SC Property Management License EXAM
(updated 2026) Questions & Answers | With
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Terms in this set (214)
PM & PMIC licenses need to June 30th (end of state's fiscal year)
renewed biennially
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 fine, suspend and revoke licenses
Commission has the power to:
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 safeguard funds belonging to the tenant
account is to
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 Lease Agreements
the broker's office for 5 years?
(updated 2026) Questions & Answers | With
100% Correct Answers graded A+ Guaranteed
Success!!
Save
Terms in this set (214)
PM & PMIC licenses need to June 30th (end of state's fiscal year)
renewed biennially
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 fine, suspend and revoke licenses
Commission has the power to:
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 safeguard funds belonging to the tenant
account is to
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 Lease Agreements
the broker's office for 5 years?
