). What percentage of the Jackson Corporation's gains from the sale will be withheld?
5%

If the non-resident seller is a corporation, 5% must be withheld. If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.
How many members of the South Carolina Real Estate Commission aren't active real estate professionals?
2

Two members appointed by the governor aren't active real estate professionals.
In a designated agency relationship, certain parties are considered dual agents. Who?
Broker and associated licensees

Designated agents aren't considered dual agents, but the brokerage firm, broker-in-charge, and all other associated licensees are.
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 ______.
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.
Kellen is purchasing a property in South Carolina from an individual who isn't a South Carolina resident. What percentage of the seller's gain must be withheld?
7%

If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.
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