SC Jeopardy

License Law

100

Chloe's South Carolina real estate license expired 10 months ago. What's its status?

Canceled

200

What are tenants in common?

Each party owns a share of the property, and that share can be unequal.

300

An option contracts binds which party?

The seller

400

Name 3 approaches to value

Cost approach

Income

Sales comparison

500

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.

General Real Estate

100

What type of plumbing pipes are generally problematic?

Polybutylene pipes

200

Properties built prior to what year require a Lead Based Paint Addendum?

1978

300

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

400

What fiduciary duties are owed to a client?

1) Obedience

2) Loyalty

3) Disclosure

4) Confidentiality

5) Accounting 

6) Reasonable Skill and Care

500

What rights are those of a property owner along a lake?

Littoral rights

Definitions & Terms

100

This type of property ownership has no limit on use when it is inheritable

Fee Simple

200

If a contract is signed under duress, it is considered

Voidable

300

If a senior citizen wants to get cash out of a house

Reverse mortage

400

This is a buyer who chooses not to be represented

A customer

500

When a seller agrees to allow a listing agent to keep any dollar amount over a certain price

Net listing

Experience

100

On the compensation agreement, if the seller is not a FSBO, which line needs to be filled out at the top of the page in Section 1

Listing Brokerage

200

What is the primary residence tax rate in SC?

4%

300

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 gap

400

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.

500

What mediation guidelines are proposed under the SC Buyer Agent Agreement?

National Association of Realtors dispute resolution guidelines.

Luck of the Draw

100

A promissory note is what?

A legal instrumant/a promise to pay

200

How often does continuing education have to be performed?

Every 2 years

300

An 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.

400

What is the average price point (rolling 3 months) in the tri-County area?

$418,000

500

Name 3 latent material defects that do not have to be disclosed

Stigma defects

Psychological

Death