SC REAL ESTATE LICENSING EXAM pdf Flashcards

SC REAL ESTATE LICENSING EXAM pdf Flashcards Which of the following statements is most accurate?A broker-in-charge may be liable to some degree for law violations committed by an associated licensee.Under the Fair Credit Reporting Act,consumers are able to receive a free of their y consumer report from each credit reporting agency once a year.Broker James had his license revoked on January 3, 2017.On which of the following dates would his license application be accepted for review?1/3/2020 (3 yrs after revocation date) A simple way of reducing the risk of committing an error or omission in the contracting process is use a checklist of all items, contingencies, dates and responsibilities that must be met.Which of the following statements best defines abandonment?The unexplained absence of a tenant from a dwelling unit for a period of fifteen days after default in the payment of rent.The best way to minimize the risk of violating fair housing laws is to obtain education in the content and intent of the laws.Under what conditions must a licensee disclose the nature of a stigmatized property?When a licensee is asked directly regarding a stigma A property manager-in-charge applicant must have an active property manager license and have completed seven (7) hours of instruction in property management accounting and record keeping approved by the Commission.A trust account must be ademand deposit account located in an insured financial institution authorized to conduct business in South Carolina.What action must occur if a licensee has two competing buyer clients in a single real estate transaction?The licensee must give written notice to each client that neither will receive confidential information of the other.What action can a tenant take if the landlord is negligent in providing essential services after the tenant has given adequate written notice?Procure the required services and deduct the cost from the rent Which of the following is a "substantive contact"?A customer wants to talk about finances.A licensee is legally allowed to distribute escrow funds under which of the following circumstances?Upon the closing of a transaction How does disclosure manage risk?It deflects and reduces risk by preventing others from claiming they were misled.How many South Carolina Real Estate Commission members are active in the practice of real estate?8 South Carolina requires a property condition disclosure for which of these transactions?Installment land sales contract If a landlord fails to properly return a tenant's security deposit, the tenant may recover the money in an amount equal to three times the amount wrongfully withheld along with reasonable attorney's fees.Which contract provision explains the limits of the broker's liability to the buyer with regard to acts of omission,

negligence, misrepresentations?Broker Liability Limitation

What is the maximum period of time that any licensee may choose to place a license on inactive status?Indefinite period of time Which of the following actions would be classified as "first substantive contact?" When a buyer asks why the owner is selling The purpose of a recovery fund is toensure that judgments against licensees will be collectible.What action can be taken by the Commission to stop an unlicensed individual from practicing real estate transactions?Apply to an administrative law judge for a temporary restraining order A license applicant signs up to take the state examination, but has failed to obtain an employer prior to the exam date.In this case, the applicant may take the exam and receive an inactive license.Of the following risk management strategies, the one that aims at minimizing both the severity and the likelihood of loss is reduction.Which of the following communication records must (as opposed to should) be kept?Copies of required communications to principals.What agreement clause requires a buyer to tell a broker about signing an agency agreement with another broker?Indemnification of Broker (compensation for harm) When may a resident licensee pay a part of the commission on a cooperative basis to a person of another state?If that brokerage license does not conduct a real estate brokerage service in South Carolina for which compensation is paid South Carolina license law requires licensees to present consumers with the Commission-approved SC Disclosure of Real Estate Brokerage Relationships form.In what section of the listing contract would you find the agreement to accept electronic signatures?Facsimile What is the purpose of the Consumer Protection Code?To govern the protection rights of consumers in the state Informed consent in dual agency is accomplished byeach party signing a completed copy of the dual agency agreement required by the Commission.Which of the following statements about transaction brokerage is most accurate?A transaction brokerage may facilitate a transaction without representing either party.Which of the following is a common risk relating to the agency relationship?Failing to inform and disclose properly.A branch office must be accessible by the public, investigators, and inspectors during reasonable business hours.The mediation clausesurvives the closing.In which of the following cases would a person probably be required to have a real estate license?Bruce gets hired to find an office suite for a friend who is relocating her business.Team membersmust conduct all real estate brokerage activities from their commission-established office under the supervision of a broker-in-charge.Which of the following statements is most accurate?A resident licensee may pay a referral fee on a cooperative basis to a brokerage of another state, provided that out-of-state broker does not conduct brokerage services in South Carolina.

When must a licensee reveal the license status in a personal real estate transaction?At the earliest practical opportunity after the first substantive contact with a consumer In what section of an Office Policy Manual would you find information regarding office hours, holidays, sales meetings, dress code, personal safety, workplace privacy, and policies regarding smoking and substance abuse?Office Procedures Disciplinary investigators must have at least how many hours of real estate training?100 hours Once a hearing is conducted, how many days does the Commission have to render a decision and serve notice to a licensee?90 days Which statement is true about the 2-year renewal cycle for South Carolina licensees?Approximately one half of the licensees must renew in even numbered years and the remainder in odd numbered years.A broker has her license suspended for violating state license law. In such a case, the licenses of her three salespeople are not valid.Insurance is a method ofrisk outsourcing.Which of the following statements best defines the practice of commingling?Depositing business account trust funds in a licensee's personal account In a transaction where both buyer and seller are represented by designated agents, the broker-in-charge will act as a dual agent.In what period of time must a brokerage inform the Commission of an office telephone number change?Within ten (10) days Which of the following statements best defines a nontraditional mortgage product?A mortgage product other than a thirty-year fixed-rate mortgage loan If rent is unpaid when due, how many days after proper notice is a tenant allowed for payment before a landlord can terminate the rental agreement?

• days

Unlicensed persons performing real estate activities could be found guilty of a misdemeanor(wrong doing) and be fined or jailed or both.Which of the following disciplinary actions is within the preview of the Commission in a disciplinary case?Imposing a fine of not less than five hundred ($500) or more than five thousand ($5,000) dollars for each violation How long must trust fund monies received in connection with a lease remain in a trust account?Lease transaction trust fund monies must remain in the account until the lease expires or is terminated.What, if any, action must a licensee take if his client's offer is rejected by a seller without a counter offer being made?The licensee must sign a commission-promulgated offer rejection form which affirms presentation of the offer.A broker operates an office in a town on the state line. A buyer from the adjoining state wants to see homes on both sides of the border. In this case, the broker may not show the buyer homes in the other state without a non-resident license.South Carolina does not permitundisclosed dual agency.What, if anything, must a licensee do if wishing to purchase real estate listed with the licensee's own brokerage firm?The licensee must make the status as a licensee clearly known in writing to all parties involved.