South Carolina real estate Exam Questions and
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Terms in this set (75)
Mindy, a South Carolina resident, is $3,080
buying a new home. She'll occupy **Fair market value is multiplied by the
the home as her primary residence. assessment ratio to calculate the property's
It has a fair market value of assessed value. For primary residences, this ratio
$220,000 and is in an area with a is 4%. This is then multiplied by the millage rate to
millage rate of .350. What can she determine property taxes due.
expect to pay in property taxes?
Brent wants to work with a real Sign a buyer representation agreement.
estate broker as a buyer client. How **To become a buyer client, Brent must sign the
can he do this? appropriate agency agreement with the broker.
-Sign a buyer representation Only the buyer representation agreement
agreement. establishes an agent-buyer client relationship.
-Sign a Disclosure of Real Estate
Brokerage Relationships.
-Sign a listing agreement.
-Sign a transaction brokerage
agreement.
,What are the powers and duties of 1. sets general policy with regard to administering
the Real Estate Commission? and enforcing licensing laws
2. conducts periodic inspections of offices to
ensure compliance
3. impose rules and regulations to enforce
license laws
4. issue a temporary restraining order
According to our book, the REC make; write; recommend
cannot ____ or ____ the law; they can
only _____ changes in legislation.
The REC is not involved in _____ commission
disputes between licensees.
What are the qualifications for a 1. 150 total class hours (includes 90 hrs from
Broker's License? salesman course
2. take Broker A and B course and exam
3. Be a licensee for 3 years
4. Be 21 y/o
What are the qualifications for a 1. graduate from HS or have a GED
Salesperson's License? 2. Complete Unit I (60 hrs.) and Unit 2 (30 hrs.)
3. submit to criminal background check
4. pass the state test
5. be 18 y/o
When can a resident licensee pay When the nonresident does not participate in any
part of his commission to a non- negotiations which would generate a fee,
resident licensee from another compensation, or commission
state?
, Investigators must have completed 100; principles; laws, investigative
___ hours of training in commission-
approved programs, on subjects
like real estate ____, state statutory
and regulatory ____ and ____
techniques
The REC must conclude an 150; may seek waiver or extension by proving
investigation within _____ days of extenuating circumstances
complaint.
Commission shall render its written 90
decisions re: charged licensee
within ____ days.
The REC must keep a ____ or other docket; public
____ record of all orders, consent
orders, or stipulated settlements.
What disciplinary actions may be 1. may impose a fine from $500-$5000 for each
imposed by the REC? violation
2. may recover cost of the investigation
Salesmen are allowed to issue a _____ consent order; sanctions
____ and accept the _____ to avoid an
investigation.
What is the punishment for fined up to $500 and/or imprisoned for up to 6
practicing without a license? months (misdemeanor)
What is the penalty for a fined up to $500 and/or imprisoned for up to 6
broker/salesperson/property months (misdemeanor)--same punishment as a
manager who fails to renew his regular person practicing without a license
license biennially but STILL
CONTINUES TO PRACTICE?
Answers (Verified Answers) Updated (Actual
Exam) LATEST VERSION!!
Save
Terms in this set (75)
Mindy, a South Carolina resident, is $3,080
buying a new home. She'll occupy **Fair market value is multiplied by the
the home as her primary residence. assessment ratio to calculate the property's
It has a fair market value of assessed value. For primary residences, this ratio
$220,000 and is in an area with a is 4%. This is then multiplied by the millage rate to
millage rate of .350. What can she determine property taxes due.
expect to pay in property taxes?
Brent wants to work with a real Sign a buyer representation agreement.
estate broker as a buyer client. How **To become a buyer client, Brent must sign the
can he do this? appropriate agency agreement with the broker.
-Sign a buyer representation Only the buyer representation agreement
agreement. establishes an agent-buyer client relationship.
-Sign a Disclosure of Real Estate
Brokerage Relationships.
-Sign a listing agreement.
-Sign a transaction brokerage
agreement.
,What are the powers and duties of 1. sets general policy with regard to administering
the Real Estate Commission? and enforcing licensing laws
2. conducts periodic inspections of offices to
ensure compliance
3. impose rules and regulations to enforce
license laws
4. issue a temporary restraining order
According to our book, the REC make; write; recommend
cannot ____ or ____ the law; they can
only _____ changes in legislation.
The REC is not involved in _____ commission
disputes between licensees.
What are the qualifications for a 1. 150 total class hours (includes 90 hrs from
Broker's License? salesman course
2. take Broker A and B course and exam
3. Be a licensee for 3 years
4. Be 21 y/o
What are the qualifications for a 1. graduate from HS or have a GED
Salesperson's License? 2. Complete Unit I (60 hrs.) and Unit 2 (30 hrs.)
3. submit to criminal background check
4. pass the state test
5. be 18 y/o
When can a resident licensee pay When the nonresident does not participate in any
part of his commission to a non- negotiations which would generate a fee,
resident licensee from another compensation, or commission
state?
, Investigators must have completed 100; principles; laws, investigative
___ hours of training in commission-
approved programs, on subjects
like real estate ____, state statutory
and regulatory ____ and ____
techniques
The REC must conclude an 150; may seek waiver or extension by proving
investigation within _____ days of extenuating circumstances
complaint.
Commission shall render its written 90
decisions re: charged licensee
within ____ days.
The REC must keep a ____ or other docket; public
____ record of all orders, consent
orders, or stipulated settlements.
What disciplinary actions may be 1. may impose a fine from $500-$5000 for each
imposed by the REC? violation
2. may recover cost of the investigation
Salesmen are allowed to issue a _____ consent order; sanctions
____ and accept the _____ to avoid an
investigation.
What is the punishment for fined up to $500 and/or imprisoned for up to 6
practicing without a license? months (misdemeanor)
What is the penalty for a fined up to $500 and/or imprisoned for up to 6
broker/salesperson/property months (misdemeanor)--same punishment as a
manager who fails to renew his regular person practicing without a license
license biennially but STILL
CONTINUES TO PRACTICE?
