Regulations Governing Real EState Practice In SC

Question 1

Jane is working as a transaction broker providing customer service to the buyer, she has knowledge of a material adverse fact about the property. The buyer is unaware of the fact. In this case, Jane

Answer 1

Must tell the buyer the fact, even though the buyer is only a customer.

Question 2

The friend of a licensee wants to purchase property and is looking for advice and counsel and is willing to pay consulting fee. In this case

Answer 2

The brokerage must enter into written agreement for representation of the buyer before the licensee gives advice to the friend.

Question 3

Ernie has been found guilty of practicing real estate without a license due to his engaging in property management, in this case Ernie

Answer 3

Can be fined %500 and be found guilty of misdemeanor . Sentenced to six months in jail or both

Question 4

If licensee violates Licence law

Answer 4

The licensee may bepublicly reprimanded
Her license may be suspended
His license can be revoked

Question 5

Jane, the listing agent and Maratha, another licensed agent, are having a dispute about who will get the “selling side” of the commission because both showed the property to the buyer. In this case

Answer 5

Jen cannot create a delay in the closing of the property based on this commission issue

Question 6

Jim’s seller client is the bank who has taken title to the property though foreclosure. Jim has presented many offers, with one being accepted by the bank. In this situation , Jim

Answer 6

Must continue to present all written offers until closing

Question 7

Justin words on a sales team as a buyer agent. He has not interaction with his BIC and relies completely on the team leader for direction. In this case

Answer 7

Justin’s BIC could be sanctioned for last of supervision

Question 8

Angie has a listing of 20 acres, of which 15 are zoned commercial and 5 are zoned agricultural . She has adversities 20 acres in a rapidity growing commercial area. The potential buyer need at least 20 acres for his new shopping center. In this case, Angie

Answer 8

Can be found guilty of misrepresentation, even though her statment is technically correct

Question 9

Ellen had. Complaint made against her regrading trust funds and failure to disclose her brokerage relationship and was was found guilty. Ellen can

Answer 9

Appeal to n admistrative lw judge

Question 10

David is the BIC of Hometown Real Estate, specializing in in property management. He decided that he wants to engage in real estate sales as well. In this instance, David

Answer 10

Can enter into listing agreements with sellers under his current license