SC PROPERTY MANAGEMENT EXAM
STUDY QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIONS 2024
Agent - ANSWER One who is authorized and empowered be a written agency agreement to perform
actions for a client. (ex: A real estate firm is the "agent" of the seller, buyer, landlord, tenant etc.)
Associated Licensee - ANSWER licensee who is affiliated with and works under supervision of a broker in
charge, or a property manager in charge.
Broker - ANSWER an associated licensee who has met the educational requirements and passed the the
examination for a broker's license, whom will receive a fee, salary, commission or other valuable
considerations for services.
Buyer Agency - ANSWER Agency relationship between buyer and broker, in which the brokerage firm
represents the buyer
Client - ANSWER Person who enters a written agreement establishing and agency relationship with a real
estate firm through its broker in charge, property manager in charge, or associated licensees.
Conversion - ANSWER To use trust funds for a purpose other then for intended purpose. It is a a breach
of trust and is a crime provided by law.
Designated Agency - ANSWER Type of agency in which two clients are represented by a real estate firm
in the same transaction and may be given almost equivalent treatment as a single agency.
Dual Agency - ANSWER Type of agency that Represents both parties Liwithin the same transaction and
gives limited agency services. (This can be seen as unethical unless both parties agree to it)
licensee - ANSWER A licensed individual who has met educational criteria as well as passed exam, and
who currently holds a valid license
,Limited Function Referral Office - ANSWER A brokerage firm where the office policy allows only the
placement of referrals through the broker in charge
Material Adverse Fact - ANSWER A condition or occurrence that is recognized as information that a party
to a transaction does not intend or is not able to meet the obligation under contract or agreement
made. this is recognized as:
-significantly and adversely affecting the value of real estate
.-significantly, reducing the structural integrity of improvements to real estate
- Presenting a health risk to occupants
Ministerial Act - ANSWER Act performed by a licensee, not involving judgement or discretion of a
licensee on behalf of a "non-client" that assists them in consummating a real estate transaction
Personal Trust Account - ANSWER An escrow account or demand deposit bank account properly
designated and titled to include the words "trust" or "escrow". It is established and maintained by a
licensee to safeguard funds belonging to parties to a real estate transaction when the transaction
involves the licensee's personal real estate and the real estate is not managed or listed through a real
estate brokerage firm.
Property Manager - ANSWER Individual who manages real estate for a person or client for
compensation. Duties include negotiating and collecting rents, maintaining and providing improvements
to the property, advertises and engages to the public
Property Manager-in-charge - ANSWER A Property manager who is designated as having responsibility
over actions of associated licensees and control over liability of real estate and trust accounts.
Seller Agency - ANSWER Agent or agency that represents the seller
Sub-agent - ANSWER Also known as associated licensee, working under the agent for a real estate firm,
buyer, seller, tenant or landlord
, Substantive Contact - ANSWER Form of contact in which discussion between consumer and associated
licensee moves from casual and introductory, to meaningful conversation regarding the selling or buying
motives of the seller or buyer, financial qualifications, and other confidential information
Team - ANSWER two or more associated licensees working together as a unit, supervised by a broker in
charge.
Trust Account - ANSWER Escrow account or designated demand deposit bank account that. Maintained
by a broker in charge or property manager in charge whom will safe guard funds that are received on
behalf of parties to a real estate transaction.
Trust Funds - ANSWER Funds received on behalf of another person, in the course of performing a real
estate activity.
Transaction Broker - ANSWER Real estate brokerage firm that can provide customer service to a buyer,
seller, or even both in a real estate transaction. can act as a single agent for a party in a transaction,
while give the other party customer service. can also facilitate a transaction without representing either
party.
How many member does the South Carolina real estate commission have? - ANSWER 10
How long of a term does a commission member serve? - ANSWER a term of 4 years, and until a qualified
successor is elected or appointed
What are powers and duties of real estate commission? - ANSWER -Enforces regulations and laws under
SC real estate chapter
-determines standards and qualifications for licensure applications, real estate licenses and educational
providers as well a schedule of fees
-conducts disciplinary hearings for violations
-recommends changes in legislation that governs real estate regulations relative to welfare and safety of
the public
-conducts period inspections of offices of licensees
STUDY QUESTIONS AND ANSWERS
WITH VERIFIED SOLUTIONS 2024
Agent - ANSWER One who is authorized and empowered be a written agency agreement to perform
actions for a client. (ex: A real estate firm is the "agent" of the seller, buyer, landlord, tenant etc.)
Associated Licensee - ANSWER licensee who is affiliated with and works under supervision of a broker in
charge, or a property manager in charge.
Broker - ANSWER an associated licensee who has met the educational requirements and passed the the
examination for a broker's license, whom will receive a fee, salary, commission or other valuable
considerations for services.
Buyer Agency - ANSWER Agency relationship between buyer and broker, in which the brokerage firm
represents the buyer
Client - ANSWER Person who enters a written agreement establishing and agency relationship with a real
estate firm through its broker in charge, property manager in charge, or associated licensees.
Conversion - ANSWER To use trust funds for a purpose other then for intended purpose. It is a a breach
of trust and is a crime provided by law.
Designated Agency - ANSWER Type of agency in which two clients are represented by a real estate firm
in the same transaction and may be given almost equivalent treatment as a single agency.
Dual Agency - ANSWER Type of agency that Represents both parties Liwithin the same transaction and
gives limited agency services. (This can be seen as unethical unless both parties agree to it)
licensee - ANSWER A licensed individual who has met educational criteria as well as passed exam, and
who currently holds a valid license
,Limited Function Referral Office - ANSWER A brokerage firm where the office policy allows only the
placement of referrals through the broker in charge
Material Adverse Fact - ANSWER A condition or occurrence that is recognized as information that a party
to a transaction does not intend or is not able to meet the obligation under contract or agreement
made. this is recognized as:
-significantly and adversely affecting the value of real estate
.-significantly, reducing the structural integrity of improvements to real estate
- Presenting a health risk to occupants
Ministerial Act - ANSWER Act performed by a licensee, not involving judgement or discretion of a
licensee on behalf of a "non-client" that assists them in consummating a real estate transaction
Personal Trust Account - ANSWER An escrow account or demand deposit bank account properly
designated and titled to include the words "trust" or "escrow". It is established and maintained by a
licensee to safeguard funds belonging to parties to a real estate transaction when the transaction
involves the licensee's personal real estate and the real estate is not managed or listed through a real
estate brokerage firm.
Property Manager - ANSWER Individual who manages real estate for a person or client for
compensation. Duties include negotiating and collecting rents, maintaining and providing improvements
to the property, advertises and engages to the public
Property Manager-in-charge - ANSWER A Property manager who is designated as having responsibility
over actions of associated licensees and control over liability of real estate and trust accounts.
Seller Agency - ANSWER Agent or agency that represents the seller
Sub-agent - ANSWER Also known as associated licensee, working under the agent for a real estate firm,
buyer, seller, tenant or landlord
, Substantive Contact - ANSWER Form of contact in which discussion between consumer and associated
licensee moves from casual and introductory, to meaningful conversation regarding the selling or buying
motives of the seller or buyer, financial qualifications, and other confidential information
Team - ANSWER two or more associated licensees working together as a unit, supervised by a broker in
charge.
Trust Account - ANSWER Escrow account or designated demand deposit bank account that. Maintained
by a broker in charge or property manager in charge whom will safe guard funds that are received on
behalf of parties to a real estate transaction.
Trust Funds - ANSWER Funds received on behalf of another person, in the course of performing a real
estate activity.
Transaction Broker - ANSWER Real estate brokerage firm that can provide customer service to a buyer,
seller, or even both in a real estate transaction. can act as a single agent for a party in a transaction,
while give the other party customer service. can also facilitate a transaction without representing either
party.
How many member does the South Carolina real estate commission have? - ANSWER 10
How long of a term does a commission member serve? - ANSWER a term of 4 years, and until a qualified
successor is elected or appointed
What are powers and duties of real estate commission? - ANSWER -Enforces regulations and laws under
SC real estate chapter
-determines standards and qualifications for licensure applications, real estate licenses and educational
providers as well a schedule of fees
-conducts disciplinary hearings for violations
-recommends changes in legislation that governs real estate regulations relative to welfare and safety of
the public
-conducts period inspections of offices of licensees
