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SC RE 1st Yr B
| Question | Answer |
|---|---|
| An agreement by competent parties to do or not do something legal for consideration is a: | Contract |
| For a contract to be valid, the following elements are required: | Competent Parties; Legality of Object; Offer and Acceptance; Consideration |
| Contracts for the sale of real estate must be in writing to be enforceable. This is governed by the: | Statute of Frauds |
| If a contract has all of the essential elements it is said to be: | Valid |
| If a contract does not have all of the essential elements, and has no legal effect, it is said to be: | Void |
| If a contract is rescindable, and may be voided, the contract is said to be: | Voidable |
| Oral real estate sales contracts cannot be enforced in a court of law. They are said to be: | Unenforceable |
| Contracts that are stated orally or written are: | Express Contracts |
| Contracts that grow out of acts or conduct only are: | Implied Contracts |
| A contract may be based on “a promise for a promise.” This is a/an: | Bilateral Contract |
| A contract may be based on “a promise for an act.” This is a/an: | Unilateral Contract |
| Contracts that are not yet completed are called: | Executory Contracts |
| Contracts that have been completed are called: | Executed Contracts |
| The initial proposal that leads to a contract is called an: | Offer |
| Any change to the initial offer is called a: | Counteroffer |
| When all parties agree to the terms, it is said that there is an: | Acceptance of the Contract |
| If a contract is completed, terminated, or found impossible to perform, it is said to be: | Discharged |
| A different party can assume responsibility for a contract, however, the original party is still liable for it. The process of giving another party responsibility for a contract is: | Assignment |
| If another party assumes responsibility for a contract and the original party wants to end liability for it, a new contract may be substituted for the original contract. This is called: | Novation |
| A party to a contract may break the contract – although they may be sued for specific performance or damages. Breaking a contract is also known as: | Breach or Breaching the contract |
| Our legal system says that one way to “right a wrong” is by making somebody pay. The money paid is called: | Damages |
| There are limits on the time period in which court action may be brought against a party for an action that they took or didn’t take. This is governed by the: | Statute of Limitations |
| A type of contract that gives someone the right to buy a certain parcel for a specific period of time at a named price is an: | Option |
| A good faith deposit given when entering into a contract is: | Earnest Money |
| Upon signing a contract, the vendee gets certain rights, known as: | Equitable Title |
| A contract that gives possession to property, but not title to it is a/an: | Lease or Land Contract |
| At the end of a lease, the lessor has a right to possess the property because of the lessor’s: | Reversionary Interest |
| During the lease, the lessee’s interest is known as: | Leasehold Estate |
| If someone takes over the lease from the lessee, but the original lessee remains liable for it, it is done through: | Assignment or Subleasing |
| If the lessor needs to use court action to remove an unwanted tenant, it is known as: | Actual Eviction—Ejectment |
| When a tenant pays rent plus property charges, thereby giving a greater net to the landlord, the lease is known as a: | Net, double or Triple Net Lease |
| When a tenant pays rent and the landlord pays all of the property charges, the lease is known as a: | Gross Lease |
| A tenant may pay a percentage of gross sales volume as rent. This is known as a: | Percentage Lease |
| The rent on a property may change with the cost of living index published by the US Government. This is known as a/an: | Index Lease |
| A landlord may allow a property to deteriorate so much that the tenant moves out due to the condition of the property. This is known as: | Constructive Eviction |
| Someone who acts under the direction of an Agent is a: | Sub-Agent |
| Someone, such as a broker, who acts on behalf of another is a/an: | Agent |
| Two companies that work together on the same transaction are: | Cooperative Agents |
| The person who hires an agent with an agency agreement is a/an: | Principal or Client |
| Someone who receives services, but does not hire an agent is a: | Customer |
| Another word for a customer is a: | Prospect |
| In some states, the person, duties, or relationship in which one owes trust and confidence to another is called: | Fiduciary |
| A document giving one person authority to act in the place of another person is a/an: | Power of Attorney |
| The person receiving the authority to act in the place of another is the: | Attorney-in-Fact |
| Intentional Deceit, including lying, is known as: | Fraud or Misrepresentation |
| An agent hired to do only one thing is known as a: | Special Agent |
| An agent hired to perform a wide range of duties is known as a: | General Agent |
| An agency relationship based on stated oral or written agreement is: | Express Agency |
| An agency relationship based only on acts or conduct is: | Implied Age |
| COALD; Confidentiality, Care, Obedience, Accounting, Loyalty, and Disclosure are duties owed by the: | Agent to the Principal |
| Compensation, Good Conduct, Opportunity, Good Faith, and Reimbursement are duties owed by the: | Principal to the Agent |
| Honesty, Fairness, Care, and Disclosure of Material Facts are duties owed by the: | Agent to a Customer or Third Party. |
| Someone who works as a Dual Agent must be aware of: | Possible Conflicts of Interest and Limited Duties to Clients |
| Performance, Death, Impossibility, Incompetence, Loss of title, Bankruptcy, Change in law can: | Terminate Agency by Law |
| Agreement, Revocation, Renunciation, and Disloyalty can: | Terminate Agency by Acts |
| A document that explains agency and describes the choices available to consumers, but does NOT create an agency relationship is the: | |
| To create a seller client, an agreement must be in writing, and include the terms, price, commission, effective dates, description of the property and conveyances, and must be signed. This document is a: | Listing Agreement |
| If an agent collects a commission no matter who finds a buyer for a property, the listing is a/an: | Exclusive Right to Sell |
| If only one company lists the property, but the seller retains the right to find a buyer on his or her own, the listing is a/an: | Exclusive Agency |
| If whoever finds a buyer for a property gets paid, the listing is a/an: | Open Listing |
| If a buyer wants to hire an agent to work for him or her, and payment options are agreed upon, the document used to create the Buyer Client relationship is a: | Buyer Agency Agreement |
| When an agent, with knowledge and consent as to authority and method of payment works for both sides, it is known as Dual Agency. Dual agency is created through the use of a: | Dual Agency Agreement |
| Commission is normally paid at closing, but is earned when there is a/an: | Meeting of the Minds |
| Hidden or latent defects, EPA issues, Lead, Radon, Asbestos, Zoning Changes and Restrictions, are examples of: | Material Facts |
| Material Facts must be: | Disclosed |
| Property taxes are levied by: | Counties and Municipalities |
| The first lien on real property is: | Unpaid Real Estate Tax |
| Because property taxes are based on the value of the property, they are known as : | Ad-Valorem Tax |
| The current tax rate on a Primary residence is: | 4%. |
| The current tax rate on other residential and commercial property is: | 6%. |
| Market Value X Assessment Rate = Assessed Value. Assessed Value X Millage = | Annual Tax |
| Totally disabled or blind permanent residents and those 65 or over, may deduct $50,000 from the market value of their home when calculating property taxes. This is due to the: | Homestead Exemption Act |
| If an owner falls behind in paying taxes, they have the right to pay the taxes and charges including interest up to one year AFTER tax sale and redeem their property. This is: | Statutory Redemption |
| A government body may levy a tax that is used to pay for improvements that benefit a particular property or area. This would be a/an: | Special Assessment |
| “Like kind property” may be exchanged by two parties to defer paying taxes on capital gains. This is an example of: | Tax Deferred Exchange |
| During a tax-deferred exchange, personal property may be given by one party to “even up” the exchange. The personal property given is called: | Boot. |
| A taxpayer may exclude up to $250,000 of gain as often as every 2 years when selling a primary residence. This is allowed by the: | Tax Payer Relief Act |
| Homeowners may take deductions for mortgage interest and real estate taxes on their: | Federal and State Income Tax Returns |
| Sellers cannot discriminate on the basis of race when selling a property. This is mandated by the: | Civil Rights Act of 1866 |
| Sellers and their agents are not allowed to discriminate in real estate transactions due to race, color, religion, national origin, sex, familial status, or handicap, because of the: | Fair Housing Act of 1968 |
| Race, Color, Religion, National Origin, Sex, Familial Status, and Handicap are the current: | Protected Classes |
| For Sale by Owners of three or fewer homes, owner-occupied one-to-four-family rental units, private clubs, religious organizations, and retirement communities may have Fair Housing : | Exemptions |
| Blockbusting, Steering and Redlining are all: | Violations |
| Privately owned public accommodations and companies with 15 or more employees are governed by the: | Americans with Disabilities Act (ADA). |
| Homes built before 1978 are subject to the: | Lead Based Paint Act |
| The purpose of the Real Estate Commission is to: | Protect the Public |
| The Real Estate Commission can promulgate regulations, levy fines, revoke licenses, etc., because it has: | Police Powers |
| If someone acts as a Real Estate Broker, Salesman, Property Manager, he or she is required to have a: | License |
| One must take a 60-hour course, have a high-school diploma or GED, work under a Broker-in-Charge and participate in sales to have a: | First Year (Provisional) Sales License |
| A person holding a First Year Sales License must, within 12 months of getting that license, take an additional 30-hour Post-Licensing course to remove the provisional status of that license and convert it to a: | Salesman License |
| A person must be licensed for at least 3-years, take a total of 150 hours of designated education, and be at least 21 years old to earn a: | Broker’s License |
| The person that is responsible for supervising associated licensees, all money, accounting, and closing statements is the: | Broker-in-Charge |
| Owners, Personal Representatives, Government Employees, Foresters, and Attorneys, do not need a License to conduct real estate business because of: | Exemptions |
| The continuing education requirements for one with a salesman or broker license is: | 8 Hours Every 2 Years |
| The maximum fine that the Real Estate Commission can levy is: | 1000 |
| When advertising a property for sale, a licensee must: | Reveal Company Name and True Position |
| Pertinent documents for real estate listings and transactions must be kept for: | 5 Years |
| Licensees must submit ____ offers to clients and customers | All |
| Licensees must turn over all cash received as earnest money to their broker: | Immediately |
| Brokers must deposit all earnest money checks received: | Within 48Hours After Acceptance of the Offer |
| There is no renewal of: | First Year (Provisional) Sales License |
| Final Sales and Broker licenses renew: | June 30 Every Other Year |
| Once placed on “Inactive” status, a license may remain there: | Indefinitely, As Long As License Fees Are Paid |
| The SC Vacation Timeshare Management Act mandates that the consumer be given the right to rescind the contract for: | 5 Days |
| Time share companies must register with the Real Estate Commission. Time Share salesmen who are employees of those companies are: | Not Required to be licensed |
| The SC Consumer Protection Act states that the buyer has the right to select the ___________ when closing a loan: | attorney and title insurance |
| The SC Consumer Protection Act states the maximum _____________ | when a mortgage is assumed |
| The SC Consumer Protection Act states that, for a residential mortgage loan of $180,000 or less, there can be no: | Prepayment Penalty |
| There is no maximum interest rate that can be charged on a: | Written Real Estate Loan |
| The SC Coastal Zone Management Act is designed to: | Protect the Quality of the Coastal Environment |
| The SC Coastal Zone Management Act is administered by the: | Office of Ocean and Coastal Resource Management (OCRM). |
| The US Army Corps of Engineers delineates: | Wetlands |
| Delineated wetlands are managed by: | OCRM |
| The law governing relations between landlords and tenants in SC is the: | SC Residential Landlord Tenant Act |
| The purpose of the SC Residential Landlord Tenant Act is to simplify the law governing: | Rental of Dwelling Units |
| The SC Residential Landlord Tenant Act delineates the rights and responsibilities of both: | Landlords and Tenants |
| The intent of the SC Residential Landlord Tenant Act was to: | Improve the Quality of Housing in SC |
| The SC Residential Landlord Tenant Act only covers: | Residential Properties |
| After a lease terminates, the landlord must account for or return the security deposit to the tenant within: | 30 Days |
| The landlord is responsible for maintaining the premises and making any repairs necessary to keep the premises: | Habitable |
| The SC Residential Landlord Tenant Act sets the times when a landlord may: | Gain Access to a Rental Unit |
| A 15-day unexplained absence by the tenant is considered to be: | Abandonment |
| The only way to get rid of a tenant who refuses to pay rent due is by: | Court Action (Actual Eviction |
| The South Carolina Vacation Rental Act protects tourists from losing their vacation accommodations because a property: | Sells to a New Owner |
| Renters’ reservations are protected for 90 days: | After The Recording Of The Deed |
| It is the Seller’s responsibility to give the management company: | Contact Information for the Buyer. |
| Convicted sex offenders are required to register with the local law enforcement agencies by: | Megan’s Law |
| Homebuyer inquiries concerning whether sex offenders live in a particular community should be referred to: | Law Enforcement Agencies |
Created by:
ricknorton