SOUTH CAROLINA REAL
ESTATE EXAM
1. 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.
2. Brent wants to work with a real estate broker as a buyer client. How
can he
SOUTH CAROLINA REAL ESTATE EXAM
, 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.
3. What are the powers and duties of the Real Estate Commission?
Answer 1. sets general
policy with regard to administering and enforcing licensing laws
2. conducts periodic inspections of oflces to ensure compliance
3. impose rules and regulations to enforce license laws
4. issue a temporary restraining order
SOUTH CAROLINA REAL ESTATE EXAM
, 4. According to our book, the REC cannot or the law; they can only
changes in legislation.
Answer make; write; recommend
5. The REC is not involved in disputes between licensees.
Answer commission
6. What are the qualifications for a Broker's License?
Answer 1. 150 total class hours (includes 90 hrs from salesman course
2. take Broker A and B course and exam
3. Be a licensee for 3 years
4. Be 21 y/o
7. What are the qualifications for a Salesperson's License?
Answer 1. graduate from HS or have a GED
2. Complete Unit I (60 hrs.) and Unit 2 (30 hrs.)
3. submit to criminal background check
SOUTH CAROLINA REAL ESTATE EXAM
, 4. pass the state test
5. be 18 y/o
8. When can a resident licensee pay part of his commission to a non-
resident
licensee from another state?Answer When the nonresident does not
participate in any negotiations
which would generate a fee, compensation, or commission
9. Investigators must have completed hours of training in commission-
ap-
proved programs, on subjects like real estate , state statutory and
regula-
tory and
techniques
Answer 100; principles; laws, investigative
10. The REC must conclude an investigation within days of
complaint.
Answer 150; may seek waiver or extension by proving extenuating
circumstances
SOUTH CAROLINA REAL ESTATE EXAM
ESTATE EXAM
1. 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.
2. Brent wants to work with a real estate broker as a buyer client. How
can he
SOUTH CAROLINA REAL ESTATE EXAM
, 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.
3. What are the powers and duties of the Real Estate Commission?
Answer 1. sets general
policy with regard to administering and enforcing licensing laws
2. conducts periodic inspections of oflces to ensure compliance
3. impose rules and regulations to enforce license laws
4. issue a temporary restraining order
SOUTH CAROLINA REAL ESTATE EXAM
, 4. According to our book, the REC cannot or the law; they can only
changes in legislation.
Answer make; write; recommend
5. The REC is not involved in disputes between licensees.
Answer commission
6. What are the qualifications for a Broker's License?
Answer 1. 150 total class hours (includes 90 hrs from salesman course
2. take Broker A and B course and exam
3. Be a licensee for 3 years
4. Be 21 y/o
7. What are the qualifications for a Salesperson's License?
Answer 1. graduate from HS or have a GED
2. Complete Unit I (60 hrs.) and Unit 2 (30 hrs.)
3. submit to criminal background check
SOUTH CAROLINA REAL ESTATE EXAM
, 4. pass the state test
5. be 18 y/o
8. When can a resident licensee pay part of his commission to a non-
resident
licensee from another state?Answer When the nonresident does not
participate in any negotiations
which would generate a fee, compensation, or commission
9. Investigators must have completed hours of training in commission-
ap-
proved programs, on subjects like real estate , state statutory and
regula-
tory and
techniques
Answer 100; principles; laws, investigative
10. The REC must conclude an investigation within days of
complaint.
Answer 150; may seek waiver or extension by proving extenuating
circumstances
SOUTH CAROLINA REAL ESTATE EXAM
