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Real Estate Midterm
| Question | Answer |
|---|---|
| under South Dakota law, a party to a real estate transaction who does NOT have an an agency relationship with the licensee is called a | consumer |
| an "in-company transaction" under SDCL 36-21A-1 is one in which | both the seller or landlord and the buyer ir tenant receive real estate services from the broker or from licensees associated with the broker |
| a "designated broker" under South Dakota law is | any broker licensee designated by a responsible broker to act for the company in the conduct of real estate brokerage |
| under SDCL 36-21A-6, a person is acting as a "broker" requiring a license, if for another and for compensation, the person | prepares or offers to prepare a broker price opinion or a comparative market analysis |
| A "single agent" under South Dakota law is | Any licensee who represents only one party to a transaction |
| which of the following is included in the statutory definition of an "adverse material fast"? | a material limitation on the client's ability to perform under the terms of the contract |
| Under 36-21A-127 which if the following is expressly excluded from the definition of "confidential information"? | Material facts about the physical condition of the property |
| how long is a term for a member of the South Dakota real estate commission, and how many consecutive full terms may a member serve? | three years, and no more that three consecutive full terms |
| what constitutes a quorum of the real estate commission, and how are its actions decided? | a majority of the commission in a duly assembled meeting, actions are taken upon a majority vote of the members present |
| when a filling or notice to the commission is required, the "date of filing or notice" is | the date document is received at the commission's principal place of business |
| under SDCL 36-21A-30 who is eligible to be a licensed as a broker in South Dakota | a citizen of the united states, or a resident of South Dakota |
| An applicant's real estate license application may be denied of the applicant's license was revoked, in this or any other state, within how many years before the date of application? | 5 years |
| How many class hours of commission-approved education must an applicant complete to qualify for a broker associate license? | 116 hours |
| a newly licensed broker associate (licensed after June 30, 2009) must complete how many total post licensing class hours, and over what schedule? | 24 hours total, 12 hours in each of two licensing periods |
| if an applicant for a responsible broker's license meets every requirement except the 24 additional class hours, the commission or executive director may | approve the applicant conditioned on furnishing evidence of completing the 24 hours with 6 months of the approval |
| which of the following is a valid statutory reason for denying a real estate license application under SDCL 36-21A-33? | the applicant has current and unpaid judgement filled against the applicant |
| may a non licensed individual own part of a real estate brokerage firm of South Dakota? | yes, an ownership interest is allowed, but the individual may not control or supervise any real estate licensee |
| by what date must a South Dakota real estate licensee apply for biennial registration, and what happens in the license is not registered? | by November 30, the license expires on December 31 if not registered |
| A licensee who misses the November 30 renewal deadline may still file a late renewal application through what date, and what maximum fee? | through June 30, at a fee not to exceed $20 for each month or fraction of a month since November 30 |
| which of the following is exempt from the continuing education requirement under SDCL 36-21A-62 | Attorneys licensed in South Dakota and time-share agents |
| A licensee submits a renewal registration application but does not provide proof of continuing education. What is the result? | the licensee becomes an inactive licensee until proof of the required continuing education is provided |
| A licensee's reistration lapses while the licensee is serving in the United States armed forces. Within how ling after separation from service must the licensee apply for reinstatement to avoid taking a new exam? | 6 months |
| what is the maximum monetary penalty the real estate commission may impose in a disciplinary action? | 2,500 |
| which of the following is listed as unprofessional conduct under SDCL 236-21A-71 | paying compensation or commission in connection with a transaction to a person who is not licensed under the chapter |
| A "net listing" where the licensee's compensation is the sale proceeds above an agreed price, is | listed as unprofessional conduct under South Dakota law |
| a licensee's guarantee of a sale, or an agreement to furnish or sell a warranty, must be | put in writing |
| a licensee who directly or indirectly purchases or intends to purchase property. that has been listed with the licensee's own office must | disclose the licensee's intention or ten position to the owner, in writing |
| under SDCL 36-21A-72, may a licensee make any public announcement about the sale of a property that gives, the impression the property sold for a price other than the actual selling price | no, tha tis a specifically prohibited form of advertising |
| a licensee who advertises the licensee's own property for sale of lease, in the licensee's individual name, must | disclose that the owner of the property being sold, or leased is a licensee |
| when a responsible broker is authorized by written contract to retain possession of a principals money, by when must it be deposited into a special trust account | on the first legal banking day after acceptance of the contract |
| How often must a special trust account be reconciled to the bank statements, trust ledger, and check register? | at least monthly |
| for how long must a licensee preserve listings, offers to purchase, closing statements, and other records relating to a real estate transaction | four years |
| if a seller fails, refuses, neglects, or is unable to consummate a sale, and through no fault of the purchaser the transaction cannot be completed, what happens to the purchaser's deposit? | the broker has not right to any portion of the deposit, even though the commission is earned, and it is returned to the purchaser at once |
| if an accepted offer and agreement to purchase does not close, a broker may disburse the trust funds held for that transaction only | pursuant to written instruction of all parties to the transaction, or pursuant to a court order |
| who is responsible for furnishing a closing statement to the buyer, and who furnishes one to the seller | the selling broker furnishes the buyer's closing statement, the listing broker furnishes the seller's |
| what minimum balance must the commission maintain in the real estate recovery fund, and for what purpose is the fund used | 100,000 maintained strictly to provide a source of recovery for unsatisfied judgments against licensees |
| an aggrieved person seeking payment from the real estate recovery fund must file the application | within one year after the judgement becomes final, or within one year after the termination of an review or appeal of the judgement |
| what happens to a licensee's license what the commission authorizes payment from the recovery fund on that licensee's account | the license is automatically suspended, and the licensee must repay the fund in full, plus interest, before the license may be reinstated |
| the real estate recovery fund's total liability for the acts of any ONE licensee, regardless of the number of claimants or judgements against that licensee is capped at | 15,000 in the aggregate |
| Under SDCL 36-21A-119, who is required to carry errors and omissions insurance | all real estate salesmen and brokers, except those who hold inactive licenses |
| under south Dakotas group errors and omissions insurance program, may an insurance provider cancel coverage for an individual licensee within the group | no, the group policy is negotiated so the insurer has no right to cancel coverage for any individual licensee |
| under SDCL 36-21A-124 a broker, broker associate, or salesperson who is natural person is treated as an independent contractor if, among other conditions | the licensee is compensated based on work performed, without withholding of federal income and social security taxes |
| Which of the following is an "informative act" that a licensee may perform for a consumer without is rising to the level of representation | responding to a phone inquiry about the price or action of a property |
| under SDCL 36-21A-129, "substantive contract" includes discussion of which of the following? | the specific financial qualifications of the buyer, or the selling or buying motives of the seller or buyer |
| may an agency agreement between a broker and buyer, seller, lessee include a provision for automatic renewal at expiration | No, through a property management may include automatic renewal if it allows written cancellation on terms agreeable to all parties |
| which of the following is on for the four types of licensee relationships recognized under South Dakota law | subagent |
| may a sellers landlords agent show alternative properties, not owned by the client, to prospective buyers, or list competing properties for sale or lease | yes, this does not breach any duty or obligation the agent owes to the client |
| does a licensee representing a buyer or tenant have to duty to investigate or volunteer information about a registered sex offender residing on or near a property | no, but upon inquiry by the client, the licensee must disclose any actual knowledge the licensee has about a registered sex offender residing on or near the property |
| without the clients informed written consent, which of the following may a limited agent NOT disclose to the other party in the transaction | that a buyer is willing to pay more that the asking pricer lease rate offered for the property |
| after a real estate transaction is finished, what ongoing duties, if any, does the broker or licensee retain toward the client or customer, unless otherwise provided in the agreement or by law | accounting for all moneys and property related to the engagement, and keeping confidential all information received during the engagement |
Created by:
Kenzie_4560