Exam Flashcards - Exam Flashcards What is the South Carolina Real...

Unit 1: License Law and South Carolina Real Estate Commission

Exam Flashcards What is the South Carolina Real Estate Commission authorized to do?a. License appraisers and home inspectorsb. Regulate advertising of small home businessesc. Require minimum daily work hours for all licenseesd. Set requirements and standards of conduct for real estate licensees, as well as enforce South Carolina's real estate laws

• Set requirements and standards of conduct for real

estate licensees, as well as enforce South Carolina's real estate laws Which of the following scenarios constitutes illegal licensee compensation in South Carolina?a. Carrie, a licensee, had her broker make her commission check out to "Shoe Gal, LLC," her sole-proprietor company.b. Miranda's seller client reimbursed Miranda for the special signage she paid for when marketing his property.c. Per the listing agreement, Charlotte's broker shared her listing commission with the buyer agent's broker.d. Samantha's broker paid another broker a referral fee after he sent a local client Samantha's way.

• Miranda's seller client reimbursed Miranda for the

special signage she paid for when marketing his property.Myra's license has just been suspended by the South Carolina Real Estate Commission. May she continue to perform real estate activities?She must discontinue real estate activities immediately.Which of these duties is outside the scope of the South Carolina Real Estate Commission?a. Determining commission splits between licenseesb. Determining license qualifications and requirementsc. Holding hearings on possible license law violationsd. Promulgating regulations

• Determining commission splits between licensees

What purpose does the South Carolina Real Estate Commission serve?a. To promote ethical and professional actions of real estate licensees representing consumers in transactions.b. To promote the health, safety, and economic well-being of the public through regulation, licensing, enforcement, training, and education.c. To protect the best interests of the real estate industry and the professionals serving in that industry.d. To regulate the real estate industry to protect the public's interest when involved in real estate transactions.

• To regulate the real estate industry to protect the public's

interest when involved in real estate transactions.Sally's a first-time homebuyer. She's a little nervous about finding a good real estate agent-she's read about a lot of scams out there. Which of the following provides protection for consumers like Sally?a. Criminal courtsb. license lawsc.Real estate education providersd. The U.S. Constitution License laws

After having second thoughts, Penny decided to cancel her listing agreement with Oscar, a South Carolina broker-in-charge. Penny would still like to compensate Nathan, the associated licensee who was working closely with her, for the services he provided. Can she do this?Yes, but payment must go through Nathan's broker, Oscar.Jim would like to sell his own home. What is the minimum South Carolina real estate license he must possess?None Which of the following actions extends beyond the scope of duties of the South Carolina Real Estate Commission?a.Deciding commission payments or divisions when disputes between licensees arise.b. Holding disciplinary hearings for real estate law and regulation violations and determining disciplinary actions for these violations.c. Investigating real estate brokerages and offices to ensure compliance with real estate license law.d. Making recommendations for legislative changes and promulgating real estate regulations related to the public's protection, safety, and welfare.

• Deciding commission payments or divisions when

disputes between licensees arise.A member of a real estate team is designing an advertisement. What information must be included?Both team name and firm name At what level does real estate licensing take place?State Salvatore, a South Carolina licensee, is drafting a billboard advertisement. Which of the following pieces of information must be included?a. Brokerage firm addressb. brokerage firm namec. brokerage firm numberd. licensee phone number Brokerage firm name Mathew is a South Carolina salesperson representing a seller on behalf of his broker-in-charge, Lanie. Kendra is a salesperson representing a buyer on behalf of her broker-in-charge, Janelle. Mathew's listing agreement provides for compensation to the buyer's agent in the transaction. Who will Kendra receive her compensation from?JanelleLicensee compensation must be paid through the licensee's broker-in-charge. Brokers can't pay a commission for real estate services to anyone other than their own associated licensees or to another real estate broker-in-charge.How many members of the South Carolina Real Estate Commission are active real estate professionals?Eight Which entity conducts an investigation when a complaint is filed against a South Carolina licensee?South Carolina Real Estate Commission Nathan assisted with the purchase of a commercial building in South Carolina that will be used as a community center.He doesn't hold a real estate license, yet his actions didn't violate any license laws. What must be true about Nathan's situation?a. He received less than a $1,000 commission for the transaction.b. Nathan is an employee of a government agency whose official duties include real estate transactions.c. The building was purchased by Nathan's

church.d. The commercial building was valued at less than half-a-million dollars.

• Nathan is an employee of a government agency whose

official duties include real estate transactions.Which of the following statements about compensation to unlicensed individuals is true?a. Licensees can't pay compensation, commission, referral, or finder's fees to any unlicensed person.b. Unlicensed employees of a real estate brokerage firm can only receive compensation or commissions based on the amount of a real estate

transaction.c. Unlicensed employees of a real estate brokerage firm can receive compensation or commissions based on the amount of a real estate transaction only if all parties provide written consent.d. Unlicensed employees of a real estate brokerage firm can't receive compensation or commissions based on the amount of a real estate transaction.

• Unlicensed employees of a real estate brokerage firm

can't receive compensation or commissions based on the amount of a real estate transaction.Candice is a real estate salesperson in South Carolina.She's got a new listing and is ready to advertise it for sale.What must she have first so she can do this?A signed listing agreement - permission from the current owner