License Law
Chloe's South Carolina real estate license expired 10 months ago. What's its status?
Canceled
What type of plumbing pipes are generally problematic?
Polybutylene pipes
This type of property ownership has no limit on use when it is inheritable
Fee Simple
Listing Brokerage
A promissory note is what?
A legal instrumant/a promise to pay
What are tenants in common?
Each party owns a share of the property, and that share can be unequal.
1978
If a contract is signed under duress, it is considered
Voidable
What is the primary residence tax rate in SC?
4%
How often does continuing education have to be performed?
Every 2 years
An option contracts binds which party?
The seller
What are the 5 types of brokerage relationships approved in SC?
1) Seller agency
2) Buyer agency
3) Designated Agency
4) Disclosure dual agency
5) Transaction Brokerage
If a senior citizen wants to get cash out of a house
Reverse mortage
Buyer Joe has a property contingent on appraisal. The appraisal comes back under value. What are Joe's options?
1) Renegotiate
2) Terminate the contract under appraisal contingency if sellers will not renegotiate price
3) Joe can pay an appraisal gapAn owner leases store space to a tenant to operate a restaurant. The tenant has installed ovens, booths, counters and other equipment. When would these items become real property?
The items do not become real property, and they remain the tenant's personal property.
Name 3 approaches to value
Cost approach
Income
Sales comparison
What fiduciary duties are owed to a client?
1) Obedience
2) Loyalty
3) Disclosure
4) Confidentiality
5) Accounting
6) Reasonable Skill and Care
This is a buyer who chooses not to be represented
A customer
If a seller breeches contract by NOT repairing items agreed upon in a repair request addendum, what three courses of action can a buyer take?
1) accept the Property in its present condition, (2) negotiate and reach agreement with the Seller for different terms (e.g. other Repairs, compensation, price reduction, escrow); or (3) terminate this agreement by Delivered Notice and potentially seek legal remedies against the Seller.
What is the average price point (rolling 3 months) in the tri-County area?
$418,000
Percy and Maxwell have formed a team within their South Carolina real estate brokerage firm. They're drafting up some advertisements to help launch their team. What do they need to keep in mind when designing their marketing materials?
Ads must include the team name and brokerage firm name.
What rights are those of a property owner along a lake?
Littoral rights
When a seller agrees to allow a listing agent to keep any dollar amount over a certain price
Net listing
What mediation guidelines are proposed under the SC Buyer Agent Agreement?
National Association of Realtors dispute resolution guidelines.
Name 3 latent material defects that do not have to be disclosed
Stigma defects
Psychological
Death