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Quiz on Real Estate Practice Exam, created by cchapinb on 11/07/2015.

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Real Estate Practice Exam

Real Estate Practice Exam

Question 1 of 25

1

When a real estate licensee owns personal rental properties security deposits must be placed in a trust account.

Select one of the following:

  • True
  • False

Explanation

Question 2 of 25

1

Licensees can be disciplined for failure to disclose all of the following except:

Select one of the following:

  • Material facts that should have been known to the agent

  • The presence of a registered sex offender in the area

  • Any off-site condition that materially impacts the property

  • Making an intentional misrepresentation when directly asked

Explanation

Question 3 of 25

1

Fiduciary duties include all of the following except;

Select one of the following:

  • Accounting

  • Loyalty

  • Blockbusting

  • Disclosure

Explanation

Question 4 of 25

1

Disciplinary actions the Real Estate Commission can impose include all of the following except:

Select one of the following:

  • Fines not less that $100.00 or more than $1,000.00 per violation

  • Indefinite suspension of license

  • Fines of not more than $500.00, and or six months in jail

  • Fine of not more than $1,000.00, revocation of license for not less than one year

Explanation

Question 5 of 25

1

All of the following are protected under the Fair Housing Act except:

Select one of the following:

  • Race

  • Handicap

  • Age

  • Religion

Explanation

Question 6 of 25

1

According to the law of Agency a customer in entitled to:

Select one of the following:

  • Disclosure of all facts about the transaction and other parties to the transaction

  • Obedience of the Property Manager to instructions

  • Confidentiality in lease negotiations

  • Honesty, and accurate information in negotiations

Explanation

Question 7 of 25

1

To be a Property Manager one must be at least __________ years of age.

Select one of the following:

  • 18

  • 21

  • 23

  • 19

Explanation

Question 8 of 25

1

A PMIC must be at least ________ years old:

Select one of the following:

  • 21

  • 18

  • 19

  • 23

Explanation

Question 9 of 25

1

A PMIC must complete how many hours of instruction and pass an exam administered by the Real Estate Commission?

Select one of the following:

  • 60

  • 90

  • 30

  • 45

Explanation

Question 10 of 25

1

To be a PMIC an individual must meet which of the following requirements:

Select one of the following:

  • Be owner of the company

  • Or be engaged in the day to day management of the business

  • A or B

  • Both A & B

Explanation

Question 11 of 25

1

A property has a gross potential income of $155,000.00, an average vacancy rate of 6%, and annual operating expenses of $43,250. The property is for sale for $1,205,900.00. What is the capitalization rate?

Select one of the following:

  • 8.5%

  • 9%

  • 12.5%

  • 8.3%

Explanation

Question 12 of 25

1

PMIC Smith does not have the funds to pay his office property taxes. He decides to use money from his trust account to pay the bill. This is an example of:

Select one of the following:

  • Borrowing

  • Conversion

  • Commingling

  • Fraud

Explanation

Question 13 of 25

1

An unlicensed leasing assistant can do all of the following except:

Select one of the following:

  • Collect rents made payable to the owner of the company

  • Provide forms and applications

  • Showing units to prospective tenants

  • Set terms and conditions for the leasing of units

Explanation

Question 14 of 25

1

PM John rents to minorities but places them in units segregated from his white tenants. This is an example of:

Select one of the following:

  • Blockbusting

  • Steering

  • Redlining

  • None of the above

Explanation

Question 15 of 25

1

The 1968 Fair Housing Law prohibits all of the following except:

Select one of the following:

  • Discrimination in financing by financial institutions because of protected class status of applicants

  • Zoning laws making it difficult for protected class members to live in a specific area.

  • Blockbusting

  • Failing to rent to an applicant under 18 years of age

Explanation

Question 16 of 25

1

The law enforcement agency for Federal Fair Housing Act is:

Select one of the following:

  • EPA

  • HUD

  • DHEC

  • Dept. of Justice

Explanation

Question 17 of 25

1

Owners of single family homes and buildings with up to four units may require a handicapped person to:

Select one of the following:

  • Pay an additional deposit to ensure that the unit is restored to its original condition when the lease is over

  • Pay increased rent to cover the expenses of preparing the unit for him/her.

  • Neither A or B

  • Both A & B

Explanation

Question 18 of 25

1

The SC Real Estate Commission can get involved with a brokerage's activities EXCEPT:

Select one of the following:

  • Its own initiative

  • Commission disputes

  • The director has reason to believe a licensee is incompetent to be in the real estate business

  • A written complaint by a disgruntled citizen

Explanation

Question 19 of 25

1

Which of the following actions is legal under license law:

Select one of the following:

  • Rejecting an applicant because they are Catholic

  • Placing an ad in a newspaper before signing a management agreement

  • Not renting to a family because they have children

  • Collecting a finder's fee from a prospective tenant

Explanation

Question 20 of 25

1

The most important task of a PM is to:

Select one of the following:

  • Identify the owner's objective

  • Identify tenant requirements

  • Negotiate the commission

  • Have the property appraised

Explanation

Question 21 of 25

1

The Sherman-Clayton Anti-trust Act prohibits all of the following except:

Select one of the following:

  • Price fixing

  • Allocation of markets

  • Allocation of customers

  • Preventing customers from choosing who to use as a PM

Explanation

Question 22 of 25

1

Security deposits must be returned to a tenant within __________ days

Select one of the following:

  • 45 days

  • 30 days

  • 60 days

  • 90 days

Explanation

Question 23 of 25

1

If a landlord wants to terminate the week-to-week rental he/she must give _______ days

Select one of the following:

  • 30 days

  • 15 days

  • 7 days

  • 10 days

Explanation

Question 24 of 25

1

Which of the following is not a leasehold estate:

Select one of the following:

  • Tenancy at will

  • Tenancy in common

  • Tenancy at sufferance

  • Periodic Tenancy

Explanation

Question 25 of 25

1

Once notified by the tenant that a smoke detector is not working, the landlord has _______ days to replace or repair the detector:

Select one of the following:

  • 15

  • 10

  • 14

  • 21

Explanation

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