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South Carolina Real Estate Final Exam

Question 69

South Carolina Real Estate Final Exam. What is considered a conflict of interest in real estate?

• Working with two different buyers
• A conflict of interest in real estate is when a licensee’s interests compete with those of his or her client’s best interests
• Having a second job
• Representing a buyer and seller in separate deals

Question 70

Which of the following metrics takes into account both above and below grade finished living areas?

• Gross Living Area (GLA)
• Gross Building Area (GBA)
• Habitable Space Area
• Foundation Area

Question 71

Can agents be subjected to financial penalties under the NAR Code of Ethics?

• No, only expulsion South Carolina Real Estate Final Exam
• Yes. Agents may be required to pay a fine out of their own pocket, although there are limits in place
• Only if the client sues
• Yes, but only in South Carolina

Question 73

What type of real estate contracts could be prepared by real estate agents who work under the supervision of licensed brokers?

• Oral contracts.
• New contracts created by the agent.
• Fill-in-the-blank contracts.
• None of the answers are correct.

Question 74

If a real estate investor has more than $25 (Dollars) million in annual revenue, they can only deduct interest up to a limit of 30% (Percent) of their taxable income. If their interest exceeds this threshold, what can they do?

• Carry the deduction to a future year when they have not exceeded the limitation threshold.
• Deduct the interest from a different property’s income.
• Investors cannot deduct interest if they earn more than $25 (Dollars) million in annual revenue.
• None of the answers are correct.

Question 75

How can a property owner find out how to challenge the assessed value of their home?

• Ask their neighbor how they did it.  South Carolina Real Estate Final Exam
• Contact their local taxing authority to learn about the process.
• Review the instructions on the back of their most recent tax bill.
• Contact their state’s Department of Revenue.