SC Property Management Exam Question
and Answer 2026 A+ Verified 100% Correct
Questions and Answers
• Agent -✓✓One who is authorized and empowered be a written agency agreement
to perform actions for a client. (ex: A real estate firm is the "agent" of the seller,
buyer, landlord, tenant etc.)
• Associated Licensee -✓✓licensee who is affiliated with and works under
supervision of a broker in charge, or a property manager in charge.
• Broker -✓✓an associated licensee who has met the educational requirements and
passed the the examination for a broker's license, whom will receive a fee, salary,
commission or other valuable considerations for services.
• Buyer Agency -✓✓Agency relationship between buyer and broker, in which the
brokerage firm represents the buyer
• Client -✓✓Person who enters a written agreement establishing and agency
relationship with a real estate firm through its broker in charge, property manager
in charge, or associated licensees.
• Conversion -✓✓To use trust funds for a purpose other then for intended purpose.
It is a a breach of trust and is a crime provided by law.
• Designated Agency -✓✓Type of agency in which two clients are represented by a
real estate firm in the same transaction and may be given almost equivalent
treatment as a single agency.
• Dual Agency -✓✓Type of agency that Represents both parties Liwithin the same
transaction and gives limited agency services. (This can be seen as unethical unless
both parties agree to it)
• licensee -✓✓A licensed individual who has met educational criteria as well as
passed exam, and who currently holds a valid license
,• Limited Function Referral Office -✓✓A brokerage firm where the office policy
allows only the placement of referrals through the broker in charge
• Material Adverse Fact -✓✓A condition or occurrence that is recognized as
information that a party to a transaction does not intend or is not able to meet the
obligation under contract or agreement made. this is recognized as:
-significantly and adversely affecting the value of real estate
.-significantly, reducing the structural integrity of improvements to real estate
- Presenting a health risk to occupants
• Ministerial Act -✓✓Act performed by a licensee, not involving judgement or
discretion of a licensee on behalf of a "non-client" that assists them in
consummating a real estate transaction
• Personal Trust Account -✓✓An escrow account or demand deposit bank account
properly designated and titled to include the words "trust" or "escrow". It is
established and maintained by a licensee to safeguard funds belonging to parties to
a real estate transaction when the transaction involves the licensee's personal real
estate and the real estate is not managed or listed through a real estate brokerage
firm.
• Property Manager -✓✓Individual who manages real estate for a person or client
for compensation. Duties include negotiating and collecting rents, maintaining and
providing improvements to the property, advertises and engages to the public
• Property Manager-in-charge -✓✓A Property manager who is designated as
having responsibility over actions of associated licensees and control over liability
of real estate and trust accounts.
• Seller Agency -✓✓Agent or agency that represents the seller
• Sub-agent -✓✓Also known as associated licensee, working under the agent for a
real estate firm, buyer, seller, tenant or landlord
• Substantive Contact -✓✓Form of contact in which discussion between consumer
and associated licensee moves from casual and introductory, to meaningful
, conversation regarding the selling or buying motives of the seller or buyer,
financial qualifications, and other confidential information
• Team -✓✓two or more associated licensees working together as a unit,
supervised by a broker in charge.
• Trust Account -✓✓Escrow account or designated demand deposit bank account
that. Maintained by a broker in charge or property manager in charge whom will
safe guard funds that are received on behalf of parties to a real estate transaction.
• Trust Funds -✓✓Funds received on behalf of another person, in the course of
performing a real estate activity.
• Transaction Broker -✓✓Real estate brokerage firm that can provide customer
service to a buyer, seller, or even both in a real estate transaction. can act as a
single agent for a party in a transaction, while give the other party customer
service. can also facilitate a transaction without representing either party.
• How many member does the South Carolina real estate commission have? -✓✓10
• How long of a term does a commission member serve? -✓✓a term of 4 years, and
until a qualified successor is elected or appointed
• What are powers and duties of real estate commission? -✓✓-Enforces regulations
and laws under SC real estate chapter
-determines standards and qualifications for licensure applications, real estate
licenses and educational providers as well a schedule of fees
-conducts disciplinary hearings for violations
-recommends changes in legislation that governs real estate regulations relative to
welfare and safety of the public
-conducts period inspections of offices of licensees
• How long can License remain on inactive status? -✓✓indefinitely (in order to
activate license again, individual must reapply for same license, pay fee, and meet
any continuing-ed requirements.
• When must a license be reinstated/renewed by? -✓✓Last day of the 6th month of
the year (June 30th). Every two years
and Answer 2026 A+ Verified 100% Correct
Questions and Answers
• Agent -✓✓One who is authorized and empowered be a written agency agreement
to perform actions for a client. (ex: A real estate firm is the "agent" of the seller,
buyer, landlord, tenant etc.)
• Associated Licensee -✓✓licensee who is affiliated with and works under
supervision of a broker in charge, or a property manager in charge.
• Broker -✓✓an associated licensee who has met the educational requirements and
passed the the examination for a broker's license, whom will receive a fee, salary,
commission or other valuable considerations for services.
• Buyer Agency -✓✓Agency relationship between buyer and broker, in which the
brokerage firm represents the buyer
• Client -✓✓Person who enters a written agreement establishing and agency
relationship with a real estate firm through its broker in charge, property manager
in charge, or associated licensees.
• Conversion -✓✓To use trust funds for a purpose other then for intended purpose.
It is a a breach of trust and is a crime provided by law.
• Designated Agency -✓✓Type of agency in which two clients are represented by a
real estate firm in the same transaction and may be given almost equivalent
treatment as a single agency.
• Dual Agency -✓✓Type of agency that Represents both parties Liwithin the same
transaction and gives limited agency services. (This can be seen as unethical unless
both parties agree to it)
• licensee -✓✓A licensed individual who has met educational criteria as well as
passed exam, and who currently holds a valid license
,• Limited Function Referral Office -✓✓A brokerage firm where the office policy
allows only the placement of referrals through the broker in charge
• Material Adverse Fact -✓✓A condition or occurrence that is recognized as
information that a party to a transaction does not intend or is not able to meet the
obligation under contract or agreement made. this is recognized as:
-significantly and adversely affecting the value of real estate
.-significantly, reducing the structural integrity of improvements to real estate
- Presenting a health risk to occupants
• Ministerial Act -✓✓Act performed by a licensee, not involving judgement or
discretion of a licensee on behalf of a "non-client" that assists them in
consummating a real estate transaction
• Personal Trust Account -✓✓An escrow account or demand deposit bank account
properly designated and titled to include the words "trust" or "escrow". It is
established and maintained by a licensee to safeguard funds belonging to parties to
a real estate transaction when the transaction involves the licensee's personal real
estate and the real estate is not managed or listed through a real estate brokerage
firm.
• Property Manager -✓✓Individual who manages real estate for a person or client
for compensation. Duties include negotiating and collecting rents, maintaining and
providing improvements to the property, advertises and engages to the public
• Property Manager-in-charge -✓✓A Property manager who is designated as
having responsibility over actions of associated licensees and control over liability
of real estate and trust accounts.
• Seller Agency -✓✓Agent or agency that represents the seller
• Sub-agent -✓✓Also known as associated licensee, working under the agent for a
real estate firm, buyer, seller, tenant or landlord
• Substantive Contact -✓✓Form of contact in which discussion between consumer
and associated licensee moves from casual and introductory, to meaningful
, conversation regarding the selling or buying motives of the seller or buyer,
financial qualifications, and other confidential information
• Team -✓✓two or more associated licensees working together as a unit,
supervised by a broker in charge.
• Trust Account -✓✓Escrow account or designated demand deposit bank account
that. Maintained by a broker in charge or property manager in charge whom will
safe guard funds that are received on behalf of parties to a real estate transaction.
• Trust Funds -✓✓Funds received on behalf of another person, in the course of
performing a real estate activity.
• Transaction Broker -✓✓Real estate brokerage firm that can provide customer
service to a buyer, seller, or even both in a real estate transaction. can act as a
single agent for a party in a transaction, while give the other party customer
service. can also facilitate a transaction without representing either party.
• How many member does the South Carolina real estate commission have? -✓✓10
• How long of a term does a commission member serve? -✓✓a term of 4 years, and
until a qualified successor is elected or appointed
• What are powers and duties of real estate commission? -✓✓-Enforces regulations
and laws under SC real estate chapter
-determines standards and qualifications for licensure applications, real estate
licenses and educational providers as well a schedule of fees
-conducts disciplinary hearings for violations
-recommends changes in legislation that governs real estate regulations relative to
welfare and safety of the public
-conducts period inspections of offices of licensees
• How long can License remain on inactive status? -✓✓indefinitely (in order to
activate license again, individual must reapply for same license, pay fee, and meet
any continuing-ed requirements.
• When must a license be reinstated/renewed by? -✓✓Last day of the 6th month of
the year (June 30th). Every two years
