SC Real Estate - State Portion Exam Practice Questions and Answers

SC Real Estate - State Portion Exam Practice Questions and Answers Associated Licensee - Correct Answer ️️ -Licensee who is affiliated with a BIC Broker - Correct Answer ️️ -For a fee, salary, commission Negotiates, Auctioins, Solicits a referral, Offers advisory services, Offers to act as an agent, Advertises Broker-in-Charge - Correct Answer ️️ -Has responsibility over actions of all associated licensees and real estate trust accounts Client - Correct Answer ️️ -Person with whom a licensee has an established agency relationship Customer - Correct Answer ️️ -Person with whom licensee has not established an agency relationship Office - Correct Answer ️️ -The principal office location where a BIC or PMIC is licensed to conduct real estate business Branch Office - Correct Answer ️️ -A secondary place of business apart from the principal or main office from which real estate business is conducted. A branch office usually must be run by a licensed real estate broker working on behalf of a the broker. Real Estate License Law - Correct Answer ️️ -State law enacted to protect the public from fraud, dishonesty and incompetence in the purchase and sale of real estate. Rules and Regulations - Correct Answer ️️ -Real estate licensing authority orders that governs licensees activities; they usually have the same force and effect as statutory law. Police Power General - Correct Answer ️️ -The government's right to impose laws, statutes and ordinances, including zoning ordinances and building codes, to protect the public health, safety and welfare. Enabling Acts - Correct Answer ️️ -State legislation that confers zoning powers on municipal governments as well as other regulations Stigmatized Property - Correct Answer ️️ -A property that has acquired an undesirable reputation due to an event that occurred on or near it, such as violent crime, gang- related activity, illness or personal tragedy. Some states restrict the disclosure of information about stigmatized properties. Stigma/Phsychological Defects - Correct Answer ️️ -(1) Virus (2) Death (3) Sex Offenders (4) Off-site hazards Licensee not required to disclose, but if asked, answer honestly Puffing - Correct Answer ️️ -Exaggerated or superlative comments or opinions. Types of Damages - Correct Answer ️️ -Compensatory- actual damages Punitive- punishment Liquidated- dollar amount Exemptions from License to sell Real Estate - Correct Answer ️️ -Owner Government Employees Attorneys Foresters Trustees/receivers State Legislatures - Correct Answer ️️ -Body that enacts RE Laws Real Estate Commision - Correct Answer ️️ -Group of individuals charged by law with licensing and regulating practice of RE. Implement and enforce RE Laws Members of the Real Estate Commission - Correct Answer ️️ -(6) members professionally engaged in the active practice of real state, one from each of the six congressional districts (2) members representing the public, appointed by governor (1) additional member representing the public, active in RE Department - Correct Answer ️️ -Department of Labor, Licensing and Regulation Licensee - Correct Answer ️️ -An individual currently licensed by the commission Property Manager - Correct Answer ️️ -For a fee, salary, commission: Negotiates, Lists or offers to provide services, Advertises for the rental or leasing of real estate Property Manager-in-Charge - Correct Answer ️️ -Responsibility over associated Property Managers and Real Estate Trust Accounts Real Estate - Correct Answer ️️ -Land, buildings and other appurtenances, including all interests in land whether corporeal, incorporeal, freehold, or non freehold in or outside of state Real Estate Transaction - Correct Answer ️️ -Sale, purchase, exchange or lease of real estate Salesman - Correct Answer ️️ -Licensee associated with a BIC Trust Account - Correct Answer ️️ -An escrow account or properly designated bank account established and maintained by a BIC or PMI