SC PROPERTY MANAGEMENT LICENSE
|\ |\ |\ |\
QUESTIONS WITH ANSWERS |\ |\
Purpose of the sc real estate commission - correct answers ✔✔is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to regulate the industry & protect the publics interest
|\ |\ |\ |\ |\ |\ |\ |\
Sc real estate commission is under whose administration - correct
|\ |\ |\ |\ |\ |\ |\ |\ |\
answers ✔✔department of labor, licensing and regulation
|\ |\ |\ |\ |\ |\ |\ |\
(lgegislature)
Agent - correct answers ✔✔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 - correct answers ✔✔agent
|\ |\ |\ |\ |\ |\
Associated licensees - correct answers ✔✔subagents |\ |\ |\ |\ |\
A licensee affiliated with and under the supervision of a broker in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
charge or pmic - correct answers ✔✔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 - correct answers
|\ |\ |\ |\ |\ |\ |\ |\
✔✔broker
,Name 6 things a broker can do - correct answers ✔✔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 - correct answers
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔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 - correct answers ✔✔client
|\ |\ |\ |\ |\ |\
Means to use trust funds for a purpose other than the purpose
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
for which they are held. - correct answers ✔✔conversion
|\ |\ |\ |\ |\ |\ |\ |\
What is a breach of trust and punishable as a crime - correct
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
answers ✔✔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 - correct answers
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔customer
An individual currently licensed under this chapter - correct
|\ |\ |\ |\ |\ |\ |\ |\ |\
answers ✔✔licensee |\
A. Something that significantly and adversely affects the value of
|\ |\ |\ |\ |\ |\ |\ |\ |\
real estate - correct answers ✔✔material adverse fact
|\ |\ |\ |\ |\ |\ |\ |\
Significantly reduces the structural integrity of improvements to |\ |\ |\ |\ |\ |\ |\ |\
real estate - correct answers ✔✔material adverse fact
|\ |\ |\ |\ |\ |\ |\
Something that poses a health risk to occupants of real estate -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
correct answers ✔✔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 - correct answers ✔✔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 - correct answers ✔✔ministerial act
|\ |\ |\ |\ |\ |\
Can a leasing agent go over application or lease terms - correct
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
answers ✔✔hell no |\ |\
|\ |\ |\ |\
QUESTIONS WITH ANSWERS |\ |\
Purpose of the sc real estate commission - correct answers ✔✔is
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
to regulate the industry & protect the publics interest
|\ |\ |\ |\ |\ |\ |\ |\
Sc real estate commission is under whose administration - correct
|\ |\ |\ |\ |\ |\ |\ |\ |\
answers ✔✔department of labor, licensing and regulation
|\ |\ |\ |\ |\ |\ |\ |\
(lgegislature)
Agent - correct answers ✔✔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 - correct answers ✔✔agent
|\ |\ |\ |\ |\ |\
Associated licensees - correct answers ✔✔subagents |\ |\ |\ |\ |\
A licensee affiliated with and under the supervision of a broker in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
charge or pmic - correct answers ✔✔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 - correct answers
|\ |\ |\ |\ |\ |\ |\ |\
✔✔broker
,Name 6 things a broker can do - correct answers ✔✔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 - correct answers
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔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 - correct answers ✔✔client
|\ |\ |\ |\ |\ |\
Means to use trust funds for a purpose other than the purpose
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
for which they are held. - correct answers ✔✔conversion
|\ |\ |\ |\ |\ |\ |\ |\
What is a breach of trust and punishable as a crime - correct
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
answers ✔✔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 - correct answers
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔customer
An individual currently licensed under this chapter - correct
|\ |\ |\ |\ |\ |\ |\ |\ |\
answers ✔✔licensee |\
A. Something that significantly and adversely affects the value of
|\ |\ |\ |\ |\ |\ |\ |\ |\
real estate - correct answers ✔✔material adverse fact
|\ |\ |\ |\ |\ |\ |\ |\
Significantly reduces the structural integrity of improvements to |\ |\ |\ |\ |\ |\ |\ |\
real estate - correct answers ✔✔material adverse fact
|\ |\ |\ |\ |\ |\ |\
Something that poses a health risk to occupants of real estate -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
correct answers ✔✔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 - correct answers ✔✔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 - correct answers ✔✔ministerial act
|\ |\ |\ |\ |\ |\
Can a leasing agent go over application or lease terms - correct
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
answers ✔✔hell no |\ |\
