SC REAL ESTATE EXAM REVIEW 2024 QUESTIONS AND A NSWERS how often do realtors renew licenses - Correct Answer ✔️✔️-every 2 years by June 30th which I the end of the fiscal year how many hours of co ntinuing education do you need - Correct Answer ✔️✔️-8 hrs every 2 years how long do you need to wait to reinstate your license after it is revoked - Correct Answer ✔️✔️-1 yr can a broker in charge be over move than 1 branch office at a time - Correct Answ er ✔️✔️-yes broker in charge, receives earnest money at start o acceptance/written acceptance offer, how long does he have to deposit it - Correct Answer ✔️✔️-48 hours, excluding bank holidays and weekends coastal zone management -erosion of two things that affect the set back lines - Correct Answer ✔️✔️-sand dunes and beach front landlord tenant act -what essential service does he provide access to - Correct Answer ✔️✔️-heat--hot/cold water --electricity latent material defects what do not count are not inclu ded - Correct Answer ✔️✔️-stigma defects psychological death or manor of death virus not transmitted through house offsite hazards sex offender broker in charge has a duty to notify the real estate commission when a sales person moves - Correct Answer ✔️✔️-yes when is it legal to represent both buyer/seller - Correct Answer ✔️✔️-dual agency form is signed by both clients who doesn't have to have a real estate license - Correct Answer ✔️✔️-owner attorney trustees/receivers forrester government employee can you do property management with a real estate license - Correct Answer ✔️✔️-yes when you receive a deposit, where do you deposit to - Correct Answer ✔️✔️-trust account 4 main disciplinary actions that the RE Comm can take against realtor - Correct Answ er ✔️✔️-revocation fine up to 1000 per violation suspension public reprimand dispute of earnest money, what does BIC do? - Correct Answer ✔️✔️-hold money until dispute is resolved by written agreement or court order what kind of damages does earnest money cover - Correct Answer ✔️✔️-liquidated damages if a licensee wants to transfer companies by mail - Correct Answer ✔️✔️-transfer form sign it and new BIC. Send in old license, thy will send new license///////can be done online in sc, net/price listing illeg al - Correct Answer ✔️✔️-yes potential grounds for disciplinary action - Correct Answer ✔️✔️-fraud forgery comingling ---- steering blockbusting redlining what is the max against someone selling real estate without a license - Correct Answer ✔️✔️-up to 500 and or up to 6 months in jail under homestead act, 3 groups that qualify for discount? - Correct Answer ✔️✔️-62 age elderly disabled legally blind 3 main exceptions of to our duty of confidentiality - Correct Answer ✔️✔️-court order consent defend if a buy er chooses not to be represented - Correct Answer ✔️✔️-a customer what state legislative act lets local govt zone - Correct Answer ✔️✔️-enabling acts if seller agrees to allow selling agent to keep any dollar amount over certain price - Correct Answer ✔️✔️-net listing a buyer signs agreement and it doesn't matter who procures the sale - Correct Answer ✔️✔️-exclusive buyer agency agreement example of a g eneral lien - Correct Answer ✔️✔️-judgement what specific lien are not recorded in public record - Correct Answer ✔️✔️-property taxes special assessments in an appraisal, when we apply the 3 approaches to value - Correct Answer ✔️✔️-
reconciliation - 3 appr oaches to value 3 approaches to value - Correct Answer ✔️✔️-sales comparison income cost approach under lead paint act, it applies to houses built before? - Correct Answer ✔️✔️-1978 buyer has how many days to test for lead paint - Correct Answer ✔️✔️-10 days under the superfund act, what are the 3 types - Correct Answer ✔️✔️-strict liability joint/several retroactive what if new terms are made to contract, what should we make client do - Correct Answer ✔️✔️-initial and date
reconciliation - 3 appr oaches to value 3 approaches to value - Correct Answer ✔️✔️-sales comparison income cost approach under lead paint act, it applies to houses built before? - Correct Answer ✔️✔️-1978 buyer has how many days to test for lead paint - Correct Answer ✔️✔️-10 days under the superfund act, what are the 3 types - Correct Answer ✔️✔️-strict liability joint/several retroactive what if new terms are made to contract, what should we make client do - Correct Answer ✔️✔️-initial and date
