SC Property Management License Exam
|\ |\ |\ |\ |\
QUESTIONS WITH ANSWERS |\ |\
PM & PMIC licenses need to renewed biennially - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔June 30th (end of state's fiscal year) |\ |\ |\ |\ |\ |\ |\
Conversion - CORRECT ANSWERS ✔✔to use trust funds for the |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
purpose other than the purpose of which they are held. Unlawful
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
use of funds. |\ |\
Customer - CORRECT ANSWERS ✔✔a buyer, seller, landlord or
|\ |\ |\ |\ |\ |\ |\ |\ |\
tenant who uses the services of a real estate licensee but does
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
not establish an agency relationship through a written agency
|\ |\ |\ |\ |\ |\ |\ |\ |\
agreement with the licensee's real estate brokerage firm |\ |\ |\ |\ |\ |\ |\
The South Carolina Real Estate Commission has the power to: -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔fine, suspend and revoke licenses |\ |\ |\ |\ |\ |\
A real estate licensee must: - CORRECT ANSWERS ✔✔agree to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
refrain from discriminatory practices
|\ |\ |\
The SC Real Estate Commission - CORRECT ANSWERS ✔✔is
|\ |\ |\ |\ |\ |\ |\ |\ |\
authorized to implement and enforce the license law |\ |\ |\ |\ |\ |\ |\
A real estate BIC or PMIC - CORRECT ANSWERS ✔✔must maintain
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a place of business
|\ |\ |\ |\
,Office - CORRECT ANSWERS ✔✔the office location where a BIC or
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a PMIC is licensed to conduct real estate business
|\ |\ |\ |\ |\ |\ |\ |\
Property Manager - CORRECT ANSWERS ✔✔An associated
|\ |\ |\ |\ |\ |\ |\
licensee who meets educational requirements and passes the
|\ |\ |\ |\ |\ |\ |\ |\
examination for a PM license and who will, for a fee, salary, |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
commission will negotiate or attempt to negotiate, list or offers to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
list and advertise or represent.
|\ |\ |\ |\ |\
PMIC - CORRECT ANSWERS ✔✔a PM who is designated as having
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the responsibility over the actions of associated licensees and the
|\ |\ |\ |\ |\ |\ |\ |\ |\
responsibility and control over and liability for real estate trust
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
accounts
The Real Estate Commission may - CORRECT ANSWERS ✔✔fine
|\ |\ |\ |\ |\ |\ |\ |\ |\
licensed violators a min of $500 & a max of $5,000 per violation
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
The main purpose of a trust account is to - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔safeguard funds belonging to the tenant |\ |\ |\ |\ |\
Trust Account - CORRECT ANSWERS ✔✔an escrow account or
|\ |\ |\ |\ |\ |\ |\ |\ |\
properly designated demand deposit and include the words
|\ |\ |\ |\ |\ |\ |\
"trust" or "escrow". Established & maintained by BIC or PMIC to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
safeguard funds belonging to parties to a real estate transaction
|\ |\ |\ |\ |\ |\ |\ |\ |\
Trust Funds - CORRECT ANSWERS ✔✔funds received on behalf of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
another person by a licensee in the course of performing a real
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
estate activity |\
,What documents have to be kept in the broker's office for 5
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
years? - CORRECT ANSWERS ✔✔Lease Agreements
|\ |\ |\ |\ |\
Which is true of trust/escrow accounts - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔They can be interest bearing |\ |\ |\ |\
The SC Real Estate Commission consists of how many members -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔10 members appointed in 4 year terms
|\ |\ |\ |\ |\ |\ |\ |\ |\
For how long may a licensed salesperson, broker or PM go on
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
inactive status? - CORRECT ANSWERS ✔✔Indefinitely if the
|\ |\ |\ |\ |\ |\ |\ |\
renewal fees are paid |\ |\ |\
What is a specified duty of a BIC or PMIC according to the license
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
law - CORRECT ANSWERS ✔✔maintain adequate, reasonable,
|\ |\ |\ |\ |\ |\ |\ |\
and regular contact with associated licensees engaged in real
|\ |\ |\ |\ |\ |\ |\ |\ |\
estate transactions |\
Regarding the management of real estate offices - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔a BIC or PMIC may be in charge of more than one
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
branch office |\
After revocation of license, a person may NOT - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔reapply for three years |\ |\ |\ |\
, What happens if you fail to renew your license on time? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔You must cease real estate business |\ |\ |\ |\ |\ |\ |\ |\
operations, but you may renew within six months of expiration |\ |\ |\ |\ |\ |\ |\ |\ |\
Before a property manager may become a PMIC, the PM must: -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔complete seven hours of instruction in |\ |\ |\ |\ |\ |\ |\ |\
PM accounting and record keeping
|\ |\ |\ |\
If you fail to renew or register a license and continue to engage
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in real estate activities requiring a license, what sanctions may
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
be put upon you? - CORRECT ANSWERS ✔✔Fines up to max $500
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and/or imprisonment for not more than six months
|\ |\ |\ |\ |\ |\ |\ |\
BIC & PMIC shall ensure that backup copies are maintained for
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
computerized real estate trust accounts. A backup copy must be |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
maintained on a data storage medium that is stored in a |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
separate off-site location - CORRECT ANSWERS ✔✔ |\ |\ |\ |\ |\ |\
A BIC or PMIC may NOT commingle trust funds of the client with
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
his own money, except that he may maintain a clearly identified
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
amount of the company's funds in the trust account to cover
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
bank service charges or in order to avoid the closing of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
account when no client's trust funds are on deposit. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔ |\
When should cash/certified funds for a security deposit be
|\ |\ |\ |\ |\ |\ |\ |\ |\
deposited in the PMIC's trust account? - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Within 48 hours of receipt (excluding Sat-Sun & bank |\ |\ |\ |\ |\ |\ |\ |\ |\
holiday's)
|\ |\ |\ |\ |\
QUESTIONS WITH ANSWERS |\ |\
PM & PMIC licenses need to renewed biennially - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔June 30th (end of state's fiscal year) |\ |\ |\ |\ |\ |\ |\
Conversion - CORRECT ANSWERS ✔✔to use trust funds for the |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
purpose other than the purpose of which they are held. Unlawful
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
use of funds. |\ |\
Customer - CORRECT ANSWERS ✔✔a buyer, seller, landlord or
|\ |\ |\ |\ |\ |\ |\ |\ |\
tenant who uses the services of a real estate licensee but does
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
not establish an agency relationship through a written agency
|\ |\ |\ |\ |\ |\ |\ |\ |\
agreement with the licensee's real estate brokerage firm |\ |\ |\ |\ |\ |\ |\
The South Carolina Real Estate Commission has the power to: -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔fine, suspend and revoke licenses |\ |\ |\ |\ |\ |\
A real estate licensee must: - CORRECT ANSWERS ✔✔agree to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
refrain from discriminatory practices
|\ |\ |\
The SC Real Estate Commission - CORRECT ANSWERS ✔✔is
|\ |\ |\ |\ |\ |\ |\ |\ |\
authorized to implement and enforce the license law |\ |\ |\ |\ |\ |\ |\
A real estate BIC or PMIC - CORRECT ANSWERS ✔✔must maintain
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a place of business
|\ |\ |\ |\
,Office - CORRECT ANSWERS ✔✔the office location where a BIC or
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
a PMIC is licensed to conduct real estate business
|\ |\ |\ |\ |\ |\ |\ |\
Property Manager - CORRECT ANSWERS ✔✔An associated
|\ |\ |\ |\ |\ |\ |\
licensee who meets educational requirements and passes the
|\ |\ |\ |\ |\ |\ |\ |\
examination for a PM license and who will, for a fee, salary, |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
commission will negotiate or attempt to negotiate, list or offers to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
list and advertise or represent.
|\ |\ |\ |\ |\
PMIC - CORRECT ANSWERS ✔✔a PM who is designated as having
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
the responsibility over the actions of associated licensees and the
|\ |\ |\ |\ |\ |\ |\ |\ |\
responsibility and control over and liability for real estate trust
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
accounts
The Real Estate Commission may - CORRECT ANSWERS ✔✔fine
|\ |\ |\ |\ |\ |\ |\ |\ |\
licensed violators a min of $500 & a max of $5,000 per violation
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
The main purpose of a trust account is to - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔safeguard funds belonging to the tenant |\ |\ |\ |\ |\
Trust Account - CORRECT ANSWERS ✔✔an escrow account or
|\ |\ |\ |\ |\ |\ |\ |\ |\
properly designated demand deposit and include the words
|\ |\ |\ |\ |\ |\ |\
"trust" or "escrow". Established & maintained by BIC or PMIC to
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
safeguard funds belonging to parties to a real estate transaction
|\ |\ |\ |\ |\ |\ |\ |\ |\
Trust Funds - CORRECT ANSWERS ✔✔funds received on behalf of
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
another person by a licensee in the course of performing a real
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
estate activity |\
,What documents have to be kept in the broker's office for 5
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
years? - CORRECT ANSWERS ✔✔Lease Agreements
|\ |\ |\ |\ |\
Which is true of trust/escrow accounts - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔They can be interest bearing |\ |\ |\ |\
The SC Real Estate Commission consists of how many members -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔10 members appointed in 4 year terms
|\ |\ |\ |\ |\ |\ |\ |\ |\
For how long may a licensed salesperson, broker or PM go on
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
inactive status? - CORRECT ANSWERS ✔✔Indefinitely if the
|\ |\ |\ |\ |\ |\ |\ |\
renewal fees are paid |\ |\ |\
What is a specified duty of a BIC or PMIC according to the license
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
law - CORRECT ANSWERS ✔✔maintain adequate, reasonable,
|\ |\ |\ |\ |\ |\ |\ |\
and regular contact with associated licensees engaged in real
|\ |\ |\ |\ |\ |\ |\ |\ |\
estate transactions |\
Regarding the management of real estate offices - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔a BIC or PMIC may be in charge of more than one
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
branch office |\
After revocation of license, a person may NOT - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔reapply for three years |\ |\ |\ |\
, What happens if you fail to renew your license on time? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔You must cease real estate business |\ |\ |\ |\ |\ |\ |\ |\
operations, but you may renew within six months of expiration |\ |\ |\ |\ |\ |\ |\ |\ |\
Before a property manager may become a PMIC, the PM must: -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔complete seven hours of instruction in |\ |\ |\ |\ |\ |\ |\ |\
PM accounting and record keeping
|\ |\ |\ |\
If you fail to renew or register a license and continue to engage
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in real estate activities requiring a license, what sanctions may
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
be put upon you? - CORRECT ANSWERS ✔✔Fines up to max $500
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and/or imprisonment for not more than six months
|\ |\ |\ |\ |\ |\ |\ |\
BIC & PMIC shall ensure that backup copies are maintained for
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
computerized real estate trust accounts. A backup copy must be |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
maintained on a data storage medium that is stored in a |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
separate off-site location - CORRECT ANSWERS ✔✔ |\ |\ |\ |\ |\ |\
A BIC or PMIC may NOT commingle trust funds of the client with
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
his own money, except that he may maintain a clearly identified
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
amount of the company's funds in the trust account to cover
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
bank service charges or in order to avoid the closing of the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
account when no client's trust funds are on deposit. - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔ |\
When should cash/certified funds for a security deposit be
|\ |\ |\ |\ |\ |\ |\ |\ |\
deposited in the PMIC's trust account? - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Within 48 hours of receipt (excluding Sat-Sun & bank |\ |\ |\ |\ |\ |\ |\ |\ |\
holiday's)
