Sc State questions📚
When is an individual considered legally competent in South Carolina?
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By which of the following means may earnest money disputes NOT be settled? A. By court order B. By mediation C. By broker arbitration
C. By broker arbitration
How are commissions governed in the state of South Carolina?
Commissions are always negotiable between the broker and the client
Armen is a buyer who has marked "self representation" on the agency disclosure form. What obligations, if any, does the agent have to Armen? A. The agent has obligations of care and concern B. The agent has obligations of confidentiality and accountability C. The agent has obligations of fairness, honesty, and the provision of accurate information
C. The agent has obligations of fairness, honesty, and the provision of accurate information
What is the intent of the South Carolina agency disclosure form?
To acknowledge the nature of the relationship requested by the individual
How long does a broker-in-charge have to deposit cash received as earnest money?
Within 48 hours of receipt
How long is a broker-in-charge required to maintain leases and management agreements?
for a minimum of five years
When developing company guidelines, which of the following actions must a broker take regarding the commission's guidelines for the agency and agency disclosure form? A. A broker must require that each buyer receive a copy of the completed seller agency disclosure form. B. A broker must set company guidelines that are at least as stringent as the commission's guidelines. C. A broker must create an office policy that commits to participation in cooperative sales
B. A broker must set company guidelines that are at least as stringent as the commission's guidelines.
What is required of every South Carolina real estate office? A. Employment of at least one licensee B. An archive of complete escrow and transaction records for five years C. Adequate signage at the office location
B. An archive of complete escrow and transaction records for five years
Which of the following professionals does NOT need to hold a real estate license in order to perform real estate activities in the scope of their professional duties? A. A resident apartment manager B. An attorney whose client requires a real estate transaction C. An appraiser
B. An attorney whose client requires a real estate transaction
Which of the following actions may a licensee legally perform? A. Place a "For Sale" ad in a local circular before an anticipated listing is confirmed B. Arrange for a buyer client to pay the commission on a sale C. Delay the closing on a transaction until the terms of the commission are settled
B. Arrange for a buyer client to pay the commission on a sale
Which of the following statements is true of the licensing and duties of personal real estate assistants in South Carolina? A. Any personal real estate assistant may insert factual details into form contracts with the supervising broker's oversight and approval. B. Any personal real estate assistant must be unlicensed because only salespeople and brokers can hold licenses. C. Any personal real estate assistant must be licensed to work with a supervising broker.
A. Any personal real estate assistant may insert factual details into form contracts with the supervising broker's oversight and approval.
Oscar sends his license renewal fee to the commission but does not have enough funds in his bank account to cover the fee. What action may the South Carolina Real Estate Commission take in this instance? A. The commission may require Oscar's broker-in-charge to pay the renewal fee. B. The commission may take disciplinary action against Oscar. C. The commission must immediately cancel Oscar's license for failure to remit the appropriate renewal fee.
B. The commission may take disciplinary action against Oscar.
Which of the following best describes the regulations governing escrow accounts for a real estate company that has a property management division? A. The company's agents must see that all rents are paid directly to the landlords and all security deposits held in escrow. B. The company must maintain at least one escrow account but need not have separate accounts for its sales and rental divisions. C. The company must maintain separate escrow accounts for each of its divisions
B. The company must maintain at least one escrow account but need not have separate accounts for its sales and rental divisions.
The Noonans have signed a contract to purchase a property, but they fail to qualify for a loan. What happens to their earnest money? A. Half goes to the seller B. The funds are returned to the Noonans. C. The funds are awarded to the seller
B. The funds are returned to the Noonans.
The South Carolina Coastal Zone Management Act governs all of the following in impacted areas EXCEPT which one? A. The addition of a golf course B. The height of a two-story home C. The length of a dock
B. The height of a two-story home
To what extent is confidentiality guaranteed under South Carolina law? A. The only circumstances in which a client's confidential information may be divulged is in the case of a disclosed dual agency relationship. B. The only circumstances in which an agent can divulge a client's confidential information is when required by law. C. Client confidentiality must be preserved indefinitely and may not be violated under any circumstances.
B. The only circumstances in which an agent can divulge a client's confidential information is when required by law.
Mary Lou Williams, a buyer, contacts a real estate office in Charleston because she is interested in relocating to the area and would like some help finding a house. Which of the following actions requires an agency agreement between Mary Lou and the real estate office? A. The real estate office provides Mary Lou with current rates and terms for mortgages B. The real estate office helps Mary Lou find a lender that prequalifies her for a mortgage C. The real estate office gives Mary Lou printouts of houses that meet her specifications
B. The real estate office helps Mary Lou find a lender that prequalifies her for a mortgage
When individuals believe they have been the targets of illegal discrimination, what legal redress do they have? A. They may take their complaint to the Association of REALTORS® B. They may take their complaint to the Human Affairs Commission or HUD. C. They may file a complaint with the South Carolina Real Estate Commission.
B. They may take their complaint to the Human Affairs Commission or HUD.
In South Carolina, which of the following is a false statement about offers on a property? A. Any changes made during the negotiation phase must be initialed and dated by all parties B. They must stipulate all terms except the closing date (which is negotiable) C. They must be made in writing
B. They must stipulate all terms except the closing date (which is negotiable)
Lakeside Realty has agency agreements with both Sue (a buyer) and the Zuckermans (sellers). Sue would like to make an offer on the Zuckerman's property; under what circumstances, if any, is this permitted? A. Dual agency is never allowable in the state of South Carolina. B. This is only allowable if both parties give their consent to the dual agency. C. Since both parties have signed agency agreements, this is allowable.
B. This is only allowable if both parties give their consent to the dual agency.
When Billie Smith, a broker, receives monies for rent on a property, what is she required to do? A. Retain the monies in an escrow account for at least 30 days after the deposit clears B. Deposit the monies in an escrow account C. Disburse the monies to the landlord within 10 days of receipt
B. Deposit the monies in an escrow account
The duties of a broker-in-charge encompass all of the following EXCEPT which one? A. Assisting in the resolution of license disputes for associated licensees B. Establishing daily contact with associated licensees C. Training associated licensees in the proper management of trust funds
B. Establishing daily contact with associated licensees
For which of the following actions can a licensee have their license revoked? A. For awarding compensation to a clerk to type contracts B. For neglecting to inform a tenant that their security deposit will be held by the property owner rather than the management company C. For failing to disclose information about a murder on the site of a property to a potential buyer
B. For neglecting to inform a tenant that their security deposit will be held by the property owner rather than the management company
Selwyn Short is a salesperson in North Carolina, and he referred a cooperative sale to Deborah, an associate broker in South Carolina. May Deborah pay Selwyn a referral fee in these circumstances? A. No, because Selwyn did not conduct any of the negotiations in South Carolina. B. Yes, as long as the fee is paid through Selwyn's broker-in-charge. C. No, because payment of a referral fee is prohibited under South Carolina's licensing laws.
B. Yes, as long as the fee is paid through Selwyn's broker-in-charge.
Under which circumstances is it permissible for a licensed salesperson to hold a concurrent license with more than one South Carolina broker? A. Concurrent licensure is permissible only with the written consent of the South Carolina Real Estate Commission. B. Concurrent licensure is perfectly acceptable and requires no special permission. C. Concurrent licensure is never acceptable.
C. Concurrent licensure is never acceptable.
In keeping with South Carolina mandates, a broker who has received earnest money from a buyer should take which of the following steps? A. Secure the earnest money in a safe place at the broker's place of business until the closing. B. Deposit the earnest money into the broker's personal account immediately (or by the next day) as partial payment of the commission. C. Deposit the money into an existing escrow account established to hold earnest money deposits from all clients.
C. Deposit the money into an existing escrow account established to hold earnest money deposits from all clients.
A broker is required to perform all of the following actions in any real estate transaction except which one? A. Maintain records of all relevant documents for five years after the closing B. Ensure that the closing statement is accurate and that a copy of it is delivered to all parties in a transaction C. Give an opinion about the condition of the seller's title to the property
C. Give an opinion about the condition of the seller's title to the property
Which of the following statements best describes the legality of net listings? A. Net listings are only legal when the seller gives consent B. Net listings are legal only with the advance approval of the commission. C. Net listings are illegal in South Carolina.
C. Net listings are illegal in South Carolina.
Ralph Milton, a broker, manages three separate properties (owned by three individuals): The Landing, Berry Lane, and White River Complex. The Landing needs emergency repairs, but there is not enough money in The Landing's account to cover the costs. May Ralph temporarily borrow money from the escrow account of one of the other properties he manages? A. No, Ralph must use personal funds if there is not enough money in the designated escrow account. B. Yes, as long as there is a minimum of $1,000 left in the account and Ralph returns the funds borrowed within ten business days. C. No, by doing so Ralph is violating regulations governing the proper handling of escrow funds.
C. No, by doing so Ralph is violating regulations governing the proper handling of escrow funds
Carol is a new licensee. She is negotiating her first sale for a seller. Which of the following must she keep in mind as she receives offers for the property? A. She must continue to seek offers on the property until the date of closing. B. She must make sure all parties agree to any changes or modifications by drafting a new document for each modification. C. She must deliver ratified copies of the contract to all parties as soon as possible
C. She must deliver ratified copies of the contract to all parties as soon as possible.
Which of the following is true of an account established to hold money belonging to others? A. Each transaction must have a separate escrow account. B. The account must be in a different bank than the broker's personal checking account. C. The account must be labeled as "escrow" or "trust" on all checks, deposits slips, and bank statements
C. The account must be labeled as "escrow" or "trust" on all checks, deposits slips, and bank statements
When does the South Carolina Real Estate Commission have the power to revoke a salesperson's license? A. When he or she enters an exclusive-listing contract B. When he or she attempts to represent a buyer C. When he/she commingles earnest money with personal funds
C. When he/she commingles earnest money with personal funds
When is a classified ad considered illegal? A. When it lists the name of the company but not the individual broker B. When it doesn't include a phone number C. When it contains only a phone number
C. When it contains only a phone number
Regarding a broker-in-charge in South Carolina, what is true of his or her employment? B. He or she must have been licensed as a broker for at least 5 years. C. He or she is required to have at least a twenty-five percent interest in the company. D. He or she may oversee more than one office only with commission approval.
D. He or she may oversee more than one office only with commission approval.
Carly, a broker, realizes that her escrow account has no current deposits. She receives a letter from the bank warning her that the account requires a minimum balance of $100 to stay open. Can Carly deposit personal funds in the escrow account to keep it open? B. No, she must appeal to the bank for a waiver of the minimum balance requirement. C. Yes, she may deposit personal funds up to a maximum of $500. D. Yes, but she may only deposit the minimum required to keep the account open.
D. Yes, but she may only deposit the minimum required to keep the account open.
What is the term of a real estate salesperson's license in South Carolina?
A two-year cycle that ends on June 30 in the designated year
To whom does the South Carolina Residential Landlord-Tenant Act apply?
Only to residential rental property managers
When a licensee violates a provision of the license law, to which of the following penalties may he or she be subject?
Temporary restraining order
What limitations are placed on a licensee on inactive status?
The licensee may not conduct any real estate activities while on inactive status.
What information must a real estate licensee include in the advertisement of real property?
The name of the real estate company in whose name the ads are placed
What is the purpose of the mandatory continuing education required by the South Carolina Real Estate Commission
To safeguard the public's interests
How long does a broker have to notify the commission of a change in place of business?
10 days
The South Carolina Real Estate Commission requires a broker to maintain all of the following records for trust accounts holding other people's money EXCEPT which one?
A monthly reconciliation for each entry
Stephanie is the broker-in-charge for Big Hill Realty. Her workload is heavy and she recently had some associated licensees leave her company. She has been so busy that she forgot to renew her license by June 30. If she continues to engage in real estate transactions with an expired license, what penalties may she incur? A. $500 fine and/or six months in prison upon conviction of practicing without a license B. None, because the license remains active as long as she pays the renewal fee and penalty fees within six months C. $1,000 fine and/or six months in prison after an automatic hearing with the commission
A. $500 fine and/or six months in prison upon conviction of practicing without a license
What type of agreement need not be detailed in writing? A. A three month lease B. An exclusive-right-to-sell agreement C. A multiple listing
A. A three month lease
When a seller counteroffers on a buyer's written offer, which of the following is true? A. Both parties need to initial and date any changes to the offer B. Any changes to original offer need to be initialed by the buyer C. Since the original contract is in written form, further negotiations can be verbal as long as official notes are kept
A. Both parties need to initial and date any changes to the offer
From whom may a South Carolina real estate salesperson legally collect compensation? A. From his or her employing broker B. From any party's designated representative C. From any principal in a transaction
A. From his or her employing broker
An individual who wishes to obtain a broker's license in South Carolina must meet all of the following requirements except which one? A. Have been active as a licensed real estate salesperson for a minimum of five years B. Have successfully completed a minimum of 150 hours of approved real estate coursework C. Be of good moral character
A. Have been active as a licensed real estate salesperson for a minimum of five years
Carl Lorraine apartment complex has an established policy prohibiting pets. Anne, a young woman with a visual impairment who owns a guide dog, wishes to rent a unit in Carl Lorraine. Must the landlord make a concession to the "no pets" policy for Anne? A. In this case, according to the nondiscrimination provision of the South Carolina Fair Housing Act, the landlord must make a concession for Anne's guide dog and rent the unit to Anne. B. According to the South Carolina Fair Housing Act, the landlord may not prohibit a guide dog but may impose restrictions on the weight of the dog if Anne is to rent the unit.
A. In this case, according to the nondiscrimination provision of the South Carolina Fair Housing Act, the landlord must make a concession for Anne's guide dog and rent the unit to Anne.
Which of the following comes under the authority of the South Carolina Real Estate Commission? A. Making and enforcing the rules to which real estate licensees are subject B. Administering the real estate licensing exams at established test centers C. Creating the real estate licensing examinations for the state
A. Making and enforcing the rules to which real estate licensees are subject
Andrew is a 66 year-old widower on a fixed income who owns a house appraised at $220,000. The property taxes have surged in recent years, and Andrew would like to find some tax relief to lower his costs. If he can't get some assistance, he may have to sell his house. What help might be available to Andrew? A. Since he is over 65, Andrew is eligible for a $50,000 reduction in tax-appraised value. B. Once he reaches 67, the legal age for retirement, he will be eligible for a $50,000 reduction in the tax-appraised value. C. None, unless he is either 100% disabled or completely blind; he should sell his house and buy a less expensive home.
A. Since he is over 65, Andrew is eligible for a $50,000 reduction in tax-appraised value
Tia Rouse is a salesperson whose company has just received a listing on a two bedroom, two bath bungalow. Tia's sister, Maria, would like to make an offer on the bungalow. What should Tia do? A. Tell the seller that the prospective buyer is related to the agent B. Refer Maria to another licensee for representation C. Counsel Maria to make an offer on a house not listed with Tia's company
A. Tell the seller that the prospective buyer is related to the agent
Julia Gomez is a licensee who represents the Randolphs (sellers). The Randolphs do not wish to have a subagency or disclosed dual agency relationship for the transaction. The Lomans are prospective buyers who ask Julia to show them the Randolphs' house. May Julia show the property to the Lomans under these circumstances? A. Yes, as long as the Lomans agree, in writing, to not having any representation. B. Yes, as long as the Lomans first enter a buyer representation agreement with another licensee. C. No, because the Randolphs oppose a disclosed dual agency or subagency relationship and Julia cannot show the property to the Lomans without engendering such a relationship.
A. Yes, as long as the Lomans agree, in writing, to not having any representation.
What action must a broker or licensed salesperson take upon receiving a listing for a property? A. Prepare a legible, signed, true, and correct copy of the listing for the person or persons signing it B. Publicize the listing through advertisements in local newspapers C. Cooperate with other real estate offices that wish to market the property
A.Prepare a legible, signed, true, and correct copy of the listing for the person or persons signing it
Vera, an office manager for Roadside Realty, performs the following activities on a routine basis: managing the flow of paperwork through the office, preparing forms and advertising copy, and hiring and supervising clerical staff. Which of the following is true in these circumstances A. Vera is exempt from real estate licensing requirements. B. Vera is required to have a salesperson's license to perform such duties. C. Vera is required to have a broker's license to perform such duties.
A.Vera is exempt from real estate licensing requirements.
If a broker-in-charge becomes mentally incapacitated, what effect does this have on his or her real estate company?
An associate licensee may serve as the broker-in-charge for up to six months with approval of the commission.
What paperwork is a nonresident licensee required to file with the South Carolina Real Estate Commission?
An irrevocable consent to suit
Which of the following individuals is not exempt from the South Carolina License Act?
Anne earns bonuses for recruiting prospective buyers and renters of real estate
Anne Conti's real estate license will expire on June 30 of next year. By what date must she renew in order to avoid a monetary penalty? A. Within 30 days of the date of expiration B. By the date of expiration; there is no grace period C. Within 10 business days of the date of expiration
B. By the date of expiration; there is no grace period
Carol Powers is an associate broker who has decided to transfer from her present real estate company to a partnership with her best friend, who is a broker. What must she do before she can begin actively selling in the new partnership? A. Carol's present employing broker must transfer Carol's associate broker's license to her new partner. B . Carol must notify her current Broker-in-Charge that she's leaving and fill out an online Transfer/Inactive Status Form.
B. Carol must notify her current Broker-in-Charge that she's leaving and fill out an online Transfer/Inactive Status Form
Shaun is a real estate broker who wishes to become a property manager. Which of the following statements applies to Shaun? A.He must be a broker-in-charge to manage property B. He may manage property with his real estate broker's license C. He must attend a 45-hour property manager course
B. He may manage property with his real estate broker's license
Kyle listed his house with Latham Realty on June 15, and the termination date specified in the listing was August 15. After one month, Kyle decided to remove his house from the market. Which of the following best describes the situation? A.Kyle has signed a listing agreement that legally requires him to leave his house on the market until the specified termination date in August. B. Kyle has withdrawn the realty's authority to sell the property and may be subject to a penalty. C. Kyle has canceled the agreement and will not incur any penalties.
B. Kyle has withdrawn the realty's authority to sell the property and may be subject to a penalty.
Which of the following would NOT be grounds for revoking a broker's license in South Carolina? A. Depositing earnest money into a personal checking account B. Negotiating an excessive commission rate C. Conviction of forgery
B. Negotiating an excessive commission rate
Vera paid the required renewal fee for her salesperson's license but has not completed the mandatory continuing education requirements. What action may the South Carolina Real Estate Commission take? A. Renew the license and charge a $25/month fee until Vera completes the mandatory continuing education B. Place Vera's license on inactive status without penalty until she completes the continuing education requirement C. Return Vera's license renewal fee and refuse to renew the license
B. Place Vera's license on inactive status without penalty until she completes the continuing education requirement
Who is exempt from the continuing education requirements for license renewal in South Carolina? A. Andrew, an inactive licensee who wishes to change to active status. B. Sue, a 65 year-old licensee who has been active in the real estate business for over 30 years. C. Leslie, a licensee who works for a referral company.
B. Sue, a 65 year-old licensee who has been active in the real estate business for over 30 years.
Andrew Belkin, the broker-in-charge of Belkin Downtown Realty, decides to open a branch office in an adjacent community. Andrew applies for a branch office license for the new Belkin Suburban Realty office and names one of his associate licensees as the branch office manager. Given these facts, will Andrew receive approval for the branch office? A. No, because brokers are not allowed to have branch offices in multiple municipalities. B. Yes, as long as the real estate commission agrees to allow Andrew to be broker-in- charge of two offices. C. No, because a broker-in-charge may only oversee one office at a time.
B. Yes, as long as the real estate commission agrees to allow Andrew to be broker-in- charge of two offices.
Sunnybrook is a quiet suburban township primarily populated by retirees. Gerald Hamm, a listing broker, is aware of a long-range township plan to construct a parkway adjacent to the site of his listing. Is he obligated to share this information with a potential buyer? A. No, because this information is public knowledge and discoverable by the buyer. B. Yes, because this a material fact that requires full disclosure. C. Yes, but only if a question about long-term planning is posed by the prospective buyer.
B. Yes, because this a material fact that requires full disclosure.
Henry, a broker, reports a property sales price to a lender that is above the actual sales price. Is Henry in violation of the license law? A.No, as long as the inflated price is no greater than the estimated closing costs for the property; this will enable the buyers to have a loan that covers all their costs. B. Yes, because this constitutes false reporting of information. C. Yes, if the inflated price is greater than ten percent of the actual sales price
B.Yes, because this constitutes false reporting of information.
Which of the following is required by the South Carolina Real Estate Commission? A. A broker-in-charge must train only associate licensees in the proper handling of escrow funds. B. A broker-in-charge must deposit cash earnest money into an escrow account within 24 hours of receiving the funds. C. A broker-in-charge must keep back-up copies of all computerized escrow account records
C. A broker-in-charge must keep back-up copies of all computerized escrow account records.
Kelly is a South Carolina licensee on inactive status. What must she do if she wishes to remain on inactive status? A. She need not do anything until she converts her license to active status. B. She must complete eight hours of continuing education every two years. C. She must pay the required fees every two years.
C. She must pay the required fees every two years.
Which of the following will not necessarily lead to the payment of a commission? A. Binding contract between seller and buyer B. Closing of the title by buyer C. Signed listing agreement
C. Signed listing agreement
Which of the following disclosures need NOT be included in a listing contract according to South Carolina law? A. An accounting of the agent's duties B. The amount of compensation the agent will receive for the transaction C. The net price the seller will receive at closing
C. The net price the seller will receive at closing
How long does an individual have to file a housing discrimination charge with the proper authority? A. 3 years B. 1 year C. 6 months
C.6 months
Which of the following is true regarding applications for any real estate license in South Carolina? A. The application must be accompanied by a sworn statement testifying to the applicant's character B. A photo of the applicant must be attached to the application C. A completed application must be submitted before a candidate is eligible to sit for the written licensing exam
C.A completed application must be submitted before a candidate is eligible to sit for the written licensing exam
A real estate office/company's policy in South Carolina must include which of the following elements? A. A policy on ethical awareness B. A client arbitration clause C. A policy on fair housing
C.A policy on fair housing
Andrew, a broker, accepted a listing from a seller who said that he wanted to clear $70,000 on the sale of his house. Andrew then sold the home for $180,000, gave $70,000 to the seller, and kept the remaining $110,000 as commission. Which of the following is true in this situation? A. Andrew's $110,000 commission exceeds the recommended guidelines. B. Andrew should have given the seller a better appraisal of the value of his property when accepting the listing. C. Andrew accepted an illegal net listing.
C.Andrew accepted an illegal net listing.
Which activity requires licensure as a real estate salesperson or broker? A. Building a new home B. Acting as the trustee of an estate C. Auctioning farm land
C.Auctioning farm land
Which of the following reasons may NOT serve as the basis for the South Carolina Real Estate Commission to investigate a licensee? A. Based on its own initiative B. Based on the director's reasonable concern that the licensee may not be fit to practice C. Based on a written complaint regarding a cooperative commission arrangement
C.Based on a written complaint regarding a cooperative commission arrangement
All of the following are requirements a broker-in-charge license applicant must meet in South Carolina EXCEPT: A. Minimum age of 21 B. At least three years' experience as a licensed salesperson C. Completion of all requirements for the property manager-in-charge license as a substitution for the broker-in-charge licensing requirements
C.Completion of all requirements for the property manager-in-charge license as a substitution for the broker-in-charge licensing requirements
All of the following are requirements an applicant must meet for a real estate license in South Carolina EXCEPT: A. Minimum age of 18 B. Proof of passing score on the license examination within the past calendar year C. Completion of at least two years of college
C.Completion of at least two years of college
Which of the following people needs to be licensed as a real estate broker in the state of South Carolina? A. Jane Santi and Jack Winston are business partners who are selling an office building they own jointly. B. Andrew Sage owns a duplex C. Stephen Douglas employs fewer than three agents in his enterprise
C.Stephen Douglas employs fewer than three agents in his enterprise
Which of the following requirements does NOT apply to a nonresident licensee? B. The nonresident licensee must be licensed under a qualified broker in the state of South Carolina. C. The nonresident licensee must be licensed as a broker or salesperson in at least one state. D. The nonresident licensee must complete all real estate education coursework in the state of South Carolina
C.The nonresident licensee must complete all real estate education coursework in the state of South Carolina.
Alice is a broker-in-charge whose license has been suspended for two years. Which of the following is true of the associate brokers and salespeople who are licensed under Alice? A. Their licenses will also be suspended for two years. B. Alice's suspension has no effect on the licenses of associate brokers and salespeople. C. Their licenses must be returned to the real estate commission.
C.Their licenses must be returned to the real estate commission.
An individual need NOT be licensed as a real estate agent to perform which of the following activities? A. Employ licensees to perform real estate activities B. Get paid for helping someone find a buyer for their home C. To resell a personal manufactured home
C.To resell a personal manufactured home
George finds a buyer for a relative's property and earns a commission from the sale. While depositing his check, George realizes he forgot to renew his real estate license 3 months ago. What penalty is he likely to incur? B. A maximum fine of $50,000, one year in prison, or both C. A five-year ban on applying for a real estate license D. A maximum fine of $500, six months in prison, or both
D. A maximum fine of $500, six months in prison, or both
If an on-site property manager for an apartment complex is responsible for negotiating and signing apartment leases, does the individual need to be licensed as a real estate salesperson? B. No, as long as they work directly under the supervision of the owner C. No, all on-site managers are exempt from licensing requirements D. Yes, or a real estate property manager license
D.Yes, or a real estate property manager license
When do real estate licenses expire?
Every other year on June 30
Under which circumstances may a broker collect compensation from both the seller and the buyer?
If both parties give informed consent to the dual compensation
Doug agreed to help his elderly neighbor, Mrs. Noonan, sell her house in early February (only 3 weeks before he was scheduled to begin his prelicense course). According to the terms of their agreement, Mrs. Noonan was supposed to pay Doug a three percent commission for the sale. The house sold after only three months on the market, and the closing took place the day before Doug passed the licensing examination and received his real estate license. Mrs. Noonan reneged on the agreement, though, and refused to pay Doug the three percent commission. Can Doug sue for payment?
No, South Carolina law disallows lawsuits to collect commissions unless the injured party is a license salesperson whose license was in effect before the oral agreement was made.
Vivian decides to put her house on the market by herself. Is she required to have a real estate license?
No, she does not need a real estate license to sell her own property.
South Carolina recognizes four types of agency relationships. Choose the set which indicates the acceptable forms of agency relationships in South Carolina?
Seller's, buyer's, disclosed dual, designated
Which of the following groups is NOT a protected class under the South Carolina Fair Housing Law?
Sexual orientation
Each time share that is purchased by a client must be registered with which South Carolina entity?
The Real Estate Commission
Who is responsible for administering real estate license law in South Carolina?
The South Carolina Real Estate Commission
What step must precede the placement of a "For Sale" sign on a listed property?
The broker must first get permission from the owner.
Who receives the interest that accrues on a buyer's earnest money deposit?
The broker receives the interest if the buyer has agreed in writing.
What is true regarding a property manager licensee's supervisor?
The property manager may be licensed with either a broker-in-charge or a property manager-in-charge -- but not both at the same time.
At what point in proceedings is a client relationship between broker and buyer formalized?
When the buyer and broker both sign an agency agreement
Bob, a broker for the Browns (the buyers), delivers an offer to purchase to the listing broker, Leslie. The seller is out of town on business and will not see the offer for a week. How soon must Leslie deposit the earnest money check into the escrow account?
Within 48 hours of ratifying the contract
