SOUTH CAROLINA REAL ESTATE EXAM 2026. VERIFIED ACTUAL EXAM QUESTIONS AND ANSWER. LATEST GENUINE UPDATE.

SOUTH CAROLINA REAL ESTATE EXAM 2026. VERIFIED ACTUAL EXAM QUESTIONS AND ANSWER. LATEST GENUINE UPDATE. The amount per $1,000 used to calculate taxes on property is the - CORRECT ANS>>milliage rate The common name of the hazardous-waste cleanup fund established by the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) is - CORRECT ANS>>superfund May eviction and foreclosure notices be delivered electronically in South Carolina? - CORRECT ANS>>NO How many years of sales experience must a salesperson have in order to qualify to take the brokers exam? - CORRECT ANS>>3 A development map that shows the location and sizes of lots and streets is known as a - CORRECT ANS>>grid plan he Residential Property Condition Disclosure form applies to transactions that involve no more than, how many units? - CORRECT ANS>>4 How many years must a full copy of a transaction file be held by a broker after closing? - CORRECT ANS>>5 Who is responsible for maintaining a habitable property and for complying with local housing and building codes in a rental situation? - CORRECT ANS>>Lessor Salespersons must present any client monies received, to their broker, within - CORRECT ANS>>1 business day The net spendable income generated by an investment is referred to as - CORRECT ANS>>Cash flow How long must a Broker in Charge or Property Manager in Charge retain their Trust Fund Account records? - CORRECT ANS>>5 years A recipient of a high-cost loan on a property in South Carolina must - CORRECT ANS>>receive counseling on the advisability of the loan Mortgage "discount" points only apply if which of the following conditions are met? - CORRECT ANS>>The interest rate on the mortgage loan has been lowered by 1% for each point charged. How long does a South Carolina landlord have to return a security deposit to a tenant at the conclusion of a lease? - CORRECT ANS>>30 days Is SC a community property state? - CORRECT ANS>>No Lenders will always order this before making a loan. - CORRECT ANS>>an appraisal Betty Broker presents an offer to her seller, but the terms are not acceptable to the seller. What form must Betty complete? - CORRECT ANS>>an offer rejection form Mortgage loans with fluctuating rates are termed as - CORRECT ANS>>ARM Does South Carolina have homestead laws? - CORRECT ANS>>YES A buyer is viewing a home and asks the agent if any sex offenders live in the immediate area. How should the agent respond? - CORRECT ANS>>educate the buyer on doing a search for sex offenders in the area An easement by prescription may establish: - CORRECT ANS>>use of property Disabled people are protected under Fair Housing law when renting in multi-family units. How many units must be in the construction, in order for the law to apply? - CORRECT ANS>>4 Which laws are intended to protect consumers from excessive interest rates on loans? - CORRECT ANS>>usury laws When purchasing a Vacation Time Sharing Plan, the consumer may cancel the contract up to how may days after signing? - CORRECT ANS>>5 Standing trees would be considered: - CORRECT ANS>>real property A warrant of ejectment may be issued, upon landlords’ application, after how much time has passed with the tenant being in violation of court orders? - CORRECT ANS>>5 days "Flipping" a consumer home loan means the making of a consumer home loan that refinances within how long an existing consumer home loan of the borrower when the new loan does not have a reasonable, tangible net benefit to the borrower? - CORRECT ANS>>42 months After getting the real estate salesperson license, how often must you take Continuing Education classes? - CORRECT ANS>>10 hrs every 2 years The Truth in Lending Act (TILA) is implemented by - CORRECT ANS>>regulation Z Which of the following isn't part of a deed? - CORRECT ANS>>novation The fund set aside for replacement of common property in a condominium, PUD or cooperative project is called a: - CORRECT ANS>>Replacement reserve fund PITI = - CORRECT ANS>>Principle, Interest, Taxes, and Insurance A landlord is allowed to access the premises unannounced in which they own for: - CORRECT ANS>>Only in case of emergency The FHA uses what to pay lenders, within the limits, resulting from foreclosure? - CORRECT ANS>>Mutual Mortgage Insurance If Jonathan lists his property with Julian, a broker in his hometown, and subsequently is killed in a tragic car accident before the listing is sold or expired, what happens with the listing? - CORRECT ANS>>it is terminated Homeowner's association usually enforce - CORRECT ANS>>CC&Rs ARM= - CORRECT ANS>>Stands for adjustable-rate mortgage and one in which the interest rate adjusts periodically based on an index A conventional loan is a loan that is NOT issued by: - CORRECT ANS>>The government An estate can best be described as: - CORRECT ANS>>The sum total of all the real and personal property owned by an individual at the time of death When a property value is determined by the highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept, this would be termed as: - CORRECT ANS>>Fair market value If an agent acts in a way that prevents disclosure of something, this action is called: - CORRECT ANS>>concealment A lease that is often based on the Consumer Price Index and that allows for periodic increases in the rent is called a: - CORRECT ANS>>graduated lease What does an appraiser do? - CORRECT ANS>>Establish market value A licensed agent working under John, a broker, withdraws funds from John's broker trust account with John's permission. The agent is licensed but not bonded. This transaction would be: - CORRECT ANS>>illegal If a loan goes to _______________, the lender must mail and record certain documents in case they have to foreclose on the property. - CORRECT ANS>>collection If two parties are in escrow and one of the parties wants to terminate the escrow, what is needed? - CORRECT ANS>>consent of the other party Real property where all the owners own the property, common areas, and building together but with the exception of the interior of the unit to which they have title is called: - CORRECT ANS>>a condominuim An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage, is called: - CORRECT ANS>>a seller-carry back The usefulness of property relating to its ability to satisfy a potential buyer's need or desire such as to provide shelter or income is termed: - CORRECT ANS>>Utility Earthquake zones, flood hazard areas, and fire hazard areas are all examples of: - CORRECT ANS>>natural hazard areas A mortgage that can be taken over by the buyer when a home is sold, assuming the buyer qualifies, is called a(n): - CORRECT ANS>>assumable mortgage When a loan is made on real property, the loan depends on what security? - CORRECT ANS>>the value of the property being purchased In an area neighborhood that has a home in a dilapidated state that would require extensive remodeling to be compared to other homes in the area, what would this be an example of: - CORRECT ANS>>incurable depreciation Liabilities, including long-term and short-term debt and any amounts owed to others, is best known as a person's: - CORRECT ANS>>financial obligations In the event that parties do not comply with the bulk sales law as outlined in the Uniform Commercial Code, the buyer is likely to be: - CORRECT ANS>>the most injured If a church, school, or hospital wishes to relocate to an area zoned exclusively for residential use, they could do so by: - CORRECT ANS>>conditional use A general agent has full authority to: - CORRECT ANS>>Bind the principal to all agreements Which of these is an example of a general agent that has the authority to make binding decisions on behalf of the principal: - CORRECT ANS>>property manager If a contract signed by two parties is bilateral but the contract is not executed, the contract is: - CORRECT ANS>>executory What is the difference between market value of a property and the debt on the property including all liens? - CORRECT ANS>>equity If Betty has a mortgage and it becomes in default, the lender can demand payment by means of a clause in the contract called a(n): - CORRECT ANS>>accelerated clause Any encumbrance placed on a property without the owner's consent is considered: - CORRECT ANS>>an involuntary lien Common law refers to: - CORRECT ANS>>An unwritten body of law based on general custom in England and used in some states to a certain degree A real estate investment trust, which is also a real estate syndicate, requires at least this many investors according to federal law? - CORRECT ANS>>100 According to the Do-Not-Call rules imposed by the FTC effective October 13, 2013, all sellers and telemarketers making pre-recorded telephone calls, auto-dialed calls, or text messages to residential or wireless numbers must have the: - CORRECT ANS>>consumers written consent If a contract is written and parts are incomplete or ambiguous, what type of agreement takes preference: - CORRECT ANS>>oral contract In a lease-purchase, the tenant-buyer wants to purchase a property but does not have the down payment or ability to purchase the property outright. Which of these occurs with the rental payments? - CORRECT ANS>>a portion of the rental payment will be applied to purchasing price The Veteran's Administration is an agency of the federal government that: - CORRECT ANS>>Guarantees residential mortgages made to eligible veterans of the military services Which of the following are examples of negotiable instruments? - CORRECT ANS>>draft, check, promissory note Cash or something that is easily turned into cash is called a: - CORRECT ANS>>liquid asset If a person is obtaining a loan through the government (FHA and VA), which entity provides the funds for the government loan? - CORRECT ANS>>ginnie mae