SC Property Management License Exam with
Complete & Verified Solutions
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'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_ - ANSWER -the following business day
When should personal checks be deposited for security deposit? - ANSWER -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 - ANSWER -Protect the public when
involved in real estate transactions
, Trust account records must be kept on file for a period of - ANSWER -5 years
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 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_ - ANSWER -
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_ - ANSWER -a written agreement (an order), voluntary
mediation, interpleader action in court
PM must be how old to apply for license - ANSWER -18
PMIC must be how old to apply for license - ANSWER -21
Antitrust Laws - ANSWER -laws that promote competition in the marketplace (Sherman
Antitrust Act)
Sherman Antitrust Act - ANSWER -1890 law banning any trust that restrained interstate
trade or commerce
What is the most common form of violation of antitrust laws - ANSWER -Price-Fixing
price fixing - ANSWER -an agreement among firms to charge one price for the same
good (this violates the law)
Civil Rights Act of 1866 - ANSWER -All citizens shall have the same right as white
citizens to inherit, purchase, lease, sell, hold, and convey real and personal property
(any manner of race or color discrimination in real estate is in violation of this act)
Civil Rights Act of 1968 (aka Fair Housing Act) - ANSWER -Prohibits all racial
discrimination, no exceptions (Supreme Court- Jones v. Alfred H Mayer Company). 7
protected classes now. This includes Advertising.
Complete & Verified Solutions
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'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_ - ANSWER -the following business day
When should personal checks be deposited for security deposit? - ANSWER -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 - ANSWER -Protect the public when
involved in real estate transactions
, Trust account records must be kept on file for a period of - ANSWER -5 years
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 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_ - ANSWER -
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_ - ANSWER -a written agreement (an order), voluntary
mediation, interpleader action in court
PM must be how old to apply for license - ANSWER -18
PMIC must be how old to apply for license - ANSWER -21
Antitrust Laws - ANSWER -laws that promote competition in the marketplace (Sherman
Antitrust Act)
Sherman Antitrust Act - ANSWER -1890 law banning any trust that restrained interstate
trade or commerce
What is the most common form of violation of antitrust laws - ANSWER -Price-Fixing
price fixing - ANSWER -an agreement among firms to charge one price for the same
good (this violates the law)
Civil Rights Act of 1866 - ANSWER -All citizens shall have the same right as white
citizens to inherit, purchase, lease, sell, hold, and convey real and personal property
(any manner of race or color discrimination in real estate is in violation of this act)
Civil Rights Act of 1968 (aka Fair Housing Act) - ANSWER -Prohibits all racial
discrimination, no exceptions (Supreme Court- Jones v. Alfred H Mayer Company). 7
protected classes now. This includes Advertising.
