SOUTH CAROLINA REAL ESTATE PRACTICE EXAM 2024-2025
QUESTIONS AND ANSWERS 100 % PASS SOLUTION A+ GRADE
Liabilities, including long-term and short-term debt and any amounts owed to others, is best known as a
person's: - answer>>financial obligations
In the event that parties do not comply with the bulk sales law as outlined in the Uniform Commercial
Code, the buyer is likely to be: - answer>>the most injured
If a church, school, or hospital wishes to relocate to an area zoned exclusively for residential use, they
could do so by: - answer>>conditional use
A general agent has full authority to: - answer>>Bind the principal to all agreements
Which of these is an example of a general agent that has the authority to make binding decisions on
behalf of the principal: - answer>>property manager
If a contract signed by two parties is bilateral but the contract is not executed, the contract is: -
answer>>executory
What is the difference between market value of a property and the debt on the property including all
liens? - answer>>equity
If Betty has a mortgage and it becomes in default, the lender can demand payment by means of a clause
in the contract called a(n): - answer>>accelerated clause
Any encumbrance placed on a property without the owner's consent is considered: - answer>>an
involuntary lien
, Common law refers to: - answer>>An unwritten body of law based on general custom in England and
used in some states to a certain degree
A real estate investment trust, which is also a real estate syndicate, requires at least this many investors
according to federal law? - answer>>100
According to the Do-Not-Call rules imposed by the FTC effective October 13, 2013, all sellers and
telemarketers making pre-recorded telephone calls, auto-dialed calls, or text messages to residential or
wireless numbers must have the: - answer>>consumers written consent
If a contract is written and parts are incomplete or ambiguous, what type of agreement takes
preference: - answer>>oral contract
In a lease-purchase, the tenant-buyer wants to purchase a property but does not have the down
payment or ability to purchase the property outright. Which of these occurs with the rental payments? -
answer>>a portion of the rental payment will be applied to purchasing price
The Veteran's Administration is an agency of the federal government that: - answer>>Guarantees
residential mortgages made to eligible veterans of the military services
Which of the following are examples of negotiable instruments? - answer>>draft, check, promissory
note
Cash or something that is easily turned into cash is called a: - answer>>liquid asset
If a person is obtaining a loan through the government (FHA and VA), which entity provides the funds for
the government loan? - answer>>ginnie mae
If Mary really wants to purchase John's house, and tells John's agent that she is willing to pay $560,000
for it instead of the list price of $540,000, John's agent should: - answer>>Tell john
QUESTIONS AND ANSWERS 100 % PASS SOLUTION A+ GRADE
Liabilities, including long-term and short-term debt and any amounts owed to others, is best known as a
person's: - answer>>financial obligations
In the event that parties do not comply with the bulk sales law as outlined in the Uniform Commercial
Code, the buyer is likely to be: - answer>>the most injured
If a church, school, or hospital wishes to relocate to an area zoned exclusively for residential use, they
could do so by: - answer>>conditional use
A general agent has full authority to: - answer>>Bind the principal to all agreements
Which of these is an example of a general agent that has the authority to make binding decisions on
behalf of the principal: - answer>>property manager
If a contract signed by two parties is bilateral but the contract is not executed, the contract is: -
answer>>executory
What is the difference between market value of a property and the debt on the property including all
liens? - answer>>equity
If Betty has a mortgage and it becomes in default, the lender can demand payment by means of a clause
in the contract called a(n): - answer>>accelerated clause
Any encumbrance placed on a property without the owner's consent is considered: - answer>>an
involuntary lien
, Common law refers to: - answer>>An unwritten body of law based on general custom in England and
used in some states to a certain degree
A real estate investment trust, which is also a real estate syndicate, requires at least this many investors
according to federal law? - answer>>100
According to the Do-Not-Call rules imposed by the FTC effective October 13, 2013, all sellers and
telemarketers making pre-recorded telephone calls, auto-dialed calls, or text messages to residential or
wireless numbers must have the: - answer>>consumers written consent
If a contract is written and parts are incomplete or ambiguous, what type of agreement takes
preference: - answer>>oral contract
In a lease-purchase, the tenant-buyer wants to purchase a property but does not have the down
payment or ability to purchase the property outright. Which of these occurs with the rental payments? -
answer>>a portion of the rental payment will be applied to purchasing price
The Veteran's Administration is an agency of the federal government that: - answer>>Guarantees
residential mortgages made to eligible veterans of the military services
Which of the following are examples of negotiable instruments? - answer>>draft, check, promissory
note
Cash or something that is easily turned into cash is called a: - answer>>liquid asset
If a person is obtaining a loan through the government (FHA and VA), which entity provides the funds for
the government loan? - answer>>ginnie mae
If Mary really wants to purchase John's house, and tells John's agent that she is willing to pay $560,000
for it instead of the list price of $540,000, John's agent should: - answer>>Tell john
