Real Estate Missed Questions Flashcards

Real Estate Missed Questions Flashcards If a broker is acting as an agent in an transaction and accepts an earnest money deposit from a buyer, which of the following is true?The broker must put the money in an interest bearing account A licensed broker does not sell property at all, but does manage an apartment complex that involves the collection of monthly rental payments and damage deposits. The

damage deposits should be put in a:

Real estate trust or escrow account What is the Penalty if an unlicensed person is paid for selling a relatives property?A maximum of $500, six months in Jail, or both In order for a South Carolina real estate sales, broker, or

broker-in-charge license to be renewed:

the license must complete ten hours of commission approved by continuing education courses South Carolina buyer agency contracts must have a definite commission amount or percentage The main purpose of the South Carolina Homestead

Exemption laws is to:

Prevent the homestead from being sold by non-secured lenders Transaction brokerage in South CarolinaMay involve assisting both a buyer and seller as customers A South Carolina real estate salesperson is contacted by an out of state broker who refers a client to him. The South Carolina agent may pay a referral fee to that out of state broker If that broker does not conduct any of the negotiations within the state of South Carolina Which of the following exemptions in the South Carolina Fair Housing Law is not addressed in the 1968 Federal Fair housing Law?Property need to be sold or rented to persons who pose a threat When an investigation commences to determine if the license laws have been violated, the investigation must be conducted in accordance with the Practice Act and is to be performed by South Carolina Real Estate Commission approved investigators. Which of the following is NOT a proper procedure for the investigators?The commission is not allowed to continue an investigation of a licensee if that licensee voluntary surrenders his license A property management agreement in South Carolina:Creates the agency between the owner and management company Regarding the establishment of transaction brokerage in

South Carolina:

Transaction brokerage can be established without buyer or seller signing any approved Transaction Broker Agreement