SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS

SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS AND ANSWERS 
1. The amount per $1,000 used to calculate taxes on property is the: milliage rate
2. The common name of the hazardous-waste cleanup fund established by the
Comprehensive Environmental Response, Compensation and Liability Act
(CERCLA) is: superfund
3. May eviction and foreclosure notices be delivered electronically in South
Carolina?: NO
4. How many years of sales experience must a salesperson have in order to qualify
to take the brokers exam?: 3
5. A development map that shows the location and sizes of lots and streets is
known as a: grid plan
6. he Residential Property Condition Disclosure form applies to transactions that
involve no more than, how many units?: 4
7. How many years must a full copy of a transaction file be held by a broker after
closing?: 5
8. Who is responsible for maintaining a habitable property and for complying with
local housing and building codes in a rental situation?: Lessor
9. Salespersons must present any client monies received, to their broker,
within: 1 business day
10. The net spendable income generated by an investment is referred to
as: Cash flow
11. How long must a Broker in Charge or Property Manager in Charge retain
their Trust Fund Account records?: 5 years
12. A recipient of a high cost loan on a property in South Carolina must: receive counseling on the advisability of the loan
13. Mortgage "discount" points only apply if which of the following conditions are met?: The interest rate on the mortgage loan has been lowered by 1% for
each point charged.
14. How long does a South Carolina landlord have to return a security deposit to
a tenant at the conslusion of a lease?: 30 days
15. Is SC a community property state?: No
16. Lenders will always order this before making a loan.: an appraisal
17. Betty Broker presents an offer to her seller, but the terms are not accept1 / 6
SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS
18. Mortgage loans with fluctuating rates are termed as: ARM
19. Does South Carolina have homestead laws?: YES
20. A buyer is viewing a home and asks the agent if any sex offenders live in
the immediate area. How should the agent respond?: educate the buyer on doing a
search for sex offenders in the area
21. An easement by prescription may establish:: use of property
22. Disabled people are protected under Fair Housing law when renting in
multi-family units. How many units must be in the construction, in order for the
law to apply?: 4
23. Which laws are intended to protect consumers from excessive interest
rates on loans?: usury laws
24. When purchasing a Vacation Time Sharing Plan, the consumer may cancel the contract up to how may days after signing?: 5
25. Standing trees would be considered:: real property
26. A warrant of ejectment may be issued, upon landlords application, after
how much time has passed with the tenant being in violation of court orders?: 5
days
27. "Flipping" a consumer home loan means the making of a consumer home
loan that refinances within how long an existing consumer home loan of the
borrower when the new loan does not have a reasonable, tangible net benefit to the
borrower?: 42 months
28. After getting the real estate salesperson license, how often must you take
Continuing Education classes?: 10 hrs every 2 years
29. The Truth in Lending Act (TILA) is implemented by: regulation Z
30. Which of the following isn't part of a deed?: novation
31. The fund set aside for replacement of common property in a condominium, PUD or cooperative project is called a:: Replacement reserve fund
32. PITI =: Principle, Interest, Taxes, and Insurance
33. A landlord is allowed to access the premises unannounced in which they
own for:: Only in case of emergency
34. The FHA uses what to pay lenders, within the limits, resulting from
foreclosure?: Mutual Mortgage Insurance

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