SC Property Management Exam Question
and Answer 2026 A+ Verified 100% Correct
Questions and Answers
• Customer -✓✓a buyer, seller, landlord or tenant who uses the services of a real
estate licensee but does not establish an agency relationship through a written
agency agreement with the licensee's real estate brokerage firm
• The South Carolina Real Estate Commission has the power to: -✓✓fine, suspend
and revoke licenses
• A real estate licensee must: -✓✓agree to refrain from discriminatory practices
• The SC Real Estate Commission -✓✓is authorized to implement and enforce the
license law
• A real estate BIC or PMIC -✓✓must maintain a place of business
• Office -✓✓the office location where a BIC or a PMIC is licensed to conduct real
estate business
• Property Manager -✓✓An associated licensee who meets educational
requirements and passes the examination for a PM license and who will, for a fee,
salary, commission will negotiate or attempt to negotiate, list or offers to list and
advertise or represent.
• PMIC -✓✓a PM who is designated as having the responsibility over the actions
of associated licensees and the responsibility and control over and liability for real
estate trust accounts
• The Real Estate Commission may -✓✓fine licensed violators a min of $500 & a
max of $5,000 per violation
• The main purpose of a trust account is to -✓✓safeguard funds belonging to the
tenant
,• Trust Account -✓✓an escrow account or properly designated demand deposit and
include the words "trust" or "escrow". Established & maintained by BIC or PMIC
to safeguard funds belonging to parties to a real estate transaction
• Trust Funds -✓✓funds received on behalf of another person by a licensee in the
course of performing a real estate activity
• What documents have to be kept in the broker's office for 5 years? -✓✓Lease
Agreements
• Which is true of trust/escrow accounts -✓✓They can be interest bearing
• The SC Real Estate Commission consists of how many members -✓✓10
members appointed in 4 year terms
• For how long may a licensed salesperson, broker or PM go on inactive status? -
✓✓Indefinitely if the renewal fees are paid
• What is a specified duty of a BIC or PMIC according to the license law -
✓✓maintain adequate, reasonable, and regular contact with associated licensees
engaged in real estate transactions
• Regarding the management of real estate offices -✓✓a BIC or PMIC may be in
charge of more than one branch office
• After revocation of license, a person may NOT -✓✓reapply for three years
• What happens if you fail to renew your license on time? -✓✓You must cease real
estate business operations, but you may renew within six months of expiration
• Before a property manager may become a PMIC, the PM must: -✓✓complete
seven hours of instruction in PM accounting and record keeping
• If you fail to renew or register a license and continue to engage in real estate
activities requiring a license, what sanctions may be put upon you? -✓✓Fines up to
max $500 and/or imprisonment for not more than six months
, • BIC & PMIC shall ensure that backup copies are maintained for computerized
real estate trust accounts. A backup copy must be maintained on a data storage
medium that is stored in a separate off-site location -✓✓
• A BIC or PMIC may NOT commingle trust funds of the client with his own
money, except that he may maintain a clearly identified amount of the company's
funds in the trust account to cover bank service charges or in order to avoid the
closing of the account when no client's trust funds are on deposit. -✓✓
• When should cash/certified funds for a security deposit be deposited in the
PMIC's trust account? -✓✓Within 48 hours of receipt (excluding Sat-Sun & bank
holiday's)
• Trust Funds received by a licensee in connection with a real estate transaction in
which the licensee is engaged for the BIC or PMIC must be delivered to the BIC or
PMIC no later than_ -✓✓the following business day
• When should personal checks be deposited for security deposit? -✓✓within 48
hours after the lease is signed by parties to the lease (excluding Sat/Sun & bank
holiday's)
• The purpose of the real estate license law is to -✓✓Protect the public when
involved in real estate transactions
• Trust account records must be kept on file for a period of -✓✓5 years
• A PM received a security deposit from a tenant. The PM placed the deposit in his
personal checking account. For this action, the agent was found guilty of_ -
✓✓Commingling
• If a dispute concerning the entitlement to, disposition of trust funds arises
between buyer and seller and not resolved, the deposit must be held in the trust
account until the dispute is resolved by_ -✓✓a written agreement (an order),
voluntary mediation, interpleader action in court
• PM must be how old to apply for license -✓✓18
• PMIC must be how old to apply for license -✓✓21
and Answer 2026 A+ Verified 100% Correct
Questions and Answers
• Customer -✓✓a buyer, seller, landlord or tenant who uses the services of a real
estate licensee but does not establish an agency relationship through a written
agency agreement with the licensee's real estate brokerage firm
• The South Carolina Real Estate Commission has the power to: -✓✓fine, suspend
and revoke licenses
• A real estate licensee must: -✓✓agree to refrain from discriminatory practices
• The SC Real Estate Commission -✓✓is authorized to implement and enforce the
license law
• A real estate BIC or PMIC -✓✓must maintain a place of business
• Office -✓✓the office location where a BIC or a PMIC is licensed to conduct real
estate business
• Property Manager -✓✓An associated licensee who meets educational
requirements and passes the examination for a PM license and who will, for a fee,
salary, commission will negotiate or attempt to negotiate, list or offers to list and
advertise or represent.
• PMIC -✓✓a PM who is designated as having the responsibility over the actions
of associated licensees and the responsibility and control over and liability for real
estate trust accounts
• The Real Estate Commission may -✓✓fine licensed violators a min of $500 & a
max of $5,000 per violation
• The main purpose of a trust account is to -✓✓safeguard funds belonging to the
tenant
,• Trust Account -✓✓an escrow account or properly designated demand deposit and
include the words "trust" or "escrow". Established & maintained by BIC or PMIC
to safeguard funds belonging to parties to a real estate transaction
• Trust Funds -✓✓funds received on behalf of another person by a licensee in the
course of performing a real estate activity
• What documents have to be kept in the broker's office for 5 years? -✓✓Lease
Agreements
• Which is true of trust/escrow accounts -✓✓They can be interest bearing
• The SC Real Estate Commission consists of how many members -✓✓10
members appointed in 4 year terms
• For how long may a licensed salesperson, broker or PM go on inactive status? -
✓✓Indefinitely if the renewal fees are paid
• What is a specified duty of a BIC or PMIC according to the license law -
✓✓maintain adequate, reasonable, and regular contact with associated licensees
engaged in real estate transactions
• Regarding the management of real estate offices -✓✓a BIC or PMIC may be in
charge of more than one branch office
• After revocation of license, a person may NOT -✓✓reapply for three years
• What happens if you fail to renew your license on time? -✓✓You must cease real
estate business operations, but you may renew within six months of expiration
• Before a property manager may become a PMIC, the PM must: -✓✓complete
seven hours of instruction in PM accounting and record keeping
• If you fail to renew or register a license and continue to engage in real estate
activities requiring a license, what sanctions may be put upon you? -✓✓Fines up to
max $500 and/or imprisonment for not more than six months
, • BIC & PMIC shall ensure that backup copies are maintained for computerized
real estate trust accounts. A backup copy must be maintained on a data storage
medium that is stored in a separate off-site location -✓✓
• A BIC or PMIC may NOT commingle trust funds of the client with his own
money, except that he may maintain a clearly identified amount of the company's
funds in the trust account to cover bank service charges or in order to avoid the
closing of the account when no client's trust funds are on deposit. -✓✓
• When should cash/certified funds for a security deposit be deposited in the
PMIC's trust account? -✓✓Within 48 hours of receipt (excluding Sat-Sun & bank
holiday's)
• Trust Funds received by a licensee in connection with a real estate transaction in
which the licensee is engaged for the BIC or PMIC must be delivered to the BIC or
PMIC no later than_ -✓✓the following business day
• When should personal checks be deposited for security deposit? -✓✓within 48
hours after the lease is signed by parties to the lease (excluding Sat/Sun & bank
holiday's)
• The purpose of the real estate license law is to -✓✓Protect the public when
involved in real estate transactions
• Trust account records must be kept on file for a period of -✓✓5 years
• A PM received a security deposit from a tenant. The PM placed the deposit in his
personal checking account. For this action, the agent was found guilty of_ -
✓✓Commingling
• If a dispute concerning the entitlement to, disposition of trust funds arises
between buyer and seller and not resolved, the deposit must be held in the trust
account until the dispute is resolved by_ -✓✓a written agreement (an order),
voluntary mediation, interpleader action in court
• PM must be how old to apply for license -✓✓18
• PMIC must be how old to apply for license -✓✓21
