SC Property Management License Exam
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
What documents have to be kept in the broker's office for 5 years?
Lease Agreements
Which is true of trust/escrow accounts
They can be interest bearing
The SC Real Estate Commission consists of how many members
10 members appointed in 4 year terms
,For how long may a licensed salesperson, broker or PM go on inactive status?
Indefinitely if the renewal fees are paid
What is a specified duty of a BIC or PMIC according to the license law
maintain adequate, reasonable, and regular contact with associated licensees
engaged in real estate transactions
Regarding the management of real estate offices
a BIC or PMIC may be in charge of more than one branch office
After revocation of license, a person may NOT
reapply for three years
What happens if you fail to renew your license on time?
You must cease real estate business operations, but you may renew within six
months of expiration
Before a property manager may become a PMIC, the PM must:
complete seven hours of instruction in PM accounting and record keeping
If you fail to renew or register a license and continue to engage in real estate
activities requiring a license, what sanctions may be put upon you?
Fines up to max $500 and/or imprisonment for not more than six months
,BIC & PMIC shall ensure that backup copies are maintained for computerized real
estate trust accounts. A backup copy must be maintained on a data storage
medium that is
stored in a separate off-site location
A BIC or PMIC may NOT commingle trust funds of the client with his own money,
except that he may maintain a clearly identified amount of the company's funds
in the trust
account to cover bank service charges or in order to avoid the closing of the
account when no client's trust funds are on deposit.
When should cash/certified funds for a security deposit be deposited in the
PMIC's trust account?
Within 48 hours of receipt (excluding Sat-Sun & bank holiday's)
Trust Funds received by a licensee in connection with a real estate transaction
in which the licensee is engaged for the BIC or PMIC must be delivered to
the BIC or PMIC no later than_
the following business day
When should personal checks be deposited for security deposit?
within 48 hours after the lease is signed by parties to the lease (excluding
Sat/Sun & bank holiday's)
The purpose of the real estate license law is to
Protect the public when involved in real estate transactions
, Trust account records must be kept on file for a period of
5 years
A PM received a security deposit from a tenant. The PM placed the deposit in
his personal checking account. For this action, the agent was found guilty of_
Commingling
If a dispute concerning the entitlement to, disposition of trust funds arises
between buyer and seller and not resolved, the deposit must be held in the
trust account until the dispute is resolved by_
a written agreement (an order), voluntary mediation, interpleader action in court
PM must be how old to apply for license
18
PMIC must be how old to apply for license
21
Antitrust Laws
laws that promote competition in the marketplace (Sherman Antitrust Act)
Sherman Antitrust Act
1890 law banning any trust that restrained interstate trade or commerce
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
What documents have to be kept in the broker's office for 5 years?
Lease Agreements
Which is true of trust/escrow accounts
They can be interest bearing
The SC Real Estate Commission consists of how many members
10 members appointed in 4 year terms
,For how long may a licensed salesperson, broker or PM go on inactive status?
Indefinitely if the renewal fees are paid
What is a specified duty of a BIC or PMIC according to the license law
maintain adequate, reasonable, and regular contact with associated licensees
engaged in real estate transactions
Regarding the management of real estate offices
a BIC or PMIC may be in charge of more than one branch office
After revocation of license, a person may NOT
reapply for three years
What happens if you fail to renew your license on time?
You must cease real estate business operations, but you may renew within six
months of expiration
Before a property manager may become a PMIC, the PM must:
complete seven hours of instruction in PM accounting and record keeping
If you fail to renew or register a license and continue to engage in real estate
activities requiring a license, what sanctions may be put upon you?
Fines up to max $500 and/or imprisonment for not more than six months
,BIC & PMIC shall ensure that backup copies are maintained for computerized real
estate trust accounts. A backup copy must be maintained on a data storage
medium that is
stored in a separate off-site location
A BIC or PMIC may NOT commingle trust funds of the client with his own money,
except that he may maintain a clearly identified amount of the company's funds
in the trust
account to cover bank service charges or in order to avoid the closing of the
account when no client's trust funds are on deposit.
When should cash/certified funds for a security deposit be deposited in the
PMIC's trust account?
Within 48 hours of receipt (excluding Sat-Sun & bank holiday's)
Trust Funds received by a licensee in connection with a real estate transaction
in which the licensee is engaged for the BIC or PMIC must be delivered to
the BIC or PMIC no later than_
the following business day
When should personal checks be deposited for security deposit?
within 48 hours after the lease is signed by parties to the lease (excluding
Sat/Sun & bank holiday's)
The purpose of the real estate license law is to
Protect the public when involved in real estate transactions
, Trust account records must be kept on file for a period of
5 years
A PM received a security deposit from a tenant. The PM placed the deposit in
his personal checking account. For this action, the agent was found guilty of_
Commingling
If a dispute concerning the entitlement to, disposition of trust funds arises
between buyer and seller and not resolved, the deposit must be held in the
trust account until the dispute is resolved by_
a written agreement (an order), voluntary mediation, interpleader action in court
PM must be how old to apply for license
18
PMIC must be how old to apply for license
21
Antitrust Laws
laws that promote competition in the marketplace (Sherman Antitrust Act)
Sherman Antitrust Act
1890 law banning any trust that restrained interstate trade or commerce
