SC Real Estate - State Portion Prep Flashcards

SC Real Estate - State Portion Prep Flashcards

The purpose of continuing education is to: Protect the public

Real Estate Sales Contracts for beachfront property located seaward of the setback line must contain a disclosure. the disclose must give which information ?A Disclosure of what is required by the location of the baseline Before a dock can be built on the coast of South Carolina, the owner must obtain a permit from which organization?The office of Ocean and Coastal Resource Management(DHEC) In South Carolina, which of the following needs to be a licensed real estate brokerA) Person who employs fewer than three agentsB) Licensed attorney acting under a power of attorney to convey real estateC) Owner of a duplexD) Partnership selling a building owned by the partners

• Anyone opening an office and hiring even just one agent

must be licensed What is meant by term " Adopt -a beach"A private civis organization or industry may adopt up to one miles of beach for the purpose of keeping it fee of litter - (Similar to the Adopt a highway program.) In South Carolina, real estate license law is administered by the South Carolina Real Estate Commissions The requirement for a non-resident to be eligible to receive a South Carolina license is that he/she Be licensed with a broker-in-charge who has a South Carolina license Before any timeshare units can be marketed and sold, all plan regarding the time share projects must be approved

by:

The South Carolina Real Estate Commission How many days constitute abandonment in South Carolina?15 days unexplained absence with non-payment of Rent In order for a broker to open his own company in South

Carolina, he must:

Have a physical location in South Carolina The Coastal Tidelands and wetlands act allows: Civic clubs to adopt a mile of beachfront The location of the baseline in the standard erosion zone is

based on the location of the:A) the sand dunes at high

tideB) both the seward lot corners and sand dunesC) the setback lines and erosion rates for 40 yearsD) the crest of the primary oceanfront sand dune D - The crest of the primary oceanfront sand dune A builder who desires to employ a sales person to sell houses for him on a commission basis must Obtain a Broker-in-Charge License When should a buyers earnest money personal check be deposited in the broker trust account?Within 48 hours of acceptance of an offer to purchase The assessed value is $3000 and the tax is based on 200 mills. How much is the Tax?$600 ( 3000 x .200 = $600) In order to be licensed as a broker in South Carolina, a salesman should have served under the instruction and guidance of a licensed real estate broker-in-charge for____

years and obtained ________ hours of education

• years and 150 hours of education

The South Carolina Real Estate Commission has the

authority to :

Make and enforce rules by which all real estate licenses must abide.

The South Carolina Real Estate Commission may

investigate a licensee for : its own Initiative, written

complaint submitted by a disgruntled customer or if the director has reason to believe that a licensee is unfit to practice.When does the commission not get involved ?When there is a complaint filed over the disputer of commission between two companies.When a dispute arises between a buyer and a seller concerning the disposition of the earnest money, the broker

must:

hold it in his trust account until such time as it's disposition is determined In South Carolina, an aggrieved party could report

evidence of racial discrimination concerning fair housing to:

US Attorney, HUD, The South Carolina Human Affairs Commission What is not *, among the powers of the South Carolina Real Estate Commission Ability to arbitrate commission disputes between licensees Regulatory authority over the South Carolina Coastal Zone

Management Acts has been given to:

DHEC-OCRMSouth Carolina Department of Health and Environmental Control - Office of Ocean and Coastal Resource Management There are _____ members in the Real Estate Commission, each with a term of _____ years

• Member / 4 year term limits

Real Estate license law is an example of Police Power - Protects citizens with the requirement of licensing Upon revocation or suspension order by the South Carolina

Real Estate Commission, the broker :

May appeal the decision to an administrative law judge The purpose of the real estate license law is to :Protect the public when involved in real estate transactions A Person Who is over 65 years of Age may get a break on his/her Ad Valorem Tax. What is the Nature of this special treatment?Homestead Exemption is -$50K of the Appraised Value When must a Licensee take the post license sales course?Before receiving a salesman license ( 60 hour unit 1 course and 30 hour Unit 2) Which of the following is true regarding the SC Coastal Zone Management ActA) The setback line is landward of the baseline and no structure may be built landward of the setback lineB) Construction of wooden walkway no wider than 7 feet is allowed seaward of the baseline without a permitC) Construction of new habitable structures will not be allowed seaward of the baselineD) Construction of new erosion control devices will not be allowed seaward of the baseline D - The regulations are extremely tough on new erosion control devices. They supposedly cause more erosion than they prevent If a salesperson receives an earnest money check, what must he/she do with it?Give it to the broker in charge after the contract has been ratified Before taking the South Carolina real estate sales examination, every applicant shall furnish evidence satisfactory to the Real Estate Commission of successful completion of sixty class room hours.Requirements to be licensed The authorities and the responsibilities of the LLR Real

Estate Commission fall under:

Police Power

In South Carolina, the law has set and assessment rate

if:What is the rate for residential owner occupied property?

4% A requirement for non- residents to be eligible to receive a

South Carolina License is that they:

Must be employed by a broker-in-charge licensed in SC An Unlicensed salesman negotiated the sale of real estate.

The commission is payable to:

No One- any person must be licensed to negotiate a sale of real estate for compensation There are two points of reference in regard to construction along South Carolina beaches. The primary reference that must be established firs is the Baseline