South Carolina real estate Exam
Questions and Answers (Verified
Answers) Updated (Actual Exam) LATEST
VERSION!!
Board members and team - ANSWER-10 members of the commission; 8 licensees
and 2 members of the public- the term is for 4 years
Activities that require a license - ANSWER-Acting as a broker, salesman,
negotiating, listing, sale, purchase, exchange, auction
License status - ANSWER-Active- under one BIC at a time
Inactive- can hold indefinitely; must pay renewal biennially and then take
mandatory continuing education
Expired/lapsed- expires June 30 renewed biennially, if not it becomes a lapsed
license and you can reinstate in six months with a $25 a month fee if not then it's
expired
Trust fund monies - ANSWER-Earnest money, rent, security deposit, referral fees,
bonuses
When must you disclose you are licensed? - ANSWER-When there is a possible
transaction
,Property disclosures - latent defects - ANSWER-May not knowingly give false
information about condition. Silence is considered giving false information. The
agent is not obligated to discover latent or hidden defects in the property
Stigmatized properties - ANSWER-A psychological problem with the property. It is
up to you if you want to disclose any death or virus except HIV and AIDS cannot be
disclosed
Statute of frauds -offers and counter offers - ANSWER-In order for a contract to be
enforceable it has to be in writing
How long to keep all records? - ANSWER-Five years
When must in earnest money deposit be given to a BIC? - ANSWER-Cash or
certified funds to be given immediately within 24 hours
Checks to be given 24 hours from ratification
When most a BIC deposit earnest money ? - ANSWER-Cash or certified funds
deposited within 48 hours of receipt
Checks deposited 48 hours after acceptance of offer
Commingling - ANSWER-Illegal-mixing of people in accounts example -keeping
trust funds for commission
, Conversion - ANSWER-Theft- using trust money for example license renewal
Disputed funds - ANSWER-If no agreement is made on who gets earnest money a
written agreement signed by all parties who wants the money files an
interpleader action funds are deposited to the court until determined
Principal - ANSWER-Someone who is hired you - firm/human
Client - ANSWER-Person who has hired you-Agency agreement
Agent - ANSWER-The company
Subagent - ANSWER-Us as a real estate agent
Power of attorney - ANSWER-A written instrument authorizing a person called an
attorney in fact to act as their agent and sign on their behalf
Dual agency - ANSWER-One real estate company two clients in the same
transaction both buyer and seller- obedience loyalty and disclosure duties become
limited
Designated agency - ANSWER-BIC appoints someone in company to one client so
both aren't the same agent
Questions and Answers (Verified
Answers) Updated (Actual Exam) LATEST
VERSION!!
Board members and team - ANSWER-10 members of the commission; 8 licensees
and 2 members of the public- the term is for 4 years
Activities that require a license - ANSWER-Acting as a broker, salesman,
negotiating, listing, sale, purchase, exchange, auction
License status - ANSWER-Active- under one BIC at a time
Inactive- can hold indefinitely; must pay renewal biennially and then take
mandatory continuing education
Expired/lapsed- expires June 30 renewed biennially, if not it becomes a lapsed
license and you can reinstate in six months with a $25 a month fee if not then it's
expired
Trust fund monies - ANSWER-Earnest money, rent, security deposit, referral fees,
bonuses
When must you disclose you are licensed? - ANSWER-When there is a possible
transaction
,Property disclosures - latent defects - ANSWER-May not knowingly give false
information about condition. Silence is considered giving false information. The
agent is not obligated to discover latent or hidden defects in the property
Stigmatized properties - ANSWER-A psychological problem with the property. It is
up to you if you want to disclose any death or virus except HIV and AIDS cannot be
disclosed
Statute of frauds -offers and counter offers - ANSWER-In order for a contract to be
enforceable it has to be in writing
How long to keep all records? - ANSWER-Five years
When must in earnest money deposit be given to a BIC? - ANSWER-Cash or
certified funds to be given immediately within 24 hours
Checks to be given 24 hours from ratification
When most a BIC deposit earnest money ? - ANSWER-Cash or certified funds
deposited within 48 hours of receipt
Checks deposited 48 hours after acceptance of offer
Commingling - ANSWER-Illegal-mixing of people in accounts example -keeping
trust funds for commission
, Conversion - ANSWER-Theft- using trust money for example license renewal
Disputed funds - ANSWER-If no agreement is made on who gets earnest money a
written agreement signed by all parties who wants the money files an
interpleader action funds are deposited to the court until determined
Principal - ANSWER-Someone who is hired you - firm/human
Client - ANSWER-Person who has hired you-Agency agreement
Agent - ANSWER-The company
Subagent - ANSWER-Us as a real estate agent
Power of attorney - ANSWER-A written instrument authorizing a person called an
attorney in fact to act as their agent and sign on their behalf
Dual agency - ANSWER-One real estate company two clients in the same
transaction both buyer and seller- obedience loyalty and disclosure duties become
limited
Designated agency - ANSWER-BIC appoints someone in company to one client so
both aren't the same agent
