South Carolina Law Quiz

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THE PRACTICE QUIZ DOES NOT KEEP SCORE (4 Wrong = 67%, 3 Wrong = 75%)
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  1. A licensee is working with a buyer who has chosen not to sign a buyer agency contract. After helping the buyer find the home of her choice, the licensee assists the buyer in writing an offer, which is conveyed to the listing agent. The licensee then helps the buyer obtain financing for the property. Which of the following is true?
    1. The licensee has violated the law by creating an implied agency with the buyer.
    2. The buyer is a customer and is not entitled to the assistance that the licensee provided.
    3. The licensee performed ministerial acts which are allowed under the law.
    4. The buyer is a client who is entitled to receive the assistance provided by the agent.

 

 

 

 

 

 

 

 

 

 

CORRECT!

  1. A licensee representing a seller client has all of the following responsibilities except:
    1. Advising the seller to obtain expert advice on matters that are outside the licensee's field of expertise.
    2. Keeping confidential information regarding the seller's negotiating position.
    3. Presenting all offers to the seller in a timely manner, even when the property is already subject to a contract of sale.
    4. Keeping adverse material facts about the property confidential if the seller client asks that this information not be disclosed to any buyer.

 

 

 

 

 

 

 

 

 

 

RIGHT!!

  1. Unless they are exempt from the continuing education requirements, a licensee must:
    1. Complete eight hours of continuing education every year.
    2. Complete twelve hours of continuing education every two years.
    3. Complete eight hours of continuing education every two years, including at least three hours of instruction on current state and federal law affecting real estate licensees.
    4. Complete eight hours of continuing education biennially.

 

 

 

 

 

 

 

 

 

 

FANTASTIC!!!

  1. A person acting as a real estate broker or salesman without a license:
    1. May be charged with a misdemeanor and be fined $500 and/or imprisoned for six months.
    2. May be charged with a misdemeanor and fined up to $1000 and/or imprisoned for up to a year.
    3. May be charged with a felony and fined $500 and/or imprisoned for 1 year.
    4. May be charged with a felony and fined up to $1000 and/or imprisoned for up to a year.

 

 

 

 

 

 

 

 

 

 

COOL!!

  1. A licensee must perform all of the following duties when dealing with a customer except:
    1. Disclose any knowledge which would affect negotiations.
    2. Disclose "adverse material facts" about the property or the transaction which are within the licensee's knowledge.
    3. Present all offers in a timely manner.
    4. Provide an explanation of the scope or services to be provided.

 

 

 

 

 

 

 

 

 

 

YOU’VE BEEN STUDYING!

  1. All of the following are true concerning real estate trust accounts except:
    1. A broker-in-charge must establish and maintain an active real estate trust account when taking possession of funds belonging to another in connection with a real estate transaction.
    2. The broker may not keep trust monies in their business account.
    3. All checks received by a broker-in-charge as an agent for a principal in a real estate sales transaction must be deposited in a separate real estate trust account within forty-eight hours, excluding Saturday, Sunday, and bank holidays, after acceptance of an offer by the parties to the transaction.
    4. Every real estate office must have a real estate trust account set up for that office.

 

 

 

 

 

 

 

 

 

 

MUY BIEN!

  1. The South Carolina Real Estate Commission is made up of:
    1. Eight members: six elected by members of the South Carolina House and Senate, and two members appointed by the Governor to represent the public.
    2. Nine members: Seven members in the active practice of real estate and two members who represent the public.
    3. Six members actively engaged in the real estate business, and three non-licensed members.
    4. Five licensed Commissioners, and three members who represent the public.

 

 

 

 

 

 

 

 

 

 

CORRECT!

  1. Which of the following is true?
    1. All brokers licensed in South Carolina must maintain a fixed place of business in South Carolina.
    2. A non-resident Broker in Charge must maintain a place of business in South Carolina.
    3. All resident Brokers in Charge are required to maintain a place of business in South Carolina.
    4. A non-resident Broker in Charge is not required to maintain an active place of business.

 

 

 

 

 

 

 

 

 

 

RIGHT!!

  1. An agent is working with a buyer who has seen a house he loves, but is not for sale. The agent contacts the homeowners and tells them that they should sell their house because minorities moving into the neighborhood are bringing down property values, and they could lose a lot of money if they stay there. The agent is guilty of:
    1. Blockbusting.
    2. Steering.
    3. Redlining.
    4. Nothing. This is an acceptable business practice.

 

 

 

 

 

 

 

 

 

 

FANTASTIC!!!

  1. A salesman may accept a commission from:
    1. The broker in charge with whom they are associated as a licensee.
    2. A cooperating broker.
    3. A seller.
    4. All of the above.

 

 

 

 

 

 

 

 

 

 

COOL!!

  1. An associated licensee has gotten a buyer to sign a buyer agency agreement. The buyer wishes to purchase a property listed with another salesman in the licensee's company. Both the buyer and seller have signed a Designated Agency Agreement. Which of the following is true?
    1. The Broker in Charge of the licensee's real estate company can help both the buyer and seller in their negotiations.
    2. The associated licensee would become a disclosed dual agent, and could continue to assist the buyer, but could not help in the negotiations.
    3. The associated licensee must promote the best interest of the buyer, including helping the buyer to negotiate a price.
    4. All the licensees involved in the transaction would be obligated to look out for the best interest of the seller.

 

 

 

 

 

 

 

 

 

 

YOU’VE BEEN STUDYING!

  1. Which one of the following is not grounds for the Real Estate Commission to take disciplinary action against a real estate license?
    1. Demonstrating incompetency in a manner that endangers the interest of the public.
    2. Receiving compensation from more than one party in a transaction with the full knowledge and consent of all the parties.
    3. Guaranteeing future profits from the resale of real property.
    4. Paying a commission to an unlicensed person.

 

 

 

 

 

 

 

 

 

 

MUY BIEN!

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