Social Science Law
South Carolina real estate
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South Carolina Real Estate Exam National Real Estate Exam, National ... South Carolina Real Estate Test South C
46 terms Teacher 1,857 terms 101 terms Teacher
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Terms in this set (213) Hide definitions
Board members and team 10 members of the commission; 8 licensees and 2 members of the public- the
term is for 4 years
Activities that require a license Acting as a broker, salesman, negotiating, listing, sale, purchase, exchange,
auction
License status Active- under one BIC at a time
Inactive- can hold indefinitely; must pay renewal biennially and then take
mandatory continuing education
Expired/lapsed- expires June 30 renewed biennially, if not it becomes a lapsed
license and you can reinstate in six months with a $25 a month fee if not then it's
expired
Trust fund monies Earnest money, rent, security deposit, referral fees, bonuses
When must you disclose you are licensed? When there is a possible transaction
, Property disclosures - latent defects May not knowingly give false information about condition. Silence is considered
giving false information. The agent is not obligated to discover latent or hidden
defects in the property
Stigmatized properties A psychological problem with the property. It is up to you if you want to disclose
any death or virus except HIV and AIDS cannot be disclosed
Statute of frauds -offers and counter offers In order for a contract to be enforceable it has to be in writing
How long to keep all records? Five years
When must in earnest money deposit be given to a BIC? Cash or certified funds to be given immediately within 24 hours
Checks to be given 24 hours from ratification
When most a BIC deposit earnest money ? Cash or certified funds deposited within 48 hours of receipt
Checks deposited 48 hours after acceptance of offer
Commingling Illegal-mixing of people in accounts example -keeping trust funds for commission
Conversion Theft- using trust money for example license renewal
Disputed funds If no agreement is made on who gets earnest money a written agreement signed
by all parties who wants the money files an interpleader action funds are
deposited to the court until determined
Principal Someone who is hired you - firm/human
Client Person who has hired you-Agency agreement
Agent The company
Subagent Us as a real estate agent
Power of attorney A written instrument authorizing a person called an attorney in fact to act as their
agent and sign on their behalf
Dual agency One real estate company two clients in the same transaction both buyer and
seller- obedience loyalty and disclosure duties become limited
South Carolina real estate
7 studiers in 3 days 4.4 (10 reviews)
Save
Students also studied
Flashcard sets Study guides
South Carolina Real Estate Exam National Real Estate Exam, National ... South Carolina Real Estate Test South C
46 terms Teacher 1,857 terms 101 terms Teacher
ggboils Preview rgsedillos Preview P yp011673 Preview ace
Terms in this set (213) Hide definitions
Board members and team 10 members of the commission; 8 licensees and 2 members of the public- the
term is for 4 years
Activities that require a license Acting as a broker, salesman, negotiating, listing, sale, purchase, exchange,
auction
License status Active- under one BIC at a time
Inactive- can hold indefinitely; must pay renewal biennially and then take
mandatory continuing education
Expired/lapsed- expires June 30 renewed biennially, if not it becomes a lapsed
license and you can reinstate in six months with a $25 a month fee if not then it's
expired
Trust fund monies Earnest money, rent, security deposit, referral fees, bonuses
When must you disclose you are licensed? When there is a possible transaction
, Property disclosures - latent defects May not knowingly give false information about condition. Silence is considered
giving false information. The agent is not obligated to discover latent or hidden
defects in the property
Stigmatized properties A psychological problem with the property. It is up to you if you want to disclose
any death or virus except HIV and AIDS cannot be disclosed
Statute of frauds -offers and counter offers In order for a contract to be enforceable it has to be in writing
How long to keep all records? Five years
When must in earnest money deposit be given to a BIC? Cash or certified funds to be given immediately within 24 hours
Checks to be given 24 hours from ratification
When most a BIC deposit earnest money ? Cash or certified funds deposited within 48 hours of receipt
Checks deposited 48 hours after acceptance of offer
Commingling Illegal-mixing of people in accounts example -keeping trust funds for commission
Conversion Theft- using trust money for example license renewal
Disputed funds If no agreement is made on who gets earnest money a written agreement signed
by all parties who wants the money files an interpleader action funds are
deposited to the court until determined
Principal Someone who is hired you - firm/human
Client Person who has hired you-Agency agreement
Agent The company
Subagent Us as a real estate agent
Power of attorney A written instrument authorizing a person called an attorney in fact to act as their
agent and sign on their behalf
Dual agency One real estate company two clients in the same transaction both buyer and
seller- obedience loyalty and disclosure duties become limited
