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Real Estate Practice Test 1

Description

Quiz on Real Estate Practice Test 1, created by cchapinb on 09/07/2015.
cchapinb
Quiz by cchapinb, updated more than 1 year ago
cchapinb
Created by cchapinb over 9 years ago
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Resource summary

Question 1

Question
Disputed trust funds can be disbursed in the following way
Answer
  • verbal agreement between the parties
  • broker interprets contract and writes check
  • written agreement between the parties
  • following buyer client's instructions as to disbursement

Question 2

Question
Security deposits received in the agent's personal rental transaction are not required to be deposited in a trust account.
Answer
  • True
  • False

Question 3

Question
No cause of action may arise against a licensee for failure to disclose
Answer
  • 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

Question 4

Question
A licensee can be disciplined for
Answer
  • 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

Question 5

Question
The services you must give to a customer do not include
Answer
  • 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

Question 6

Question
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.
Answer
  • True
  • False

Question 7

Question
In South Carolina, real estate license law is administered by the
Answer
  • South Carolina Human Affairs Commission
  • South Carolina Real Estate Commission
  • South Carolina Association of Realtors
  • Department of Housing and Urban Development

Question 8

Question
All of the following are protected classes under the Fair Housing Laws EXCEPT
Answer
  • race
  • handicap
  • value
  • national origin

Question 9

Question
The duties and powers of the SC Real Estate Commission include all of the following EXCEPT
Answer
  • 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

Question 10

Question
The SC Real Estate Commission may investigate for all of the following reasons EXCEPT
Answer
  • 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

Question 11

Question
The SC Real Estate Commission has the authority to
Answer
  • 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

Question 12

Question
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?
Answer
  • 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

Question 13

Question
An agent's license renewal fee has been returned for insufficient funds. The SC Real Estate Commission
Answer
  • 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

Question 14

Question
A licensee may have a license revoked by the SC Real Estate Commission if the licensee
Answer
  • 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

Question 15

Question
The SC Fair Housing Law provides protection from discrimination for all of the following classes EXCEPT
Answer
  • sex
  • creed
  • national origin
  • age

Question 16

Question
A housing discrimination charge must be filed with the SC Human Affairs Commission within
Answer
  • 6 months
  • 1 year
  • 2 years
  • 30 days

Question 17

Question
All of the following may be grounds for disciplinary action by the SC Real Estate Commission EXCEPT
Answer
  • 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

Question 18

Question
Which of the following activities does NOT require a real estate or property management license in SC?
Answer
  • approving applications of leases
  • negotiating fees
  • conducting an open house
  • being paid a salary to manage an agent's marketing campaign

Question 19

Question
In SC, applications for any real estate license must
Answer
  • 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

Question 20

Question
A licensee on inactive status may
Answer
  • 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

Question 21

Question
Which of the following is correct regarding an applicant for broker-in-charge?
Answer
  • 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

Question 22

Question
A real estate licensee who wishes to also become a property manager
Answer
  • 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

Question 23

Question
When a licensed broker-in-charge changes his or her place of business,
Answer
  • 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

Question 24

Question
In SC, licenses are renewed
Answer
  • 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

Question 25

Question
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?
Answer
  • 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

Question 26

Question
In SC, an unlicensed real estate assistant may perform all of the following activities EXCEPT
Answer
  • compute commission checks
  • answer questions about advertising
  • hold an open house
  • prepare and distribute flyers and promotional materials

Question 27

Question
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
Answer
  • violating the license law
  • required to have a brokers license
  • required to have a salesperson's license
  • exempt from real estate licensing requirements

Question 28

Question
In SC, the following are requirements for obtaining a broker's license EXCEPT
Answer
  • 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

Question 29

Question
Regarding licensing and duties of personal real estate assistants in SC, they
Answer
  • 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

Question 30

Question
In SC, which of the following would need to be a licensed real estate BIC?
Answer
  • 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

Question 31

Question
A real estate license is required for all of the following EXCEPT
Answer
  • managing real estate
  • reselling a personal mobile home
  • selling real estate
  • collecting rent for the use of real estate

Question 32

Question
A person must be licensed as a real estate broker or salesperson if that person is
Answer
  • selling his or her house
  • buying a house for his or her personal use
  • engaging in the real estate business
  • constructing houses

Question 33

Question
An applicant for a real estate license in SC must
Answer
  • 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

Question 34

Question
Under SC law, which of the following needs to be licensed?
Answer
  • 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

Question 35

Question
A BIC fails to renew her license by June 30th but continues to engage in real estate transactions. What penalties could be incurred?
Answer
  • 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

Question 36

Question
A licensee who wishes to manage condominiums
Answer
  • 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

Question 37

Question
A SC real estate salesperson may lawfully collect compensation from
Answer
  • 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

Question 38

Question
If a licensee violates a provision of the license law, the licensee may be subject to which of the following?
Answer
  • revocation of license for a minimum of six months
  • minimum fine of $500
  • hearing in front of an administrative law judge
  • temporary restraining order

Question 39

Question
A licensee from another state applying for a license in South Carolina must file with the SC Real Estate Commission a
Answer
  • certificate of specific performance
  • irrevocable consent to suit
  • corpus delicti
  • copy of their birth certificate

Question 40

Question
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
Answer
  • 2000
  • 1980
  • 1978
  • 1972

Question 41

Question
The Federal Anti-trust law which prohibits property managers from conspiring to set a commission or fee is called the
Answer
  • Sherman and Clayton Acts
  • Equal Credit Opportunity Acts
  • Real Estate Settlement and Procedures Act
  • Fair Housing Act

Question 42

Question
The enforcement agency over Megan's Law is
Answer
  • SLED
  • FBI
  • Attorney Generals Office
  • Local Sheriffs Dept

Question 43

Question
The Johns v. Mayer upheld the Civil Rights Act of 1866 by prohibiting
Answer
  • some racial discrimination
  • all racial discrimination
  • sexual discrimination
  • discriminatory advertising

Question 44

Question
If a person feels that he/she has been discriminated against by a property manager, a complaint may be filed with
Answer
  • the U.S. Supreme Court
  • a local magistrate
  • the Real Estate Commission
  • the Dept of housing and Urban Development
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