South Carolina Real Estate Exam Questions with correct Answers

When creating an agency relationship in South Carolina between a real estate brokerage firm and a seller, what is required? - ANSWER-A written agency agreement What is an agency relationship - ANSWER-It is a fiduciary and consensual relationship between two persons where one person acts on behalf of the other person and where the agent can form legal relationships on behalf of the principal After revocation of a license, a person may not reapply for - ANSWER-Three years How often is continuing education required for South Carolina real estate licensees? - ANSWER-Every two years Under agency law in South Carolina dual agency is - ANSWER-legal with written consent of all parties What is dual agency - ANSWER-When a real estate agent works on behalf of the buyer and seller South Carolina has real estate license reciprocity agreements with which states? - ANSWER-All states what is a real estate license reciprocity agreement - ANSWER-if you already hold an active real estate license in one US state, you can apply for a real estate license in your new state What portion of real estate agent renewal fees go toward the South Carolina Real Estate Commission Education and Research Fund? - ANSWER-Up to $10