Real Estate > QUESTIONS & ANSWERS > SC Real Estate - State Portion 2022-2023 Already Graded A (All)

SC Real Estate - State Portion 2022-2023 Already Graded A

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SC Real Estate - State Portion 2022-2023 Already Graded A Associated Licensee ✔✔Licensee who is affiliated with a BIC Broker ✔✔For a fee, salary, commission Negotiates, Auctioins, Solicits a referral, Offers advisory services, Offers to act as an agent, Advertises Broker-in-Charge ✔✔Has responsibility over actions of all associated licensees and real estate trust accounts Client ✔✔Person with whom a licensee has an established agency relationship Customer ✔✔Person with whom licensee has not established an agency relationship Office ✔✔The principal office location where a BIC or PMIC is licensed to conduct real estate business Branch Office ✔✔A secondary place of business apart from the principal or main office from which real estate business is conducted. A branch office usually must be run by a licensed real estate broker working on behalf of a the broker. Real Estate License Law ✔✔State law enacted to protect the public from fraud, dishonesty and incompetence in the purchase and sale of real estate. Rules and Regulations ✔✔Real estate licensing authority orders that governs licensees activities; they usually have the same force and effect as statutory law. Police Power General ✔✔The government's right to impose laws, statutes and ordinances, including zoning ordinances and building codes, to protect the public health, safety and welfare. Enabling Acts ✔✔State legislation that confers zoning powers on municipal governments as well as other regulations Stigmatized Property ✔✔A property that has acquired an undesirable reputation due to an event that occurred on or near it, such as violent crime, gang-related activity, illness or personal tragedy. Some states restrict the disclosure of information about stigmatized properties. Stigma/Phsychological Defects ✔✔(1) Virus (2) Death (3) Sex Offenders (4) Off-site hazards Licensee not required to disclose, but if asked, answer honestly Puffing ✔✔Exaggerated or superlative comments or opinions. Types of Damages ✔✔Compensatory- actual damages Punitive- punishment Liquidated- dollar amount Exemptions from License to sell Real Estate ✔✔Owner Government Employees Attorneys Foresters Trustees/receivers State Legislatures ✔✔Body that enacts RE Laws Real Estate Commision ✔✔Group of individuals charged by law with licensing and regulating practice of RE. Implement and enforce RE Laws Members of the Real Estate Commission ✔✔(6) members professionally engaged in the active practice of real state, one from each of the six congressional districts (2) members representing the public, appointed by gov

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