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SC Real Estate Salesperson Practice

Description

Real estate salesperson pre-licensing for the state of South Carolina
Wilhelmina Littel
Quiz by Wilhelmina Littel, updated more than 1 year ago
Wilhelmina Littel
Created by Wilhelmina Littel over 7 years ago
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Resource summary

Question 1

Question
Under the SC Fair Housing Act, an aggreived person may file a complaint directly with:
Answer
  • The US Civil Rights Agency
  • South Carolina Human Affairs Commission
  • South Carolina Real Estate Commission
  • Consumer Affairs Agency

Question 2

Question
When could a salesman legally act as a broker in charge?
Answer
  • 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 of passing the brokers exam
  • When they are the owner of the office and the broker dies

Question 3

Question
Each timesharing firm must:
Answer
  • Register with the Real Estate Commission
  • Have a broker-in-charge
  • Maintain at least one escrow or trust account
  • All of the above

Question 4

Question
When a landlord refuses to keep the property in habitable condition and the tenant moves out, this is called:
Answer
  • Actual eviction
  • Ejectment
  • Constructive eviction
  • Surrender and acceptance

Question 5

Question
The law which requires creditors to disclose certain information received from credit bureaus which contribute to the denial of credit is:
Answer
  • Fair Credit Reporting Act
  • Civil Rights Act
  • Equal Credit Opportunity Act
  • Sherman-Clayton act

Question 6

Question
If a group of real estate brokers create a "fee schedule" of commission rates that all broker must adhere to, they would be violating the:
Answer
  • Sherman Anti-Trust Act
  • Code of Ethics
  • South Carolina Commission Act
  • Uniform Commercial Code Act

Question 7

Question
The South Carolina Real Estate Commission may:
Answer
  • 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

Question 8

Question
An unlicensed secretary of a broker-in-charge may:
Answer
  • Sell property if it is done under the broker's direct supervision
  • Refer interested clients and customers to the broker or other licensed individuals in the office
  • Sell or negotiate deals as long as it is done in the office
  • Show property as long as price is not discussed

Question 9

Question
The primary purpose of the South Carolina Real Estate Commission is to:
Answer
  • Collect fees and issue licenses
  • Issue licenses through police power
  • Protect the public through police power
  • Protect citizens in the real estate business

Question 10

Question
The powers of the South Carolina Real Estate Commission do not include:
Answer
  • Arbitrating disputes among licensees
  • Examining applicants
  • Promulgating regulations governing the real estate business
  • Issuing licenses

Question 11

Question
As a real estate salesperson you receive an earnest money deposit. You should:
Answer
  • Give it to the seller at once
  • Turn it over to your broker at once
  • Hand deliver it to the closing attorney
  • Hold it for safe keeping until closing

Question 12

Question
The authority to enforce real estate license laws is granted by the:
Answer
  • Real Estate Commission
  • Local governments
  • Legislature
  • Governor

Question 13

Question
Which of the following is not a requirement for a real estate license?
Answer
  • Minimum education
  • Pass license education
  • Minimum age
  • Some creditable experience

Question 14

Question
Before a timesharing project can be sold, it must be registered with:
Answer
  • HUD
  • SC Real Estate Commission
  • US Securities Commission
  • Safe Harbor

Question 15

Question
The purpose of the Real Estate Commission is to:
Answer
  • Establish and maintain ethical conduct standards
  • Protect the public from unqualified RE salespeople
  • Keeping up with licensing standards through continuing education
  • Establish laws to protect the public

Question 16

Question
What must an agent who wishes to transfer her license do?
Answer
  • Take her license to the new broker who hangs it on the wall
  • Send in her old license and wait for the commission to reissue a new license or transfer online
  • Notify the commission in writing within 15 days
  • Get approval in writing before going to work, from the old broker, new broker, and the agent must sign

Question 17

Question
The license of a salesperson or broker expires biennially:
Answer
  • At the end of the fiscal year, June 30
  • 9 months from date of issue
  • 12 months from date of issue
  • 15 months from date of issue

Question 18

Question
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, which advising the broker that he is not going to pay the commission. The broker should:
Answer
  • Withhold the commission before he turns the money over 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
  • File a complain with the Real Estate Commission

Question 19

Question
A broker receiving a deposit from a purchaser should:
Answer
  • 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 into his/her personal account

Question 20

Question
A real estate salesperson may lawfully accept an extra commission in a very difficult sale directly from:
Answer
  • Her broker in charge
  • An appreciative seller
  • A thankful buyer
  • All of the above

Question 21

Question
The Truth in Lending Act, implemented by Regulation Z, was passed by Congress in order to:
Answer
  • 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

Question 22

Question
Certificates issued by real estate schools are good for:
Answer
  • 15 months
  • An indefinite period of time
  • 1 year
  • 5 years

Question 23

Question
The South Carolina Residential Landlord Tenant Act states that a ___ day unexplained absence of the tenant, with non-payment of rent is considered abandonment.
Answer
  • 10
  • 15
  • 5
  • 30

Question 24

Question
Concerning security deposits, the South Carolina Residential Landlord Tenant Act states:
Answer
  • 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 within 5 days of lease termination and if deductions are made such deductions must be itemized

Question 25

Question
You must be employed by which of the following to be licensed:
Answer
  • A seller
  • A principal
  • A broker
  • A client

Question 26

Question
Cathy and William hold property as co-owners in South Carolina. They want to build a boat dock going out onto the lake in front of their house. The process they must go through would most likely be:
Answer
  • 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 Williams are tenant in common, they do not have to have the other's permission

Question 27

Question
An agency relationship created with a seller would be required to have:
Answer
  • 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 question 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

Question 28

Question
Under the SC Consumer Protection Act, which of the following applies:
Answer
  • 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

Question 29

Question
A real estate license is not required by:
Answer
  • Broker in charge of a branch office
  • Real estate broker's 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

Question 30

Question
Information gathered when the agent lists property should include data on:
Answer
  • Current property tax assessments
  • Seller's motivation
  • Racial makeup of the neighborhood
  • Any past murder or suicide on the property

Question 31

Question
Estates are created, and title to real property may be acquired, in many ways. One is the gradual, imperceptible accumulation of land to that of a property owner by the action of water through natural causes. This is called
Answer
  • Dedication
  • Avulsion
  • Erosion
  • Accretion

Question 32

Question
When title is acquired by entering into actual physical possession of the land of another and remaining on it exclusively, openly, and notoriously for a time period stipulated by statute, it is known as
Answer
  • Adverse possession
  • Prescription
  • Original entry
  • Estoppel

Question 33

Question
Accumulation of land when it is added by gradual deposits of soil which extend the bank of a stream is called
Answer
  • Alluvion
  • Reliction
  • Estoppel
  • Avulsion

Question 34

Question
The transfer of private property to the public, without consideration, to be used for public purposes without limitation to restricted groups is called
Answer
  • Condemnation
  • Reservation
  • Eminent domain
  • Dedication

Question 35

Question
The gradual and imperceptible increase of land caused by the receding of water is a form of accretion called
Answer
  • Alluvion
  • Reliction
  • Erosion
  • Avulsion

Question 36

Question
When real property is being transferred by will, this transfer is often called a
Answer
  • Remise
  • Devise
  • Demise
  • Bequest

Question 37

Question
In South Carolina, the person named in a will or appointed by the Court to settle the estate of the deceased is called
Answer
  • Executor
  • Executrix
  • Administrator
  • Personal representative

Question 38

Question
The sudden, perceptible removal of land is
Answer
  • Alluvion
  • Reliction
  • Erosion
  • Avulsion

Question 39

Question
Regulations which cities, towns, and countries have a right to pass to restrict the use of certain land areas are known as
Answer
  • Eminent domain
  • Subdivision regulations
  • Zoning laws
  • Deed restrictions

Question 40

Question
An exception to an existing zoning ordinance is called
Answer
  • Nonconforming use
  • Variance
  • Spot Zoning
  • Eminent domain

Question 41

Question
When existing structures are allowed to continue in use after the area has been zoned for a different use, it is referred to as
Answer
  • Eminent domain
  • Variances
  • Police power
  • Nonconforming use

Question 42

Question
When a different zoning status is applied to a certain property from that given to surrounding properties, it is called
Answer
  • Spot Zoning
  • Variance
  • Nonconforming use
  • Zoning ordinances

Question 43

Question
A law, regulation, or rule passed by a municipality, especially in dealing with zoning, is called a/an
Answer
  • Variance
  • Ordinance
  • Building code
  • Subdivision Regulation

Question 44

Question
The right of government to take private land for public purpose, upon just compensation to the owner, is called
Answer
  • Escheat
  • Adverse possession
  • Condemnation
  • Eminent domain

Question 45

Question
The procedure in which the government takes private land for public purposes is called
Answer
  • Eminent domain
  • Escheat
  • Condemnation
  • Adverse possession

Question 46

Question
Real property tax is a/an ____________________ tax
Answer
  • special assessment
  • ad valorem
  • federal
  • indirect

Question 47

Question
Charges made upon specific real property which has been benefited by a betterment are called
Answer
  • Special assessments
  • Indirect taxes
  • State taxes
  • Ad valorem taxes

Question 48

Question
Property taxes are a/an _____________ against the property taxed and become so automatically.
Answer
  • First lien
  • Prior lien
  • Assessment ratio
  • Capital gain tax

Question 49

Question
_______________ is the return of real or personal property to the state when an owner dies without either a will or legal heirs.
Answer
  • Profit a prendre
  • Escheat
  • Condemnation
  • License

Question 50

Question
Illegal infringement upon the property of another is called
Answer
  • Encroachment
  • Encumberance
  • Profit a prendre
  • License

Question 51

Question
A/an _____________ is a right given by a property owner to use his/her land for a particular purpose.
Answer
  • Profit a prendre
  • License
  • Easement
  • Encumbrance

Question 52

Question
A/an _____________ is one's right of limited use over the land of another.
Answer
  • Profit a prendre
  • License
  • Easement
  • Encumbrance

Question 53

Question
An easement in the servient estate for the benefit of the dominant estate is called a/an
Answer
  • License
  • Encroachment
  • Easement appurtenant
  • Easement in gross

Question 54

Question
An easement which has a servient estate but not a dominant estate is a/an
Answer
  • License
  • Mere license
  • Easement in gross
  • Easement appurtenant

Question 55

Question
A/an ______________ is the right to take something from the land of another.
Answer
  • Profit a prendre
  • License
  • Easement
  • Encumbrance

Question 56

Question
A creditor's right to have a claim satisfied out of another's property is called a/an
Answer
  • Attachment
  • Judgement
  • Lien
  • Encumbrance

Question 57

Question
A notice that a suit is pending is called a/an
Answer
  • Lis pendens
  • Lis alibi pendens
  • Lis mota
  • Litem suam facere

Question 58

Question
Most liens take priority based on the time and date of recording in the public records. The one type of lien that will be a first lien regardless of recording dates is a/an
Answer
  • federal tax lien
  • ad valorem tax lien
  • state tax lien
  • mechanic's lien

Question 59

Question
A lien granted to someone who performs labor on real property or furnishes material for the improvement of the property is known as
Answer
  • improvement lien
  • adverse property lien
  • property debt lien
  • mechanic's lien

Question 60

Question
Restrictive covenants, rights of way, and easements are types of encumbrances. How could they diminish the value of a property?
Answer
  • They cause the property to have no benefits whatsoever.
  • Any of them prevent the owner from using the property in any manner he/she deems.
  • These encumbrances cause the property to not have a highest and best use.
  • Any of these encumbrances are deemed to be undesirable by the typical purchaser and have less value.
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