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SC MLO Practice Test #3 Exam Questions
and Answers 100% Pass
South Carolina recognizes four types of agency relationships. Choose the set which indicates
the acceptable forms of agency relationships in South Carolina.
a. Seller's, buyer's, undisclosed, subagency
b. Seller's, buyer's, fiduciary, subagency
c. Seller's, buyer's, disclosed, dual
d. Seller's, buyer's, disclosed dual, subagency - ANS d.
A person or organization offering mortgage brokering services must deposit and maintain an
amount of $10,000. Which of these is not an acceptable way of holding that money?
a. Securities approved by the administrator.
b. A bond executed by a surety company authorized by the laws of this State to transact
business within this State.
c. Stocks executed by a surety company authorized by the laws of this State to transact business
within this State.
d. Cash approved by the administrator. - ANS c.
A mortgage broker must do which of the following upon receipt of an application for a
mortgage?
a. Disclose an itemization of charges within 24 hours of receipt of a mortgage application,
through mail or by phone.
b. Mail a response in a timely manner so that it is received by the applicant within one week.
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c. Deposit an itemizations of charges with the United Stated Postal Service for first class
delivery within three days of receipt of a mortgage application
d. Disclose some of the fees earned for mortgage brokering services to the applicant. - ANS c.
Each time share that is purchased by a client must be registered with which South Carolina
entity?
a. The Time Share Commission
b. The Real Estate Governance Office
c. The Real Estate Commission
d. The Homebuilders Association - ANS c.
Regarding a broker-in-charge in South Carolina, what is true of his or her employment?
a. He or she must have been licensed as a broker for at least 5 years.
b. He or she may oversee more than one office only with commission approval.
c. He or she is required to have at least a twenty-five percent interest in the company.
d. He or she may oversee two offices within a 25-mile radius without commission approval. -
ANS b.
Which of the following will not necessarily lead to the payment of a commission?
a. Binding contract between seller and buyer
b. Ready, willing, and able buyer
c. Closing of the title by buyer
d. Signed listing agreement - ANS d.
Which of the following comes under the authority of the South Carolina Real Estate
Commission?
a. Making and enforcing the rules to which real estate licensees are subject
b. Administering the real estate licensing exams at established test centers
SC MLO Practice Test #3 Exam Questions
and Answers 100% Pass
South Carolina recognizes four types of agency relationships. Choose the set which indicates
the acceptable forms of agency relationships in South Carolina.
a. Seller's, buyer's, undisclosed, subagency
b. Seller's, buyer's, fiduciary, subagency
c. Seller's, buyer's, disclosed, dual
d. Seller's, buyer's, disclosed dual, subagency - ANS d.
A person or organization offering mortgage brokering services must deposit and maintain an
amount of $10,000. Which of these is not an acceptable way of holding that money?
a. Securities approved by the administrator.
b. A bond executed by a surety company authorized by the laws of this State to transact
business within this State.
c. Stocks executed by a surety company authorized by the laws of this State to transact business
within this State.
d. Cash approved by the administrator. - ANS c.
A mortgage broker must do which of the following upon receipt of an application for a
mortgage?
a. Disclose an itemization of charges within 24 hours of receipt of a mortgage application,
through mail or by phone.
b. Mail a response in a timely manner so that it is received by the applicant within one week.
, ©THESTAR 2025 ALL RIGHTS RESERVED
c. Deposit an itemizations of charges with the United Stated Postal Service for first class
delivery within three days of receipt of a mortgage application
d. Disclose some of the fees earned for mortgage brokering services to the applicant. - ANS c.
Each time share that is purchased by a client must be registered with which South Carolina
entity?
a. The Time Share Commission
b. The Real Estate Governance Office
c. The Real Estate Commission
d. The Homebuilders Association - ANS c.
Regarding a broker-in-charge in South Carolina, what is true of his or her employment?
a. He or she must have been licensed as a broker for at least 5 years.
b. He or she may oversee more than one office only with commission approval.
c. He or she is required to have at least a twenty-five percent interest in the company.
d. He or she may oversee two offices within a 25-mile radius without commission approval. -
ANS b.
Which of the following will not necessarily lead to the payment of a commission?
a. Binding contract between seller and buyer
b. Ready, willing, and able buyer
c. Closing of the title by buyer
d. Signed listing agreement - ANS d.
Which of the following comes under the authority of the South Carolina Real Estate
Commission?
a. Making and enforcing the rules to which real estate licensees are subject
b. Administering the real estate licensing exams at established test centers
