South Carolina Real Estate Exam
(State Portion Only) |Questions &
Verified Answers | Updated
2026–2027
** Expert-Verified Explanation
** All Questions with Verified Answer
** Guaranteed Pass
** 100% Correct Answers | Graded A+
,The creditor should ascertain the preference of the D) borrower
_____ as to legal counsel relating to closing the loan and
insurance agent.
A) lender
B) seller
C) real estate agent
D) borrower
The assumption fee when assuming a loan in SC may D) 1% of the loan or $400, whichever is less
not exceed _____.
A) 1% of the loan or $400, whichever is greater
B) 1/2% of the loan
C) $500
D) 1% of the loan or $400, whichever is less
Loans that can be prepaid without penalty are those B) Residential mortgage loans of $150,000 or less
which are _____.
A) $150,000 or less
B) Residential mortgage loans of $150,000 or less
C) Investment mortgage loans of $150,000 or less
D) Commercial mortgage loans of $150,000 or less
No greater than _____ interest can be charged in South C) 6%
Carolina on loans that are agreed to orally.
A) 3%
B) 4%
C) 6%
D) 12%
In South Carolina, if a mortgage loan is written, the B) any amount agreed to by the parties
amount of interest that can be charged is _____.
A) no more than 6%
B) any amount agreed to by the parties
C) no more than 18%
D) not covered by this law
Federal law allows lenders to charge a pre-payment B) Although the federal law allows it, SC law does not allow a pre-payment
penalty on adjustable rate mortgages. How does this penalty on ARMs
affect borrowers in South Carolina?
A) Borrowers in South Carolina do not pay a pre-
payment penalty on loans under $150,000 but federal
law takes precedence on ARMs
B) Although the federal law allows it, SC law does not
allow a pre-payment penalty on ARMs
C) ARMs do not have a pre-payment penalty as long as
the mortgage balance does not exceed $150,000
D) ARMs do not have a pre-payment penalty as long as
the mortgage balance does not exceed $250,000
In South Carolina, the law has set an assessment rate. A) 4%
What is the rate for RESIDENTIAL OWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2%
In South Carolina, the law has set an assessment rate. B) 6%
What is the rate for RENTAL NONOWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2%
,A person who is over 65 years of age may get a break on A) With application, his/her appraised value will be reduced by $50,000
his/her Ad Valorem tax. What is the nature of this special
treatment?
A) With application, his/her appraised value will be
reduced by $50,000
B) His/her assessed value will be reduced by $50,000
C) With application, his/her assessed value will be
reduced by $20,000
D) With application, his/her appraised value will be
reduced by $20,000
The assessed value is $3,000 and the tax is based on B) $600 [NOTE: ($3,000 assessed value)(0.200 mill rate) = $600 annual tax]
200 mills. How much is the tax?
A) $500
B) $600
C) $700
D) $800
The assessor's appraisal was $67,900 on the rental C) $345.75 [NOTE: ($67,900 appraisal)(6% assessment rate on rental property)
house owned by the three little pigs. They sold it and had = $4,074 assessed value. Then, ($4,074 assessed value)(0.134 mill rate) =
a closing on August 18. What was the amount of taxes to $545.916 annual tax. Now divide $545.916 by 360 days to get $1.51643/day.
be prorated at closing if the tax rate was 134 mills, the Because they closed on August 18th, there are 228 days from January 1st to
assessment rate was 6%, and the pigs agreed to pay August 18th. Therefore, ($1.51643/day)(228 days) = $345.75 in taxes.
through closing? (Use a 360 day year)
A) $300.75
B) $325.75
C) $345.75
D) $365.75
A property was assessed for tax purposes at 80% of its B) $2,889.60 [NOTE: ($140,000 purchase price)(0.80) = $112,000 assessed
$140,000 purchase price. Using a tax rate of 25.8 mills, value. Then, ($112,000 assessed value)(0.0258 mill rate) = $2,889.60 annual
what will the annual taxes be on the property? tax]
A) $3,612.50
B) $2,889.60
C) $2,800.70
D) $2,064.80
"Ad valorem" tax refers to _____. C) a tax according to value
A) surtax
B) state sales tax
C) a tax according to value
D) a tax on property transfer
In South Carolina, a person qualifies for the Homestead B) was declared totally and permanently disabled by an agency authorized to
Exemption if he/she holds a fee simple title or a life make such a declaration, or turned 65, or was legally blind as certified by a
estate and as of December 31 preceding the tax year of licensed ophthalmologist registered with the South Carolina Commission for the
the exemption was a legal resident for one year and Blind
_____.
A) has reached age 65, is blind, or declared permanently
disabled by an agency authorized to make such a
declaration
B) was declared totally and permanently disabled by an
agency authorized to make such a declaration, or turned
65, or was legally blind as certified by a licensed
ophthalmologist registered with the South Carolina
Commission for the Blind
C) during the tax year of the exemption, the homeowner
turned 65, or was certified legally blind, or was declared
permanently disabled before the following December 31
D) is legally blind as certified by a licensed
ophthalmologist registered with the South Carolina
Commission for the Blind and is the widow of a man who
was 78 when he died
In the event that two rival brokers claim a commission C) was the procuring cause of the sale
under an open listing, the commission should go to the
broker who _____.
A) listed the property
B) is the realtor
C) was the procuring cause of the sale
D) obtained the first offer
, Brokers must be very careful of the statements they B) puffing
make. They are however, allowed to make statements of
opinion as long as there is no intent to deceive. This is
called _____.
A) probability
B) puffing
C) prospectus
D) proxy
Under which of the following listing agreements may the B) An exclusive agency listing
owner of listed property sell the real estate without
having to pay the listing broker a commission in South
Carolina?
A) An exclusive right-to-sell listing
B) An exclusive agency listing
C) A multiple listing
D) A net listing
Which of the following people can legally enter into listing A) A licensed broker-in-charge
agreements, advertise, and act as an agent in real estate
transactions?
A) A licensed broker-in-charge
B) A licensed salesperson
C) A licensed property manager
D) A licensed appraiser
A listing agreement may be terminated for which of the C) Destruction of the premises
following reasons?
A) Change of seller's marital status
B) Bankruptcy of the salesperson who listed the property
C) Destruction of the premises
D) Death of the salesperson who listed the property
Dual agency is _____. A) legal in South Carolina if both parties give their written informed consent
A) legal in South Carolina if both parties give their written
informed consent
B) impossible to achieve
C) outlawed by South Carolina license law
D) outlawed by the South Carolina legislature
The relationship of trust and confidence between an B) fiduciary
agent and his principal is that of _____.
A) attorney
B) fiduciary
C) subagent
D) trustee
An open listing _____. B) allows the owner to sell by his/her own efforts without payment of a
A) must have an automatic renewal clause commission
B) allows the owner to sell by his/her own efforts without
payment of a commission
C) is a form of multiple listing
D) must contain a legal description of property
All exclusive right-to-sell listings _____. B) require payment of a commission to the agent if the property is sold
A) must have a dollar amount for commission
B) require payment of a commission to the agent if the
property is sold
C) must have a legal description of the property
D) must have a "time is of the essence" clause
The relationship between the broker-in-charge and the A) special agent
client in a listing would be that of _____.
A) special agent
B) general agent
C) ostensible agent
D) implied agent
An agency contract may be terminated by _____. A) acts of the parties
A) acts of the parties
B) a change in the principal's marital status
C) police power
D) power of attorney
(State Portion Only) |Questions &
Verified Answers | Updated
2026–2027
** Expert-Verified Explanation
** All Questions with Verified Answer
** Guaranteed Pass
** 100% Correct Answers | Graded A+
,The creditor should ascertain the preference of the D) borrower
_____ as to legal counsel relating to closing the loan and
insurance agent.
A) lender
B) seller
C) real estate agent
D) borrower
The assumption fee when assuming a loan in SC may D) 1% of the loan or $400, whichever is less
not exceed _____.
A) 1% of the loan or $400, whichever is greater
B) 1/2% of the loan
C) $500
D) 1% of the loan or $400, whichever is less
Loans that can be prepaid without penalty are those B) Residential mortgage loans of $150,000 or less
which are _____.
A) $150,000 or less
B) Residential mortgage loans of $150,000 or less
C) Investment mortgage loans of $150,000 or less
D) Commercial mortgage loans of $150,000 or less
No greater than _____ interest can be charged in South C) 6%
Carolina on loans that are agreed to orally.
A) 3%
B) 4%
C) 6%
D) 12%
In South Carolina, if a mortgage loan is written, the B) any amount agreed to by the parties
amount of interest that can be charged is _____.
A) no more than 6%
B) any amount agreed to by the parties
C) no more than 18%
D) not covered by this law
Federal law allows lenders to charge a pre-payment B) Although the federal law allows it, SC law does not allow a pre-payment
penalty on adjustable rate mortgages. How does this penalty on ARMs
affect borrowers in South Carolina?
A) Borrowers in South Carolina do not pay a pre-
payment penalty on loans under $150,000 but federal
law takes precedence on ARMs
B) Although the federal law allows it, SC law does not
allow a pre-payment penalty on ARMs
C) ARMs do not have a pre-payment penalty as long as
the mortgage balance does not exceed $150,000
D) ARMs do not have a pre-payment penalty as long as
the mortgage balance does not exceed $250,000
In South Carolina, the law has set an assessment rate. A) 4%
What is the rate for RESIDENTIAL OWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2%
In South Carolina, the law has set an assessment rate. B) 6%
What is the rate for RENTAL NONOWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2%
,A person who is over 65 years of age may get a break on A) With application, his/her appraised value will be reduced by $50,000
his/her Ad Valorem tax. What is the nature of this special
treatment?
A) With application, his/her appraised value will be
reduced by $50,000
B) His/her assessed value will be reduced by $50,000
C) With application, his/her assessed value will be
reduced by $20,000
D) With application, his/her appraised value will be
reduced by $20,000
The assessed value is $3,000 and the tax is based on B) $600 [NOTE: ($3,000 assessed value)(0.200 mill rate) = $600 annual tax]
200 mills. How much is the tax?
A) $500
B) $600
C) $700
D) $800
The assessor's appraisal was $67,900 on the rental C) $345.75 [NOTE: ($67,900 appraisal)(6% assessment rate on rental property)
house owned by the three little pigs. They sold it and had = $4,074 assessed value. Then, ($4,074 assessed value)(0.134 mill rate) =
a closing on August 18. What was the amount of taxes to $545.916 annual tax. Now divide $545.916 by 360 days to get $1.51643/day.
be prorated at closing if the tax rate was 134 mills, the Because they closed on August 18th, there are 228 days from January 1st to
assessment rate was 6%, and the pigs agreed to pay August 18th. Therefore, ($1.51643/day)(228 days) = $345.75 in taxes.
through closing? (Use a 360 day year)
A) $300.75
B) $325.75
C) $345.75
D) $365.75
A property was assessed for tax purposes at 80% of its B) $2,889.60 [NOTE: ($140,000 purchase price)(0.80) = $112,000 assessed
$140,000 purchase price. Using a tax rate of 25.8 mills, value. Then, ($112,000 assessed value)(0.0258 mill rate) = $2,889.60 annual
what will the annual taxes be on the property? tax]
A) $3,612.50
B) $2,889.60
C) $2,800.70
D) $2,064.80
"Ad valorem" tax refers to _____. C) a tax according to value
A) surtax
B) state sales tax
C) a tax according to value
D) a tax on property transfer
In South Carolina, a person qualifies for the Homestead B) was declared totally and permanently disabled by an agency authorized to
Exemption if he/she holds a fee simple title or a life make such a declaration, or turned 65, or was legally blind as certified by a
estate and as of December 31 preceding the tax year of licensed ophthalmologist registered with the South Carolina Commission for the
the exemption was a legal resident for one year and Blind
_____.
A) has reached age 65, is blind, or declared permanently
disabled by an agency authorized to make such a
declaration
B) was declared totally and permanently disabled by an
agency authorized to make such a declaration, or turned
65, or was legally blind as certified by a licensed
ophthalmologist registered with the South Carolina
Commission for the Blind
C) during the tax year of the exemption, the homeowner
turned 65, or was certified legally blind, or was declared
permanently disabled before the following December 31
D) is legally blind as certified by a licensed
ophthalmologist registered with the South Carolina
Commission for the Blind and is the widow of a man who
was 78 when he died
In the event that two rival brokers claim a commission C) was the procuring cause of the sale
under an open listing, the commission should go to the
broker who _____.
A) listed the property
B) is the realtor
C) was the procuring cause of the sale
D) obtained the first offer
, Brokers must be very careful of the statements they B) puffing
make. They are however, allowed to make statements of
opinion as long as there is no intent to deceive. This is
called _____.
A) probability
B) puffing
C) prospectus
D) proxy
Under which of the following listing agreements may the B) An exclusive agency listing
owner of listed property sell the real estate without
having to pay the listing broker a commission in South
Carolina?
A) An exclusive right-to-sell listing
B) An exclusive agency listing
C) A multiple listing
D) A net listing
Which of the following people can legally enter into listing A) A licensed broker-in-charge
agreements, advertise, and act as an agent in real estate
transactions?
A) A licensed broker-in-charge
B) A licensed salesperson
C) A licensed property manager
D) A licensed appraiser
A listing agreement may be terminated for which of the C) Destruction of the premises
following reasons?
A) Change of seller's marital status
B) Bankruptcy of the salesperson who listed the property
C) Destruction of the premises
D) Death of the salesperson who listed the property
Dual agency is _____. A) legal in South Carolina if both parties give their written informed consent
A) legal in South Carolina if both parties give their written
informed consent
B) impossible to achieve
C) outlawed by South Carolina license law
D) outlawed by the South Carolina legislature
The relationship of trust and confidence between an B) fiduciary
agent and his principal is that of _____.
A) attorney
B) fiduciary
C) subagent
D) trustee
An open listing _____. B) allows the owner to sell by his/her own efforts without payment of a
A) must have an automatic renewal clause commission
B) allows the owner to sell by his/her own efforts without
payment of a commission
C) is a form of multiple listing
D) must contain a legal description of property
All exclusive right-to-sell listings _____. B) require payment of a commission to the agent if the property is sold
A) must have a dollar amount for commission
B) require payment of a commission to the agent if the
property is sold
C) must have a legal description of the property
D) must have a "time is of the essence" clause
The relationship between the broker-in-charge and the A) special agent
client in a listing would be that of _____.
A) special agent
B) general agent
C) ostensible agent
D) implied agent
An agency contract may be terminated by _____. A) acts of the parties
A) acts of the parties
B) a change in the principal's marital status
C) police power
D) power of attorney
