SOUTH CAROLINA REAL ESTATE EXAM
PRACTICE QUESTIONS AND ACCURATE
CORRECT ANSWERS
How long must a Broker in Charge or Property Manager in Charge retain their Trust Fund
Account records? answer - 5 years
A recipient of a high cost loan on a property in South Carolina must answer - receive counseling
on the advisability of the loan
Mortgage "discount" points only apply if which of the following conditions are met? answer -
The interest rate on the mortgage loan has been lowered by 1% for each point charged.
How long does a South Carolina landlord have to return a security deposit to a tenant at the
conclusion of a lease? answer - 30 days
Is SC a community property state? answer - No
Lenders will always order this before making a loan. answer - an appraisal
Betty Broker presents an offer to her seller, but the terms are not acceptable to the seller. What
form must Betty complete? answer - an offer rejection form
Mortgage loans with fluctuating rates are termed as answer - ARM
Does South Carolina have homestead laws? answer - YES
, A buyer is viewing a home and asks the agent if any sex offenders live in the immediate area.
How should the agent respond? answer - educate the buyer on doing a search for sex offenders
in the area
An easement by prescription may establish: answer - use of property
Disabled people are protected under Fair Housing law when renting in multi-family units. How
many units must be in the construction, in order for the law to apply? answer - 4
Which laws are intended to protect consumers from excessive interest rates on loans? answer -
usury laws
When purchasing a Vacation Time Sharing Plan, the consumer may cancel the contract up to
how may days after signing? answer - 5
Standing trees would be considered: answer - real property
A warrant of ejectment may be issued, upon landlords application, after how much time has
passed with the tenant being in violation of court orders? answer - 5 days
"Flipping" a consumer home loan means the making of a consumer home loan that refinances
within how long an existing consumer home loan of the borrower when the new loan does not
have a reasonable, tangible net benefit to the borrower? answer - 42 months
After getting the real estate salesperson license, how often must you take Continuing Education
classes? answer - 10 hrs every 2 years
The Truth in Lending Act (TILA) is implemented by answer - regulation Z
PRACTICE QUESTIONS AND ACCURATE
CORRECT ANSWERS
How long must a Broker in Charge or Property Manager in Charge retain their Trust Fund
Account records? answer - 5 years
A recipient of a high cost loan on a property in South Carolina must answer - receive counseling
on the advisability of the loan
Mortgage "discount" points only apply if which of the following conditions are met? answer -
The interest rate on the mortgage loan has been lowered by 1% for each point charged.
How long does a South Carolina landlord have to return a security deposit to a tenant at the
conclusion of a lease? answer - 30 days
Is SC a community property state? answer - No
Lenders will always order this before making a loan. answer - an appraisal
Betty Broker presents an offer to her seller, but the terms are not acceptable to the seller. What
form must Betty complete? answer - an offer rejection form
Mortgage loans with fluctuating rates are termed as answer - ARM
Does South Carolina have homestead laws? answer - YES
, A buyer is viewing a home and asks the agent if any sex offenders live in the immediate area.
How should the agent respond? answer - educate the buyer on doing a search for sex offenders
in the area
An easement by prescription may establish: answer - use of property
Disabled people are protected under Fair Housing law when renting in multi-family units. How
many units must be in the construction, in order for the law to apply? answer - 4
Which laws are intended to protect consumers from excessive interest rates on loans? answer -
usury laws
When purchasing a Vacation Time Sharing Plan, the consumer may cancel the contract up to
how may days after signing? answer - 5
Standing trees would be considered: answer - real property
A warrant of ejectment may be issued, upon landlords application, after how much time has
passed with the tenant being in violation of court orders? answer - 5 days
"Flipping" a consumer home loan means the making of a consumer home loan that refinances
within how long an existing consumer home loan of the borrower when the new loan does not
have a reasonable, tangible net benefit to the borrower? answer - 42 months
After getting the real estate salesperson license, how often must you take Continuing Education
classes? answer - 10 hrs every 2 years
The Truth in Lending Act (TILA) is implemented by answer - regulation Z
