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State Makeup Exam #2

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PSI Real Estate Quiz on State Makeup Exam #2, created by magaladoo colie on 14/03/2017.
magaladoo colie
Quiz by magaladoo colie, updated more than 1 year ago
magaladoo colie
Created by magaladoo colie about 7 years ago
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Resource summary

Question 1

Question
Under teh SC Fair housing Act, an aggrieved person may file a complaint directly with:
Answer
  • The US Civil Rights Agency
  • SC Human Affairs Commisssion
  • SC Real Estate Commission
  • Consumer Affairs Agency

Question 2

Question
When could a salesman legally act as a broker in charge?
Answer
  • When the BIC dies and the commission appoints them for up to 6 months
  • When a broker leaves the company and the Real Estate Commission allows them to for up to 120 days
  • Within 90 days after passing the brokers exam
  • When they are the owner of the office and the broker dies

Question 3

Question
Each timesharing firm must:
Answer
  • Register with the Real Estate Commission
  • Have a broker-in-charge
  • Maintain at least one escrow or trust account
  • All of the above

Question 4

Question
When a landlord refuses to keep the property in habitable condition and the tenant moves out, this is called:
Answer
  • actual eviction
  • ejectment
  • constructive eviction
  • surrender and acceptance

Question 5

Question
The law which requires creditors to disclose certain information received from credit bureaus which contributes to the denial of credit is:
Answer
  • Fair Credit Reporting Act
  • Civil Rights Act
  • Equal Credit Opportunity Act
  • Sherman-Clayton Act

Question 6

Question
If a group of real estate brokers create a "fee schedule" of commission rates that all brokers must adhere to, they would be violating the
Answer
  • Sherman Anti-Trust Act
  • Code of Ethic
  • SC Commission Act
  • Uniform Commercial Code Act

Question 7

Question
The SC Real Estate Commission may:
Answer
  • suspend, revoke, or cancel any license it issues
  • imprison a violator of the license laws
  • both fine and imprison a violator of license laws
  • not take any action if a licensee lets them know up front of a violation of the law.

Question 8

Question
The primary purpose of the SC Real Estate Commission is to:
Answer
  • protect the public through police power
  • collect fees and issue licenses
  • issue licenses through police power
  • protect citizens in the real estate business

Question 9

Question
An unlicensed secretary of a broker-in-charge may:
Answer
  • refer interested clients and customers to the broker or other licensed individuals in the office
  • sell property if it is done under the broker's direct supervision
  • sell or negotiate deals as long as it is done in the office
  • show property as long as price is not discussed

Question 10

Question
The powers of the SC Real Estate Commission do not include:
Answer
  • arbitrating disputes among licensees
  • examining applicants
  • promulgating regulations governing the real estate business
  • issuing licenses

Question 11

Question
As a real estate salesperson you receive an earnest money deposit. You should:
Answer
  • Turn it over to your broker at once
  • give it to the seller at once
  • hand deliver it to the closing attorney immediately
  • hold it for safe keeping until the closing

Question 12

Question
The authority to enforce real estate license laws is granted by the:
Answer
  • Real Estate Commission
  • Local Governments
  • Legislature
  • Governor

Question 13

Question
Which of the following is not a requirement for a real estate license?
Answer
  • minimum education
  • pass license exam
  • minimum age
  • some creditable experience

Question 14

Question
Before a timesharing project can be sold, it must be registered with:
Answer
  • HUD
  • SC Real Estate Commission
  • US Securities Commission
  • Safe Harbor

Question 15

Question
The purpose of the Real Estate Commission is to:
Answer
  • Protect the public from unqualified RE salespeople
  • establish and maintain ethical conduct standards
  • keeping up with licensing standards through continuing education
  • establish laws to protect the public

Question 16

Question
What must an agent who wishes to transfer her license do?
Answer
  • Take her license to the new broker who hangs it on his wall
  • Send in her old license and wait for the commission to reissue a new license or transfer online
  • Notify the commission in writing within15 days
  • get approval in writing before going to work, from the old broker, the new broker, and the agent must sign

Question 17

Question
The license of a salesperson or broker expires biennially:
Answer
  • at the end of the fiscal year which is June 30
  • 9 months from the date of issue
  • 12 months from the date of issue
  • 15 months from the date of issue

Question 18

Question
A broker receives a $50,000 earnest money deposit. At the closing, the seller demands that the broker turn the $50,000 over to the closing attorney, while advising the broker that he is not going to pay the commission on the sale. The broker should:
Answer
  • withhold the commission before he turns the money over to the closing attorney
  • release the money to the closing attorney and sue the seller for the commission if necessary
  • instruct the attorney not to close the transaction due to fraud on the seller's part
  • file a complaint with the Real Estate Commission

Question 19

Question
A broker receiving a deposit from a purchaser should:
Answer
  • give it to the owner
  • deposit it immediately in the general office checking account
  • deposit it in the broker's trust account at the bank
  • deposit it to his/her personal account

Question 20

Question
A real estate salesperson may lawfully accept an extra commission in a very difficult sale directly from:
Answer
  • her broker in charge
  • an appreciative seller
  • a thankful buyer
  • all of the above

Question 21

Question
The Truth in Lending Act, implemented by Regulation Z, was passed by Congress in order to:
Answer
  • insure that both the seller and buyer are made aware of closing costs in a real estate transaction
  • make sure that borrowers tell the lending institutions the truth when they apply for mortgage money
  • make more residential property affordable to the masses
  • more clearly disclose the costs of borrowing to potential debtors and give them an opportunity to compare such costs with various lenders

Question 22

Question
Certificates issued by real estate schools are good for:
Answer
  • 15 months
  • an indefinite period of time
  • 1 year
  • 5 years

Question 23

Question
The SC Residential Landlord Tenant Act states that a _____ day unexplained absence of the tenant, with non-payment of rent is considered abandonment.
Answer
  • 10
  • 15
  • 5
  • 30

Question 24

Question
Concerning security deposits, the SC Residential Landlord Tenant Act states:
Answer
  • security deposits must be returned in full at the end of every lease within 30 days after expiration
  • if there is a security deposit, the landlord must account for this security deposit within 30 days of lease termination and if any deductions are made from the security deposit such deductions must be itemized
  • security deposits shall be no more than one month's rent and must be returned to the lessee within 15 days of lease termination
  • security deposits must be returned to the tenant within5 days of lease termination and if deductions are made such deductions must be itemized

Question 25

Question
You must be employed by which of the following to be licensed:
Answer
  • a seller
  • a principal
  • a broker
  • a client

Question 26

Question
Cathy and William hold property as co-owners in SC. They want to build a boat dock going out onto the lake in front of their home. The process they must go through would most likely be:
Answer
  • Apply to the Navy Corps of Engineers
  • go through the channels of court
  • get a permit from the Office of Coastal Resource Management (OCRM)
  • As Cathy and William are tenants in common, they do not have to have the other's permission

Question 27

Question
An agency relationship created with a seller would be required to have:
Answer
  • legal description of the property, sales price, signature of vendee and date of signing
  • personal property listed in the agreement, so that there is no questions about what stays and goes
  • written terms and conditions, signatures, commission and dates
  • any material facts that the vendor knows of and property disclosure statement

Question 28

Question
Under the SC Consumer Protection Act, which of the following applies?
Answer
  • Regulation Z
  • Selecting insurance agent, limiting maximum interest rates on written real estate loans, copy of closing statement
  • protects mortgagees
  • buyers selecting their attorney, no prepayment penalty on loans of less than $240,000, meaningful disclosure

Question 29

Question
A real estate license is not required by:
Answer
  • broker in charge of a branch office
  • real estate broker's personal assistant who negotiates contracts only
  • the personal representative of a testator acting under a court order
  • a real estate salesperson showing a for-sale-by-owner property

Question 30

Question
Information gathered when the agent lists property should include data on:
Answer
  • current property tax assessments
  • seller's motivation
  • racial makeup of the neighborhood
  • any past murder or suicide on the property
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