South Carolina Real Estate Appraisal Exam Actual Questions Verified Answers Rationales

, South Carolina Real Estate Appraisal Exam With Actual
Questions & Verified Answers ,Plus Explained Rationales 2026


Board members and team - CORRECT ANSWER 10 members of
the commission; 8 licensees and 2 members of the public- the term is
for 4 years

QUESTION :Activities that require a license - CORRECT ANSWER
Acting as a broker, salesman, negotiating, listing, sale, purchase,
exchange, auction

QUESTION :License status - CORRECT ANSWER Active- under
one BIC at a time
Inactive- can hold indefinitely; must pay renewal biennially and then
take mandatory continuing education
Expired/lapsed- expires June 30 renewed biennially, if not it becomes
a lapsed license and you can reinstate in six months with a $25 a
month fee if not then it's expired

QUESTION :Trust fund monies - CORRECT ANSWER Earnest
money, rent, security deposit, referral fees, bonuses

QUESTION :When must you disclose you are licensed? - CORRECT
ANSWER When there is a possible transaction

QUESTION :Property disclosures - latent defects - CORRECT
ANSWER May not knowingly give false information about
condition. Silence is considered giving false information. The agent is
not obligated to discover latent or hidden defects in the property

QUESTION :Stigmatized properties - CORRECT ANSWER A
psychological problem with the property. It is up to you if you want to
disclose any death or virus except HIV and AIDS cannot be disclosed

,QUESTION :Statute of frauds -offers and counter offers - CORRECT
ANSWER In order for a contract to be enforceable it has to be in
writing

QUESTION :How long to keep all records? - CORRECT ANSWER
Five years

QUESTION :When must in earnest money deposit be given to a BIC?
- CORRECT ANSWER Cash or certified funds to be given
immediately within 24 hours

Checks to be given 24 hours from ratification

QUESTION :When most a BIC deposit earnest money ? - CORRECT
ANSWER Cash or certified funds deposited within 48 hours of
receipt

Checks deposited 48 hours after acceptance of offer

QUESTION :Commingling - CORRECT ANSWER Illegal-mixing of
people in accounts example -keeping trust funds for commission

QUESTION :Conversion - CORRECT ANSWER Theft- using trust
money for example license renewal

QUESTION :Disputed funds - CORRECT ANSWER If no
agreement is made on who gets earnest money a written agreement
signed by all parties who wants the money files an interpleader action
funds are deposited to the court until determined

QUESTION :Principal - CORRECT ANSWER Someone who is
hired you - firm/human

QUESTION :Client - CORRECT ANSWER Person who has hired
you-Agency agreement

QUESTION :Agent - CORRECT ANSWER The company

, QUESTION :Subagent - CORRECT ANSWER Us as a real estate
agent

QUESTION :Power of attorney - CORRECT ANSWER A written
instrument authorizing a person called an attorney in fact to act as
their agent and sign on their behalf

QUESTION :Dual agency - CORRECT ANSWER One real estate
company two clients in the same transaction both buyer and seller-
obedience loyalty and disclosure duties become limited

QUESTION :Designated agency - CORRECT ANSWER BIC
appoints someone in company to one client so both aren't the same
agent

QUESTION :Universal agent - CORRECT ANSWER Unlimited
power of attorney; can sign for a buyer

QUESTION :Special agent - CORRECT ANSWER Company
employed by principal ;specific limited function ; a single transaction

QUESTION :General agent - CORRECT ANSWER Realtor
employed by company

QUESTION :What makes an agency - CORRECT ANSWER Hired
and licensed

QUESTION :Disclosed principal - CORRECT ANSWER A normal
transaction everything is disclosed

QUESTION :Undisclosed principal - CORRECT ANSWER You
know nothing about the client whether it's a human or a corporation

QUESTION :Partially disclosed - CORRECT ANSWER You don't
know their name but you know it's a person example Mariah Carey
under an alias