Property management license Exam Questions And Solutions

Property management license Exam Questions And Solutions All of the following are protected classes under the Fair Housing Laws EXCEPT - ANSWER -age The duties and powers of the SC Real Estate Commission include all of the following EXECPT - ANSWER -conducting investigations of a real estate office based on an irate phone call The SC Real Estate Commission may investigate for all of the following reasons EXCEPT - ANSWER -a written complaint submitted by an agent about a cooperative commission arrangement The SC Real Estate Commission has the authority to - ANSWER -make and enforce the rules by which all licensees must abide A licensee is convicted on May 1st of possession and distribution of a controlled substance. Both the crime and the conviction took place out of state. On June 15, the broker calls the SC Real Estate Commission and leaves a message informing them of the conviction. Based on these facts, which of the following is TRUE? - ANSWER -Both the conviction and the licensee's failure to notify the SC Real Estate Commission with 10 days violate the Commission regulations. An agent's license renewal fee has been returned for insufficient funds. The SC Real Estate Commission - ANSWER -may take disciplinary action against the licensee In SC, all of the following would be grounds for revoking a licensee's license EXCEPT - ANSWER -agreeing with a owner to accept more than the normal commission rate A licensee may have a license revoked by the SC Real Estate Commission if the licensee - ANSWER -fails to inform the tenant that the security deposit will be held by the owner of the property, not the management company The SC Fair Housing Law provides protection from discrimination for all of the following classes EXCEPT - ANSWER -age A housing discrimination charge must be filed with the SC Human Affairs Commission within - ANSWER -6 months All of the following may be grounds for disciplinary action by the SC Real Estate Commission EXCEPT - ANSWER -failure to disclose the death of a owner due to cancer Which of the following activities does NOT require a real estate or property management license in SC? - ANSWER -being paid a salary to manage an agent's marketing campaign In SC, applications for any real estate license must - ANSWER -be completed before taking the written exam A licensee on inactive status may - ANSWER -not conduct real estate activities Which of the following is correct regarding an applicant for Property Manager-incharge? - ANSWER -must complete a seven hour Property Manager-in-charge class A real estate licensee who wishes to also become a property manager - ANSWER - may manage property with a real estate license When a licensed Property Manager-in-charge changes his or her place of business, - ANSWER -the property manager-in-charge must notify the SC Real Estate Commission within 10 days In SC, licenses are renewed - ANSWER -biennially, on June 30 A property manager-in-charge intends to open a branch office in a neighboring town.The Property manager-in-charge applies for a branch office license, giving a name that clearly identifies its relationship with his main office. The PMIC names a licensed real estate property manager as the branch office manager. Under these facts, could the PMIC receive approval for the branch office? - ANSWER -Yes, if the SC Real Estate Commission approves one PMIC acting as PMIC of two offices A property management license is required for all of the following EXCEPT - ANSWER -managing a personal mobile home An applicant for a real estate license in SC must - ANSWER -submit to a background check A PMIC fails to renew her license by June 30 but continues to engage in management transactions. What penalties could be incurred? - ANSWER -$500 fine and/or six months imprisonment upon conviction A licensee who wishes to manage condominiums - ANSWER -may have a property management license A SC property manager may lawfully collect compensation from - ANSWER -. his or her employing PMIC only If a licensee violates a provision of the license law, the licensee may be subject to which of the following? - ANSWER -temporary restraining order Which of the following would be a condition for licensure as a property manager in SC? - ANSWER -pass the state exam within five years of the property management course All potential tenants must be provided and EPA Booklet and required to sign a lead based paint disclosure form for all rental properties built prior to - ANSWER -1978 The enforcement agency over Megan's Law is - ANSWER -Local Sheriffs Dept The Jones v. Mayer upheld the Civil Rights Act of 1866 by prohibiting - ANSWER -all racial discrimination If a person feels that he/she has been discriminated against by a property manager, a complaint may be filed with - ANSWER -the Dept of Housing and Urban Development (HUD) One of the principals to a property management agreement is the Property Manager-incharge. What type of agent is the Property Manager-in-charge? - ANSWER -Special Agent Which of the following is not an essential element of a property management agreement? - ANSWER -tenant income requirements The first step for a property manager is to - ANSWER -identify owners objectives When conducting a property analysis, which of the following is NOT typically a consideration in determining the rental price? - ANSWER -shopping Many property managers may choose to establish a reserve fund for each property. A reasonable percentage to put in the reserve fund for unforeseen issues would be - ANSWER -10 - 15 percent Cash required over a given period for the payment of principle and interest on a debt, such as a mortgage payment on a property is considered - ANSWER -debt service Property managers can determine a more realistic picture of a properties income potential by forecasting the income and expenses for how many years out? - ANSWER -5 The law requiring leases in excess of one year to be in writing is the - ANSWER - Statute of Fraud