South Carolina Health and Life Insurance Exam ACCURATE TESTED VERSIONS OF THE EXAM, Exams of Public Health

Download South Carolina Health and Life Insurance Exam ACCURATE TESTED VERSIONS OF THE EXAM and more Exams Public Health in PDF only on Docsity!

South Carolina Health and Life Insurance

Exam ACCURATE TESTED VERSIONS OF THE

EXAM FROM 2023TO 2024 | ACCURATE

AND VERIFIED ANSWERS | NEXT GEN

FORMAT | GUARANTEED PASS WITH 100+

QUESTIONS

What policy component must decrease in decreasing term insurance?

• ANSWER Face amount What policy component must decrease in decreasing term insurance?
  • ANSWER Face amount If there is no named beneficiary for the annuity benefits, to which entity will the benefits be paid?
  • ANSWER Annuitant's estate Under a 20-pay whole life policy, in order for the policy to pay the death benefit to a beneficiary, the premiums must be paid for what time period?
  • ANSWER For 20 years or until the insured's death, whichever occurs first. During partial withdrawal from a universal life policy, what portion, if any, will be taxed?
  • ANSWER Interest earned on the withdrawn cash value

If the annuitant dies during the accumulation period, who will receive the annuity benefits?

• ANSWER Beneficiary Whole life policies provide protection until the insured reaches what age? - ANSWER Age 100 With a single premium deferred annuity, when will the annuity payments become available?
• ANSWER No sooner than 1 year after the annuity purchase The death protection component of a universal life policy is expressed as what type of coverage?
• ANSWER Annually renewable term An annuity purchased with multiple payments that begin income payments after one year from the moment of purchase is known as what type of annuity? - ANSWER Flexible premium deferred annuity What are the two phases of an annuity?
• ANSWER Accumulation and annuitization (or pay-in and pay-out) Why are policy loans not available on term insurance?
• ANSWER There is no cash value to borrow against.

Mortality tables are used by insurance companies to predict what?

• ANSWER Life expectancy and the death rates for specific groups of individuals What universal life option has a gradually increasing cash value and a level death benefit?
• ANSWER Option A If an annuity provides a set amount of income for two or more persons with the income ceasing upon the first death, what type of annuity is that?
• ANSWER Joint life annuity What elements of an adjustable life policy can be changed by the policyowners? - ANSWER The amount and payment period of the premium, the face amount, and the period for protection In flexible premium payment annuities, the term flexible refers to what? - ANSWER Amount of premium How soon can income payments begin in an immediate annuity?
• ANSWER No later than 1 year from the time of annuity purchase In an annuity, the accumulated money is converted into a stream of income during which phase?
• ANSWER Annuitization period

What happens to the premium in an annually renewable term life policy? - ANSWER The premium increases with each renewal Who receives income payments from an annuity?

• ANSWER Annuitant What are the four elements of an insurance contract?
• ANSWER Agreement (offer and acceptance), consideration, competent parties, and legal purpose What is insurance underwriting?
• ANSWER The process of risk selection and classification What entities make up the Medical Information Bureau?
• ANSWER Insurers Whose responsibility is it to determine that all the questions on an insurance application are answered?
• ANSWER The agent's When must the policy summary for a life insurance policy be delivered to the policyowner?
• ANSWER At the time of policy delivery How is the information obtained for an investigative consumer report?

• ANSWER Through interviews with the applicant's associates, friends and neighbors What are the three main instances when insurable interest exists in life insurance?
• ANSWER Insuring your own life, the life of a family member, or the life of a business partners or someone who has a financial obligation to the policyowner Insurance is a contract that protects the insured from what?
• ANSWER Loss What document describes the specific information about a policy?
• ANSWER Policy summary What risk classification would typically qualify for lower premiums?
• ANSWER Preferred risk What type of report provides information about the applicant's hobbies, habits and financial status?
• ANSWER Investigative consumer report During which stage in the insurance process do insurers evaluate information that identifies adverse selection risks?
• ANSWER Underwriting If an applicant for a life insurance policy and the potential insured are two different people, what would be the underwriter's main concern?

• ANSWER The existence of insurable interest between the applicant and the insured Who must have insurable interest in the insured?
• ANSWER The policyowner When a change needs to be made on the application for insurance, which is the best method for correcting the information?
• ANSWER Complete a new application or ask the applicant to initial the correction on the original application What is the best way to handle incomplete insurance applications?
• ANSWER Return the application to the applicant for completion What is the purpose of the agent's report during the application process? - ANSWER The agent's report discusses the agent's personal observations about the proposed insured that may help in the underwriting process. When does an insurance policy go into effect?
• ANSWER When the policy is delivered and the premium is paid What law protects consumers from the circulation of inaccurate or obsolete information?
• ANSWER The Fair Credit Reporting Act

What type of report may be used to assess risks associated with an applicant's lifestyle and character?

• ANSWER Investigative Consumer Report Agreement - ANSWER offer and acceptance Consideration - ANSWER premiums and representations on the part of the insured; payment of claims on the part of the insurer Competent parties - ANSWER of legal age, sound mental capacity, and not under the influence of drugs or alcohol Legal purpose - ANSWER not against public policy Adhesion - ANSWER one party prepares the contract; the other party must accept it as is Aleatory - ANSWER exchange of unequal amounts Conditional - ANSWER certain conditions must be met Unilateral - ANSWER only one of the parties to the contract is legally bound to do anything When a loan is subject to the provisions of the Real Estate Settlement Procedures Act (RESPA), Which of the following elements of the Real estate transaction need NOT observe RESPA guidelines - ANSWER The Commission structure for licensees

Regulation Z of the Truth_in lending Act Provides what penalty for licensees who willfully fail to comply with its advertising guidelines for real estate financing? - ANSWER Fines and/or imprisionment Salesperson A for Broker B has listed a home. Salesperson C for Broker D is acting as a Buyers agent and trying to sell the same home to his buyer. Salesperson C is primarily responsible to: - ANSWER Broker D In MOST states, the listing broker has a fiduciary duty with - ANSWER The Client A broker was employed by an owner to sell her home. What does NOT correctly describe the broker's relationship to the owner - ANSWER The broker is a General Agent You are a licensee holding an open house on one of your listings. An old friend sees the sign and stops in, and ultimately asks you to write an offer to purchase. At this point, without any discussion about agency, what is true about agency - ANSWER Your friend is your Customer You listed a home that was subsequently shown by six cooperating outside brokers. How many seller-agency relationships are involved in this transaction? - ANSWER One A Salesperson listed a home for sale and transferred to another brokerage firm two weeks later. What describes the status of the statement. - ANSWER The listing will stay with the former broker of the salesperson.

A salesperson presented an offer that was accepted and received an earnest money payment for $2,000. The salesperson should.. - ANSWER Give money to the Broker You are working as a buyer's broker for a client. What would NOT describe your role as a buyer's broker? - ANSWER You should show the buyer properties only in which your commission is protected. According to the law of agency, a real estate broker does NOT owe the principal the duty of.. - ANSWER Offering legal advice A broker acting as the agent of the seller... - ANSWER Must report all offers to the principal unless instructed otherwise. A broker listed a residential property under a valid written listing agreement. After the sale was completed, the owner refused to pay the broker's fee. What can the broker do? - ANSWER She can take the seller to court and sue for the commission Commissions and fees paid by the seller to a listing agency are determined by - ANSWER Negotiations between the seller and the the listing licensee. A listing broker is MOST likely to have earned a commission from a principal when .. - ANSWER A "Ready, Willing, and able buyer" signed a non contingent or cash offer that meets the terms of the listing contract A broker listed an owner's home and later received an offer from another licensee that met all of the listing terms and conditions. After considering the offer, the owner informed the broker that the owner no longer wished to sell, and asked to be released from the listing agreement immediately. What is a TRUE statement

about the brokers position in this situation? - ANSWER The broker may succeed in collecting an earned commission from the owner. On July 1 an owner and a salesperson entered into a six month exclusive right-to- sell agreement for a residential property. On July 15 the owner rejected a low offer and fired the listing agent. On August 1 there was a house fire that required extensive kitchen repairs. On Sep 12 the owner entered into another exclusive - right-to sell agreement with a salesperson of a different agency. On Jan 1 the property was still unsold. On which date was the first listing agreement Most likely to terminate. - ANSWER September 12, Because the owner breached the first listing agreement by signing a second. An option, prior to being exercised, is an example of - ANSWER Unilateral Contract What is a similarity between an exclusive-right-to sell listing and an exclusive- agency listing? - ANSWER Both give the responsibility of representing the seller to just one broker. A buyer has entered into an agency agreement with more than one buyer's agent but only owes compensation to the one who puts an actual transaction together. This arrangement is known as ... - ANSWER Nonexclusive agency agreement What type of clauses governs the right of a listing broker to collect a commission from an owner who waits until the listing period expires and then personally contracts to sell the property to a party the broker had shown the property to during the listing period. - ANSWER Protection You wrote an offer on a house for $214,000. The seller gave you a counteroffer for $218,000. The seller may withdraw the counteroffer anytime. - ANSWER Prior to the buyer's acceptance

You signed a lease for one year and took possession of an apartment. When the lease expired, you continued to live in the apartment without the owners consent. Your tenancy would be considered to be a(n) - ANSWER Tenancy at sufferance A commercial lease that allows rent to be increase or decrease periodically based on changes in economic indicators is a(n) - ANSWER Index Lease In theory, What deed gives a property buyer the most protection against problems that may arise with the title. - ANSWER General Warranty Deed Personal Property is generally conveyed by a .. - ANSWER Bill of Sale The movement of land caused by an earthquake would be an example of... - ANSWER Avulsion When property transfers from one party to another, recording the deed provides what is called? - ANSWER Constructive Notice The IRS has how many requirements for establishing an independent contractor status? - ANSWER Three Brokers who violate the Sherman Antitrust Act may be punished by a maximum fine of .. - ANSWER $100,000. one hundred thousand dollars

What is NOT a violation of Antitrust Laws? - ANSWER A broker refuses to cooperate with a flat fee broker The Civil Rights Act of 1866 prohibits discrimination based on - ANSWER Race Broker X is showing buyer Y, an Asian, homes only in Asian Neighborhoods. the broker may be guilty of .. - ANSWER Steering What is not a category protected by federal fair housing laws against discrimination in housing? - ANSWER Sexual Orientation Licensed or certified appraised performing federally related transactions must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). A federally related transaction is any transaction with a value greater than.. - ANSWER $250,000. two hundred thousand dollars. A sale is to close on June 23. Real estate taxes of $2,640 for the current year have NOT been paid. What is the amount of the real estate tax prorarion to be credited to the buyer? - ANSWER $1,268. A home is valued at $92,000. Property in this city is assed at 70 percent of its value and the local tax rate is $3.40 per $100. What is the amount of the owner's monthly taxes? - ANSWER 182. A mother wants to know how much money her son owes on his mortgage loan. The mother knows that the interest part of the last monthly payment was $473.26. If her son is paying interest at the rate of 9 percent, what was the

outstanding balance of the loan before the last payment was made? - ANSWER $63,101. An Oral agreement between two licensed brokers to divide a commission is? - ANSWER Is Valid When all parties agree to the terms of a contract there has said to have been a/an? - ANSWER Meeting of the minds An instrument that transfers possession without the transfer of title is a/an - ANSWER Lease The appropriation of land by the owner to some public uses along with the acceptance for such use by or on the behalf of the public constitutes - ANSWER Dedication The following has changed the old maximum "the principal is the person who always pays the agent." - ANSWER Buyer Agency The rights of ownership including the right to use, possess, enjoy and dispose of a thing in any legal way and to exclude everyone else without rights from interfering is: - ANSWER The Bundle Of Rights Chain of title means - ANSWER A Record of a Property's grantors and grantees Capitalization as used in appraising is - ANSWER A method of determining value based on net income.

A Parcel of lease property is sold and the tenant recognized the new landlord. The tenant is said to have gone through an act of: - ANSWER Attornment For a lease to be binding it should be signed by: - ANSWER Lessor and lessee Under the theory of mortgages used in South Carolina, - ANSWER Title remains with the mortgagor. Recordation of instruments which transfer or encumber a parcel of real property will do all of the following EXCEPT - ANSWER Give actual notice of the insturments to third parties who may be affected by the related transactions. The Real Estate broker is most often a _______Agent - ANSWER Special The type of deed most likely to be given at a sheriff's sale is: - ANSWER Bargain and Sale Deed To obtain a gross rent multiplier, the appraiser must obtain from comparable properties: - ANSWER The rent and the sales price Under the usual agreement of sale, the option to declare the deposit of the earnest money forfeited usually lies with the: - ANSWER Seller To each Sales agreement there must be: - ANSWER An Offer and an Acceptance

Under a land contract, who holds title until certain contractual obligations are met? - ANSWER Vendor Building houses close together with little yard space, and a large common area, rather than each house having a large yard is called - ANSWER Cluster Housing (clustering) The instrument of conveyance in and of its specific writing restricts the grantee's right as to how the property will be used. This is a/an - ANSWER Deed Restriction What gives the state the right to enact regulations governing the real estate profession - ANSWER Police Power When a broker acts as an agent for both the buyer and the seller and all facts are disclosed to all parties involved, the broker can collect payment for his/her services from: - ANSWER Seller and/or Buyer A broker should furnish a copy of the closing statement to the: - ANSWER Seller and Buyer Mindy, a South Carolina resident, is buying a new home. She'll occupy the home as her primary residence. It has a fair market value of $220,000 and is in an area with a millage rate of .350. What can she expect to pay in property taxes? - ANSWER $3, **Fair market value is multiplied by the assessment ratio to calculate the property's assessed value. For primary residences, this ratio is 4%. This is then multiplied by the millage rate to determine property taxes due. Brent wants to work with a real estate broker as a buyer client. How can he do this?

• Sign a buyer representation agreement.
• Sign a Disclosure of Real Estate Brokerage Relationships.
• Sign a listing agreement.
• Sign a transaction brokerage agreement. - ANSWER Sign a buyer representation agreement. **To become a buyer client, Brent must sign the appropriate agency agreement with the broker. Only the buyer representation agreement establishes an agent- buyer client relationship. In addition to providing proof of character, an applicant seeking a new South Carolina real estate license after their original was revoked must provide what other proof? Education and examination Education and income Examination and income Experience and education - ANSWER Education and examination South Carolina broker Craig Jenkins is selling his own home. He discloses this fact in his marketing materials for the house, and at his first substantive contact with interested buyers. Should Craig disclose this fact anywhere else?
• No. Craig has fulfilled his duties of disclosure.
• Yes. He must complete a Licensee-Seller Disclosure form, and have any prospective buyers sign it before submitting an offer.
• Yes. He must complete the Licensee-Seller Disclosure form (and have the seller sign it) and disclose it on page one of any purchase offers he receives.
• Yes. He must disclose this on page one of any purchase offers he receives. - ANSWER Yes. He must disclose this on page one of any purchase offers he receives.

**This disclosure must be written in bold, underlined, capital letters on the first page of all real estate purchase contracts Craig uses in personal transactions. Carlos wants a real estate broker to help him sell his lake house. He expects top- notch, full services. How can he get this?

• Sign a buyer representation agreement.
• Sign a Disclosure of Real Estate Brokerage Relationships.
• Sign a listing agreement.
• Sign a transaction brokerage agreement. - ANSWER Sign a listing agreement. **To become a seller client, Carlos must sign the appropriate agency agreement with the broker. Only a listing agreement establishes an agent-seller client relationship. Raquel's license was revoked by the South Carolina Real Estate Commission three years ago. She'd like to apply for a new license. What does she need to do?
• Anyone who had a real estate license revoked can never apply for a new license.
• Nothing, after the revocation period has ended her license will be automatically reinstated, assuming she's kept up with renewal requirements over the last three years.
• She must provide proof that she's reliable, has a good reputation for honest and fair conduct, has completed all education requirements within the last five years, and has passed all required exams.
• She needs to submit a reinstatement application and include a sworn statement from her broker-in-charge detailing the supervision activities that will be provided to ensure lawful practice of real estate. - ANSWER She must provide proof that she's reliable, has a good reputation for honest and fair conduct, has completed all education requirements within the last five years, and has passed all required exams.

When must the Real Estate Offer Rejection Form be used in South Carolina? - ANSWER When a seller rejects an offer without countering it A South Carolina agency agreement can be viewed as a(n) ___________.

• Disclosure of agency relationships
• Employment contract between a client and brokerage
• Employment contract between a customer and brokerage
• Employment contract between a licensee and brokerage - ANSWER Employment contract between a client and brokerage **By signing an agency agreement, clients are essentially hiring the brokerage to work for them. South Carolina licensee Victor has obtained his seller client's signature on an offer he just received. Victor faxes a copy of this agreement to the buyer's agent. Under South Carolina law, is this an appropriate way to communicate an accepted offer?
• No. Real estate documents may not be communicated electronically under the state law.
• No. While this signed agreement can be sent over the Internet, faxed documents aren't permitted.
• Yes, but only if Victor delivers the original signed agreement to the buyer's agent within 24 hours.
• Yes, this is an appropriate way to transmit the accepted offer. - ANSWER Yes, this is an appropriate way to transmit the accepted offer. In South Carolina, what purpose do agency agreements serve?
• To disclose brokerage relationship options to consumers
• To establish an agent-client relationship

• To limit the duties a licensee may perform for a consumer
• To register an agency as a real estate brokerage firm - ANSWER To establish an agent-client relationship Which of the following statements regarding electronic offers and counter-offers in South Carolina is true?
• Any electronic signatures, initials, handwritten or typewritten modifications on offers and counter-offers are considered valid and binding in South Carolina.
• Electronic signatures, initials, and modifications are only permitted on real estate purchase contracts in South Carolina. They may not be used for offers and counter-offers.
• Electronic signatures, initials, and modifications on offers and counter-offers are neither valid nor legally binding in South Carolina.
• Only electronic initials and modifications on offers and counter-offers are considered valid and binding in South Carolina. Electronic signatures are not acceptable. - ANSWER Any electronic signatures, initials, handwritten or typewritten modifications on offers and counter-offers are considered valid and binding in South Carolina. Which of these scenarios could be seen as a real estate violation in South Carolina?
• Before showing a buyer customer his listing, Mitchell reviewed the agency disclosure form with the buyers and told them he represents the sellers.
• Henry provided a customer with a copy of the signed agency disclosure form.
• Isabelle stored a signed agency disclosure form in a safe but accessible location in the broker's office.
• Mandy didn't disclose to potential buyers that she was showing her own listing, so she is representing the seller. - ANSWER Mandy didn't disclose to potential buyers that she was showing her own listing, so she is representing the seller.

Joe is in violation of South Carolina's smoke detector laws because the detectors installed on his property don't work. Within how many days must he repair or replace the detectors? - ANSWER 15 Days To qualify for the homestead exemption in South Carolina, the owner must hold either a life estate or ______ to the residence. Complete fee simple Freehold Leasehold Non-freehold - ANSWER Complete fee simple Stacey's South Carolina home has been sold as a result of foreclosure proceedings. Does she need to provide the purchaser with a property disclosure statement?

• No, Stacey doesn't need to provide the disclosure statement, but the bank does.
• No, transfers resulting from foreclosure sale are exempt.
• Yes, all sales (even foreclosure sales) require disclosure.
• Yes, all transfers of real property require disclosure. - ANSWER No, transfers resulting from foreclosure sale are exempt. In South Carolina, fair housing complaints must be submitted to the commission in writing within how many days of the discriminatory act? - ANSWER 180 In a designated agency relationship, certain parties are considered dual agents. Who? Broker and associated licensees

Designated agent for the buyer Designated agent for the seller Licensees from other brokerages - ANSWER Broker and associated licensees Which of the following tasks is an unlicensed assistant in South Carolina permitted to perform? Interpret contract information for a client. Negotiate a commission. Show property. Write advertisements for broker-in-charge approval. - ANSWER Write advertisements for broker-in-charge approval. **Unlicensed assistants may perform administrative tasks only, and may only write real estate ads with their broker-in-charge's approval. Which of the following statements is true of the required disclosure of real estate brokerage relationships information? It establishes a brokerage relationship between the brokerage firm and the consumer. It establishes a customer relationship between a brokerage firm and a consumer. It establishes an employment contract between a licensee and real estate firm. It informs consumers about the relationships offered by a real estate brokerage firm. - ANSWER It informs consumers about the relationships offered by a real estate brokerage firm. Which of the following is a statutory duty an agent owes to seller clients? Disregard fair housing regulations.

Negotiate a sale that meets the buyer's objectives. Receive and present all offers in a timely manner. Share confidential information shared by the seller with the buyer's agent. - ANSWER Receive and present all offers in a timely manner. Bob was a real estate professional whose South Carolina license was revoked. He's met all the requirements to apply for a new license. At least how much time has passed? 10 years Five years One year Three years - ANSWER Three years Percy and Maxwell have formed a team within their South Carolina real estate brokerage firm. They're drafting up some advertisements to help launch their team. What do they need to keep in mind when designing their marketing materials?

• Ads must include the brokerage firm name, but not the team name.
• Ads must include the team name and brokerage firm name.
• Ads must include the team name, but not the brokerage firm name.
• Ads specific to teams are prohibited. - ANSWER Ads must include the team name and brokerage firm name. James's South Carolina real estate license expiration date passed last week and he hasn't renewed it. Which of the following statements are true?
• He can continue practicing real estate for six months, at which time his license must be renewed.

• He can continue practicing real estate if he's actively in the process of renewing his license.
• He can't practice real estate until he renews his license.
• His license is automatically revoked upon expiration. - ANSWER He can't practice real estate until he renews his license. What purpose does the South Carolina Real Estate Commission serve?
• To promote ethical and professional actions of real estate licensees representing consumers in transactions.
• To promote the health, safety, and economic well-being of the public through regulation, licensing, enforcement, training, and education.
• To protect the best interests of the real estate industry and the professionals serving in that industry.
• To regulate the real estate industry to protect the public's interest when involved in real estate transactions. - ANSWER To regulate the real estate industry to protect the public's interest when involved in real estate transactions. Jan is a real estate salesperson in South Carolina. She recently moved to a new home, both personally and professionally. The office she works at moved to a new location, which happens to be a few miles away from the new house Jan bought. What does she need to do?
• Address changes don't need to be reported to the commission.
• Immediately notify the commission of the business address change, but she has 30 days to report her residential address change.
• Notify the commission within 30 days of changes to her residential and business address.
• Notify the commission within 30 days of the change to her business address, but residential address changes aren't reported. - ANSWER Notify the commission within 30 days of changes to her residential and business address.

**Changes to physical residential address, mailing address, business address, email address, and phone number must be updated with the commission within 30 days. Failure to do so can result in disciplinary action. Her new broker will notify the commission of her new affiliation. A South Carolina resident is purchasing a second home along the coast. The property has a fair market value of $300,000 and is in an area with a millage rate of .335. How much could they expect to pay in property taxes? - ANSWER $6,030 **Fair market value is multiplied by the assessment ratio to calculate the property's assessed value. For secondary residences, this ratio is 6%. This is then multiplied by the millage rate to determine property taxes due. Frank entered into a buyer representation agreement with Cassidy to act as his agent. Frank was under contract to purchase a property, but defaulted on his obligations and the sale fell through. Does he owe Cassidy any compensation?

• No, Cassidy is only owed compensation upon closing or seller default.
• No, the seller owes Cassidy.
• No, the transaction didn't close, so Cassidy didn't earn the compensation.
• Yes, Cassidy earned her compensation the moment Frank was under contract. - ANSWER Yes, Cassidy earned her compensation the moment Frank was under contract. **Compensation is considered earned when the buyer is under contract. It's payable at closing or immediately if the buyer defaults. A second home along the South Carolina coast has a fair market value of $175,000. The local millage rate is .285. What can the owner expect to pay in property taxes? - ANSWER $2,992.50

**Fair market value is multiplied by the assessment ratio to calculate the property's assessed value. For secondary residences, this ratio is 6%. This is then multiplied by the millage rate to determine property taxes due. Joe is in violation of South Carolina's smoke detector laws because the detectors installed on his property don't work. Within how many days must he repair or replace the detectors? - ANSWER 15 days Wayne and Sandy are moving to a cabin they own in the country. They decide to sell their South Carolina home in the city to their son, Robbie, for an amount equal to what they currently owe on the mortgage. Does this transaction require the residential property condition disclosure statement?

• No, a disclosure is not required because Wayne and Sandy gave the property to Robbie.
• No, transfers to direct descendants of one or more of the transferors are exempt.
• Yes, a disclosure must be provided so the deed can be updated.
• Yes, any transfer of real property requires a property disclosure. - ANSWER No, transfers to direct descendants of one or more of the transferors are exempt. In South Carolina, what assessment ratio is applied to second homes or residences not occupied by the owner? - ANSWER 6% A primary residence in South Carolina has a fair market value of $175,000. The local millage rate is .285. What can the owner expect to pay in property taxes? - ANSWER $1995 What does a designated agency agreement do to the listing and buyer representation agreements a broker already has in place?