SOUTH CAROLINA REAL ESTATE EXAM
PRACTICE QUESTIONS WITH
CORRECT ANSWERS
The |amount |per |$1,000 |used |to |calculate |taxes |on |property |is |the |- |CORRECT |ANSWER✔✔-
milliage |rate
The |common |name |of |the |hazardous-waste |cleanup |fund |established |by |the |Comprehensive |
Environmental |Response, |Compensation |and |Liability |Act |(CERCLA) |is |- |CORRECT |ANSWER✔✔-
superfund
May |eviction |and |foreclosure |notices |be |delivered |electronically |in |South |Carolina? |- |CORRECT |
ANSWER✔✔-NO
How |many |years |of |sales |experience |must |a |salesperson |have |in |order |to |qualify |to |take |the |
brokers |exam? |- |CORRECT |ANSWER✔✔-3
A |development |map |that |shows |the |location |and |sizes |of |lots |and |streets |is |known |as |a |- |
CORRECT |ANSWER✔✔-grid |plan
he |Residential |Property |Condition |Disclosure |form |applies |to |transactions |that |involve |no |more
|than, |how |many |units? |- |CORRECT |ANSWER✔✔-4
How |many |years |must |a |full |copy |of |a |transaction |file |be |held |by |a |broker |after |closing? |- |
CORRECT |ANSWER✔✔-5
Who |is |responsible |for |maintaining |a |habitable |property |and |for |complying |with |local |housing |
and |building |codes |in |a |rental |situation? |- |CORRECT |ANSWER✔✔-Lessor
, Salespersons |must |present |any |client |monies |received, |to |their |broker, |within |- |CORRECT |
ANSWER✔✔-1 |business |day
The |net |spendable |income |generated |by |an |investment |is |referred |to |as |- |CORRECT |
ANSWER✔✔-Cash |flow
How |long |must |a |Broker |in |Charge |or |Property |Manager |in |Charge |retain |their |Trust |Fund |
Account |records? |- |CORRECT |ANSWER✔✔-5 |years
A |recipient |of |a |high |cost |loan |on |a |property |in |South |Carolina |must |- |CORRECT |ANSWER✔✔-
receive |counseling |on |the |advisability |of |the |loan
Mortgage |"discount" |points |only |apply |if |which |of |the |following |conditions |are |met? |- |
CORRECT |ANSWER✔✔-The |interest |rate |on |the |mortgage |loan |has |been |lowered |by |1% |for |
each |point |charged.
How |long |does |a |South |Carolina |landlord |have |to |return |a |security |deposit |to |a |tenant |at |the |
conslusion |of |a |lease? |- |CORRECT |ANSWER✔✔-30 |days
Is |SC |a |community |property |state? |- |CORRECT |ANSWER✔✔-No
Lenders |will |always |order |this |before |making |a |loan. |- |CORRECT |ANSWER✔✔-an |appraisal
Betty |Broker |presents |an |offer |to |her |seller, |but |the |terms |are |not |acceptable |to |the |seller. |
What |form |must |Betty |complete? |- |CORRECT |ANSWER✔✔-an |offer |rejection |form
Mortgage |loans |with |fluctuating |rates |are |termed |as |- |CORRECT |ANSWER✔✔-ARM
Does |South |Carolina |have |homestead |laws? |- |CORRECT |ANSWER✔✔-YES
PRACTICE QUESTIONS WITH
CORRECT ANSWERS
The |amount |per |$1,000 |used |to |calculate |taxes |on |property |is |the |- |CORRECT |ANSWER✔✔-
milliage |rate
The |common |name |of |the |hazardous-waste |cleanup |fund |established |by |the |Comprehensive |
Environmental |Response, |Compensation |and |Liability |Act |(CERCLA) |is |- |CORRECT |ANSWER✔✔-
superfund
May |eviction |and |foreclosure |notices |be |delivered |electronically |in |South |Carolina? |- |CORRECT |
ANSWER✔✔-NO
How |many |years |of |sales |experience |must |a |salesperson |have |in |order |to |qualify |to |take |the |
brokers |exam? |- |CORRECT |ANSWER✔✔-3
A |development |map |that |shows |the |location |and |sizes |of |lots |and |streets |is |known |as |a |- |
CORRECT |ANSWER✔✔-grid |plan
he |Residential |Property |Condition |Disclosure |form |applies |to |transactions |that |involve |no |more
|than, |how |many |units? |- |CORRECT |ANSWER✔✔-4
How |many |years |must |a |full |copy |of |a |transaction |file |be |held |by |a |broker |after |closing? |- |
CORRECT |ANSWER✔✔-5
Who |is |responsible |for |maintaining |a |habitable |property |and |for |complying |with |local |housing |
and |building |codes |in |a |rental |situation? |- |CORRECT |ANSWER✔✔-Lessor
, Salespersons |must |present |any |client |monies |received, |to |their |broker, |within |- |CORRECT |
ANSWER✔✔-1 |business |day
The |net |spendable |income |generated |by |an |investment |is |referred |to |as |- |CORRECT |
ANSWER✔✔-Cash |flow
How |long |must |a |Broker |in |Charge |or |Property |Manager |in |Charge |retain |their |Trust |Fund |
Account |records? |- |CORRECT |ANSWER✔✔-5 |years
A |recipient |of |a |high |cost |loan |on |a |property |in |South |Carolina |must |- |CORRECT |ANSWER✔✔-
receive |counseling |on |the |advisability |of |the |loan
Mortgage |"discount" |points |only |apply |if |which |of |the |following |conditions |are |met? |- |
CORRECT |ANSWER✔✔-The |interest |rate |on |the |mortgage |loan |has |been |lowered |by |1% |for |
each |point |charged.
How |long |does |a |South |Carolina |landlord |have |to |return |a |security |deposit |to |a |tenant |at |the |
conslusion |of |a |lease? |- |CORRECT |ANSWER✔✔-30 |days
Is |SC |a |community |property |state? |- |CORRECT |ANSWER✔✔-No
Lenders |will |always |order |this |before |making |a |loan. |- |CORRECT |ANSWER✔✔-an |appraisal
Betty |Broker |presents |an |offer |to |her |seller, |but |the |terms |are |not |acceptable |to |the |seller. |
What |form |must |Betty |complete? |- |CORRECT |ANSWER✔✔-an |offer |rejection |form
Mortgage |loans |with |fluctuating |rates |are |termed |as |- |CORRECT |ANSWER✔✔-ARM
Does |South |Carolina |have |homestead |laws? |- |CORRECT |ANSWER✔✔-YES
