Agency

Question 1

In the event that two rival brokers claim a commission under an open listing, the commission should go to the broker who:

Answer 1

Was the procuring cause of the sale

Question 2

Brokers must be very careful of the statement they make. They are however, allowed to make statements of opinion as long as there is. I intent to deceive. This is called:

Answer 2

Pluffing

Question 3

Under which of the following listing agreements may the owner of listed property sell the real estate without having to pay the listing broker a commission in South Carolina?

Answer 3

An exclusive agency listing

Question 4

Which if the following persons can legally enter into listing agreements, advertise, and act as an agent in real estate transactions?

Answer 4

A licensed BIC

Or licensed real estate agent

Question 5

A listing agreement may be terminated for which reason?

Answer 5

1. ) expiration of the time period stated in the contract
2. ) Death or insanity of either party
3. )Destruction of property. (Listing agreement)
4. ) bankruptcy of the principal
5. ) loss of title - condemnation, foreclosure
6. ) change of law- i.e. Zoning
7. ) impossibly of contract

Question 6

Duel agency is:

Answer 6

Legal in SC if both parties give their written informed consent.

Question 7

The relationship of trust and confidence between an agent and his principal is that of:

Answer 7

Fiduciary

Question 8

An open listing:

Answer 8

Allows the owner to sell by his/her own efforts without payment if a commission.

Question 9

All exclusive right-to-sell listings:

Answer 9

Require payment of a commits the agent if the property is sold.

Question 10

The relationship between the BIC and the client in a listing would be that if:

Answer 10

Special agent

Question 11

An agency contract may be terminated by:

Answer 11

Acts of parties

Question 12

A real estate BIC is usually what kind of agent

Answer 12

Special agent

Question 13

An exclusive agency listing:

Answer 13

Allows the ow we to sell by his/her own efforts and not pay commission.

Question 14

Purchaser’s funds held by and agent must:

Answer 14

Be kept in a trust account

Question 15

The PRINCIPAL is best described as the:

Answer 15

Person with whom the agent signs the contact of employment.

Question 16

The best description of a special agent would be a person who:

Answer 16

Has limited authority

Question 17

An offer has been accepted on a ten-acre parcel when the listing broker learns that a buyer has been buying land in the area at a much higher price. The broker should:

Answer 17

Notify the seller of the facts

Question 18

Multiple listing:

Answer 18

Is an arrangement by which a group of brokers agree to share their exclusive right to sell or exclusive agency listings.

Question 19

Open listing

Answer 19

An owner employing more than one broke at a time

Question 20

The south Caroline disclosure of real estate brokerage relationships form should be presented to:

Answer 20

Both the buyer and the seller early in the relationship.

Question 21

Caveat emptor means:

Answer 21

Buyer beware

Question 22

The principal is usually referred to as the:

Answer 22

Client

Question 23

A competent person who is authorized by another to act I. His/her place as an agent is known as an:

Answer 23

Attorney in fact

Question 24

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

Answer 24

Power of attorney

POA

Question 25

An agency which is voluntarily created through contractual agreement between the principal and the agent is known as:

Answer 25

Express agency

Question 26

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

Answer 26

Implied agency

Question 27

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

Answer 27

Listening agreement

Question 28

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

Answer 28

Express authority

Question 29

One authorized to conduct a series of transactions involving an ongoing relationship such as a salesman or broker employed by a BIC is a:

Answer 29

General agent