South Carolina Property Management Final Exam
Prep 2026 | LATEST UPDATE with 100% CORRECT
ANSWERS, CORRECT RATIONALES & +A Graded
Study Guide
Principal - answ✔️💜💜✔️-The one who retains the services of an agent for representation legal and
or business dealing with third parties
A principal can be ______? - answ✔️💜💜✔️-a corporation or a natural person
Agent - answ✔️💜💜✔️-one authorized and empowered to perform actions for another. Their actions
are as if the principal/client had done them.
Agents are always under the control of their ________? - answ✔️💜💜✔️-principal/client
Who is the third party? - answ✔️💜💜✔️-The tenant
Who is the fiduciary - answ✔️💜💜✔️-The person who is responsible for making it happen. It is the
agent who is in a position of trust and confidence
What are the goals of the property manager - answ✔️💜💜✔️-To generate income, maximize income
and minimize expenses while preserving and maintaining the property.
What is the purpose of the REal Estate LIcense Law - answ✔️💜💜✔️-To protect the public.
, Who is the Real Estate License Law comprised of? - answ✔️💜💜✔️-10 members- 8 of which are
licensees and 2 members of the public
What powers does the Real Estate Commission have? - answ✔️💜💜✔️-They can conduct hearing and
punish those who are found guilty. NOt Criminally though. They can recommend to law enforcement for
action.
Who the person responsible for al actions of all associated property managers and also has the
responsibility and control of all the firm's real estate trust accounts? - answ✔️💜💜✔️-Property
Manager in Charge (PMIC)
Who is the person responsible for the actions of all associated licenses and also has responsibility and
control of the firm's real estate trust account(s)? - answ✔️💜💜✔️-Broker in Charge (BIC)
Property Managers - answ✔️💜💜✔️-licensees who are paid or want to be paid for negotiating real
estate rentals or leases.
What is the criteria for qualifying for a license - answ✔️💜💜✔️-21 years or older for PMIC
18 for Property Manager
Provide physical address where applicant can be contacted in the course of an investigation
Graduate HS or GED
Proof of required education
Pass PM exam
Background Check
License Law Violations - answ✔️💜💜✔️-28 total violations....Includes any misrepresentations, false or
misleading promises, failure to report being convicted of a list of things within 10 days in writing
How long does a licensee have to deliver any funds to the BIC or PMIC? - answ✔️💜💜✔️-No later
than the following business day
Prep 2026 | LATEST UPDATE with 100% CORRECT
ANSWERS, CORRECT RATIONALES & +A Graded
Study Guide
Principal - answ✔️💜💜✔️-The one who retains the services of an agent for representation legal and
or business dealing with third parties
A principal can be ______? - answ✔️💜💜✔️-a corporation or a natural person
Agent - answ✔️💜💜✔️-one authorized and empowered to perform actions for another. Their actions
are as if the principal/client had done them.
Agents are always under the control of their ________? - answ✔️💜💜✔️-principal/client
Who is the third party? - answ✔️💜💜✔️-The tenant
Who is the fiduciary - answ✔️💜💜✔️-The person who is responsible for making it happen. It is the
agent who is in a position of trust and confidence
What are the goals of the property manager - answ✔️💜💜✔️-To generate income, maximize income
and minimize expenses while preserving and maintaining the property.
What is the purpose of the REal Estate LIcense Law - answ✔️💜💜✔️-To protect the public.
, Who is the Real Estate License Law comprised of? - answ✔️💜💜✔️-10 members- 8 of which are
licensees and 2 members of the public
What powers does the Real Estate Commission have? - answ✔️💜💜✔️-They can conduct hearing and
punish those who are found guilty. NOt Criminally though. They can recommend to law enforcement for
action.
Who the person responsible for al actions of all associated property managers and also has the
responsibility and control of all the firm's real estate trust accounts? - answ✔️💜💜✔️-Property
Manager in Charge (PMIC)
Who is the person responsible for the actions of all associated licenses and also has responsibility and
control of the firm's real estate trust account(s)? - answ✔️💜💜✔️-Broker in Charge (BIC)
Property Managers - answ✔️💜💜✔️-licensees who are paid or want to be paid for negotiating real
estate rentals or leases.
What is the criteria for qualifying for a license - answ✔️💜💜✔️-21 years or older for PMIC
18 for Property Manager
Provide physical address where applicant can be contacted in the course of an investigation
Graduate HS or GED
Proof of required education
Pass PM exam
Background Check
License Law Violations - answ✔️💜💜✔️-28 total violations....Includes any misrepresentations, false or
misleading promises, failure to report being convicted of a list of things within 10 days in writing
How long does a licensee have to deliver any funds to the BIC or PMIC? - answ✔️💜💜✔️-No later
than the following business day
