SOUTH CAROLINA PROPERTY MANAGEMENT
LICENSE EXAM 2026-2027 QUESTIONS AND
ANSWERS GRADED A+
PM & PMIC licenses need to renewed biennially
June 30th (end of state's fiscal year)
Conversion
to use trust funds for the purpose other than the purpose of which they are held.
Unlawful use of funds.
Customer
a buyer, seller, landlord or tenant who uses the services of a real estate licensee but
does not establish an agency relationship through a written agency agreement with
the licensee's real estate brokerage firm
The South Carolina Real Estate Commission has the power to:
fine, suspend and revoke licenses
A real estate licensee must:
agree to refrain from discriminatory practices
,The SC Real Estate Commission
is authorized to implement and enforce the license law
A real estate BIC or PMIC
must maintain a place of business
Office
the office location where a BIC or a PMIC is licensed to conduct real estate
business
Property Manager
An associated licensee who meets educational requirements and passes the
examination for a PM license and who will, for a fee, salary, commission will
negotiate or attempt to negotiate, list or offers to list and advertise or represent.
PMIC
a PM who is designated as having the responsibility over the actions of associated
licensees and the responsibility and control over and liability for real estate trust
accounts
,The Real Estate Commission may
fine licensed violators a min of $500 & a max of $5,000 per violation
The main purpose of a trust account is to
safeguard funds belonging to the tenant
Trust Account
an escrow account or properly designated demand deposit and include the words
"trust" or "escrow". Established & maintained by BIC or PMIC to safeguard funds
belonging to parties to a real estate transaction
Trust Funds
funds received on behalf of another person by a licensee in the course of
performing a real estate activity
What documents have to be kept in the broker's office for 5 years?
Lease Agreements
Which is true of trust/escrow accounts
They can be interest bearing
, The SC Real Estate Commission consists of how many members
10 members appointed in 4 year terms
For how long may a licensed salesperson, broker or PM go on inactive status?
Indefinitely if the renewal fees are paid
What is a specified duty of a BIC or PMIC according to the license law
maintain adequate, reasonable, and regular contact with associated licensees
engaged in real estate transactions
Regarding the management of real estate offices
a BIC or PMIC may be in charge of more than one branch office
After revocation of license, a person may NOT
reapply for three years
What happens if you fail to renew your license on time?
You must cease real estate business operations, but you may renew within six
months of expiration
LICENSE EXAM 2026-2027 QUESTIONS AND
ANSWERS GRADED A+
PM & PMIC licenses need to renewed biennially
June 30th (end of state's fiscal year)
Conversion
to use trust funds for the purpose other than the purpose of which they are held.
Unlawful use of funds.
Customer
a buyer, seller, landlord or tenant who uses the services of a real estate licensee but
does not establish an agency relationship through a written agency agreement with
the licensee's real estate brokerage firm
The South Carolina Real Estate Commission has the power to:
fine, suspend and revoke licenses
A real estate licensee must:
agree to refrain from discriminatory practices
,The SC Real Estate Commission
is authorized to implement and enforce the license law
A real estate BIC or PMIC
must maintain a place of business
Office
the office location where a BIC or a PMIC is licensed to conduct real estate
business
Property Manager
An associated licensee who meets educational requirements and passes the
examination for a PM license and who will, for a fee, salary, commission will
negotiate or attempt to negotiate, list or offers to list and advertise or represent.
PMIC
a PM who is designated as having the responsibility over the actions of associated
licensees and the responsibility and control over and liability for real estate trust
accounts
,The Real Estate Commission may
fine licensed violators a min of $500 & a max of $5,000 per violation
The main purpose of a trust account is to
safeguard funds belonging to the tenant
Trust Account
an escrow account or properly designated demand deposit and include the words
"trust" or "escrow". Established & maintained by BIC or PMIC to safeguard funds
belonging to parties to a real estate transaction
Trust Funds
funds received on behalf of another person by a licensee in the course of
performing a real estate activity
What documents have to be kept in the broker's office for 5 years?
Lease Agreements
Which is true of trust/escrow accounts
They can be interest bearing
, The SC Real Estate Commission consists of how many members
10 members appointed in 4 year terms
For how long may a licensed salesperson, broker or PM go on inactive status?
Indefinitely if the renewal fees are paid
What is a specified duty of a BIC or PMIC according to the license law
maintain adequate, reasonable, and regular contact with associated licensees
engaged in real estate transactions
Regarding the management of real estate offices
a BIC or PMIC may be in charge of more than one branch office
After revocation of license, a person may NOT
reapply for three years
What happens if you fail to renew your license on time?
You must cease real estate business operations, but you may renew within six
months of expiration
