Ch. 12: South Carolina Real Estate Commission and Licensing

Ch. 12: South Carolina Real Estate Commission and Licensing

Requirements Flashcards A resident licensee hope he comes in on resident must notify the commission in writing, within 30 days Upon determination by the commission that one or more of the grounds for discipline exist, the commission may impose a fine between $500 and $5,000 A person seeking licensure after a revocation shall:submit to the commission satisfactory prove that the person is trustworthy, has a good reputation for honesty and Fairdealing, and is competent to transact the business of a real estate licensee Should I licensee not renew their license by June 30th, their license will be lapsed The purpose of the Real Estate Commission is to protect the interest of the public when involved with real estate transactions To qualify for licensure in South Carolina, one mustbe 18 years of age for salesperson, submit to a background check, have a GED or high school diploma and pass the state exam All of the following statements are true concerning the real

estate commission EXCEPT:

determine candidates to serve on the Real Estate Commission All of the following are exceptions from licensing

requirements EXCEPT:

auctioning real estate After revocation of a license, a new license may not be issued to the same individual within a period of Three years from the date of revocation or anytime there after except upon an affirmative vote of the majority of the members of the commission As a condition of active license renewal, a broker or sales person shall provide proof of satisfactory completion of 10 hours of continuing education, with four hours covering state and federal laws affecting licensees every two years Real estate licensing course is in South Carolina are good for five years Which of the following statements are true when applying for licensure by reciprocity?both b and c (non-resident licensees are not required to maintain a place of business in South Carolina & non-resident licensees must file an irrevocable consent to suit) Powers and Duties of the Real Estate commission do not include write educational curriculum for real estate license courses All licensees must ensure their license is renewedBy June 30th, every two years An individual who, at the time of application, who is a real estate license in another state or jurisdiction or his real estate license in another state or jurisdiction expired not more than six months before application is required to pass only the state portion of the examination to qualify for licensure An applicant who passes the examination must apply for a license within________ , or the applicant must reapply for

and retake the examination one year

Brokers or salespersons taking more than the required numbers of hours during a two-year period may carry forward _______ excess hours to another renewal period

To be licensed as a Broker in South Carolina, one musthave three years as a sales person and pass the state exam For a Salesperson License, one must complete how many hours of pre-license training?90 hours When conducting disciplinary hearings for alleged violations, the Real Estate Commission can initiate a temporary restraining order The following are exempt from the biannual continuing

education EXCEPT:

a broker or salesperson upon reaching the age of sixty years with a minimum of 20 years of licensure When a licensee becomes this associated with a broker-in-charge our property manager-in-charge for any reason The licensee must notify the commission immediately and furnish a forwarding address To be licensed as a Property Manager, one must complete how many hours of classroom training?30 hours Upon completing Fundamentals of Real Estate (60 hours Pre-licensed training) and passing the state exam, one must complete 30 hours of Unit II training prior to receiving a real estate license Anyone acting in the capacity of a real estate agent with the expectation of compensation must have a license issued by the real estate commission. Activities requiring a

real estate license include all the following EXCEPT:

Selling a personal mobile home