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South Carolina (SC) Pipelines Exam ACTUAL
VERIFIED EXAM COMPLETE QUESTIONS AND
CORRECT ANSWERS LATEST UPDATE THIS
YEAR||NEWEST EXAM!!!
When agents put their clients' interests ahead of their own,
this describes the duty of ______.
1. Accounting
2. Loyalty
3. Obedience
4. Reasonable skill and care - Answer-Loyalty
NOTE: Loyalty means putting the client's interests first ...
ahead of customers' interests and ahead of your own.
Four brokerage firms operate in the same small city as
Jackson's firm. All the firms charge approximately the
same listing commission and pay approximately the same
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cooperating commission to the selling broker. The
commission splits within each firm are also similar. Is this
an antitrust violation? Why or why not?
1. No. The fact that the firms' commission rates and splits
are similar doesn't necessarily mean they agreed to fix
those values.
2. No. The similarities between commission rates may be
suspect, but the similarity between commission splits
doesn't matter.
3. Yes. The fact that the firm's commission rates and splits
are so similar is a restraint of trade.
4. Yes. The firms' internal commission splits can be the
same, but they can't all charge the same commission rate.
- Answer-No. The fact that the firms' commission rates and
splits are similar doesn't necessarily mean they agreed to
fix those values.
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Commission rates may naturally fall into similar patterns in
a given area without collusion between
competitors; there must be evidence of an agreement to
fix commissions in order for this to be a
violation.
What's the primary difference between an ordinary and a
pur autre vie life estate?
1. An ordinary life estate ends when the grantor dies; a pur
autre vie life estate ends when the estate holder dies.
2. An ordinary life estate ends within a specified period of
time; a pur autre vie life estate ends when the estate
holder dies.
3. An ordinary life estate ends with the death of the estate
holder; a pur autre vie life estate ends with the death of
someone other than the life estate holder.
4. A pur autre vie life estate ends within a specified time
period; an ordinary life estate ends when someone other
than the estate holder dies. - Answer-An ordinary life
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estate ends with the death of the estate holder; a pur autre
vie life estate ends with the death of someone other than
the life estate holder.
An ordinary life estate ends when the estate holder dies. A
pur autre vie life estate ends when a named
person other than the estate holder dies.
Chip is a residential and commercial agent. His friend asks
him to list his cattle ranch for sale, but Chip's never listed
an agricultural property before. How should Chip handle
this listing so he can still work for his friend but also not
work outside his area of expertise?
1. Disclose to his friend that he's not an agricultural expert
and ask his friend's permission to work with an agricultural
expert in his firm.
2. Refer the listing to an agricultural agent and ask his
friend to keep him informed of the transaction's progress.
South Carolina (SC) Pipelines Exam ACTUAL
VERIFIED EXAM COMPLETE QUESTIONS AND
CORRECT ANSWERS LATEST UPDATE THIS
YEAR||NEWEST EXAM!!!
When agents put their clients' interests ahead of their own,
this describes the duty of ______.
1. Accounting
2. Loyalty
3. Obedience
4. Reasonable skill and care - Answer-Loyalty
NOTE: Loyalty means putting the client's interests first ...
ahead of customers' interests and ahead of your own.
Four brokerage firms operate in the same small city as
Jackson's firm. All the firms charge approximately the
same listing commission and pay approximately the same
,2|Page
cooperating commission to the selling broker. The
commission splits within each firm are also similar. Is this
an antitrust violation? Why or why not?
1. No. The fact that the firms' commission rates and splits
are similar doesn't necessarily mean they agreed to fix
those values.
2. No. The similarities between commission rates may be
suspect, but the similarity between commission splits
doesn't matter.
3. Yes. The fact that the firm's commission rates and splits
are so similar is a restraint of trade.
4. Yes. The firms' internal commission splits can be the
same, but they can't all charge the same commission rate.
- Answer-No. The fact that the firms' commission rates and
splits are similar doesn't necessarily mean they agreed to
fix those values.
,3|Page
Commission rates may naturally fall into similar patterns in
a given area without collusion between
competitors; there must be evidence of an agreement to
fix commissions in order for this to be a
violation.
What's the primary difference between an ordinary and a
pur autre vie life estate?
1. An ordinary life estate ends when the grantor dies; a pur
autre vie life estate ends when the estate holder dies.
2. An ordinary life estate ends within a specified period of
time; a pur autre vie life estate ends when the estate
holder dies.
3. An ordinary life estate ends with the death of the estate
holder; a pur autre vie life estate ends with the death of
someone other than the life estate holder.
4. A pur autre vie life estate ends within a specified time
period; an ordinary life estate ends when someone other
than the estate holder dies. - Answer-An ordinary life
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estate ends with the death of the estate holder; a pur autre
vie life estate ends with the death of someone other than
the life estate holder.
An ordinary life estate ends when the estate holder dies. A
pur autre vie life estate ends when a named
person other than the estate holder dies.
Chip is a residential and commercial agent. His friend asks
him to list his cattle ranch for sale, but Chip's never listed
an agricultural property before. How should Chip handle
this listing so he can still work for his friend but also not
work outside his area of expertise?
1. Disclose to his friend that he's not an agricultural expert
and ask his friend's permission to work with an agricultural
expert in his firm.
2. Refer the listing to an agricultural agent and ask his
friend to keep him informed of the transaction's progress.
