State Practice Exam (1)

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In order for a South Carolina resident to qualify for the homestead exemption, they must own their property as either complete fee simple or ______.
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Agency terminates by ______ when either the client or the agent files for bankruptcy.Operation of lawSari, 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.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.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.According to South Carolina law, buyers and sellers are defined as customers if they ______.Choose not to establish an agency relationship with a brokerKellen 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 of these transaction types requires disclosure under the South Carolina Residential Property Disclosure Act?A lease with an option to purchaseKeven has violated the South Carolina Vacation Rental Act. From whom may he face disciplinary action?South Carolina Real Estate CommissionWhen acting as a dual agent in South Carolina, which of these items can the broker disclose to either party?Known, adverse material facts related to the property or transactionNelly 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.How often are salesperson and broker licenses in South Carolina renewed?Every 2 yearsOne 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 oldIn 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 FormStanley 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 PartnersWhich of the following 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.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 RyanWithin how many days can a purchaser of a time share cancel the contract without penalty?Five dayJamie wants to establish an agency relationship with a South Carolina broker. How can this be done?Through a written agreementHow long must someone be a resident of South Carolina before qualifying for the homestead exemption?At least one year as of December 31 of the year before applicationWhat type of liability is a broker in charge in South Carolina subject to?VicariousWhat happens when a representation agreement expires?Agency terminates.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?Five yearsWhich of these transactions is exempt from the disclosure requirements of the South Carolina Residential Property Disclosure Act?A court-ordered sale due to the owner's failure to pay state taxesFrom an agent's perspective, what's one benefit of a buyer representation agreement?It defines how and how much the agent will be paid.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 TuesdayWhich of the following is true of team advertising in South Carolina?It must include the team name and brokerage firm name.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 professionalIn South Carolina, what purpose do agency agreements serve?To establish an agent-client relationshipFrank 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.What duty does a listing agent in South Carolina owe to buyers?Honest treatmentWhat is the purpose of a listing agreement in South Carolina?To spell out the agreement between the listing broker and the sellerSandy 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 ______.Terminated by mutual agreementWhich of the following South Carolina licensees are allowed to work independently, without being supervised?Brokers-in-chargeIf a client breaches a representation agreement, what may the client owe the agent after agency terminates?Payment of the agent's commissionXavier is purchasing a property in South Carolina from non-resident estate. What percentage of the seller's gain must be withheld?7%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.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 entity conducts an investigation when a complaint is filed against a South Carolina licensee?South Carolina Real Estate CommissionOne 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 blindBuyer 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.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 personal trust accountWhich of these South Carolina transactions requires that property disclosures be provided to the buyer?A house for sale by ownerIn addition to the South Carolina licensee's name, what other information must be included on advertisements?Firm's full nameWhich of the following scenarios best describes a net listing in South Carolina?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.What's the difference between commingling and conversion?Commingling is mixing client funds with your own; conversion is using them.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.On which of these items will a South Carolina's broker compensation details be defined?Agency agreementWhich of the following scenarios constitutes illegal licensee compensation in South Carolina?Miranda's seller client reimbursed Miranda for the special signage she paid for when marketing his property.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 uses client trust funds without the client's permission.When the client or the agent dies, agency terminates by ______.Operation of lawWhich of these scenarios could be seen as a real estate violation in South Carolina?Mandy didn't disclose to potential buyers that she was showing her own listing, so she is representing the seller.In South Carolina, smoke detectors are required in residential dwellings with how many units?One to two unitsWhich of these is a tenant obligation in South Carolina?Allow the landlord access when a periodic service or critical repair is neededAndrew, 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.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 transactionWhich of the following is a duty of a South Carolina listing agent?Maintain seller confidentialityBuyers in a transaction are owed duties from the seller's agent. Which of these are duties they can expect?Honesty and actions performed within scope of expertiseYou'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?Process paperwork.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 notify the commission within ten days of the change, including her new business address and authorization from her new broker-in-charge.Which of the following must be included in a buyer agency agreement?The licensee's duties and responsibilities to the buyerWhat is the full name of South Carolina's version of UETA, which was enacted in July of 2004?South Carolina's Uniform Electronic Transactions ActWhich one of the following is NOT an example of how agency terminates by operation of law?Mutual agreement to terminateSouth 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.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 five yearsWhich of these South Carolina real estate license holders is considered to have an active license?Claudia, a salesperson who is lawfully representing clients in real estate transactions.When a South Carolina licensee is involved in a personal real estate transaction, which of the following must she disclose to the other parties to the transaction?Her licensed statusWhen must the Real Estate Offer Rejection Form be used in South Carolina?When a seller rejects an offer without countering itHow many members make up the South Carolina Real Estate Commission?10What 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 lawsVictor 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 CommissionWhich of the following individuals meets the experience requirement for a real estate broker's license in South Carolina?Georgina has been an active salesperson for the last three years.Kevin's property in South Carolina includes navigable saltwater affected by the tides. What disclosure obligation does he have when he sells the property?He must disclose that the property lies in a critical area and is subject to limitations.In South Carolina, what's the pre-licensing education requirement for brokers?150 hours of courseworkDean, 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, customerIf a brokerage firm changes its name, address, phone, or email, within how many days must the commission be notified?10 daysWhich statement best describes the people a broker-in-charge supervises?All members of the firm, including associated licensees and unlicensed employeesDarryl 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 status would a South Carolina real estate license be in if the expiration date just passed and the licensee hasn't renewed it?LapsedDaniel, a real estate licensee, has entered into a transaction brokerage agreement with Olivia, a buyer. What is Olivia's relationship to Daniel?CustomerWhat 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.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?GroupWhich of the following tasks is an unlicensed assistant in South Carolina permitted to perform?Write advertisements for broker-in-charge approval.What's true of the agency relationship in transaction brokerage?No agency relationship is created in transaction brokerage.Which of the following is a duty a designated agent can perform, but a dual agent can't?Negotiate on the client's behalf.A time share unit week usually consists of ______ consecutive calendar days.SevenCarlisle works as Robin's unlicensed personal assistant in South Carolina. Which activity may Carlisle legally perform?Placing an advertisementKenny is buying Josie's South Carolina property, which is listed with broker Ariel. Who are the parties to the listing agreement?Josie and ArielWithin a South Carolina brokerage, who's ultimately responsible for supervising unlicensed employees' business activities?The firm's broker-in-chargeFrank 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.