Unit 2 The CE SHOP Real Estate Exams Questions and Answers 2024|2025
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Course
CE Shop
Institution
CE Shop
Unit 2 The CE SHOP Real Estate Exams Questions and Answers 2024|2025
Which one of the following tasks must licensees perform for seller clients?
-Dictate the listing price of the property.
-Drive the sellers around to show them other properties that are for sale in their neighborhood.
-Ensu...
Unit 2 The CE SHOP Real Estate
Exams Questions and Answers 2024|
2025
Which one of the following tasks must licensees perform for seller clients?
-Dictate the listing price of the property.
-Drive the sellers around to show them other properties that are for sale in their
neighborhood.
-Ensure that the buyer's earnest money is deposited.
-Show the sellers how they can market their property. Correct Answer Ensure that the
buyer's earnest money is deposited.
**A licensee must ensure the collection of the earnest money deposit from the buyer.
Earnest money may be used as liquidated damages by the seller in the event of buyer
default, so it's in the seller's best interest to ensure it's been deposited.
If a buyer wants to write an offer and asks for your help but doesn't want to sign an
agency agreement with you, who do you represent?
-Both the buyer and the seller
-No one
-The buyer
-The seller Correct Answer The seller
**Without an agency agreement with the buyer, you'd represent the seller.
Without a buyer agency agreement in place, which party does the agent who's assisting
the buyer represent?
-No one
-The agent
-The buyer
-The seller Correct Answer The seller
,**If there is no agency agreement in place, the agent who's assisting the buyer
represents the seller.
The Hendersons are having a very difficult time finding a property that meets their
needs. What is a way they can find off-market listings?
-Ask a real estate agent to poll her sphere of influence.
-Ask a real estate agent to search the MLS.
-Search homebuying websites.
-Visit real estate brokerages to see what properties they are advertising. Correct
Answer Ask a real estate agent to poll her sphere of influence.
**Off-market listings are also known as pocket listings. Only the seller, the listing agent,
and individuals the seller and listing agent have informed know the property is for sale.
It is not posted on the MLS, brokerage websites, or homebuying websites.
Under what circumstances are pocket listings more prevalent?
-When inventory is high
-When inventory is low
-When the market is cold
-When there is greater demand for them Correct Answer When inventory is low
**Low inventory is the breeding ground for pocket listings.
What does the underwriting step of loan processing typically involve?
-Property inspection
-Title search
-Verification of the borrower's financial situation
-Verification of the seller's financial situation Correct Answer Verification of the
borrower's financial situation
**After the information on a loan application has been verified, the value of the property
confirmed, and the title search completed, the loan is ready to be underwritten.
What is the schedule of exceptions?
,-A list of items title insurance won't cover
-An appraiser's list of unrelated properties
-An inspection repair list
-An underwriting issue Correct Answer A list of items title insurance won't cover
**The schedule of exceptions on a title insurance policy lists the items that the insurer
will not cover.
South Carolina broker-in-charge Brady is working with a new licensee. What does he
tell him about the residential sales contract?
-"The sales contract from the South Carolina Real Estate Commission must be used in
the state."
-"The sales contract is the same, whether for a residential or commercial property."
-"While there's not one standard sales contract form in South Carolina, our firm has one
we use exclusively."
-"You may use any sales contract you like." Correct Answer "While there's not one
standard sales contract form in South Carolina, our firm has one we use exclusively."
**South Carolina doesn't require one standard form for residential sales contracts. Any
contract used must include the required elements, and must be created by an attorney.
Your broker-in-charge will tell you which one your brokerage uses.
Mortimer is selling his South Carolina home. Which of the following is true about the
Wood Infestation Report?
-Either Mortimer or the buyer may obtain the report within 30 days before closing.
-Mortimer must obtain the report within 30 days after closing.
-The buyer may obtain the report within 30 days before or after closing.
-The buyer must obtain the report within 30 days before closing. Correct Answer Either
Mortimer or the buyer may obtain the report within 30 days before closing.
**As long as the Wood Infestation Report (regarding termites and other insect
activity/damage) is obtained within 30 days before closing, either the buyer or seller can
request it, based on what they agreed to in the sales contract.
, Jamie, a South Carolina licensee, is representing a party in a real estate transaction.
Her side must provide notice to the opposing side. When is notice effective?
-When delivered
-When initialed and dated by both parties
-When received by the opposing party
-When signed by the notifying party Correct Answer When delivered
**When notice is required in reference to a sales transaction, it can be provided by
brokers by electronic or hard copy means, and will be effective when delivered.
Danny is buying Rudy's South Carolina property. A special assessment will apply after
closing. Who's responsible for paying this?
-Danny
-Danny and Rudy
-Rudy
-The closing attorney or lender Correct Answer Danny
**The sellers are responsible for any special assessments applied before closing, and
the buyers are responsible for any that are applied after closing.
South Carolina real estate broker James is explaining the Broker Disclaimer portion of
the sales contract to his buyers. He says, "____________."
-As a broker, I am responsible for title and zoning, but not property condition
-As a broker, I give no warranty about zoning or property condition
-As a broker, I warranty property condition, but not zoning
-Brokers disclaim all responsibility for the transaction Correct Answer As a broker, I give
no warranty about zoning or property condition
In a South Carolina sales transaction, what signifies "notice"?
-Both parties notifying the other of an event or decision
-Both parties' signatures
-Both parties' signatures and dates
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