State Portion
What type of tax relief is available under the SC homestead act for a person over age of 65?
$50,000 reduction in tax-appraised value
penalty if unlicensed person sells relative property for a fee?
$500 fine, 6 months in jail, or both
Landlord has ______ to respond to service or repair requests
14 days
If a tenants whereabouts are unknown, how long must the landlord wait before declaring abandonment?
15 days
A salesperson must complete which of the following courses to renew license?
2 hours of law update, and 6 hours of core/elective
In SC, if a landlord wants to terminate a month to month tenancy, how much notice is needed?
30 days
Security deposits must be returned to the tenant within
30 days
Personal checks for earnest money received by a broker on behalf of his or her principal must be deposited in an escrow account or trust account within
48 hours of after acceptance of the offer
Cash received as earnest money for a contract of sale must be deposited in a trust account by the BIC within
48 hours of receipt, excluding saturdays, sundays, and bank holidays
In SC, the landlord may terminate the rental agreement if a tenant fails to pay rent within how many days of the scheduled date?
5 days
How long do you have to cancel a time share purchase
5 days right of rescission
Leases and management agreements must be maintained by a BIC for
5 years
A housing discrimination charge must be filed with the SC human affairs commission within
6 months
under SC law, who is exempt from continuing education requirements for license renewal
65 years of age or older and been in real estate business for 25 years
The SCREC is comprised of
9 members, 6 of whom are from each congressional district
Homestead exemption
Homestead is parcel of property owned and occupied as a family home. Protects family against eviction by general creditors. reserves certain amount of money in the event of court ordered sale.
All are exempt from provisions of SC license act except
INDIVIDUAL WHO RECIEVES COMPENSATION FOR PROCURING PROSPECTIVE BUYERS OR RENTERS OF REAL ESTATE individual employed as a resident maintenance person property owner who sells or leases his or her own property resident lessee who works as an office secretary two days a week
What date to real estate salespersons licenses expire?
June 30 every 2 years
All are true regarding SCREC except,
MEMBER OF THE COMMISSION ARE SELECTED BY THE STATE ASSOCIATION OF REALTORS commission makes and enforces the rules by which all licensees must abide examinations are administered by independent testing company, not commission operation of commissions activities is administered by an official specifically hired for that purpose
What legal recourse does an individual have if discriminated against in SC?
file complain within 180 days to SC human affairs commission
A broker who wishes to place a for sale sign on a listed property must first
get permission from the owner
Upon obtaining a listing, a broker or licensed salesperson is obligated to
give the person or persons signing the listing a legible, signed, true, and correct copy
Multiple listing
group of brokerage firms in an area agree to pool and share their listings. If property is sold, the seller pays the listing broker only, regardless of who secures the buyer
To renew a license, a salesperson must
have completed 8 hours of continuing education in the last 2 years
In SC, the following are requirements for obtaining a brokers license except
having successfully completed 150 hours of approved real estate courses being at least 21 being of good moral character ACTIVEL ENGAGED AS SALESPERSON FOR 5 YEARS
A SC real estate salesperson may lawfully collect compensation from
his/her employing broker only
All listing agreements, buyer agency agreements and property management agreements must be
in writing
Buyer brokerage contact in SC must be
in writing to be enforceable
A nonresident license applicant must file with the SC real estate commission a/an
irrevocable consent to suits and actions
Bic of a real estate company becomes mentally incapacitated, what is the status of company?
it may continue to operate under an associate licensee for up to 6 months with commission approval
The SC real estate commission may investigate a licensee for all of the following except
its own initiative WRITTEN COMPLAINT ABOUT COMMISSION licensee unfit to practice written complaint from customer
Every SC real estate office is required to
maintain escrow account records for 5 years
The SC real estate commission has the authority to
make and enforce rules by which all real estate licenses must abide
Offer is not accepted until the person
making the offer has been notified of the other party's acceptance
A real estate license is required for for
managing real estate selling real estate collecting rent for the use of real estate
Which is correct regarding an applicant for broker in charge?
may be exempt by the commission from education requirements, must be 21, and have 3 years experience
A person licensed as a property manager
may be licensed with a BIC or property manager in charge
A real estate licensee who wishes to also become a property manager
may manage property with real estate license with approval of the BIC
In SC, an office/company policy
must contain a policy on fair housing
When advertising real property, real estate licensees
must indicate that the ads were placed in name of the real estate company
Void
no legal force or effect...does not contain essential elements of a contract
In listing agreements, which could result in the suspension or revocation of a persons real estate license?
no specified termination date
termination of contracts
non performance mutual agreement operation of law rescission accord and satisfaction statute of limitations has expired assignment novation
A licensee on inactive status may
not conduct real estate activities
Exclusive right to sell
one broker is sole agent of the seller. Owner must pay commission regardless of who sells property SAFEST
Real estate company only needs
one escrow account
Exclusive agency
only one brokerage is hired to sell, seller retains right to sell property and not pay a commission. Listing broker gets commission if another broker sells it
As a condition of salesperson licensure, an applicant must
pass the state licensing exam within 5 years of the provisional licensing course
Budget Mortgage (PITI)
payments include insurance and taxes as well as principal and interest. taxes and insurance are prorated and placed in escrow account
If a licensee pays renewal fee but has not fulfilled the mandatory continuing education, the SCREC will
place license on inactive status until education requirements are completed
Oral contract of sale is
unenforceable
An option is
unilateral until exercised
After revocation of a license, a new license may not be issued
until proof is submitted of trustworthiness and honesty
How long must a landlord wait before raising rent to reflect rise in property taxes?
until the lease expires
Voidable
valid, but may be rejected later in court of law by one of the parties. (minor)
unenforceable
valid, but neither party can sue to force performance (oral contact)
contract with a minor is
valid, but voidable
A buyer broker delivers an offer to purchase and an earnest money check to the listing broker. The seller of the property will no be able to see the offer for a week. When must the listing broker deposit the earnest money check into the escrow account?
within 48 hours of ratification excluding sat, sun, bank holiday
If a broker establishes an account to hold money belonging to others, which of the following is correct?
All checks, deposit slips, and bank statements must include the word "escrow" or "trust" as part of the accounting name.
elements of a real estate contract
Competent parties of legal age Offer and Acceptance Consideration Legal description Legality of purpose
IN SC, application for any real estate license must
be completed before taking the written exam
All of the following appear in a written listing agreement EXCEPT
PROVISION REQUIRING THE SELLER TO NOTIFY THE AGENT OF CANCELLATION AFTER AXPIRATION adequate description of property being sold time duration of listing proposed sales price of listing
In SC, which of the following would need to be a licensed real estate broker
Person who employs fewer than 3 agents
In SC, which of the following activities regarding security deposits may result in legal penalties to landlord?
Retaining security deposit until tenant gives a forwarding address
In SC, real estate license law is administered by
SC Real Estate Comission
5 types of agencies recognized in SC
Sellers, buyers, disclosed dual, disclosed designated, sub-agency
In SC, a BIC may
be in charge of more than one office with commission approval
Executory contract
a contract has not yet been fulfilled
The purpose of the agency disclosure form in SC is to
acknowledge licensee representation in a transaction
Market price
actual selling price
Valid
all essential elements are met and the contract is binding and enforceable
Executed contract
all parties have fulfilled promises
Offers in SC must include
all terms, with exception of closing date
under SC law, all the following disclosures must be included in a listing contract EXCEPT
amount of compensation agents duties compensation to cooperating brokers SELLERS NET RETURN
Under SC law, which of the following needs to be licensed
an auctioneer who auctions farm land
A licensee with a provisional license must fulfill post-licensing education requirements
anytime within 12 months of receiving provisional license
Market value
appraisers estimate of value
Commissions earned by a broker in a real estate sales transaction
are determined by agreement of the broker and his or her principal
A brokerage's relationship with a client or customer must be determined
at the time of the first substantial contact
If engaged in real estate activities, which of the following persons are exempt from the real estate licensing program
attorneys at law if within scope of duties of client
All of the following are true of non resident licensees EXCEPT that they must
be licensed as a broker or salesperson in some state be licensed under a broker in charge with a SC license TAKE ALL EDUCATION COURSE REQUIREMENTS IN SC notify commission in writing within 60 days of becoming a SC resident
Statute of frauds requires that contracts
be written and signed to be enforceable
Sales person must inform owner they are a licensee
before making an offer
A real estate licensee must give the agency disclosure form to prospective purchasers
before they are shown any properties
A broker may have his or her license suspended or revoked for all of the following except
being declared mentally incompetent depositing earnest money into the firm's escrow account paying commission to an unlicensed person COERCING A PURCHASER TO CHOOSE A PARTICULAR INSURANCE AGENT
For a SC licensee to remain on inactive status
biennial fees must be paid
In SC, licenses are renewed
biennially, on june 30
If a broker tells a lender that the sales price on a property is something above its actually sales price, the
broker can lose his or her license and be fined and imprisoned
A buyer becomes a client of a broker at the time the
buyer agency agreement is signed by both the buyer and the broker
A licensee who wishes to manage condominiums
can have a provisional real estate license
Implied agency
contract or agency is demonstrated by actions of parties
RESPA
created to insure buyer and seller in real estate transaction are aware of all settlement costs.
A broker received an earnest deposit from a buyer. In SC, broker should
deposit the money into an existing escrow account in which all earnest money received from buyers may be held at the same time
An 11 month oral lease is
enforceable
A person must be licensed as a real estate broker or salesperson if that person is
engaging in the real estate business
Contracts are not binding if they are
entered into orally
Sherman anti trust act prohibits
price fixing allocation of customers or markets (brokers work in certain areas/ divide markets by price range) collusion/group boycotting: brokers gang up on a company or refuse to cooperate with particular companies tie-in arrangements: lowering commission or fee only if the payor purchases a different product or service as well
Placing a for sale sign on a property is
prohibited without a signed listing agreement
ECOA
prohibits lenders from discriminating against credit applicants based on Age race color religion national origin sex public assistance marital status
mortgage note must include
promise to repay stated amount to be repaid, interest period of time of the debt identification of payee pay to the order of signature of all parties
A registration of each time share sold must be filed with the SC
real estate commission
Regulation Z
requires credit institutions to inform borrowers of the true cost of obtaining credit for personal, family, or household uses and the amount of credit is $25,000 or less
An applicant for a real estate license must
respond within 60 days to the commission if notified of unsatisfactory credit
Open listing
seller finds buyer, no commission paid
the SC fair housing law provides protections from discrimination for all of the following except
sex religion national origin AGE
Which of the following are not necessary for a listing broker to be entitled to a commission?
signed listing agreement ready, willing, able buyer, legally competent seller CONTRACT OF SALE BETWEEN SELLER AND PURCHASER
Required to obtain SC real estate salespersons license
successful completion of a state approved real estate course of 60 classroom hours
Expressed agency
terms and conditions of contract are discusses orally or in writing.
Broker must ensure that each buyer is given a copy of
the agency disclosure form
When a licensed broker changes his or her place of business
the broker must notify the SCREC within 10 days
The body that regulates the activities of time-share sales in SC is
the real estate commission
A licensee allows his of her license to expire has how long to reinstate the license without monetary penalty?
there is no free time