SOUTH CAROLINA REAL ESTATE EXAM |
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,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
Designated agency BIC appoints someone in company to one client so both aren't the same agent
Universal agent Unlimited power of attorney; can sign for a buyer
Special agent Company employed by principal ;specific limited function ; a single transaction
General agent Realtor employed by company
What makes an agency Hired and licensed
Disclosed principal A normal transaction everything is disclosed
Undisclosed principal You know nothing about the client whether it's a human or a corporation
Partially disclosed You don't know their name but you know it's a person example Mariah Carey under an
alias
Express agency Oral or written contract
Implied agency Assumption created by the common-law agreement between principal and agent
Fiduciary duties Obedience loyalty disclosure confidentiality accounting reasonable care in diligence
Indemnity Compensation for incurred damages so client isn't in breach
Obligations to customers Entitled to Honesty with no opinions
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,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
Designated agency BIC appoints someone in company to one client so both aren't the same agent
Universal agent Unlimited power of attorney; can sign for a buyer
Special agent Company employed by principal ;specific limited function ; a single transaction
General agent Realtor employed by company
What makes an agency Hired and licensed
Disclosed principal A normal transaction everything is disclosed
Undisclosed principal You know nothing about the client whether it's a human or a corporation
Partially disclosed You don't know their name but you know it's a person example Mariah Carey under an
alias
Express agency Oral or written contract
Implied agency Assumption created by the common-law agreement between principal and agent
Fiduciary duties Obedience loyalty disclosure confidentiality accounting reasonable care in diligence
Indemnity Compensation for incurred damages so client isn't in breach
Obligations to customers Entitled to Honesty with no opinions
