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SC REAL ESTATE PSI EXAM REVIEW QUESTIONS WITH COMPLETE ANSWERS
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SC REAL ESTATE PSI EXAM REVIEW QUESTIONS WITH COMPLETE ANSWERS
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SC REAL ESTATE PSI EXAM REVIEWQUESTIONS WITH COMPLETE
ANSWERS
Agent vvAKA vvProxy vv- vvAnswerOne vvengaged vvto vvrespresent vvand vvbe vvunder vvthe
vvcontrol vvof vva vvprincipal
Principal vvAKA vvClient vv- vvAnswerOne vvwho vvcontracts vvwith vvanother vvfor
vvrepresenation, vvadvise vvand vvcousel vvin vvlegal vvor vvbusiness vvdealings vvwith vvthird
vvparties.
Third vvParty vvAKA vvcustomer vv- vvAnswerThe vvperson(s) vvthe vvagent vvis vvtrying vvto
vvdo vvbusines vvwith vvwhile vvrepresenting vvthe vvclient
Common vvLaw vv- vvAnswerCreated vvby vvjudges
Statues vv- vvAnswerwritten vvState vvor vvFederal vvlaws
Types vvof vvagents vv- vvAnswerUniversal vv, vvSpecial, vvGeneral, vvSubagent, vvDual
vvAgent vvand vvDesignated vvagent
Designated vvAgent vv- vvAnswerBIC vvdesignates vva vvlicensee vvto vvseller vvand vvanother
vvlicensee vvto vvthe vvbuyer vv- vvBIC vvcan vvnever vvdesignate vvthemselves
Universal vvAgent vv- vvAnswerCan vvdo vvALL vvthe vvacts vva vvprincipal vvcan vvdo;
vvcreated vvby vva vvpower vvof vvattorney
Special vvAgent vv- vvAnswerHired vvby vvprincipal vvfor vva vvspecific vvservice vv- vvlimited
vvauthority vv- vvdoes vvNOT vvhave vvcontinuous vvservice
General vvAgent vv- vvAnswerHired vvfor vvcontinuous vvservice vvand vvhas vvbroad
vvauthority. vv(Usually vva vvPM vvbut vvif vvthey vvare vvonly vvto vvfind vva vvtenant vvand vvget
vva vvleased vvsign vvthen vvthey vvare vva vvSpecial vvAgent).
Dual vvAgent vv- vvAnswerReal vvestate vvfirm vvrepresenting vvthe vvbuyer vvclient vvand
vvseller vvclient vvin vvthe vvsame vvreal vvestate vvtransation
, Power vvof vvAttorney vv- vvAnswerA vvpiece vvof vvpaper vvauthorizing vvone vvperson vvto
vvact vvfor vvanother vvperson
Subagent vv- vvAnswerAn vvagent vvof vvan vvagent. vvTwo vvtypes: vvInhouse vvand
vvcooperative.
Cooperative vvSubagent vv- vvAnswerWhen vva vvcompant vvsells vvanother vvcompany's
vvlisting vvto vva vvbuyer vvcustomer, vvthe vvselling vvcompany vvis vva vvsubagent vvof vvthe
vvlisting vvcompany.
Types vvof vvagencies vv- vvAnswerExpress vvand vvImplied
Express vvAgency vv- vvAnswerTerms vvthat vvare vvexpressed vvin vvwriting.
Implied vvAgency vv- vvAnswerTerms vvthat vvare vvexpressed vvin vvacts vvof vvthe vvparties.
SC vvrequires vvagency vvcontracts vvto vvbe... vv- vvAnswerWritten
Listings vv- vvAnswerContracts vvbetween vvseller vvand vvthe vvbroker
Buyer vvRepresentation vv- vvAnswerContracts vvbetween vvthe vvbuyer vvand vvthe vvbroker
Property vvManagement vvAgreement vv- vvAnswerConteacts vvbetween vvthe vvproperty
vvowner vvand vvthe vvPM
Agency vvContracts vvmay vvbe vvterminated vvby vveither... vv- vvAnsweroperation vvif vvthe
vvlaw vvOR vvacts vvof vvthe vvparties
A vvcontract vvterminated vvby vvoperation vvof vvthe vvlaw vv- vvAnswerDeath vvor vvincapcity
vvof vvprincipal/client/agent, vvdestruction vvof vvsubjest vvmatter, vvloss vvof vvtitle vvthrough
vvforeclosure/tax vvsale, vvperformance, vvbankrupcy vvof vvprincipal/client/agent, vvor
vvchange vvof vvlaw vvthat vvmakes vvperformance vvimpossible.
A vvcontract vvterminated vvby vvActs vvof vvParties vv- vvAnswerMutual vvagreement,
vvbreach vvof vvcontract,
Exclusive vvright vvto vvsell vv(seller vvagency) vv- vvAnswerListing vvbrokerage vvgets vvpaid
vvif vvproperty vvis vvsold vvby vvanyone vv(most vvcommon)
Exclusive vvagency vv(seller vvagency) vv- vvAnswerListing vvbrokersage vvdoes vvNOT vvget
vvpaid vvif vvowner vvsells vvproperty
Open vvListing vv(seller vvagency) vv- vvAnswerCould vvhave vvmany vvlisting vvbrokerages;
vvonly vvthe vvcomnpany vvthat vvsells vvit vvgets vvpaid vv(rarely vvused)
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