SC Property Management License Exam with Complete & Verified Solutions | 2024 Update

SC Property Management License Exam with Complete & Verified Solutions | 2024 Update PM & PMIC licenses need to renewed biennially - Answer ️️ -June 30th (end of state's fiscal year) Conversion - Answer ️️ -to use trust funds for the purpose other than the purpose of which they are held. Unlawful use of funds. Customer - Answer ️️ -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: - Answer ️️ -fine, suspend and revoke licenses A real estate licensee must: - Answer ️️ -agree to refrain from discriminatory practices The SC Real Estate Commission - Answer ️️ -is authorized to implement and enforce the license law A real estate BIC or PMIC - Answer ️️ -must maintain a place of business Office - Answer ️️ -the office location where a BIC or a PMIC is licensed to conduct real estate business Property Manager - Answer ️️ -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 - Answer ️️ -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 - Answer ️️ -fine licensed violators a min of $500 & a max of $5,000 per violation The main purpose of a trust account is to - Answer ️️ -safeguard funds belonging to the tenant Trust Account - Answer ️️ -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 - Answer ️️ -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? - Answer ️️ -Lease Agreements Which is true of trust/escrow accounts - Answer ️️ -They can be interest bearing The SC Real Estate Commission consists of how many members - Answer ️️ -10 members appointed in 4 year terms For how long may a licensed salesperson, broker or PM go on inactive status? - Answer ️️ - Indefinitely if the renewal fees are paid What is a specified duty of a BIC or PMIC according to the license law - Answer ️️ -maintain adequate, reasonable, and regular contact with associated licensees engaged in real estate transactions Regarding the management of real estate offices - Answer ️️ -a BIC or PMIC may be in charge of more than one branch office After revocation of license, a person may NOT - Answer ️️ -reapply for three years What happens if you fail to renew your license on time? - Answer ️️ -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: - Answer ️️ -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? - Answer ️️ -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 - Answer ️️ - 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. - Answer ️️ - When should cash/certified funds for a security deposit be deposited in the PMIC's trust account? - Answer ️️ -Within 48 hours of receipt (excluding Sat-Sun & bank holiday