South Carolina Real Estate Exam
Questions With Verified Answers 100%
Correct Answers Already Graded A+
QUESTIONS AND ANSWERS
Mindy, a South Carolina resident, is buying a new home. She'll occupy the home as her
primary residence. It has a fair market value of $220,000 and is in an area with a millage
rate of .350. What can she expect to pay in property taxes?. ANSWER - $3,080
**Fair market value is multiplied by the assessment ratio to calculate the property's
assessed value. For primary residences, this ratio is 4%. This is then multiplied by the
millage rate to determine property taxes due.
Brent wants to work with a real estate broker as a buyer client. How can he do this?
-Sign a buyer representation agreement.
-Sign a Disclosure of Real Estate Brokerage Relationships.
-Sign a listing agreement.
-Sign a transaction brokerage agreement.. ANSWER - Sign a buyer representation
agreement.
**To become a buyer client, Brent must sign the appropriate agency agreement with the
broker. Only the buyer representation agreement establishes an agent-buyer client
relationship.
What are the powers and duties of the Real Estate Commission?. ANSWER - 1. sets
general policy with regard to administering and enforcing licensing laws
2. conducts periodic inspections of offices to ensure compliance
3. impose rules and regulations to enforce license laws
4. issue a temporary restraining order
According to our book, the REC cannot ____ or ____ the law; they can only _____ changes
in legislation.. ANSWER - make; write; recommend
,The REC is not involved in _____ disputes between licensees.. ANSWER - commission
What are the qualifications for a Broker's License?. ANSWER - 1. 150 total class hours
(includes 90 hrs from salesman course
2. take Broker A and B course and exam
3. Be a licensee for 3 years
4. Be 21 y/o
What are the qualifications for a Salesperson's License?. ANSWER - 1. graduate from HS or
have a GED
2. Complete Unit I (60 hrs.) and Unit 2 (30 hrs.)
3. submit to criminal background check
4. pass the state test
5. be 18 y/o
When can a resident licensee pay part of his commission to a non-resident licensee from
another state?. ANSWER - When the nonresident does not participate in any negotiations
which would generate a fee, compensation, or commission
Investigators must have completed ___ hours of training in commission-approved
programs, on subjects like real estate ____, state statutory and regulatory ____ and ____
techniques. ANSWER - 100; principles; laws, investigative
The REC must conclude an investigation within _____ days of complaint.. ANSWER - 150;
may seek waiver or extension by proving extenuating circumstances
Commission shall render its written decisions re: charged licensee within ____ days..
ANSWER - 90
The REC must keep a ____ or other ____ record of all orders, consent orders, or stipulated
settlements.. ANSWER - docket; public
, What disciplinary actions may be imposed by the REC?. ANSWER - 1. may impose a fine
from $500-$5000 for each violation
2. may recover cost of the investigation
Salesmen are allowed to issue a _____ ____ and accept the _____ to avoid an investigation..
ANSWER - consent order; sanctions
What is the punishment for practicing without a license?. ANSWER - fined up to $500
and/or imprisoned for up to 6 months (misdemeanor)
What is the penalty for a broker/salesperson/property manager who fails to renew his
license biennially but STILL CONTINUES TO PRACTICE?. ANSWER - fined up to $500
and/or imprisoned for up to 6 months (misdemeanor)--same punishment as a regular person
practicing without a license
How long does an applicant have to pass the state exam after applying to take it with the
REC?. ANSWER - 1 year
How long do you have to apply for a license after you pass the exam?. ANSWER - 1 year, or
you have to reapply and take the exam again
What does a nonresident agent need to do to get an SC license, provided that his own state's
license is current or not lapsed for more than 6 months?. ANSWER - pass the SC portion of
the exam
What are the qualifications of a BIC?. ANSWER - 1. must meet broker requirements
2. actively engaged in the operation and management of the company
**may have ownership in the company
What are the qualifications of a property manager?. ANSWER - 1. 18 y/o
2. supply necessary addresses and phone numbers
3. H/S or GED
4. give proof of ed to REC
Questions With Verified Answers 100%
Correct Answers Already Graded A+
QUESTIONS AND ANSWERS
Mindy, a South Carolina resident, is buying a new home. She'll occupy the home as her
primary residence. It has a fair market value of $220,000 and is in an area with a millage
rate of .350. What can she expect to pay in property taxes?. ANSWER - $3,080
**Fair market value is multiplied by the assessment ratio to calculate the property's
assessed value. For primary residences, this ratio is 4%. This is then multiplied by the
millage rate to determine property taxes due.
Brent wants to work with a real estate broker as a buyer client. How can he do this?
-Sign a buyer representation agreement.
-Sign a Disclosure of Real Estate Brokerage Relationships.
-Sign a listing agreement.
-Sign a transaction brokerage agreement.. ANSWER - Sign a buyer representation
agreement.
**To become a buyer client, Brent must sign the appropriate agency agreement with the
broker. Only the buyer representation agreement establishes an agent-buyer client
relationship.
What are the powers and duties of the Real Estate Commission?. ANSWER - 1. sets
general policy with regard to administering and enforcing licensing laws
2. conducts periodic inspections of offices to ensure compliance
3. impose rules and regulations to enforce license laws
4. issue a temporary restraining order
According to our book, the REC cannot ____ or ____ the law; they can only _____ changes
in legislation.. ANSWER - make; write; recommend
,The REC is not involved in _____ disputes between licensees.. ANSWER - commission
What are the qualifications for a Broker's License?. ANSWER - 1. 150 total class hours
(includes 90 hrs from salesman course
2. take Broker A and B course and exam
3. Be a licensee for 3 years
4. Be 21 y/o
What are the qualifications for a Salesperson's License?. ANSWER - 1. graduate from HS or
have a GED
2. Complete Unit I (60 hrs.) and Unit 2 (30 hrs.)
3. submit to criminal background check
4. pass the state test
5. be 18 y/o
When can a resident licensee pay part of his commission to a non-resident licensee from
another state?. ANSWER - When the nonresident does not participate in any negotiations
which would generate a fee, compensation, or commission
Investigators must have completed ___ hours of training in commission-approved
programs, on subjects like real estate ____, state statutory and regulatory ____ and ____
techniques. ANSWER - 100; principles; laws, investigative
The REC must conclude an investigation within _____ days of complaint.. ANSWER - 150;
may seek waiver or extension by proving extenuating circumstances
Commission shall render its written decisions re: charged licensee within ____ days..
ANSWER - 90
The REC must keep a ____ or other ____ record of all orders, consent orders, or stipulated
settlements.. ANSWER - docket; public
, What disciplinary actions may be imposed by the REC?. ANSWER - 1. may impose a fine
from $500-$5000 for each violation
2. may recover cost of the investigation
Salesmen are allowed to issue a _____ ____ and accept the _____ to avoid an investigation..
ANSWER - consent order; sanctions
What is the punishment for practicing without a license?. ANSWER - fined up to $500
and/or imprisoned for up to 6 months (misdemeanor)
What is the penalty for a broker/salesperson/property manager who fails to renew his
license biennially but STILL CONTINUES TO PRACTICE?. ANSWER - fined up to $500
and/or imprisoned for up to 6 months (misdemeanor)--same punishment as a regular person
practicing without a license
How long does an applicant have to pass the state exam after applying to take it with the
REC?. ANSWER - 1 year
How long do you have to apply for a license after you pass the exam?. ANSWER - 1 year, or
you have to reapply and take the exam again
What does a nonresident agent need to do to get an SC license, provided that his own state's
license is current or not lapsed for more than 6 months?. ANSWER - pass the SC portion of
the exam
What are the qualifications of a BIC?. ANSWER - 1. must meet broker requirements
2. actively engaged in the operation and management of the company
**may have ownership in the company
What are the qualifications of a property manager?. ANSWER - 1. 18 y/o
2. supply necessary addresses and phone numbers
3. H/S or GED
4. give proof of ed to REC
