South Carolina Real Estate Exam Practice
Questions with 100% verified Answers
A South Carolina agency agreement can be viewed as a(n) ___________.
-Disclosure of agency relationships
-Employment contract between a client and brokerage
-Employment contract between a customer and brokerage
-Employment contract between a licensee and brokerage - ✔️✔️Employment contract between a
client and brokerage
**By signing an agency agreement, clients are essentially hiring the brokerage to work for
them.
Which of the following tasks is an unlicensed assistant in South Carolina permitted to perform?
-Interpret contract information for a client.
-Negotiate a commission.
-Show property.
-Write advertisements for broker-in-charge approval. - ✔️✔️Write advertisements for broker-in-
charge approval.
**Unlicensed assistants may perform administrative tasks only, and may only write real estate
ads with their broker-in-charge's approval.
Jan is a real estate salesperson in South Carolina. She recently moved to a new home, both
personally and professionally. The office she works at moved to a new location, which happens
to be a few miles away from the new house Jan bought. What does she need to do?
-Address changes don't need to be reported to the commission.
-Immediately notify the commission of the business address change, but she has 30 days to
report her residential address change.
-Notify the commission within 30 days of changes to her residential and business address.
, -Notify the commission within 30 days of the change to her business address, but residential
address changes aren't reported. - ✔️✔️Notify the commission within 30 days of changes to her
residential and business address.
**Changes to physical residential address, mailing address, business address, email address,
and phone number must be updated with the commission within 30 days. Failure to do so can
result in disciplinary action. Her new broker will notify the commission of her new affiliation.
Frank entered into a buyer representation agreement with Cassidy to act as his agent. Frank
was under contract to purchase a property, but defaulted on his obligations and the sale fell
through. Does he owe Cassidy any compensation?
-No, Cassidy is only owed compensation upon closing or seller default.
-No, the seller owes Cassidy.
-No, the transaction didn't close, so Cassidy didn't earn the compensation.
-Yes, Cassidy earned her compensation the moment Frank was under contract. - ✔️✔️Yes,
Cassidy earned her compensation the moment Frank was under contract.
**Compensation is considered earned when the buyer is under contract. It's payable at closing
or immediately if the buyer defaults.
A second home along the South Carolina coast has a fair market value of $175,000. The local
millage rate is .285. What can the owner expect to pay in property taxes? - ✔️✔️$2,992.50
**Fair market value is multiplied by the assessment ratio to calculate the property's assessed
value. For secondary residences, this ratio is 6%. This is then multiplied by the millage rate to
determine property taxes due.
Which one of the following is NOT an example of how agency terminates by operation of law?
-Client bankruptcy
-Completion of a sale
-Expiration of the agreement
-Mutual agreement to terminate - ✔️✔️Mutual agreement to terminate
Questions with 100% verified Answers
A South Carolina agency agreement can be viewed as a(n) ___________.
-Disclosure of agency relationships
-Employment contract between a client and brokerage
-Employment contract between a customer and brokerage
-Employment contract between a licensee and brokerage - ✔️✔️Employment contract between a
client and brokerage
**By signing an agency agreement, clients are essentially hiring the brokerage to work for
them.
Which of the following tasks is an unlicensed assistant in South Carolina permitted to perform?
-Interpret contract information for a client.
-Negotiate a commission.
-Show property.
-Write advertisements for broker-in-charge approval. - ✔️✔️Write advertisements for broker-in-
charge approval.
**Unlicensed assistants may perform administrative tasks only, and may only write real estate
ads with their broker-in-charge's approval.
Jan is a real estate salesperson in South Carolina. She recently moved to a new home, both
personally and professionally. The office she works at moved to a new location, which happens
to be a few miles away from the new house Jan bought. What does she need to do?
-Address changes don't need to be reported to the commission.
-Immediately notify the commission of the business address change, but she has 30 days to
report her residential address change.
-Notify the commission within 30 days of changes to her residential and business address.
, -Notify the commission within 30 days of the change to her business address, but residential
address changes aren't reported. - ✔️✔️Notify the commission within 30 days of changes to her
residential and business address.
**Changes to physical residential address, mailing address, business address, email address,
and phone number must be updated with the commission within 30 days. Failure to do so can
result in disciplinary action. Her new broker will notify the commission of her new affiliation.
Frank entered into a buyer representation agreement with Cassidy to act as his agent. Frank
was under contract to purchase a property, but defaulted on his obligations and the sale fell
through. Does he owe Cassidy any compensation?
-No, Cassidy is only owed compensation upon closing or seller default.
-No, the seller owes Cassidy.
-No, the transaction didn't close, so Cassidy didn't earn the compensation.
-Yes, Cassidy earned her compensation the moment Frank was under contract. - ✔️✔️Yes,
Cassidy earned her compensation the moment Frank was under contract.
**Compensation is considered earned when the buyer is under contract. It's payable at closing
or immediately if the buyer defaults.
A second home along the South Carolina coast has a fair market value of $175,000. The local
millage rate is .285. What can the owner expect to pay in property taxes? - ✔️✔️$2,992.50
**Fair market value is multiplied by the assessment ratio to calculate the property's assessed
value. For secondary residences, this ratio is 6%. This is then multiplied by the millage rate to
determine property taxes due.
Which one of the following is NOT an example of how agency terminates by operation of law?
-Client bankruptcy
-Completion of a sale
-Expiration of the agreement
-Mutual agreement to terminate - ✔️✔️Mutual agreement to terminate
