SC Real Estate- State portion Study Guide with Complete Solutions

SC Real Estate - State portion Study Guide with Complete Solutions SC Real Estate Commission - Correct Answer ✔️✔️-Consists of 10 elected and/or appointed members SC Real estate commission pow er and duties - Correct Answer ✔️✔️--Determine standards for education and education providers. -Recommend legislation to protect the public. -Determine conditions for license renewal. - Conduct disciplinary hearings and decide disciplinary action. SCREC disciplinary actions - Correct Answer ✔️✔️-reprimand probation, suspension, or revocation of license. additional education special supervision fines from $500 -$5,000 per violation LLR investigations - Correct Answer ✔️✔️-Concluded within 150 days LLR memb ers must have at least 100 hours of training How many days until after a LLR hearing will you receive an outcome - Correct Answer ✔️✔️-90 days licensee may appeal the decision to Administrative law How much money does the SCREC take from a renewal fee? - Correct Answer ✔️✔️-$10 this money goes goes in the Education and research fund. What do you need be licensed to do? - Correct Answer ✔️✔️--negotiate listings or any sale of real estate that is not personally owned -auctioning -solicit referrals to conduct real estate activities -Provide real estate advisory services -offers to or act as an agent in a transaction punishments for practicing without a license - Correct Answer ✔️✔️-misdemeanor fine of $500 jailed for less than a ye ar exemptions from licensure - Correct Answer ✔️✔️--owner selling their own property -attorney representing a client -government employees performing official duties registered foresters if sale is incidental to sale of timber on the property -court appoi nted receivers and trustees acting within scope of duties how long does a license last before having to renew - Correct Answer ✔️✔️-2 years, expiring on June 30 of the year of expiration Renewal notices must be mailed by or completed online by when? - Correct Answer ✔️✔️-may 1st when do late fees to renew a license apply - Correct Answer ✔️✔️-July 1st what day will your license be canceled if you do not re -apply in time - Correct Answer ✔️✔️-December 31, after that you must re apply and re qualify