When a real estate licensee owns personal rental properties security deposits must be placed in a trust account.
Licensees can be disciplined for failure to disclose all of the following except:
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
Fiduciary duties include all of the following except;
Accounting
Loyalty
Blockbusting
Disclosure
Disciplinary actions the Real Estate Commission can impose include all of the following except:
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
All of the following are protected under the Fair Housing Act except:
Race
Handicap
Age
Religion
According to the law of Agency a customer in entitled to:
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
To be a Property Manager one must be at least __________ years of age.
18
21
23
19
A PMIC must be at least ________ years old:
A PMIC must complete how many hours of instruction and pass an exam administered by the Real Estate Commission?
60
90
30
45
To be a PMIC an individual must meet which of the following requirements:
Be owner of the company
Or be engaged in the day to day management of the business
A or B
Both A & B
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?
8.5%
9%
12.5%
8.3%
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:
Borrowing
Conversion
Commingling
Fraud
An unlicensed leasing assistant can do all of the following except:
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
PM John rents to minorities but places them in units segregated from his white tenants. This is an example of:
Steering
Redlining
None of the above
The 1968 Fair Housing Law prohibits all of the following except:
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.
Failing to rent to an applicant under 18 years of age
The law enforcement agency for Federal Fair Housing Act is:
EPA
HUD
DHEC
Dept. of Justice
Owners of single family homes and buildings with up to four units may require a handicapped person to:
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
The SC Real Estate Commission can get involved with a brokerage's activities EXCEPT:
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
Which of the following actions is legal under license law:
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
The most important task of a PM is to:
Identify the owner's objective
Identify tenant requirements
Negotiate the commission
Have the property appraised
The Sherman-Clayton Anti-trust Act prohibits all of the following except:
Price fixing
Allocation of markets
Allocation of customers
Preventing customers from choosing who to use as a PM
Security deposits must be returned to a tenant within __________ days
45 days
30 days
60 days
90 days
If a landlord wants to terminate the week-to-week rental he/she must give _______ days
15 days
7 days
10 days
Which of the following is not a leasehold estate:
Tenancy at will
Tenancy in common
Tenancy at sufferance
Periodic Tenancy
Once notified by the tenant that a smoke detector is not working, the landlord has _______ days to replace or repair the detector:
15
10
14
