Under the SC Fair Housing Act, an aggreived person may file a complaint directly with:
The US Civil Rights Agency
South Carolina Human Affairs Commission
South Carolina Real Estate Commission
Consumer Affairs Agency
When could a salesman legally act as a broker in charge?
When the BIC dies and the Commission appoints them for up to 6 months
When a broker leaves the company and the Real Estate Commission allows them to for up to 120 days
Within 90 days of passing the brokers exam
When they are the owner of the office and the broker dies
Each timesharing firm must:
Register with the Real Estate Commission
Have a broker-in-charge
Maintain at least one escrow or trust account
All of the above
When a landlord refuses to keep the property in habitable condition and the tenant moves out, this is called:
Actual eviction
Ejectment
Constructive eviction
Surrender and acceptance
The law which requires creditors to disclose certain information received from credit bureaus which contribute to the denial of credit is:
Fair Credit Reporting Act
Civil Rights Act
Equal Credit Opportunity Act
Sherman-Clayton act
If a group of real estate brokers create a "fee schedule" of commission rates that all broker must adhere to, they would be violating the:
Sherman Anti-Trust Act
Code of Ethics
South Carolina Commission Act
Uniform Commercial Code Act
The South Carolina Real Estate Commission may:
Suspend, revoke, or cancel any license it issues
Imprison a violator of the license laws
Both fine and imprison a violator of license laws
Not take any action if a licensee lets them know up front of a violation
An unlicensed secretary of a broker-in-charge may:
Sell property if it is done under the broker's direct supervision
Refer interested clients and customers to the broker or other licensed individuals in the office
Sell or negotiate deals as long as it is done in the office
Show property as long as price is not discussed
The primary purpose of the South Carolina Real Estate Commission is to:
Collect fees and issue licenses
Issue licenses through police power
Protect the public through police power
Protect citizens in the real estate business
The powers of the South Carolina Real Estate Commission do not include:
Arbitrating disputes among licensees
Examining applicants
Promulgating regulations governing the real estate business
Issuing licenses
As a real estate salesperson you receive an earnest money deposit. You should:
Give it to the seller at once
Turn it over to your broker at once
Hand deliver it to the closing attorney
Hold it for safe keeping until closing
The authority to enforce real estate license laws is granted by the:
Real Estate Commission
Local governments
Legislature
Governor
Which of the following is not a requirement for a real estate license?
Minimum education
Pass license education
Minimum age
Some creditable experience
Before a timesharing project can be sold, it must be registered with:
HUD
SC Real Estate Commission
US Securities Commission
Safe Harbor
The purpose of the Real Estate Commission is to:
Establish and maintain ethical conduct standards
Protect the public from unqualified RE salespeople
Keeping up with licensing standards through continuing education
Establish laws to protect the public
What must an agent who wishes to transfer her license do?
Take her license to the new broker who hangs it on the wall
Send in her old license and wait for the commission to reissue a new license or transfer online
Notify the commission in writing within 15 days
Get approval in writing before going to work, from the old broker, new broker, and the agent must sign
The license of a salesperson or broker expires biennially:
At the end of the fiscal year, June 30
9 months from date of issue
12 months from date of issue
15 months from date of issue
A broker receives a 50,000 earnest money deposit. At the closing, the seller demands that the broker turn the 50,000 over to the closing attorney, which advising the broker that he is not going to pay the commission. The broker should:
Withhold the commission before he turns the money over the closing attorney
Release the money to the closing attorney and sue the seller for the commission if necessary
Instruct the attorney not to close the transaction due to fraud
File a complain with the Real Estate Commission
A broker receiving a deposit from a purchaser should:
Give it to the owner
Deposit it immediately in the general office checking account
Deposit it in the broker's trust account at the bank
Deposit it into his/her personal account
A real estate salesperson may lawfully accept an extra commission in a very difficult sale directly from:
Her broker in charge
An appreciative seller
A thankful buyer
The Truth in Lending Act, implemented by Regulation Z, was passed by Congress in order to:
Insure that both the seller and buyer are made aware of closing costs in a real estate transaction
Make sure that borrowers tell the lending institutions the truth when they apply for mortgage money
Make more residential property affordable to the masses
More clearly disclose the costs of borrowing to potential debtors and give them an opportunity to compare such costs with various lenders
Certificates issued by real estate schools are good for:
15 months
An indefinite period of time
1 year
5 years
The South Carolina Residential Landlord Tenant Act states that a ___ day unexplained absence of the tenant, with non-payment of rent is considered abandonment.
10
15
5
30
Concerning security deposits, the South Carolina Residential Landlord Tenant Act states:
Security deposits must be returned in full at the end of every lease within 30 days after expiration
If there is a security deposit, the landlord must account for this security deposit within 30 days of lease termination and if any deductions are made from the security deposit, such deductions must be itemized
Security deposits shall be no more than one month's rent and must be returned to the lessee within 15 days of lease termination
Security deposits must be returned to the tenant within 5 days of lease termination and if deductions are made such deductions must be itemized
You must be employed by which of the following to be licensed:
A seller
A principal
A broker
A client
Cathy and William hold property as co-owners in South Carolina. They want to build a boat dock going out onto the lake in front of their house. The process they must go through would most likely be:
Apply to the Navy Corps of Engineers
Go through the channels of court
Get a permit from the Office of Coastal Resource Management (OCRM)
As Cathy and Williams are tenant in common, they do not have to have the other's permission
An agency relationship created with a seller would be required to have:
Legal description of the property, sales price, signature of vendee and date of signing
Personal property listed in the agreement, so that there is no question about what stays and goes
Written terms and conditions, signatures, commission, and dates
Any material facts that the vendor knows of and property disclosure statement
Under the SC Consumer Protection Act, which of the following applies:
Regulation Z
Selecting insurance agent, limiting maximum interest rates on written real estate loans, copy of closing statement
Protects mortgagees
Buyers selecting their attorney, no prepayment penalty on loans of less than $240,000, meaningful disclosure
A real estate license is not required by:
Broker in charge of a branch office
Real estate broker's assistant who negotiates contracts only
The personal representative of a testator acting under a court order
A real estate salesperson showing a for-sale-by-owner property
Information gathered when the agent lists property should include data on:
Current property tax assessments
Seller's motivation
Racial makeup of the neighborhood
Any past murder or suicide on the property
Estates are created, and title to real property may be acquired, in many ways. One is the gradual, imperceptible accumulation of land to that of a property owner by the action of water through natural causes. This is called
Dedication
Avulsion
Erosion
Accretion
When title is acquired by entering into actual physical possession of the land of another and remaining on it exclusively, openly, and notoriously for a time period stipulated by statute, it is known as
Adverse possession
Prescription
Original entry
Estoppel
Accumulation of land when it is added by gradual deposits of soil which extend the bank of a stream is called
Alluvion
Reliction
The transfer of private property to the public, without consideration, to be used for public purposes without limitation to restricted groups is called
Condemnation
Reservation
Eminent domain
The gradual and imperceptible increase of land caused by the receding of water is a form of accretion called
When real property is being transferred by will, this transfer is often called a
Remise
Devise
Demise
Bequest
In South Carolina, the person named in a will or appointed by the Court to settle the estate of the deceased is called
Executor
Executrix
Administrator
Personal representative
The sudden, perceptible removal of land is
Regulations which cities, towns, and countries have a right to pass to restrict the use of certain land areas are known as
Subdivision regulations
Zoning laws
Deed restrictions
An exception to an existing zoning ordinance is called
Nonconforming use
Variance
Spot Zoning
When existing structures are allowed to continue in use after the area has been zoned for a different use, it is referred to as
Variances
Police power
When a different zoning status is applied to a certain property from that given to surrounding properties, it is called
Zoning ordinances
A law, regulation, or rule passed by a municipality, especially in dealing with zoning, is called a/an
Ordinance
Building code
Subdivision Regulation
The right of government to take private land for public purpose, upon just compensation to the owner, is called
Escheat
The procedure in which the government takes private land for public purposes is called
Real property tax is a/an ____________________ tax
special assessment
ad valorem
federal
indirect
Charges made upon specific real property which has been benefited by a betterment are called
Special assessments
Indirect taxes
State taxes
Ad valorem taxes
Property taxes are a/an _____________ against the property taxed and become so automatically.
First lien
Prior lien
Assessment ratio
Capital gain tax
_______________ is the return of real or personal property to the state when an owner dies without either a will or legal heirs.
Profit a prendre
License
Illegal infringement upon the property of another is called
Encroachment
Encumberance
A/an _____________ is a right given by a property owner to use his/her land for a particular purpose.
Easement
Encumbrance
A/an _____________ is one's right of limited use over the land of another.
An easement in the servient estate for the benefit of the dominant estate is called a/an
Easement appurtenant
Easement in gross
An easement which has a servient estate but not a dominant estate is a/an
Mere license
A/an ______________ is the right to take something from the land of another.
A creditor's right to have a claim satisfied out of another's property is called a/an
Attachment
Judgement
Lien
A notice that a suit is pending is called a/an
Lis pendens
Lis alibi pendens
Lis mota
Litem suam facere
Most liens take priority based on the time and date of recording in the public records. The one type of lien that will be a first lien regardless of recording dates is a/an
federal tax lien
ad valorem tax lien
state tax lien
mechanic's lien
A lien granted to someone who performs labor on real property or furnishes material for the improvement of the property is known as
improvement lien
adverse property lien
property debt lien
Restrictive covenants, rights of way, and easements are types of encumbrances. How could they diminish the value of a property?
They cause the property to have no benefits whatsoever.
Any of them prevent the owner from using the property in any manner he/she deems.
These encumbrances cause the property to not have a highest and best use.
Any of these encumbrances are deemed to be undesirable by the typical purchaser and have less value.
