SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS

SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS The amount per $1,000 used to calculate taxes on property is the - Answer- milliage rate The common name of the hazardous-waste cleanup fund established by the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) is - Answer- superfund May eviction and foreclosure notices be delivered electronically in South Carolina? - Answer- NO How many years of sales experience must a salesperson have in order to qualify to take the brokers exam? - Answer- 3 A development map that shows the location and sizes of lots and streets is known as a - Answer- grid plan he Residential Property Condition Disclosure form applies to transactions that involve no more than, how many units? - Answer- 4 How many years must a full copy of a transaction file be held by a broker after closing? - Answer- 5 Who is responsible for maintaining a habitable property and for complying with local housing and building codes in a rental situation? - Answer- Lessor Salespersons must present any client monies received, to their broker, within - Answer- 1 business day The net spendable income generated by an investment is referred to as - Answer- Cash flow How long must a Broker in Charge or Property Manager in Charge retain their Trust Fund Account records? - Answer- 5 years A recipient of a high cost loan on a property in South Carolina must - Answer- receive counseling on the advisability of the loan Mortgage "discount" points only apply if which of the following conditions are met? - 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? - Answer- 30 days Is SC a community property state? - Answer- No Lenders will always order this before making a loan. - 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? - Answer- an offer rejection form Mortgage loans with fluctuating rates are termed as - Answer- ARM Does South Carolina have homestead laws? - Answer- YES A buyer is viewing a home and asks the agent if any sex offenders live in the immediate area. How should the agent respond? - Answer- educate the buyer on doing a search for sex offenders in the area