SC PROPERTY MANAGEMENT EXAMINERS SET
QUESTIONS AND ANSWERS SURE A+
✔✔BIC & PMIC shall ensure that backup copies are maintained for computerized real
estate trust accounts. A backup copy must be maintained on a data storage medium
that is stored in a separate off-site location - ✔✔
✔✔A BIC or PMIC may NOT commingle trust funds of the client with his own money,
except that he may maintain a clearly identified amount of the company's funds in the
trust account to cover bank service charges or in order to avoid the closing of the
account when no client's trust funds are on deposit. - ✔✔
✔✔When should cash/certified funds for a security deposit be deposited in the PMIC's
trust account? - ✔✔Within 48 hours of receipt (excluding Sat-Sun & bank holiday's)
✔✔Trust Funds received by a licensee in connection with a real estate transaction in
which the licensee is engaged for the BIC or PMIC must be delivered to the BIC or
PMIC no later than_ - ✔✔the following business day
✔✔When should personal checks be deposited for security deposit? - ✔✔within 48
hours after the lease is signed by parties to the lease (excluding Sat/Sun & bank
holiday's)
,✔✔The purpose of the real estate license law is to - ✔✔Protect the public when
involved in real estate transactions
✔✔Trust account records must be kept on file for a period of - ✔✔5 years
✔✔A PM received a security deposit from a tenant. The PM placed the deposit in his
personal checking account. For this action, the agent was found guilty of_ -
✔✔Commingling
✔✔If a dispute concerning the entitlement to, disposition of trust funds arises between
buyer and seller and not resolved, the deposit must be held in the trust account until the
dispute is resolved by_ - ✔✔a written agreement (an order), voluntary mediation,
interpleader action in court
✔✔PM must be how old to apply for license - ✔✔18
✔✔PMIC must be how old to apply for license - ✔✔21
✔✔Antitrust Laws - ✔✔laws that promote competition in the marketplace (Sherman
Antitrust Act)
✔✔Sherman Antitrust Act - ✔✔1890 law banning any trust that restrained interstate
trade or commerce
✔✔What is the most common form of violation of antitrust laws - ✔✔Price-Fixing
✔✔price fixing - ✔✔an agreement among firms to charge one price for the same good
(this violates the law)
✔✔Civil Rights Act of 1866 - ✔✔All citizens shall have the same right as white citizens
to inherit, purchase, lease, sell, hold, and convey real and personal property (any
manner of race or color discrimination in real estate is in violation of this act)
✔✔Civil Rights Act of 1968 (aka Fair Housing Act) - ✔✔Prohibits all racial
discrimination, no exceptions (Supreme Court- Jones v. Alfred H Mayer Company). 7
protected classes now. This includes Advertising.
✔✔What are the seven protected classes - ✔✔race, color, religion, national origin, sex,
familial status (adults w/ children), disability (handicap)
✔✔Who is exempt from protected classes - ✔✔owner occupied buildings (4 units or
less), single-family housing sold or rented without using a real estate agent, and
housing that is owned or operated by organizations and private clubs that limit
occupancy to members
, ✔✔Blockbusting - ✔✔Encouraging owners to sell their properties because minorities
are moving into a neighborhood (illegal)(panic selling)
✔✔Steering - ✔✔Channeling prospective buyers or tenants to particular neighborhoods
based upon their race, religion, national origin, or ancestry.
✔✔Advertising should describe the property, NOT - ✔✔other tenants and the landlord
✔✔HUD fair housing poster - ✔✔requires that an equal opportunity poster be displayed
at real estate brokerage offices, mortgage lender's offices, model home sites and other
related locations.(shows all 7 protected classes)
✔✔Americans with Disabilities Act (ADA) - ✔✔Legislation passed in 1990 that prohibits
discrimination against people with disabilities. Under this Act, discrimination against a
disabled person is illegal in employment, transportation, public accommodations,
communications and government activities.
✔✔Reasonable Accommodation - ✔✔Modifications or adjustments to a job or job
application process that accommodate persons with disabilities but do not impose a
disproportionate or undue burden on the employer.
✔✔SC Fair Housing Law (1989) - ✔✔SC's own fair housing law
SCHAC - SC Human Affairs Commission has initial enforcement authority
180 days to file a complaint (6 months). If more than 180 days complaint goes to HUD
✔✔Meghan's Law - ✔✔a law requiring authorities to notify communities of the
whereabouts of convicted sex offenders. It was first enacted by New Jersey in 1995.
✔✔Exemptions to the Fair Housing Act - ✔✔Owner occupied buildings with no more
than four units
Single family housing sold or rented without the use of a real estate professional
Housing operated by orginizations and private and social clubs that limit occupancy to
members (37)
Churches
✔✔FSBO - ✔✔For Sale By Owner. A way to sell a house without involving a real estate
agent.
✔✔Lead Based Paint Disclosure - ✔✔pre-1978, disclosure form MUST be attached with
real estate sales or lease agreements
✔✔General Agent - ✔✔may act on behalf of the owner on a range of matters
QUESTIONS AND ANSWERS SURE A+
✔✔BIC & PMIC shall ensure that backup copies are maintained for computerized real
estate trust accounts. A backup copy must be maintained on a data storage medium
that is stored in a separate off-site location - ✔✔
✔✔A BIC or PMIC may NOT commingle trust funds of the client with his own money,
except that he may maintain a clearly identified amount of the company's funds in the
trust account to cover bank service charges or in order to avoid the closing of the
account when no client's trust funds are on deposit. - ✔✔
✔✔When should cash/certified funds for a security deposit be deposited in the PMIC's
trust account? - ✔✔Within 48 hours of receipt (excluding Sat-Sun & bank holiday's)
✔✔Trust Funds received by a licensee in connection with a real estate transaction in
which the licensee is engaged for the BIC or PMIC must be delivered to the BIC or
PMIC no later than_ - ✔✔the following business day
✔✔When should personal checks be deposited for security deposit? - ✔✔within 48
hours after the lease is signed by parties to the lease (excluding Sat/Sun & bank
holiday's)
,✔✔The purpose of the real estate license law is to - ✔✔Protect the public when
involved in real estate transactions
✔✔Trust account records must be kept on file for a period of - ✔✔5 years
✔✔A PM received a security deposit from a tenant. The PM placed the deposit in his
personal checking account. For this action, the agent was found guilty of_ -
✔✔Commingling
✔✔If a dispute concerning the entitlement to, disposition of trust funds arises between
buyer and seller and not resolved, the deposit must be held in the trust account until the
dispute is resolved by_ - ✔✔a written agreement (an order), voluntary mediation,
interpleader action in court
✔✔PM must be how old to apply for license - ✔✔18
✔✔PMIC must be how old to apply for license - ✔✔21
✔✔Antitrust Laws - ✔✔laws that promote competition in the marketplace (Sherman
Antitrust Act)
✔✔Sherman Antitrust Act - ✔✔1890 law banning any trust that restrained interstate
trade or commerce
✔✔What is the most common form of violation of antitrust laws - ✔✔Price-Fixing
✔✔price fixing - ✔✔an agreement among firms to charge one price for the same good
(this violates the law)
✔✔Civil Rights Act of 1866 - ✔✔All citizens shall have the same right as white citizens
to inherit, purchase, lease, sell, hold, and convey real and personal property (any
manner of race or color discrimination in real estate is in violation of this act)
✔✔Civil Rights Act of 1968 (aka Fair Housing Act) - ✔✔Prohibits all racial
discrimination, no exceptions (Supreme Court- Jones v. Alfred H Mayer Company). 7
protected classes now. This includes Advertising.
✔✔What are the seven protected classes - ✔✔race, color, religion, national origin, sex,
familial status (adults w/ children), disability (handicap)
✔✔Who is exempt from protected classes - ✔✔owner occupied buildings (4 units or
less), single-family housing sold or rented without using a real estate agent, and
housing that is owned or operated by organizations and private clubs that limit
occupancy to members
, ✔✔Blockbusting - ✔✔Encouraging owners to sell their properties because minorities
are moving into a neighborhood (illegal)(panic selling)
✔✔Steering - ✔✔Channeling prospective buyers or tenants to particular neighborhoods
based upon their race, religion, national origin, or ancestry.
✔✔Advertising should describe the property, NOT - ✔✔other tenants and the landlord
✔✔HUD fair housing poster - ✔✔requires that an equal opportunity poster be displayed
at real estate brokerage offices, mortgage lender's offices, model home sites and other
related locations.(shows all 7 protected classes)
✔✔Americans with Disabilities Act (ADA) - ✔✔Legislation passed in 1990 that prohibits
discrimination against people with disabilities. Under this Act, discrimination against a
disabled person is illegal in employment, transportation, public accommodations,
communications and government activities.
✔✔Reasonable Accommodation - ✔✔Modifications or adjustments to a job or job
application process that accommodate persons with disabilities but do not impose a
disproportionate or undue burden on the employer.
✔✔SC Fair Housing Law (1989) - ✔✔SC's own fair housing law
SCHAC - SC Human Affairs Commission has initial enforcement authority
180 days to file a complaint (6 months). If more than 180 days complaint goes to HUD
✔✔Meghan's Law - ✔✔a law requiring authorities to notify communities of the
whereabouts of convicted sex offenders. It was first enacted by New Jersey in 1995.
✔✔Exemptions to the Fair Housing Act - ✔✔Owner occupied buildings with no more
than four units
Single family housing sold or rented without the use of a real estate professional
Housing operated by orginizations and private and social clubs that limit occupancy to
members (37)
Churches
✔✔FSBO - ✔✔For Sale By Owner. A way to sell a house without involving a real estate
agent.
✔✔Lead Based Paint Disclosure - ✔✔pre-1978, disclosure form MUST be attached with
real estate sales or lease agreements
✔✔General Agent - ✔✔may act on behalf of the owner on a range of matters
