A relationship, whereby one, called the principal, authorizes another, called the agent, called the agent, to represent the principal in business relations with third parties, is known as

One employed by and under the control of another known as the principal, to represent such principal in business dealings with third parties is called a/an

In an agency relationship, the one who employees another to represent him/her in legal and/or business dealings with third persons is called a/an

The brokerage firm employed by either a seller or buyer may employ associated licensees to assist in meeting the obligations to the brokerage firm's principal/client. Those so employed may be called

The person(s) with whom a brokerage firm is working under a transaction brokerage agreement is a

One who is in a position of trust and confidence with respect to another is known as a/an

A competent person who is authorized by another to act in his/her place as an agent is known as a/an

A written instrument authorizing a person to act for another to the extent indicated in the instrument is called

An agency which is voluntarily created through contractual agreement between the principal/client and the agent is known as a/an

A common law agency created by the conduct and acts of the principal and agent is called

An agent, while working within the scope of his/her authority, binds his/her principal. The authority granted by a seller to a broker is expressed in the

A type of authority that is voluntarily and explicitly set forth as instructions by the principal in the agency agreement is called

Authority exercised by an agent which is in accord with usual or traditional practices is called

One authorized to conduct a series of transactions involving an ongoing relationship such as a salesperson or broker employed by a broker in charge is

One authorized to conduct a single transaction or a series of transactions not involving an ongoing relationship is

An agent disclosed to the customer that he/she represents a client and he/she also disclosed the client's identity. What type of principal is the client?

Which of the obligations of a principal to an agent is not automatic and must be agreed upon?

There are eight situations by which an agency can be terminated by operation of the law. Which is best for the agent?

Broker Tom has a listing on property owned by seller Steve. Which of the following should broker Tom not disclose to buyer Bob?

Which of the following is correct concerning a listing broker's obligations and responsibilities to the seller?

Broker Joyce received a full price offer on some property she had listed. The offer is contingent on the owner financing 90% of the price. Joyce feels the offer is unacceptable because the buyer has defaulted on other loans in the past, but she does not mention this to her client. Did Joyce meet her fiduciary duties?

After listing a house for sale, a broker incurs $37 in advertising expense and $17 in taxi fares for prospects interested in the property. For which expense should the seller reimburse the broker?

A broker took an exclusive listing contract on a seller's home. The seller told the broker the roof leaked, but the broker made no notation on the listing. Later, a buyer made an offer on the property that the seller accepted. The broker lied when the buyer made his/her offer; telling him/her the roof was in good condition. After the buyer took possession, he/she discovered the truth during the first rain. Responsibility for the misrepresentation rests with

During the period of an exclusive right to sell listing, if the principal no longer wishes to be represented by the brokerage firm, the principal may

Three of the five permissible brokerage relationships in South Carolina are

In South Carolina, when must a licensee provide a meaningful explanation of agency relationships to a buyer or a seller?

What term in the SC license law replaced the common law term, principal?

In South Carolina, which of these duties of an agent to a principal continues after the agency relationship has been terminated?

What is a common law 'third party' called in the SC license law?

When creating an agency relationship in SC between a real estate brokerage firm and a seller, what is required?

A requirement for a non-resident to be eligible to receive a SC license is that they

An unlicensed person negotiated the sale of real estate. The real estate commission is payable to

Before taking the South Carolina real estate sales examination, every applicant shall furnish evidence satisfactory to the Real Estate Commission of: successful completion of sixty classroom hours,

In the event that a licensee failed to renew her license,

When should a buyer's earnest money personal check be deposited in the trust account of the brokerage?

A real estate salesperson in SC wrote an ad for her new listing: "Spacious executive brick home with great view of the mountains and priced to sell at only $625,000. Call 271-9732." What is wrong with this ad?

The SC Real Estate Commission has the power to

When a salesperson receives a personal check as an earnest money deposit he must

A very difficult sale results in a dispute between brokers A and B about earned commission. Broker A feels that the bonus offered should have been paid to him as a procuring cause and complains to the Real Estate Commission. Which is correct?

By what authority does the state of South Carolina require a person to have a real estate license to practice real estate?

The real estate license law is an example of

The purpose of the real estate license law is to

J was found guilty of acting as a broker and an undisclosed principal in the same transaction. The decision of the Commission was to revoke J's license. What is the minimum time J must wait following revocation of his license, to be eligible for a new license?

K, a licensed salesperson from Alabama, has a friend, M, in South Carolina who has listed his house for sale. K gave M's agent the name of a buyer who purchased the house. After the settlement, M's agent gave K's brokerage firm a referral fee. How is this legal?

Why are the requirements for continuing education mandated by the state?

Copies of all closing statements of transactions handled by a broker must be kept on file in his office for a period of

An agent received a cash deposit for a principal's property. The agent placed the deposit in his personal checking account and then wrote a check to his trust account. For this action, the agent was found guilty of

If a South Carolina Real Estate licensee guarantees a buyer a future profit, he should know that

A real estate license may be revoked upon proof of the licensee

What does the Statute of Frauds relate to in real estate?

What is the purpose of the Statute of Frauds?

Oral contracts for the sale of land are ____________ because of _____________

Who must sign a contract for the purchase of real estate?

A contract in which the agreements and terms are stated by both parties is _________ and when the consideration is an exchange of promises, it is also __________

A contract in which the terms are determined from observing the conduct of the parties in a/an _____________ contract.

A contract in which a promise is exchanged for a promise is

A contract in which both parties have met all obligations is

A contract which lacks one or more of the essential elements of a contract is

A contract which allows one of the parties to elect to be bound to the contract or escape its consequences is

A proposal made by one person to another is called

There are 5 ways to terminate an offer. When an offeree turns down the offer, this is called

When an offeror changes his/her mind and notifies the offeree before the offer is accepted, this terminates the offer by

When an offeree accepts an offer by making changes in the original offer, it is a termination of the original offer and is called

The elements of either fraud or misrepresentation are a misstatement of a ____ with _____ and ______

When the terms of a contract are completely satisfied by both parties, the contract is discharged by

The substitution of a new contract for an old contract which discharges all obligations under the old contract is called

A substitution of the parties to a contract which excuses the original parties is called

Certain contracts may be discharged by a definite time limit within which a suit must be initiated. The laws governing this are called

One situation that always terminates an offer but which is only an excuse for non-performance of a contract of sale when specifically stated in the terms of the contract is

When one party to a contract fails to perform in whole or in part, gives advance notice that he/she does not intend to perform, or makes performance impossible, this is known as

A court ordered K to pay P $50,000 in excess of P's out of pocket damages that resulted from K's fraudulent actions in relationship to his/her contract with P. What is this $50,000 called?

S's offer to purchase states that it will be kept open three days for acceptance. One day after making the offer, and before acceptance, S wants to withdraw it. The real estate agent should inform S that

A contract was ambiguous in that numbers written as words differed from the numerals. Which of the following principles can be used to interpret this contractual ambiguity?

P leased an apartment to L under an oral lease. Which lease agreement is enforceable?

A purchase contract provision stating that the buyer shall forfeit the deposit if the buyer fails to complete the purchase is known as

K agreed in an enforceable written agreement to buy a lot from P for $30,000. K later refused to complete the purchase as agreed, and after extensive effort, P later found a buyer for the lot who would not pay more than $26,000. A court awarded P $4,000 in damages. Which term describes the damages?

The ________ establishes an agency relationship between the property owner as principal (client) and the brokerage as agent.

The listing agreement does which of the following ?

A brokerage agreement whereby the property owner hires one or more brokerages, agrees to compensate only the one brokerage who produces a buyer, and reserves the right to sell by himself and pay no agents, is called

A brokerage agreement whereby one one brokerage is hired by the owner, but the owner can sell his/her own property without incurring obligations to pay a commission, is called

A brokerage agreement that obligates the property owner to pay the commission to the listing brokerage regardless of who made the sale is known as

An owner says "I want to get $50,000 out of this property, and you can have anything over that amount as your commission." What would we call this arrangement?

A salesperson was told his/her brokerage's commission was too high. He responded by saying that everyone charges about the same. Which law may this have violated?

The three practices that are forbidden by the Sherman and Clayton Acts are price fixing, allocation of customers and

A listing contract creates an agency relationship and it may be terminated by

A brokerage firm earned a commission from the sale of a parcel of property when the firm is

The owner received a full price all cash offer from the buyer. The terms of the exclusive right to sell listing gave the owner the right to take a purchase money mortgage for 80% of the purchase price at 7 1/2% for 20 years. Which of the following statements is true?

In a contract of sale, mutual assent (offer and acceptance) is usually contained in the paragraph that identifies the contracting parties. The offer, in a real estate contract of sale, must be definite as to

The mutual promises of the vendor (seller) and vendee (buyer) are sufficient

Which of the following is not true regarding earnest money deposits? They

When any agreement for the sale of real estate will include personal property, the personal property sale should be evidenced by

When a purchase and sale agreement (contract of sale) is fully executed, ________ is transferred to the buyer.

When a property is under contract, normally the one holding ______ title assumes the risk of loss in the event of damage or destruction before conveyance, but by agreement, the liability may be moved to the one holding __________ title.

VA and FHA each require that the contract of sale include a certain statement. The basic subject matter of both of the added statements deals with which of the following?

Brokers are not normally a party to the contract. The agreement of a seller to pay a commission should be

When the date for performance will not be met in a contract that contains the phrase "time is of the essence," it is sound prace to

A contract in which one makes an offer to sell to another, and the other gives valuable consideration to keep the offer from being revoked for a definite period of time, is called a/an

In an option to buy, the seller is called _________ and the buyer is _________

After the option has been exercised, the optionee gets

An option without valuable consideration is a/an

On June 1, K paid M $1,000 for a 60 day option to buy M's house for $230,000 cash at closing. The terms of the option gave 30 days, after the date of election, to close. On July 10, K sold his/her option to J. On July 28, J notified M that he/she would buy M's house and would close on August 15. Which of the following is true?

B told J that he/she could have a right of first refusal to buy his/her motel. Which of the following situations is correct?

Property that is fixed, immovable, indestructible, and unique in character is

The solid part of the surface of the earth, and the free or occupied space for an indefinite distance upwards, as well as downwards, is a definition of

Everything that is the subject of ownership not coming under the denomination of real property is called

A valuable addition made to real property, intended to enhance its value or beauty, or to adapt it for a new or further purpose, is known as a/an

Which of the following is an example of an improvement?

Articles, interests, and rights which attach to and pass with real property, such as rights of way, easements, outbuildings, and barns are called

An item of personal property that has lost its identity as such because of the manner or method in which it has been associated with real property is known as a/an

Items of personal property attached to rental property by the tenant to be used in connection with the business for which he/she occupies the premises are known as

The terms "use, possession, control, disposition" bring which legal theory to mind?

When a property is bordered by a non-navigable stream the

Relative to freehold estates, the term "_______" assures that one has the "bundle of rights" and will enjoy freedom from disturbances caused by defect in the title.

One of a property's boundard lines, in a metes and bounds description, is N 30 degrees E 150'

A surveyor who wants to know the elevation above sea level of a certain location would first need to locate a/an