Disputed trust funds can be disbursed in the following way
verbal agreement between the parties
broker interprets contract and writes check
written agreement between the parties
following buyer client's instructions as to disbursement
Security deposits received in the agent's personal rental transaction are not required to be deposited in a trust account.
No cause of action may arise against a licensee for failure to disclose
material facts that should have been known by the agent
the location of any registered sex offender
any offsite condition that materially impacts the property being transferred
the fact that the road is set to be widened to four lanes in the next year
A licensee can be disciplined for
telling his/her client about stigmatizations
disclosing stigmatizations in response to a direct inquiry
disclosing material facts that appeared in an inspection report
making an intentional misrepresentation in response to a direct inquiry
The services you must give to a customer do not include
confidentiality
accounting for money and property received
providing a meaningful explanation of agency relationships
providing an explanation of the scope of services to be provided
A licensee who receives compensation in a real estate transaction from more than one party can be disciplined unless the fee is accepted with the full knowledge and written consent of all parties.
In South Carolina, real estate license law is administered by the
South Carolina Human Affairs Commission
South Carolina Real Estate Commission
South Carolina Association of Realtors
Department of Housing and Urban Development
All of the following are protected classes under the Fair Housing Laws EXCEPT
race
handicap
value
national origin
The duties and powers of the SC Real Estate Commission include all of the following EXCEPT
promulgating regulations to protect the public
conducting disciplinary hearings
determining the standards for licensure
conducting investigations of a real estate office based on an irate phone call
The SC Real Estate Commission may investigate for all of the following reasons EXCEPT
its own initiative
a written complaint submitted by an agent about a cooperative commission arrangement
the director has reason to believe that a licensee is unfit to practice
a written complaint submitted by a disgruntled customer
The SC Real Estate Commission has the authority to
make and enforce the rules by which all licensees must abide
compose the examination questions on the state exam
administer the exams given at the testing sites
enact the laws that govern real estate licensees
A broker is convicted on May 1st of possession and distribution of a controlled substance. Both the crime and the conviction took place out of state. On June 15, the broker calls the SC Real Estate Commission and leaves a message informing them of the conviction. Based on these facts, which of the following is TRUE?
the broker has properly informed the SC Real Estate Commission within 60 days after the conviction, and the broker's license may be renewed.
both the conviction and the broker's failure to notify the SC Real Estate Commission with 10 days violate the Commission regulations
because the conviction did not occur in state, it is not evidence of unworthy conduct
the conviction is evidence of both improper dealing and fraud
An agent's license renewal fee has been returned for insufficient funds. The SC Real Estate Commission
may take disciplinary action against the licensee
must allow the licensee a grace period of 30 days to pay the fee
may require the BIC to pay the renewal fee
must cancel the license immediately
A licensee may have a license revoked by the SC Real Estate Commission if the licensee
has been arrested for drugs
fails to mention a murder on a property to a potential buyer
pays a clerk to type up contracts
fails to inform the tenant that the security deposit will be held by the owner of the property, not the management company
The SC Fair Housing Law provides protection from discrimination for all of the following classes EXCEPT
sex
creed
age
A housing discrimination charge must be filed with the SC Human Affairs Commission within
6 months
1 year
2 years
30 days
All of the following may be grounds for disciplinary action by the SC Real Estate Commission EXCEPT
inducing a party to break a contract
interfering with the agency relationship of another agent and client
conviction of violating state fair housing laws
failure to disclose the death of a seller due to cancer
Which of the following activities does NOT require a real estate or property management license in SC?
approving applications of leases
negotiating fees
conducting an open house
being paid a salary to manage an agent's marketing campaign
In SC, applications for any real estate license must
be completed before taking the written exam
contain a picture of the applicant
be made before May 31st of each year
be accompanied by a sworn statement attesting to the applicant's character
A licensee on inactive status may
receive compensation for referrals
work as a part-time assistant showing houses
not conduct real estate activities
work as a leasing agent at a property management company
Which of the following is correct regarding an applicant for broker-in-charge?
must be at least 25 years of age
must have been licensed as a salesperson for at least five years as a salesperson
may be exempt by the SC Real Estate Commission from the education requirements
may substitute the property manager-in-charge license for the broker-in-charge license
A real estate licensee who wishes to also become a property manager
may also apply for a property manager's license
must first acquire a broker's license
must attend a 30 hour property management course
may manage property with a real estate license
When a licensed broker-in-charge changes his or her place of business,
a new license will be issued by the SC Real Estate Commission immediately
the broker-in-charge must notify the SC Real Estate Commission within 10 days
a new license will be issued for a full term
the broker-in-charge's new address must be approved by the SC Real Estate Commission
In SC, licenses are renewed
annually, in the month issued
every two years in the month of the licensee's birthday
on December 30th of each even-numbered year
biennially, on June 30th of each even-numbered year
A broker-in-charge intends to open a branch office in a neighboring town. The Broker-in-charge applies for a branch office license, giving a name that clearly identifies its relationship with his main office. The BIC names a licensed real estate salesperson as the branch office manager. Under these facts, could the BIC receive approval for the branch office?
Yes, the BIC has fully complied with the requirements
No, under the license, brokers cannot be in charge of branch offices in more than one municipality
Yes, by naming the salesperson as the branch's manager, the BIC is in compliance with the requirement that a broker may be in direct operational control of only one office or branch.
Yes, if the SC Real Estate Commission approves one broker acting as BIC of two offices
In SC, an unlicensed real estate assistant may perform all of the following activities EXCEPT
compute commission checks
answer questions about advertising
hold an open house
prepare and distribute flyers and promotional materials
The office manager for a local real estate firm is responsible for the following activities: coordinating the flow of paperwork through the office, preparing forms and advertising copy, and hiring and supervising clerical personnel. The office manager is
violating the license law
required to have a brokers license
required to have a salesperson's license
exempt from real estate licensing requirements
In SC, the following are requirements for obtaining a broker's license EXCEPT
having successfully completed 150 hours of approved real estate courses
being at least 21 years of age
having been actively engaged as a licensed salesperson for at least 5 years
being of good moral character
Regarding licensing and duties of personal real estate assistants in SC, they
must be licensed
may insert factual information into form contracts under the employing broker's supervision and approval
may show houses for their supervising broker
must be unlicensed individuals, licensees must either be salespeople or associate brokers
In SC, which of the following would need to be a licensed real estate BIC?
person who employs fewer than 3 agents
Son acting under a power of attorney to convey real estate
Owner of a duplex
Partnership selling a building owned by the partners
A real estate license is required for all of the following EXCEPT
managing real estate
reselling a personal mobile home
selling real estate
collecting rent for the use of real estate
A person must be licensed as a real estate broker or salesperson if that person is
selling his or her house
buying a house for his or her personal use
engaging in the real estate business
constructing houses
An applicant for a real estate license in SC must
have completed at least 2 years of college
be at least 21 years old
submit to a credit check
show proof of passing the license exam any time up to 6 months prior to the application
Under SC law, which of the following needs to be licensed?
the owner of a 30 unit apartment building
an employee of the State Housing Authority
a man who has been appointed the trustee of an estate
an auctioneer who auctions farm land
A BIC fails to renew her license by June 30th but continues to engage in real estate transactions. What penalties could be incurred?
none, because the license remains active if the renewal and penalties are all paid within six months
an automatic hearing with the commission after 90 days with a possible $1,000 fine and/or six months' imprisonment
$500 fine and/or six months imprisonment upon conviction
none, if the BIC can prove that non-renewal was not of malicious intent
A licensee who wishes to manage condominiums
must have a broker's license
does not need a property management license
can have a provisional real estate sales license
can have a time share license
A SC real estate salesperson may lawfully collect compensation from
either a buyer or a seller
his or her employing broker only
any party to the transaction or the party's representative
a licensed real estate broker only
If a licensee violates a provision of the license law, the licensee may be subject to which of the following?
revocation of license for a minimum of six months
minimum fine of $500
hearing in front of an administrative law judge
temporary restraining order
A licensee from another state applying for a license in South Carolina must file with the SC Real Estate Commission a
certificate of specific performance
irrevocable consent to suit
corpus delicti
copy of their birth certificate
All potential tenants must be provided and EPA Booklet and required to sign a lead based paint disclosure form for all rental properties built prior to
2000
1980
1978
1972
The Federal Anti-trust law which prohibits property managers from conspiring to set a commission or fee is called the
Sherman and Clayton Acts
Equal Credit Opportunity Acts
Real Estate Settlement and Procedures Act
Fair Housing Act
The enforcement agency over Megan's Law is
SLED
FBI
Attorney Generals Office
Local Sheriffs Dept
The Johns v. Mayer upheld the Civil Rights Act of 1866 by prohibiting
some racial discrimination
all racial discrimination
sexual discrimination
discriminatory advertising
If a person feels that he/she has been discriminated against by a property manager, a complaint may be filed with
the U.S. Supreme Court
a local magistrate
the Real Estate Commission
the Dept of housing and Urban Development
