Under teh SC Fair housing Act, an aggrieved person may file a complaint directly with:
The US Civil Rights Agency
SC Human Affairs Commisssion
SC 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 after 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 contributes 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 brokers must adhere to, they would be violating the
Sherman Anti-Trust Act
Code of Ethic
SC Commission Act
Uniform Commercial Code Act
The SC 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 of the law.
The primary purpose of the SC Real Estate Commission is to:
protect the public through police power
collect fees and issue licenses
issue licenses through police power
protect citizens in the real estate business
An unlicensed secretary of a broker-in-charge may:
refer interested clients and customers to the broker or other licensed individuals in the office
sell property if it is done under the broker's direct supervision
sell or negotiate deals as long as it is done in the office
show property as long as price is not discussed
The powers of the SC 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:
Turn it over to your broker at once
give it to the seller at once
hand deliver it to the closing attorney immediately
hold it for safe keeping until the 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 exam
minimum age
some creditable experience
Before a timesharing project can be sold, it must be registered with:
HUD
US Securities Commission
Safe Harbor
The purpose of the Real Estate Commission is to:
Protect the public from unqualified RE salespeople
establish and maintain ethical conduct standards
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 his wall
Send in her old license and wait for the commission to reissue a new license or transfer online
Notify the commission in writing within15 days
get approval in writing before going to work, from the old broker, the new broker, and the agent must sign
The license of a salesperson or broker expires biennially:
at the end of the fiscal year which is June 30
9 months from the date of issue
12 months from the date of issue
15 months from the 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, while advising the broker that he is not going to pay the commission on the sale. The broker should:
withhold the commission before he turns the money over to 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 on the seller's part
file a complaint 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 to 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
all of the above
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 SC 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 SC 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 within5 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 SC. They want to build a boat dock going out onto the lake in front of their home. 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 William are tenants 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 questions 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 personal 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
