SC Property Management License Exam
Questions Answered Correctly.
PM & PMIC licenses need to renewed biennially - Answer June 30th (end of state's fiscal year)
Conversion - Answer to use trust funds for the purpose other than the purpose of which they are held.
Unlawful use of funds.
Customer - Answer a buyer, seller, landlord or tenant who uses the services of a real estate licensee but
does not establish an agency relationship through a written agency agreement with the licensee's real
estate brokerage firm
The South Carolina Real Estate Commission has the power to: - Answer fine, suspend and revoke
licenses
A real estate licensee must: - Answer agree to refrain from discriminatory practices
The SC Real Estate Commission - Answer is authorized to implement and enforce the license law
A real estate BIC or PMIC - Answer must maintain a place of business
Office - Answer the office location where a BIC or a PMIC is licensed to conduct real estate business
Property Manager - Answer An associated licensee who meets educational requirements and passes
the examination for a PM license and who will, for a fee, salary, commission will negotiate or attempt to
negotiate, list or offers to list and advertise or represent.
PMIC - Answer a PM who is designated as having the responsibility over the actions of associated
licensees and the responsibility and control over and liability for real estate trust accounts
,The Real Estate Commission may - Answer fine licensed violators a min of $500 & a max of $5,000 per
violation
The main purpose of a trust account is to - Answer safeguard funds belonging to the tenant
Trust Account - Answer an escrow account or properly designated demand deposit and include the
words "trust" or "escrow". Established & maintained by BIC or PMIC to safeguard funds belonging to
parties to a real estate transaction
Trust Funds - Answer funds received on behalf of another person by a licensee in the course of
performing a real estate activity
What documents have to be kept in the broker's office for 5 years? - Answer Lease Agreements
Which is true of trust/escrow accounts - Answer They can be interest bearing
The SC Real Estate Commission consists of how many members - Answer 10 members appointed in 4
year terms
For how long may a licensed salesperson, broker or PM go on inactive status? - Answer Indefinitely if
the renewal fees are paid
What is a specified duty of a BIC or PMIC according to the license law - Answer maintain adequate,
reasonable, and regular contact with associated licensees engaged in real estate transactions
Regarding the management of real estate offices - Answer a BIC or PMIC may be in charge of more than
one branch office
After revocation of license, a person may NOT - Answer reapply for three years
What happens if you fail to renew your license on time? - Answer You must cease real estate business
operations, but you may renew within six months of expiration
, Before a property manager may become a PMIC, the PM must: - Answer complete seven hours of
instruction in PM accounting and record keeping
If you fail to renew or register a license and continue to engage in real estate activities requiring a
license, what sanctions may be put upon you? - Answer Fines up to max $500 and/or imprisonment for
not more than six months
BIC & PMIC shall ensure that backup copies are maintained for computerized real estate trust accounts.
A backup copy must be maintained on a data storage medium that is stored in a separate off-site
location - Answer
A BIC or PMIC may NOT commingle trust funds of the client with his own money, except that he may
maintain a clearly identified amount of the company's funds in the trust account to cover bank service
charges or in order to avoid the closing of the account when no client's trust funds are on deposit. -
Answer
When should cash/certified funds for a security deposit be deposited in the PMIC's trust account? -
Answer Within 48 hours of receipt (excluding Sat-Sun & bank holiday's)
Trust Funds received by a licensee in connection with a real estate transaction in which the licensee is
engaged for the BIC or PMIC must be delivered to the BIC or PMIC no later than_ - Answer the
following business day
When should personal checks be deposited for security deposit? - Answer within 48 hours after the
lease is signed by parties to the lease (excluding Sat/Sun & bank holiday's)
The purpose of the real estate license law is to - Answer Protect the public when involved in real estate
transactions
Trust account records must be kept on file for a period of - Answer 5 years
A PM received a security deposit from a tenant. The PM placed the deposit in his personal checking
account. For this action, the agent was found guilty of_ - Answer Commingling
Questions Answered Correctly.
PM & PMIC licenses need to renewed biennially - Answer June 30th (end of state's fiscal year)
Conversion - Answer to use trust funds for the purpose other than the purpose of which they are held.
Unlawful use of funds.
Customer - Answer a buyer, seller, landlord or tenant who uses the services of a real estate licensee but
does not establish an agency relationship through a written agency agreement with the licensee's real
estate brokerage firm
The South Carolina Real Estate Commission has the power to: - Answer fine, suspend and revoke
licenses
A real estate licensee must: - Answer agree to refrain from discriminatory practices
The SC Real Estate Commission - Answer is authorized to implement and enforce the license law
A real estate BIC or PMIC - Answer must maintain a place of business
Office - Answer the office location where a BIC or a PMIC is licensed to conduct real estate business
Property Manager - Answer An associated licensee who meets educational requirements and passes
the examination for a PM license and who will, for a fee, salary, commission will negotiate or attempt to
negotiate, list or offers to list and advertise or represent.
PMIC - Answer a PM who is designated as having the responsibility over the actions of associated
licensees and the responsibility and control over and liability for real estate trust accounts
,The Real Estate Commission may - Answer fine licensed violators a min of $500 & a max of $5,000 per
violation
The main purpose of a trust account is to - Answer safeguard funds belonging to the tenant
Trust Account - Answer an escrow account or properly designated demand deposit and include the
words "trust" or "escrow". Established & maintained by BIC or PMIC to safeguard funds belonging to
parties to a real estate transaction
Trust Funds - Answer funds received on behalf of another person by a licensee in the course of
performing a real estate activity
What documents have to be kept in the broker's office for 5 years? - Answer Lease Agreements
Which is true of trust/escrow accounts - Answer They can be interest bearing
The SC Real Estate Commission consists of how many members - Answer 10 members appointed in 4
year terms
For how long may a licensed salesperson, broker or PM go on inactive status? - Answer Indefinitely if
the renewal fees are paid
What is a specified duty of a BIC or PMIC according to the license law - Answer maintain adequate,
reasonable, and regular contact with associated licensees engaged in real estate transactions
Regarding the management of real estate offices - Answer a BIC or PMIC may be in charge of more than
one branch office
After revocation of license, a person may NOT - Answer reapply for three years
What happens if you fail to renew your license on time? - Answer You must cease real estate business
operations, but you may renew within six months of expiration
, Before a property manager may become a PMIC, the PM must: - Answer complete seven hours of
instruction in PM accounting and record keeping
If you fail to renew or register a license and continue to engage in real estate activities requiring a
license, what sanctions may be put upon you? - Answer Fines up to max $500 and/or imprisonment for
not more than six months
BIC & PMIC shall ensure that backup copies are maintained for computerized real estate trust accounts.
A backup copy must be maintained on a data storage medium that is stored in a separate off-site
location - Answer
A BIC or PMIC may NOT commingle trust funds of the client with his own money, except that he may
maintain a clearly identified amount of the company's funds in the trust account to cover bank service
charges or in order to avoid the closing of the account when no client's trust funds are on deposit. -
Answer
When should cash/certified funds for a security deposit be deposited in the PMIC's trust account? -
Answer Within 48 hours of receipt (excluding Sat-Sun & bank holiday's)
Trust Funds received by a licensee in connection with a real estate transaction in which the licensee is
engaged for the BIC or PMIC must be delivered to the BIC or PMIC no later than_ - Answer the
following business day
When should personal checks be deposited for security deposit? - Answer within 48 hours after the
lease is signed by parties to the lease (excluding Sat/Sun & bank holiday's)
The purpose of the real estate license law is to - Answer Protect the public when involved in real estate
transactions
Trust account records must be kept on file for a period of - Answer 5 years
A PM received a security deposit from a tenant. The PM placed the deposit in his personal checking
account. For this action, the agent was found guilty of_ - Answer Commingling
