3/7/26, 10:32 AM SC Property Management License EXAM (updated 2026) Questions & Answers | With 100% Correct Answers graded A+ Guarante…
SC Property Management License EXAM
(updated 2026) Questions & Answers | With 100%
Correct Answers graded A+ Guaranteed Success!!
Save
Terms in this set (214)
PM & PMIC licenses need to June 30th (end of state's fiscal year)
renewed biennially
Conversion to use trust funds for the purpose other than the
purpose of which they are held. Unlawful use of
funds.
Customer a buyer, seller, landlord or tenant who uses the
services of a real estate licensee but does not
establish an agency relationship through a written
agency agreement with the licensee's real estate
brokerage firm
The South Carolina Real Estate fine, suspend and revoke licenses
Commission has the power to:
A real estate licensee must: agree to refrain from discriminatory practices
The SC Real Estate Commission is authorized to implement and enforce the license
law
https://quizlet.com/1152873691/sc-property-management-license-exam-updated-2026-questions-answers-with-100-correct-answers-graded-a-guaran… 1/27
,3/7/26, 10:32 AM SC Property Management License EXAM (updated 2026) Questions & Answers | With 100% Correct Answers graded A+ Guarante…
A real estate BIC or PMIC must maintain a place of business
Office the office location where a BIC or a PMIC is
licensed to conduct real estate business
Property Manager An associated licensee who meets educational
requirements and passes the examination for a PM
license and who will, for a fee, salary, commission
will negotiate or attempt to negotiate, list or offers
to list and advertise or represent.
PMIC a PM who is designated as having the responsibility
over the actions of associated licensees and the
responsibility and control over and liability for real
estate trust accounts
The Real Estate Commission may fine licensed violators a min of $500 & a max of
$5,000 per violation
The main purpose of a trust account safeguard funds belonging to the tenant
is to
Trust Account an escrow account or properly designated
demand deposit and include the words "trust" or
"escrow". Established & maintained by BIC or PMIC
to safeguard funds belonging to parties to a real
estate transaction
Trust Funds funds received on behalf of another person by a
licensee in the course of performing a real estate
activity
https://quizlet.com/1152873691/sc-property-management-license-exam-updated-2026-questions-answers-with-100-correct-answers-graded-a-guaran… 2/27
, 3/7/26, 10:32 AM SC Property Management License EXAM (updated 2026) Questions & Answers | With 100% Correct Answers graded A+ Guarante…
What documents have to be kept in Lease Agreements
the broker's office for 5 years?
Which is true of trust/escrow They can be interest bearing
accounts
The SC Real Estate Commission 10 members appointed in 4 year terms
consists of how many members
For how long may a licensed Indefinitely if the renewal fees are paid
salesperson, broker or PM go on
inactive status?
What is a specified duty of a BIC or maintain adequate, reasonable, and regular
PMIC according to the license law contact with associated licensees engaged in real
estate transactions
Regarding the management of real a BIC or PMIC may be in charge of more than one
estate offices branch office
After revocation of license, a person reapply for three years
may NOT
What happens if you fail to renew You must cease real estate business operations,
your license on time? but you may renew within six months of expiration
Before a property manager may complete seven hours of instruction in PM
become a PMIC, the PM must: accounting and record keeping
https://quizlet.com/1152873691/sc-property-management-license-exam-updated-2026-questions-answers-with-100-correct-answers-graded-a-guaran… 3/27
SC Property Management License EXAM
(updated 2026) Questions & Answers | With 100%
Correct Answers graded A+ Guaranteed Success!!
Save
Terms in this set (214)
PM & PMIC licenses need to June 30th (end of state's fiscal year)
renewed biennially
Conversion to use trust funds for the purpose other than the
purpose of which they are held. Unlawful use of
funds.
Customer a buyer, seller, landlord or tenant who uses the
services of a real estate licensee but does not
establish an agency relationship through a written
agency agreement with the licensee's real estate
brokerage firm
The South Carolina Real Estate fine, suspend and revoke licenses
Commission has the power to:
A real estate licensee must: agree to refrain from discriminatory practices
The SC Real Estate Commission is authorized to implement and enforce the license
law
https://quizlet.com/1152873691/sc-property-management-license-exam-updated-2026-questions-answers-with-100-correct-answers-graded-a-guaran… 1/27
,3/7/26, 10:32 AM SC Property Management License EXAM (updated 2026) Questions & Answers | With 100% Correct Answers graded A+ Guarante…
A real estate BIC or PMIC must maintain a place of business
Office the office location where a BIC or a PMIC is
licensed to conduct real estate business
Property Manager An associated licensee who meets educational
requirements and passes the examination for a PM
license and who will, for a fee, salary, commission
will negotiate or attempt to negotiate, list or offers
to list and advertise or represent.
PMIC a PM who is designated as having the responsibility
over the actions of associated licensees and the
responsibility and control over and liability for real
estate trust accounts
The Real Estate Commission may fine licensed violators a min of $500 & a max of
$5,000 per violation
The main purpose of a trust account safeguard funds belonging to the tenant
is to
Trust Account an escrow account or properly designated
demand deposit and include the words "trust" or
"escrow". Established & maintained by BIC or PMIC
to safeguard funds belonging to parties to a real
estate transaction
Trust Funds funds received on behalf of another person by a
licensee in the course of performing a real estate
activity
https://quizlet.com/1152873691/sc-property-management-license-exam-updated-2026-questions-answers-with-100-correct-answers-graded-a-guaran… 2/27
, 3/7/26, 10:32 AM SC Property Management License EXAM (updated 2026) Questions & Answers | With 100% Correct Answers graded A+ Guarante…
What documents have to be kept in Lease Agreements
the broker's office for 5 years?
Which is true of trust/escrow They can be interest bearing
accounts
The SC Real Estate Commission 10 members appointed in 4 year terms
consists of how many members
For how long may a licensed Indefinitely if the renewal fees are paid
salesperson, broker or PM go on
inactive status?
What is a specified duty of a BIC or maintain adequate, reasonable, and regular
PMIC according to the license law contact with associated licensees engaged in real
estate transactions
Regarding the management of real a BIC or PMIC may be in charge of more than one
estate offices branch office
After revocation of license, a person reapply for three years
may NOT
What happens if you fail to renew You must cease real estate business operations,
your license on time? but you may renew within six months of expiration
Before a property manager may complete seven hours of instruction in PM
become a PMIC, the PM must: accounting and record keeping
https://quizlet.com/1152873691/sc-property-management-license-exam-updated-2026-questions-answers-with-100-correct-answers-graded-a-guaran… 3/27
