South Carolina Real Estate Exam Questions and Answers

South Carolina Real Estate Exam Questions and Answers Mindy, a South Carolina resident, is buying a new home. She'll occupy the home as her primary residence. It has a fair market value of $220,000 and is in an area with a millage rate of .350. What can she expect to pay in property taxes? - Correct Answer ️️ -$3,080 **Fair market value is multiplied by the assessment ratio to calculate the property's assessed value. For primary residences, this ratio is 4%. This is then multiplied by the millage rate to determine property taxes due. Brent wants to work with a real estate broker as a buyer client. How can he do this? -Sign a buyer representation agreement. -Sign a Disclosure of Real Estate Brokerage Relationships. -Sign a listing agreement. -Sign a transaction brokerage agreement. - Correct Answer ️️ -Sign a buyer representation agreement. **To become a buyer client, Brent must sign the appropriate agency agreement with the broker. Only the buyer representation agreement establishes an agent-buyer client relationship. In addition to providing proof of character, an applicant seeking a new South Carolina real estate license after their original was revoked must provide what other proof? Education and examination Education and income Examination and income Experience and education - Correct Answer ️️ -Education and examination South Carolina broker Craig Jenkins is selling his own home. He discloses this fact in his marketing materials for the house, and at his first substantive contact with interested buyers. Should Craig disclose this fact anywhere else? -No. Craig has fulfilled his duties of disclosure. -Yes. He must complete a Licensee-Seller Disclosure form, and have any prospective buyers sign it before submitting an offer. -Yes. He must complete the Licensee-Seller Disclosure form (and have the seller sign it) and disclose it on page one of any purchase offers he receives. -Yes. He must disclose this on page one of any purchase offers he receives. - Correct Answer ️️ -Yes. He must disclose this on page one of any purchase offers he receives. **This disclosure must be written in bold, underlined, capital letters on the first page of all real estate purchase contracts Craig uses in personal transactions. Carlos wants a real estate broker to help him sell his lake house. He expects top-notch, full services. How can he get this? -Sign a buyer representation agreement. -Sign a Disclosure of Real Estate Brokerage Relationships. -Sign a listing agreement. -Sign a transaction brokerage agreement. - Correct Answer ️️ -Sign a listing agreement. **To become a seller client, Carlos must sign the appropriate agency agreement with the broker. Only a listing agreement establishes an agent-seller client relationship. Raquel's license was revoked by the South Carolina Real Estate Commission three years ago. She'd like to apply for a new license. What does she need to do? -Anyone who had a real estate license revoked can never apply for a new license. -Nothing, after the revocation period has ended her license will be automatically reinstated, assuming she's kept up with renewal requirements over the last three years. -She must provide proof that she's reliable, has a good reputation for honest and fair conduct, has completed all education requirements within the last five years, and has passed all required exams. -She needs to submit a reinstatement application and include a sworn statement from her broker-in-charge detailing the supervision activities