SC Property Management Exam – License QUESTIONS WITH ANSWERS

SC Property Management Exam – License
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QUESTIONS WITH ANSWERS
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Valid Licensure Requirement for Real Estate Brokers,
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salespersons, property mangers - CORRECT ANSWERS ✔✔It is |\ |\ |\ |\ |\ |\ |\ |\


unlawful for for an individual to act as a real estate broker, real
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estate salesperson or real estate property manager or to
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advertise or provide services as such without an active, valid
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license issued by the commission.
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Agent - CORRECT ANSWERS ✔✔Means one authorized and
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empowered by a written agency agreement to perform actions
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for a client.
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Associated licensee - CORRECT ANSWERS ✔✔Means a licensee
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affiliated with and under supervision of a broker in charge or
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property manager in charge. |\ |\ |\




Buyer agency - CORRECT ANSWERS ✔✔means a form of agency
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in which a real estate brokerage firm represents the buyer in an
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agency capacity as defined in this chapter.
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Licensee - CORRECT ANSWERS ✔✔Means an individual currently
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licensed under this chapter. |\ |\ |\




Material Adverse Fact - CORRECT ANSWERS ✔✔Means:
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, A condition or occurrence that is generally recognized as
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significantly and adversely affecting the valve of the real estate. |\ |\ |\ |\ |\ |\ |\ |\ |\




Ministerial act - CORRECT ANSWERS ✔✔Means an act performed |\ |\ |\ |\ |\ |\ |\ |\ |\


by a licensee not involving an exercise of discretion or judgment
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of a licensee on behalf of a person who is not a client and that
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assists the non client to consummate a real estate transaction.
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Office - CORRECT ANSWERS ✔✔Means the office location where a
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BIC or PMIC is licensed to conduct real estate business.
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Personal trust account - CORRECT ANSWERS ✔✔An Escrow |\ |\ |\ |\ |\ |\ |\ |\


account or demand deposit bank account property designated
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and titled to include the words "trust" or "escrow" that is
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established and maintained by a licensee to safeguard funds |\ |\ |\ |\ |\ |\ |\ |\ |\


belonging to parties to a real estate transaction when a |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


transaction involves the licensee's personal real estate is not |\ |\ |\ |\ |\ |\ |\ |\ |\


manged or listed through a real estate brokerage firm. |\ |\ |\ |\ |\ |\ |\ |\




Property Manager - CORRECT ANSWERS ✔✔An associated |\ |\ |\ |\ |\ |\ |\


licensee who meets educational requirements and passes the
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examination for a PM license, who will for a fee, salary, |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


commission, other valuable consideration with the intent for |\ |\ |\ |\ |\ |\ |\ |\


expiration of receiving compensation. |\ |\ |\




PMIC "Property Manager in charge" - CORRECT ANSWERS
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✔✔means a property manger who is designated as having the |\ |\ |\ |\ |\ |\ |\ |\ |\ |\


responsibility over the actions of associated licensees and also |\ |\ |\ |\ |\ |\ |\ |\ |\


the responsibility and control over and liability for real estate
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trust accounts. |\