SC state REAL ESTATE EXam

What's the name of the document that explains agency relationships and must be provided to consumers at the first practical opportunity? -Disclosure of Real Estate Brokerage Relationships -Exclusive right-to-buy agreement -Exclusive right-to-sell agreement -Transaction brokerage agreement

Disclosure of Real Estate Brokerage Relationships

Which of these would NOT be considered first substantive contact with a customer? -Asking a couple why they want to move from their gorgeous home -Discussing how much savings the customer has -Engaging in small talk about the weather and the desire to buy property -Finding out information about a customer's job and an upcoming raise and bonus

Engaging in small talk about the weather and the desire to buy property **First substantive contact generally means before discussing financial, confidential, or motivational information with a consumer.

Judith will be helping Brent find a new condo to purchase. The two have entered into a buyer representation agreement. For how long must the agreement be retained? -For at least five years -For at least seven years -For at least two years -It's not required to be retained

For at least five years **Records related to a real estate transaction must be kept, and available upon commission request, for at least five years.

Which phrase from the following description should be edited to meet fair housing guidelines? "Nestled away in a neighborhood of gracious pre-war mansions, many now converted to offices, Bertrice Place, built in 2004, emulates its predecessors in scale, and to some extent in visual expression. The peaked roofline has a Tudor effect, capped by our ancestors' signature copper roofing. The handsome interiors are ample, not over-sized, with 10-foot ceilings and high-quality features and finishes." -"Emulates its predecessors in scale" -"Interiors are ample, not oversized" -"Our ancestors' signature copper roofing" -"Pre-war mansions"

"Our ancestors' signature copper roofing" **Whose ancestors? Implying that the ancestry of the builders is the same as the ancestry of desired buyers is a subtle but clear message of preference. You could say, "Capped by the copper roofing often used in pre-war buildings."

Xavier is purchasing a property in South Carolina from non-resident estate. What percentage of the seller's gain must be withheld? -0% -10% -5% -7%

-7% **If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.

Creekview Realty is expanding! Jamie, the broker-in-charge, outgrew the small office of her firm's beginnings and has moved to a larger space to better accommodate the firm's 15 associated licensees and employees. Within how many days does Jamie need to notify the commission of the new address?

10 days

If a brokerage firm changes its name, address, phone, or email, within how many days must the commission be notified?

10 days

Sandra is interested in purchasing a time share that would give her the right to use a unit for two unit weeks each year. According to the South Carolina Vacation Time Sharing Plans Act definition of unit week, how many days does this give her?

14 days

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?

15 days **Offenders have 15 days to repair, replace, or install smoke detector. No property can be conveyed if functional detectors aren't installed.

In South Carolina, what's the pre-licensing education requirement for brokers? -120 hours of coursework -150 hours of coursework -60 hours of coursework -90 hours of coursework

150 hours of coursework

Myra's license was suspended by the South Carolina Real Estate Commission. How many days does she have to appeal its decision?

30 days **The South Carolina Administrative Procedures Act sets the appeal process, which must be started within 30 days of the commission's final ruling.

Tito is a resident of South Carolina who's purchasing a property from the Jackson Corporation (a non-resident). What percentage of the Jackson Corporation's gains from the sale will be withheld?

5% **If the non-resident seller is a corporation, 5% must be withheld. If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.

Andrew is purchasing a property in South Carolina from a non-resident trust. What percentage of the seller's gain must be withheld? -0% -10% -5% -7%

7% **If the seller is a non-resident individual, partnership, trust, or estate, 7% of the non-resident seller's recognized gain must be withheld.

In South Carolina, what's the pre-licensing education requirement for salespersons?

90 hours of coursework

Tony is a South Carolina resident. He's shopping for a home loan and has received the following offers. Which of these loans violates Consumer Protection Code? -A 10-year loan with a 5% annual interest rate -A 20-year loan with a 9% annual interest rate -A 30-year loan with a 6% annual interest rate -A 35-year loan with a 7% annual interest rate

A 20-year loan with a 9% annual interest rate **The legal maximum annual interest rates for loans cannot exceed 8.75%.

Which of the following is an example of conversion? -A broker accepts an earnest money check from a buyer. -A broker deposits an earnest money check from a buyer into a trust account. -A broker mixes trust funds with his own money. -A broker uses client trust funds without the client's permission.

A broker uses client trust funds without the client's permission.

Which of these South Carolina transactions requires that property disclosures be provided to the buyer? -A house for sale by owner -A transfer between government agencies -A transfer between spouses due to a divorce decree -A transfer pursuant to a court order

A house for sale by owner **A sale of a property, regardless of whether the owners sell the property themselves or solicit the help of a real estate licensee, requires disclosure.

Which of the following advertising activities is considered illegal in South Carolina? -A licensee including a link to the firm's homepage on electronic advertisements -A licensee receiving written permission from a seller to advertise the seller's property -A member of a real estate team including both the team name and firm name on an advertisement -A person in the process of obtaining a real estate license advertising as a licensee

A person in the process of obtaining a real estate license advertising as a licensee **It's illegal for people to advertise themselves as licensed real estate professionals if they're not licensed.

Erin is purchasing a new house in South Carolina for $160,000. She's financing 90% of the sales price. What does the Consumer Protection Code permit in terms of prepayment penalties? -A prepayment penalty isn't permitted on any loans. -A prepayment penalty isn't permitted on Erin's loan because the loan is for $150,000 or less. -A prepayment penalty is permitted but can't be more than 2% of the prepaid amount. -A prepayment penalty is permitted if the APR on Erin's loan is 2% more than rates on conventional mortgages.

A prepayment penalty isn't permitted on Erin's loan because the loan is for $150,000 or less.

Stormy is an unlicensed individual serving on the South Carolina Real Estate Commission. She's decided to resign her position prior to the end of her term. How will her successor be decided? -A replacement will be appointed by the governor. -A replacement will be elected by a majority of members of the house and senate districts located in Stormy's congressional district. -Stormy can decide her replacement. -The remaining commission members will elect a replacement.

A replacement will be appointed by the governor. **Commission vacancies are filled in the same manner as the original position. Stormy is one of two members not active in real estate practice. These members are appointed by the governor, so replacements are also appointed.

Which of the following South Carolina license holders has completed the necessary continuing education requirements for license renewal? -A broker completed 10 hours of continuing education, and four of the hours were on advanced topics. -A broker-in-charge completed 10 hours of continuing education; four of those hours were on mandated topics. -A licensee completed 15 hours of continuing education, and three of those hours focused on mandated topics. -A salesperson completed 10 hours of continuing education, with four of those hours on mandated topics.

A salesperson completed 10 hours of continuing education, with four of those hours on mandated topics. **Salespersons and brokers must take at least four of the 10 hours on mandated topics. A broker-in-charge must also complete four hours on advanced topics as part of their 10 hours.

Alan, Jenna, and Randall have formed a team within their South Carolina brokerage. They've brainstormed a few options for their team name. Which of these would be permitted? -AJR Brokerage Services -AJR Group -AJR Real Estate Professionals -AJR Realty

AJR Group **Team names can't imply they're a different entity from the brokerage and must avoid words such as "realty," "real estate," "REALTORS®," etc.

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 team name and brokerage firm name.

Which of these is a tenant obligation in South Carolina? -Adhere to fair housing law -Allow the landlord access when a periodic service or critical repair is needed -Comply with all rules and regulations, even unreasonable ones -Use the dwelling as a business

Allow the landlord access when a periodic service or critical repair is needed **Tenants may not unreasonably withhold the landlord's right to access the premises to inspect the premises, supply services, or make repairs or upgrades. The tenant isn't providing housing, so fair housing law doesn't apply.

To which of the following transactions does the South Carolina Vacation Rental Act apply? -Angela is renting a condo in Myrtle Beach for a month for her annual summer vacation. -David is purchasing a timeshare on Hilton Head Island. -Gina and her family are staying in a hotel along the South Carolina coast for the weekend. -Mike and his family are camping for a week near Yemassee.

Angela is renting a condo in Myrtle Beach for a month for her annual summer vacation.

South Carolina licensee Barbara is house hunting in Columbia, and this time, it's for a house of her own. At what point must she first let the sellers know that she is a licensee? -At her first communication with them -At her first substantive contact with them -At or before closing -When she makes an offer on a house

At her first substantive contact with them **This disclosure must be made upon the first substantive contact with the other party, as well as in any marketing materials.

Nadine is an active real estate licensee elected to serve on the South Carolina Real Estate Commission. Seth is an unlicensed individual appointed by the governor to serve on the commission. The secretary of state certified both members on the same day. How long will each serve on the commission? -Both Nadine and Seth will serve four-year terms. -Nadine will serve a four-year term as an elected member. Seth will serve a two-year term as an appointed member. -Nadine will serve a four-year term. Seth will continue serving as long as the governor wants. -Nadine will serve a two-year term as an elected member. Seth will serve a four-year term as an appointed member.

Both Nadine and Seth will serve four-year terms. **Commission members serve four-year terms regardless of whether the member was elected or appointed. The secretary of state certifies each member's election or appointment. It's this date that serves as the start date of a member's term.

Dean, a real estate licensee, has entered into a transaction brokerage agreement with Brandy, a buyer. In this situation, Dean is a(n) ______, and Brandy is a ______.

Broker, customer

Shania is a South Carolina licensee. Where can she find which agency relationships are permitted in her brokerage? -Brokerage written policy manual -Contract law -Fair housing law -State license laws

Brokerage written policy manual **A brokerage's written policy manual should identify the types of relationships permitted in the firm, detail services available, and specify how licensees will cooperate and compensate other agents or transaction brokers.

Alfred, a South Carolina licensee, received trust funds from a client on Monday. When must he deliver the funds to his broker-in-charge?

By end of day Tuesday

Chloe's South Carolina real estate license expired 10 months ago. What's its status? -Active -Canceled -Lapsed -Revoked

Canceled **A license is considered lapsed if it has passed the expiration date without renewal. After the last day of the sixth month has passed without renewal, the licensed is considered canceled.

According to South Carolina law, buyers and sellers are defined as customers if they ______. -Choose not to establish an agency relationship with a broker -Choose to establish an agency relationship with the broker -Enter into a buyer representation agreement with a broker -Enter into a listing agreement with a broker

Choose not to establish an agency relationship with a broker **Consumers are considered customers if they haven't entered into an agency relationship with a broker. Listing and buyer representation agreements both establish agency relationships.

What's the definition of commingling?

Combining a client's funds with business or personal funds

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

Complete fee simple **Residents must hold either complete fee simple or life estate to their primary residence, among other criteria.

Daniel, a real estate licensee, has entered into a transaction brokerage agreement with Olivia, a buyer. What is Olivia's relationship to Daniel?

Customer **Transaction brokerage agreements establish a customer relationship. Daniel isn't Olivia's agent; he's merely assisting her with the transaction.

Which of the following is an example of commingling? -Depositing client funds into a broker trust fund -Depositing trust funds into a general business account -Giving trust funds to your broker -Using client funds for your personal expenses

Depositing trust funds into a general business account. **Commingling is mixing trust funds with non-trust funds. Using those funds would be conversion, another serious violation.

A South Carolina agency agreement can be viewed as a(n) ___________.

Employment contract between a client and brokerage

Records related to a real estate transaction in South Carolina must be kept, and available upon commission request, for at least ______ years.

Five **Records must be retained for at least five years and must be accessible to inspectors or the commission upon request.

Jerome signed a contract to purchase a time share, but is now having second thoughts. How long after signing the contract can he rescind without penalty?

Five days

Under South Carolina law, the landlord can begin the eviction process after the tenant is how many days late with rent?

Five days **In South Carolina, if the rent is five days late, the landlord may terminate the rental agreement, provided the landlord has provided prior written notice reserving this right. Such prior notice may be provided at any time prior to the five days, even at the beginning of the lease.

Tyrone, a South Carolina real estate licensee, just wrapped up a sale of a single-family home. How long must Tyrone's firm retain the related contracts and forms?

Five years ••Records related to a real estate transaction must be kept, and available upon commission request, for at least five years.

Which term best describes the duties a designated agent in South Carolina owes to their client? -Full -Lengthy -Limited -Restricted

Full **Dual agents provide limited duties, but designated agents can provide full duties to the clients they represent.

Which of the following individuals meets the experience requirement for a real estate broker's license in South Carolina? -Amelia was an unlicensed property management company employee for one year, an unlicensed assistant at a real estate brokerage for one year, and has been licensed as a real estate salesperson for one year. -Clayton has been a real estate salesperson for two years and is in the process of taking broker courses. -Georgina has been an active salesperson for the last three years. -Rolando received her real estate salesperson license last year and has completed 150 hours of real estate courses.

Georgina has been an active salesperson for the last three years. **Broker license applicants must have at least three years of experience engaged as an active salesperson within the last five years. These applicants must also complete 60 hours of additional education and pass an examination before applying.

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.

It informs consumers about the relationships offered by a real estate brokerage firm. **The required South Carolina disclosure information doesn't establish any kind of relationship. It simply explains to consumers the types of relationships that exist.

Which of the following is true about a South Carolina broker-in-charge's license, if an affiliated licensee commits a violation? -It's automatically revoked. -It's automatically suspended. -It's in jeopardy if it can be shown the broker-in-charge failed to supervise the licensee. -It's protected unless the broker-in-charge had foreknowledge.

It's in jeopardy if it can be shown the broker-in-charge failed to supervise the licensee. **Brokers-in-charge can be held responsible for their licensees' actions. It depends on the circumstances. A common broker-in-charge violation is failure to supervise.

Mathew is a South Carolina salesperson representing a seller on behalf of his broker-in-charge, Lanie. Kendra is a salesperson representing a buyer on behalf of her broker-in-charge, Janelle. Mathew's listing agreement provides for compensation to the buyer's agent in the transaction. Who will Kendra receive her compensation from? -Janelle -Lanie -Mathew -The seller

Janelle **Licensee compensation must be paid through the licensee's broker-in-charge. Brokers can't pay a commission for real estate services to anyone other than their own associated licensees or to another real estate broker-in-charge.

Kacey sold her house in South Carolina. At closing she provided an affidavit confirming that the home had functioning smoke detectors installed. A couple weeks after closing, the buyer discovered that the smoke detectors don't work. What's Kacey's liability in this situation? -Because the buyer didn't notify anyone of the issue within 10 days of closing, Kacey isn't liable. -If the buyer inspected the property for smoke detectors before closing, then Kacey isn't liable. -Kacey is liable for smoke detector functionality for as long as 30 days after closing, unless a written agreement between Kacey and the buyer states otherwise. -Kacey isn't liable after closing has occurred.

Kacey isn't liable after closing has occurred. **Buyers can inspect the property for smoke detector functionality before closing. At closing, sellers provide an affidavit stating smoke detectors are installed and functional. After closing, sellers are no longer liable for functionality.

Which term best describes the duties a dual agent owes to both clients? -Fiduciary -Full -Lengthy -Limited

Limited **To remain balanced and fair, licensees' dual agency duties must be limited. They can't perform actions that would put one client's interests ahead of another's.

Which of the following scenarios best describes a net listing in South Carolina? -Carmel is selling her condo for $280,000 and is offering 6% commission to the listing broker. -Jason is listing his duplex for $400,000, but reserves the right to find his own buyer and not have to pay a listing commission. -Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount. -Ralph is selling his townhome for $225,000 and paying a brokerage fee of $25,000.

Maeve wants to get at least $350,000 when she sells her property and tells her listing agent, Stan, that he can keep anything above that amount. **A net listing commission involves commission of an indeterminate amount and depends on the sales price. Net listings are illegal in several states.

What does a designated agency agreement do to the listing and buyer representation agreements a broker already has in place? -Modifies -Replaces -Revokes -Terminates

Modifies **A designated agency agreement modifies any original listing and buyer representation agreements the broker has in place. The agreement highlights what buyers and sellers should expect when agreeing to a designated agency relationship.

Which of the following is a requirement of a broker-in-charge in South Carolina? -Must be at least 25 years old -Must complete at least 180 hours of pre-licensing education -Must have an ownership interest in the brokerage and be actively engaged in its management and operations -Must have at least five years of real estate experience in the last seven years

Must have an ownership interest in the brokerage and be actively engaged in its management and operations **A South Carolina broker-in-charge must have an ownership interest in the brokerage and be actively engaged in its management and operations.

What's true of the agency relationship in transaction brokerage? -Designated agency is created in transaction brokerage. -Dual agency is created in transaction brokerage. -No agency relationship is created in transaction brokerage. -Traditional agency is created in transaction brokerage.

No agency relationship is created in transaction brokerage. **Transaction brokerage is not representation, so no agency relationship is created.

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.

No, transfers resulting from foreclosure sale are exempt. **Transfers resulting from a foreclosure sale are exempt from residential property condition disclosure requirements.

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.

No, transfers to direct descendants of one or more of the transferors are exempt. **Robbie is a descendant of Wayne and Sandy (he's their son). This type of transfer or real property does not require the residential property condition disclosure statement.

Jim would like to sell his own home. What is the minimum South Carolina real estate license he must possess?

None **Remember that in this case, Jim isn't performing real estate activities for others for compensation.

A person performing real estate activities in South Carolina under the judgment or order of a court, such as a trustee in a bankruptcy, is ______.

Not required to have a real estate license

Ned's listing agreement expires on November 5. What does he need to do to terminate this agreement?

Nothing. It automatically expires on November 5. **Listing agreements automatically expire (terminate) on the date of expiration noted in the agreement. Neither the broker nor the owner needs to take any action or notify the other.

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.

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.

You're a South Carolina licensee engaged as a transaction broker for a customer in a real estate transaction. Which of these actions can you perform for that customer? -Advocate for the customer. -Negotiate an agreeable price. -Process paperwork. -Recommend terms.

Process paperwork. **A transaction broker can perform ministerial duties, such as assisting with paperwork, but may not provide representation, advocate, or negotiate for either party.

Which of these lists includes all the protected classes recognized in South Carolina? -Race, color, religion, sex, handicap, familial status, and credit score -Race, color, religion, sex, handicap, familial status, and national origin -Race, color, religion, sex, handicap, familial status, national origin, age, and political affiliation -Race, color, religion, sex, handicap, familial status, national origin, and age

Race, color, religion, sex, handicap, familial status, and national origin **In South Carolina, it's illegal to discriminate on the basis of race, color, religion, sex, handicap (i.e., disability), familial status, or national origin when it comes to obtaining housing in the state.

Wendell once held a real estate license in South Carolina. After some mishandling of trust funds, he's prohibited from practicing real estate for the next three years, after which he can apply for a new license. Which term best describes his current license status? -Active -Lapsed -Revoked -Suspended

Revoked **Revoked describes when a license has been rescinded, usually as part of a disciplinary action. It requires the license holder to wait at least three years before applying for a new license.

Seller Brandon isn't satisfied with the service he's receiving from his listing agent, Doreen. Brandon terminates agency by ______ the agreement with Doreen. -Completing -Expiring -Extending -Revoking

Revoking

Who's responsible for completing the South Carolina Residential Property Condition Disclosure Statement? -The buyer -The home inspector -The real estate agent -The seller

Seller

In this description, which protected class is shown as a preference or discrimination? "Because of its location next to downtown (especially to the County Medical Center), Berglund Park neighborhood has been growing in population and becoming younger in age. The neighborhood's average income is lower than the citywide average, reflecting the senior housing, but this is improving as new families move into the area." -Low-income buyers are discriminated against. -Seniors are discriminated against and families are preferred. -Seniors are preferred. -Younger buyers are discriminated against.

Seniors are discriminated against and families are preferred.

What is the South Carolina Real Estate Commission authorized to do? -License appraisers and home inspectors -Regulate advertising of small home businesses -Require minimum daily work hours for all licensees -Set requirements and standards of conduct for real estate licensees, as well as enforce South Carolina's real estate laws

Set requirements and standards of conduct for real estate licensees, as well as enforce South Carolina's real estate laws

A time share unit week usually consists of ______ consecutive calendar days.

Seven **Usually, seven consecutive calendar days is a unit week, but the contract related to the time share transaction should clearly define the set time period for a unit week.

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?

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.

Brent wants to work with a real estate broker as a buyer client. How can he do this?

Sign a buyer representation agreement.

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.

Sign a listing agreement.

If a broker-in-charge becomes medically incapacitated or dies, an associated licensee may act as the broker-in-charge for up to ______ months.

Six

Licensed residents of other states can apply for a license in South Carolina, but must pass the ______.

State portion of the licensing exam **Nonresident licensees need to complete just the state portion of the licensing exam and are not required to complete 90 hours of pre-licensing if their license is current or expired less than six months ago.

Which of the following organizations promulgates the Real Estate Offer Rejection Form in South Carolina? -The Charleston Association of REALTORS® -The National Association of REALTORS® -The South Carolina Association of REALTORS® -The South Carolina Real Estate Commission

The South Carolina Real Estate Commission **In South Carolina, the real estate commission-promulgated Real Estate Offer Rejection Form must be presented to the buyer only when the seller outright rejects an offer without countering it.

After being evicted for late payment, under South Carolina law, what action might the landlord legally take if the tenant left belongings behind? -After 15 days, the landlord may enter the property and dispose of personal property. -The landlord can place the tenant's belongings on the curb and have them removed by the local trash haulers 48 hours after eviction. -The landlord is required under law to keep the tenant's items until claimed. -The landlord must call the local authorities for disposal.

The landlord can place the tenant's belongings on the curb and have them removed by the local trash haulers 48 hours after eviction. **The landlord may place an evicted tenant's personal possessions by a public street or highway, and have them removed by the trash haulers on their scheduled run, or remove them for disposal 48 hours post-eviction.

Who regulates the sale of time shares? -City officials -The attorney general -The governor -The real estate commission

The real estate commission

Under the South Carolina Fair Housing Law, there's a fair housing exemption for ______.

The restriction of all rooms in a housing accommodation (e.g., a dormitory) to individuals of the same sex **In South Carolina, single-sex housing accommodations (such as dormitories) are exempt from fair housing law.

Which of the following best describes a net listing in South Carolina? -The seller and agent agree to split the profit from the proceeds of the sale. -The seller reserves the right to sell the property and not have to pay a commission. -The seller specifies a price desired for the property and agrees to pay the broker any amount received more than that price. -The seller works with many agents, and only the agent who procures the buyer is owed a commission.

The seller specifies a price desired for the property and agrees to pay the broker any amount received more than that price. **A net listing means the seller is holding out for a specific price; the amount of commission to be paid to the listing agent depends on the price the seller receives.

According to South Carolina's Residential Landlord and Tenant Act, what's the largest amount a landlord can require for a security deposit?

There's no limit **No limit is specified for security deposits, but one month's rent is common.

Licensee Lance has signed a written brokerage agreement with seller Daisy. He's responsible for helping Daisy complete her paperwork and submitting offers and counter-offers to and from her, but he's not considered her advocate, and he doesn't owe her any fiduciary duties. Based on this, you know he's acting as a(n) ______. -Dual agent -Seller's agent -Sub-agent -Transaction broker

Transaction broker **A transaction broker doesn't owe any fiduciary duties—including loyalty—to the customer with whom he's working. His job is to be neutral and simply complete the duties of his contract with the customer.

How many members of the South Carolina Real Estate Commission aren't active real estate professionals?

Two

Which South Carolina legislation laid the ground rules for creating binding contracts electronically? -Electronic Contract Transmission Act -Electronic Transaction Transmission Act -Uniform Electronic Transactions Act -Universal Electronic Transactions Act

Uniform Electronic Transactions Act

What type of liability is a broker in charge in South Carolina subject to? -Dual -Joint -Several -Vicarious

Vicarious **A broker in charge is vicariously liable for the licensees he supervises. If a licensee performs an act that the broker in charge is unaware of, the broker in charge is held just as liable as the licensee who performed the act.

When must a South Carolina licensee notify the commission of a felony conviction?

Within 10 days of notification of the conviction

Toby owns a single-family manufactured home in South Carolina that's occupied by a tenant. Is this property subject to South Carolina smoke detector laws? -No, manufactured homes aren't subject to smoke detector laws in the -state. -No, tenant-occupied properties aren't subject to smoke detector laws in the state. -Yes, all one- and two-family residential properties are subject to smoke detector laws in the state. -Yes, all residential dwellings of any type and size are subject to smoke detector laws in the state.

Yes, all one- and two-family residential properties are subject to smoke detector laws in the state. **South Carolina law requires smoke detectors be installed in all one- and two-family residential properties, including manufactured homes, regardless of whether the property is owner- or tenant-occupied.

Sari, a licensee for Tynan Realty, is placing a listing ad in the Presbyterian Outlook. Is this a potential fair housing violation? -No, because Sari and the sellers are Presbyterian. -No, because the seller requested it. -Yes, because she can't place an ad in religious publications. -Yes, unless she also places the ad in publications that reach a broader market.

Yes, unless she also places the ad in publications that reach a broader market.