South Carolina Real Estate Exam
Question and Correct Answers
Mindy, a South Carolina resident, is buying a new home. She'll occupy the home as her
primary residence. It has a fair market value of $220,000 and is in an area with a
millage rate of .350. What can she expect to pay in property taxes? - ANSWER-$3,080
**Fair market value is multiplied by the assessment ratio to calculate the property's
assessed value. For primary residences, this ratio is 4%. This is then multiplied by the
millage rate to determine property taxes due.
Brent wants to work with a real estate broker as a buyer client. How can he do this?
-Sign a buyer representation agreement.
-Sign a Disclosure of Real Estate Brokerage Relationships.
-Sign a listing agreement.
-Sign a transaction brokerage agreement. - ANSWER-Sign a buyer representation
agreement.
**To become a buyer client, Brent must sign the appropriate agency agreement with the
broker. Only the buyer representation agreement establishes an agent-buyer client
relationship.
In addition to providing proof of character, an applicant seeking a new South Carolina
real estate license after their original was revoked must provide what other proof?
Education and examination
Education and income
Examination and income
Experience and education - ANSWER-Education and examination
South Carolina broker Craig Jenkins is selling his own home. He discloses this fact in
his marketing materials for the house, and at his first substantive contact with interested
buyers. Should Craig disclose this fact anywhere else?
-No. Craig has fulfilled his duties of disclosure.
-Yes. He must complete a Licensee-Seller Disclosure form, and have any prospective
buyers sign it before submitting an offer.
-Yes. He must complete the Licensee-Seller Disclosure form (and have the seller sign it)
and disclose it on page one of any purchase offers he receives.
-Yes. He must disclose this on page one of any purchase offers he receives. -
ANSWER-Yes. He must disclose this on page one of any purchase offers he receives.
**This disclosure must be written in bold, underlined, capital letters on the first page of
all real estate purchase contracts Craig uses in personal transactions.
Carlos wants a real estate broker to help him sell his lake house. He expects top-notch,
full services. How can he get this?
, -Sign a buyer representation agreement.
-Sign a Disclosure of Real Estate Brokerage Relationships.
-Sign a listing agreement.
-Sign a transaction brokerage agreement. - ANSWER-Sign a listing agreement.
**To become a seller client, Carlos must sign the appropriate agency agreement with
the broker. Only a listing agreement establishes an agent-seller client relationship.
Raquel's license was revoked by the South Carolina Real Estate Commission three
years ago. She'd like to apply for a new license. What does she need to do?
-Anyone who had a real estate license revoked can never apply for a new license.
-Nothing, after the revocation period has ended her license will be automatically
reinstated, assuming she's kept up with renewal requirements over the last three years.
-She must provide proof that she's reliable, has a good reputation for honest and fair
conduct, has completed all education requirements within the last five years, and has
passed all required exams.
-She needs to submit a reinstatement application and include a sworn statement from
her broker-in-charge detailing the supervision activities that will be provided to ensure
lawful practice of real estate. - ANSWER-She must provide proof that she's reliable, has
a good reputation for honest and fair conduct, has completed all education requirements
within the last five years, and has passed all required exams.
When must the Real Estate Offer Rejection Form be used in South Carolina? -
ANSWER-When a seller rejects an offer without countering it
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 - ANSWER-Employment
contract between a client and brokerage
**By signing an agency agreement, clients are essentially hiring the brokerage to work
for them.
South Carolina licensee Victor has obtained his seller client's signature on an offer he
just received. Victor faxes a copy of this agreement to the buyer's agent. Under South
Carolina law, is this an appropriate way to communicate an accepted offer?
-No. Real estate documents may not be communicated electronically under the state
law.
-No. While this signed agreement can be sent over the Internet, faxed documents aren't
permitted.
-Yes, but only if Victor delivers the original signed agreement to the buyer's agent within
24 hours.
-Yes, this is an appropriate way to transmit the accepted offer. - ANSWER-Yes, this is
an appropriate way to transmit the accepted offer.
In South Carolina, what purpose do agency agreements serve?
Question and Correct Answers
Mindy, a South Carolina resident, is buying a new home. She'll occupy the home as her
primary residence. It has a fair market value of $220,000 and is in an area with a
millage rate of .350. What can she expect to pay in property taxes? - ANSWER-$3,080
**Fair market value is multiplied by the assessment ratio to calculate the property's
assessed value. For primary residences, this ratio is 4%. This is then multiplied by the
millage rate to determine property taxes due.
Brent wants to work with a real estate broker as a buyer client. How can he do this?
-Sign a buyer representation agreement.
-Sign a Disclosure of Real Estate Brokerage Relationships.
-Sign a listing agreement.
-Sign a transaction brokerage agreement. - ANSWER-Sign a buyer representation
agreement.
**To become a buyer client, Brent must sign the appropriate agency agreement with the
broker. Only the buyer representation agreement establishes an agent-buyer client
relationship.
In addition to providing proof of character, an applicant seeking a new South Carolina
real estate license after their original was revoked must provide what other proof?
Education and examination
Education and income
Examination and income
Experience and education - ANSWER-Education and examination
South Carolina broker Craig Jenkins is selling his own home. He discloses this fact in
his marketing materials for the house, and at his first substantive contact with interested
buyers. Should Craig disclose this fact anywhere else?
-No. Craig has fulfilled his duties of disclosure.
-Yes. He must complete a Licensee-Seller Disclosure form, and have any prospective
buyers sign it before submitting an offer.
-Yes. He must complete the Licensee-Seller Disclosure form (and have the seller sign it)
and disclose it on page one of any purchase offers he receives.
-Yes. He must disclose this on page one of any purchase offers he receives. -
ANSWER-Yes. He must disclose this on page one of any purchase offers he receives.
**This disclosure must be written in bold, underlined, capital letters on the first page of
all real estate purchase contracts Craig uses in personal transactions.
Carlos wants a real estate broker to help him sell his lake house. He expects top-notch,
full services. How can he get this?
, -Sign a buyer representation agreement.
-Sign a Disclosure of Real Estate Brokerage Relationships.
-Sign a listing agreement.
-Sign a transaction brokerage agreement. - ANSWER-Sign a listing agreement.
**To become a seller client, Carlos must sign the appropriate agency agreement with
the broker. Only a listing agreement establishes an agent-seller client relationship.
Raquel's license was revoked by the South Carolina Real Estate Commission three
years ago. She'd like to apply for a new license. What does she need to do?
-Anyone who had a real estate license revoked can never apply for a new license.
-Nothing, after the revocation period has ended her license will be automatically
reinstated, assuming she's kept up with renewal requirements over the last three years.
-She must provide proof that she's reliable, has a good reputation for honest and fair
conduct, has completed all education requirements within the last five years, and has
passed all required exams.
-She needs to submit a reinstatement application and include a sworn statement from
her broker-in-charge detailing the supervision activities that will be provided to ensure
lawful practice of real estate. - ANSWER-She must provide proof that she's reliable, has
a good reputation for honest and fair conduct, has completed all education requirements
within the last five years, and has passed all required exams.
When must the Real Estate Offer Rejection Form be used in South Carolina? -
ANSWER-When a seller rejects an offer without countering it
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 - ANSWER-Employment
contract between a client and brokerage
**By signing an agency agreement, clients are essentially hiring the brokerage to work
for them.
South Carolina licensee Victor has obtained his seller client's signature on an offer he
just received. Victor faxes a copy of this agreement to the buyer's agent. Under South
Carolina law, is this an appropriate way to communicate an accepted offer?
-No. Real estate documents may not be communicated electronically under the state
law.
-No. While this signed agreement can be sent over the Internet, faxed documents aren't
permitted.
-Yes, but only if Victor delivers the original signed agreement to the buyer's agent within
24 hours.
-Yes, this is an appropriate way to transmit the accepted offer. - ANSWER-Yes, this is
an appropriate way to transmit the accepted offer.
In South Carolina, what purpose do agency agreements serve?
