SC Property Management Exam Question
and Answer Grade A+ 100% Correct
Questions and Answers
• Agent -✓✓Means one authorized and empowered by a written agency agreement
to perform actions for a client.
• Associated licensee -✓✓Means a licensee affiliated with and under supervision of
a broker in charge or property manager in charge.
• Buyer agency -✓✓means a form of agency in which a real estate brokerage firm
represents the buyer in an agency capacity as defined in this chapter.
• Licensee -✓✓Means an individual currently licensed under this chapter.
• Material Adverse Fact -✓✓Means:
A condition or occurrence that is generally recognized as significantly and
adversely affecting the valve of the real estate.
• Ministerial act -✓✓Means an act performed by a licensee not involving an
exercise of discretion or judgment of a licensee on behalf of a person who is not a
client and that assists the non client to consummate a real estate transaction.
• Office -✓✓Means the office location where a BIC or PMIC is licensed to conduct
real estate business.
• Personal trust account -✓✓An Escrow account or demand deposit bank account
property designated and titled to include the words "trust" or "escrow" that is
established and maintained by a licensee to safeguard funds belonging to parties to
a real estate transaction when a transaction involves the licensee's personal real
estate is not manged or listed through a real estate brokerage firm.
• Property Manager -✓✓An associated licensee who meets educational
requirements and passes the examination for a PM license, who will for a fee,
salary, commission, other valuable consideration with the intent for expiration of
receiving compensation.
and Answer Grade A+ 100% Correct
Questions and Answers
• Agent -✓✓Means one authorized and empowered by a written agency agreement
to perform actions for a client.
• Associated licensee -✓✓Means a licensee affiliated with and under supervision of
a broker in charge or property manager in charge.
• Buyer agency -✓✓means a form of agency in which a real estate brokerage firm
represents the buyer in an agency capacity as defined in this chapter.
• Licensee -✓✓Means an individual currently licensed under this chapter.
• Material Adverse Fact -✓✓Means:
A condition or occurrence that is generally recognized as significantly and
adversely affecting the valve of the real estate.
• Ministerial act -✓✓Means an act performed by a licensee not involving an
exercise of discretion or judgment of a licensee on behalf of a person who is not a
client and that assists the non client to consummate a real estate transaction.
• Office -✓✓Means the office location where a BIC or PMIC is licensed to conduct
real estate business.
• Personal trust account -✓✓An Escrow account or demand deposit bank account
property designated and titled to include the words "trust" or "escrow" that is
established and maintained by a licensee to safeguard funds belonging to parties to
a real estate transaction when a transaction involves the licensee's personal real
estate is not manged or listed through a real estate brokerage firm.
• Property Manager -✓✓An associated licensee who meets educational
requirements and passes the examination for a PM license, who will for a fee,
salary, commission, other valuable consideration with the intent for expiration of
receiving compensation.
