Property management license Exam Questions with Complete Solutions

Property management license Exam Questions with Complete Solutions The Civil Rights act of 1866 reaffirmed - Answer ️️ - Security deposits received in the agent's personal rental transaction are not required to be deposited in a trust account - Answer ️️ -FALSE Disputed trust funds can be disbursed in the following way - Answer ️️ -written agreement between the parties A licensee who receives compensation in a real estate transaction from more than one party can be disciplined unless the fee is accepted with the full knowledge and written consent of all parties. - Answer ️️ -true In South Carolina, real estate license law is administered by the - Answer ️️ -South Carolina Real Estate Commission All of the following are protected classes under the Fair Housing Laws EXCEPT - Answer ️️ -age The duties and powers of the SC Real Estate Commission include all of the following EXECPT - Answer ️️ -conducting investigations of a real estate office based on an irate phone call The SC Real Estate Commission may investigate for all of the following reasons EXCEPT - Answer ️️ -a written complaint submitted by an agent about a cooperative commission arrangement The SC Real Estate Commission has the authority to - Answer ️️ -make and enforce the rules by which all licensees must abide A licensee is convicted on May 1st of possession and distribution of a controlled substance. Both the crime and the conviction took place out of state. On June 15, the broker calls the SC Real Estate Commission and leaves a message informing them of the conviction. Based on these facts, which of the following is TRUE? - Answer ️️ -Both the conviction and the licensee's failure to notify the SC Real Estate Commission with 10 days violate the Commission regulations. An agent's license renewal fee has been returned for insufficient funds. The SC Real Estate Commission - Answer ️️ -may take disciplinary action against the licensee In SC, all of the following would be grounds for revoking a licensee's license EXCEPT - Answer ️️ -agreeing with a owner to accept more than the normal commission rate A licensee may have a license revoked by the SC Real Estate Commission if the licensee - Answer ️️ -fails to inform the tenant that the security deposit will be held by the owner of the property, not the management company The SC Fair Housing Law provides protection from discrimination for all of the following classes EXCEPT - Answer ️️ -age A housing discrimination charge must be filed with the SC Human Affairs Commission within - Answer ️️ -6 months All of the following may be grounds for disciplinary action by the SC Real Estate Commission EXCEPT - Answer ️️ -failure to disclose the death of a owner due to cancer Which of the following activities does NOT require a real estate or property management license in SC? - Answer ️️ -being paid a salary to manage an agent's marketing campaign In SC, applications for any real estate license must - Answer ️️ -be completed before taking the written exam A licensee on inactive status may - Answer ️️ -not conduct real estate activities Which of the following is correct regarding an applicant for Property Manager-in-charge? - Answer ️️ -must complete a seven hour Property Manager-in-charge class A real estate licensee who wishes to also become a property manager - Answer ️️ -may manage property with a real estate license When a licensed Property Manager-in-charge changes his or her place of business, - Answer ️️ -the property manager-in-charge must notify the SC Real Estate Commission within 10 days In SC, licenses are renewed - Answer ️️ -biennially, on June 30 A property manager-in-charge intends to open a branch office in a neighboring town.The Property manager-in-charge applies for a branch office license, giving a name that clearly identifies its relationship with his main office. The PMIC names a licensed real estate property manager as the branch office manager. Under these facts, could the PMIC receive approval for the branch office? - Answer ️️ -Yes, if the SC Real Estate Commission approves one PMIC acting as PMIC of two offices A property management license is required for all of the following EXCEPT - Answer ️️ - managing a personal mobile home An applicant for a real estate license in SC must - Answer ️️ -submit to a backgro