SC PROPERTY MANAGEMENT LICENSE EXAM QUESTIONS AND ANSWERS

SC PROPERTY MANAGEMENT LICENSE EXAM QUESTIONS AND ANSWERS Associated licensees - ANSWER -subagents A licensee affiliated with and under the supervision of a broker in charge or pmic - ANSWER -associated licensee Associated licensee who has met the experience and education requirements and has passed the examination for a broker license and who, for a fee, salary, or commission, with the intent or expectation of receiving compensation - ANSWER -broker Name 6 things a broker can do - ANSWER -1. Negotiate sale 2. Auction 3. Solicit a referral 4. Offers services as a real estate consultant 5. Subagent who represents a client in a transaction 6. Advertises Someone designated to have responsibility over the actions of all associated licensees and also has the responsibility and control over and liability for a real estate trust account - ANSWER -broker in charge A person who enters a written agreement establishing an agency relationship with a real estate firm through its broker in chage, pmic, or licensee - ANSWER -client Means to use trust funds for a purpose other than the purpose for which they are held. - ANSWER -conversion What is a breach of trust and punishable as a crime - ANSWER -conversion A buyer, seller, landlord, or tenant who uses the services fo a licensee but does not establish an agency relationship through a written agency agreement with the firm - ANSWER -customer An individual currently licensed under this chapter - ANSWER -licensee A. Something that significantly and adversely affects the value of real estate - ANSWER -material adverse fact Significantly reduces the structural integrity of improvements to real estate - ANSWER - material adverse fact Something that poses a health risk to occupants of real estate - ANSWER -material adverse fact Information that indicates that a party to a transaction is not able to or does not intend to meet an obligation under a agreement made concerning the transaction - ANSWER - material adverse fact An act performed by a licensee not involving an exercise of discretion or judgment of a licensee on behalf of a person who is not a client and that assist the nonclient to consummate a real estate transaction - ANSWER -ministerial act Can a leasing agent go over application or lease terms - ANSWER -hell no An escrow account or demand deposit bank account properly designated to inclue teh words turst or escrow that is established and maintained by a licensee to safeguard funds belonging to parties to a real estate transaction whe the transaction involves the licensee real estate and is not managed by a firm - ANSWER -personal trust account An associated licensee who meets the educational requirements and passes the examination for a property managers license, and who will receive compensation - ANSWER -property manager Name 3 things a property manager can do - ANSWER -1. Negotiate rentals or lease real estate or improvements to real estates 2. List real estate and provide a connection to lease or rent 3. Advertise or represent the public regarding real estate Someone who is designated as having the responsibility over the actions of associated licensees and also the responsibility and control over and liability for real estate trust accounts - ANSWER -property manager in charge An escrow account or properly designated demand deposit bank account - ANSWER - trust account A trust account must be - ANSWER -titled to include the word trust or escrow A trust account must also - ANSWER -be established and maintained by a bic or pmic to safeguard funds belonging to parties of a real estate transaction Funds received on behalf of another person by a licensee in the course of performing a real estate activity - ANSWER -trust funds How many member are with the sc real estate commission - ANSWER -10 How many members are active in real estate - ANSWER -7 (congressional districts/house & senate) How many members represent the public who are not professionally engaged - ANSWER -2 (appointed by the governor) Purpose of the sc real estate commission - ANSWER -is to regulate the industry & protect the publics interest Sc real estate commission is under whose administration - ANSWER -department of labor, licensing and regulation (lgegislature) Agent - ANSWER -one authorized and empowered by a written agency agreement to perform actions for a client A real estate brokerage firm is the _____ of a buyer, seller, landlord, or tenant - ANSWER -agent How many are elected and appointed from the state at large and someone who is active in the real estate industry - ANSWER -1 Term of sc real estate commission - ANSWER -4 Name 4 things the sc real estate commission can do - ANSWER -1. Determine the qualification and eligibility of applicants 2. Conduct hearings on violations 3. Recommend changes in legislation 4. Establish a fee schedule for license What is the most important thing to remember about what the sc real estate commission can do - ANSWER -they can conduct periodic inspections of the offices of licensees to assist with and ensure compliance (inspect at any time) To qualify for a license you must (6): - ANSWER -1. Be 21 (broker, pmic, or bic) 2. Be 18 (salesman or property manager) 3. Background check 4. Graduated high school 5. Submit proof of completion of education 6. Pass the exam How many hours do you have to complete to get a license - ANSWER -30 What degree do you have to have to get a license - ANSWER -real estate degree If you fail the exam, you can be reexamined within what period - ANSWER -6 month ***an applicant who passes the exam must apply for a license within what period**** or they must take the exam - ANSWER -a year