REAL ESTATE 2023-2024 Exam Questions and Answers
Real ‘,Estate ‘,Broker ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,who ‘,is ‘,licensed ‘,as ‘,a ‘,broker ‘,that ‘,peforms
‘,brokerage ‘,activities ‘,and ‘,collects ‘,compensation.
Real ‘,Estate ‘,Salesperson ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,who ‘,peforms ‘,real ‘,estate ‘,activities ‘,while
‘,associated ‘,with ‘,a ‘,licensed ‘,real ‘,estate ‘,broker.
licensee ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,holding ‘,a ‘,valid ‘,real ‘,estate ‘,license
appraiser ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,whos ‘,certified ‘,to ‘,estimate ‘,the ‘,value ‘,of ‘,a ‘,real
‘,property ‘,according ‘,to ‘,standardized ‘,principles ‘,of ‘,valuation.
home ‘,inspector ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who's ‘,affiliated ‘,with ‘,a ‘,national ‘,nonprofit ‘,trade
‘,association, ‘,has ‘,passed ‘,the ‘,appropriate ‘,exam, ‘,and ‘,evaluates ‘,properties ‘,for ‘,their ‘,condition
lender ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who ‘,arranges ‘,financing ‘,for ‘,the ‘,buyer ‘,of ‘,real ‘,property
developer ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,who ‘,constructs ‘,improvement ‘,on ‘,raw ‘,land
subdivider ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who ‘,splits ‘,a ‘,single ‘,property ‘,into ‘,smaller ‘,parcels ‘,in
‘,preparation ‘,for ‘,development
real ‘,estate ‘,investors ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,who ‘,puts ‘,money ‘,or ‘,property ‘,into ‘,a ‘,real
‘,estate ‘,project ‘,for ‘,profit
real ‘,estate ‘,attorney ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who ‘,holds ‘,a ‘,law ‘,degree ‘,and ‘,specializes ‘,in
‘,real ‘,estate; ‘,may ‘,legally ‘,broker ‘,deals
Real ‘,estate ‘,counselor ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who ‘,provides ‘,services ‘,to ‘,help ‘,determine
‘,viability ‘,of ‘,a ‘,real ‘,estate ‘,asset ‘,or ‘,project
rental ‘,listings ‘,services ‘,- ‘,(correct ‘,answer) ‘,-help ‘,tenants ‘,find ‘,landlords ‘,and ‘,landlords ‘,find
‘,tenants
real ‘,estate ‘,counsulant ‘,- ‘,(correct ‘,answer) ‘,-one ‘,who ‘,gives ‘,advice ‘,about ‘,real ‘,estate ‘,for ‘,a ‘,fee ‘,
(must ‘,have ‘,broad ‘,knowledge ‘,of ‘,all ‘,major ‘,aspects ‘,of ‘,the ‘,real ‘,estate ‘,industry)
leisure ‘,property ‘,- ‘,(correct ‘,answer) ‘,-Includes ‘,hotels, ‘,motels, ‘,golf ‘,courses, ‘,resorts, ‘,sporting
‘,arenas, ‘,movie ‘,theaters ‘,and ‘,restaurants ‘,(requires ‘,hands-on ‘,management)
,industrial ‘,property ‘,- ‘,(correct ‘,answer) ‘,-Includes ‘,heavy ‘,or ‘,light ‘,manufacturing, ‘,warehouse ‘,and
‘,distribution ‘,centers ‘,(clear ‘,height ‘,is ‘,a ‘,key ‘,consideration)
health ‘,care ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-includes ‘,doctor ‘,offices ‘,, ‘,urgent ‘,care ‘,, ‘,clinics ‘,,
‘,hospital ‘,(requires ‘,specialized ‘,fitting)
office ‘,buildings ‘,- ‘,(correct ‘,answer) ‘,-Includes ‘,Class ‘,A, ‘,B ‘,or ‘,C; ‘,may ‘,be ‘,high ‘,rise ‘,or ‘,low ‘,rise
retail ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-Includes ‘,storefronts, ‘,shopping ‘,centers, ‘,malls
residential ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-Properties ‘,designed ‘,for ‘,dwelling
commercial ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-Properties ‘,designed ‘,for ‘,commerce ‘,and ‘,profit
speciality ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-includes-mixed ‘,use, ‘,planned ‘,unit ‘,developments ‘,, ‘,and
‘,trnasit-oriented ‘,development
mixed ‘,use ‘,- ‘,(correct ‘,answer) ‘,-A ‘,property ‘,that ‘,combines ‘,retail/residential ‘,in ‘,a ‘,single ‘,building
planned ‘,unit ‘,development ‘,- ‘,(correct ‘,answer) ‘,-A ‘,high ‘,density ‘,project ‘,with ‘,mixed ‘,zoning ‘,(e.g.,
‘,retail ‘,and ‘,residential, ‘,healthcare, ‘,etc.)
transit ‘,oriented ‘,development ‘,- ‘,(correct ‘,answer) ‘,-A ‘,development ‘,centered ‘,around ‘,a
‘,transportation ‘,hub
may ‘,sales ‘,person ‘,be ‘,sole ‘,proprietors ‘,- ‘,(correct ‘,answer) ‘,-no ‘,, ‘,only ‘,brokers ‘,may ‘,work
‘,independently
Property ‘,Manager ‘,- ‘,(correct ‘,answer) ‘,-Someone ‘,who ‘,manages ‘,properties ‘,for ‘,others; ‘,if ‘,they
‘,manage ‘,properties ‘,for ‘,more ‘,than ‘,one ‘,owner, ‘,they ‘,must ‘,have ‘,a ‘,real ‘,estate ‘,license
sole ‘,proprietor ‘,- ‘,(correct ‘,answer) ‘,-A ‘,business ‘,owned ‘,by ‘,one ‘,person
limited ‘,liability ‘,company ‘,- ‘,(correct ‘,answer) ‘,-Corporate ‘,identity ‘,that ‘,provides ‘,flexibility ‘,and
‘,limited ‘,liability ‘,while ‘,being ‘,treated ‘,by ‘,the ‘,IRS ‘,as ‘,a ‘,partnership
Corporation ‘,- ‘,(correct ‘,answer) ‘,-a ‘,company ‘,or ‘,group ‘,of ‘,people ‘,authorized ‘,to ‘,act ‘,as ‘,a ‘,single
‘,entity ‘,(legally ‘,a ‘,person) ‘,and ‘,recognized ‘,as ‘,such ‘,in ‘,law.
limited ‘,partnership ‘,- ‘,(correct ‘,answer) ‘,-partnership ‘,in ‘,which ‘,only ‘,one ‘,partner ‘,is ‘,required ‘,to
‘,be ‘,a ‘,general ‘,partner
limited ‘,partner ‘,- ‘,(correct ‘,answer) ‘,-a ‘,type ‘,of ‘,owner ‘,in ‘,a ‘,partnership ‘,who ‘,invests ‘,money ‘,in
‘,the ‘,business ‘,but ‘,who ‘,does ‘,not ‘,contribute ‘,to ‘,the ‘,actual ‘,running ‘,of ‘,the ‘,business ‘,and ‘,whose
‘,liability ‘,is ‘,limited ‘,to ‘,the ‘,amount ‘,invested
general ‘,partner ‘,- ‘,(correct ‘,answer) ‘,-a ‘,type ‘,of ‘,owner ‘,in ‘,a ‘,partnership ‘,who ‘,is ‘,responsible ‘,for
‘,the ‘,day-to-day ‘,operations ‘,and ‘,who ‘,has ‘,unlimited ‘,liability ‘,for ‘,any ‘,debts ‘,of ‘,the ‘,business
,franchise ‘,- ‘,(correct ‘,answer) ‘,-A ‘,business ‘,established ‘,or ‘,operated ‘,under ‘,an ‘,authorization ‘,to ‘,sell
‘,or ‘,distribute ‘,a ‘,company's ‘,goods ‘,or ‘,services ‘,in ‘,a ‘,particular ‘,area
may ‘,a ‘,sales ‘,person ‘,manage ‘,a ‘,branch ‘,office ‘,- ‘,(correct ‘,answer) ‘,-yes ‘,but ‘,liability ‘,always ‘,rests
‘,with ‘,the ‘,broker
independent ‘,contractor ‘,agreement ‘,- ‘,(correct ‘,answer) ‘,-A ‘,contract ‘,defining ‘,the ‘,working
‘,relationship ‘,between ‘,broker ‘,and ‘,salesperson
NAREB ‘,- ‘,(correct ‘,answer) ‘,-National ‘,Association ‘,of ‘,Real ‘,Estate ‘,Brokers
REALTOR(R) ‘,- ‘,(correct ‘,answer) ‘,-A ‘,member ‘,of ‘,the ‘,National ‘,Association ‘,of ‘,REALTORS(R)
NAR ‘,- ‘,(correct ‘,answer) ‘,-National ‘,Association ‘,of ‘,Realtors(R)
Realtist ‘,- ‘,(correct ‘,answer) ‘,-A ‘,member ‘,of ‘,the ‘,National ‘,Association ‘,of ‘,Real ‘,Estate ‘,Brokers ‘,
(NAREB).
license ‘,law ‘,protects ‘,the ‘,right ‘,to ‘,- ‘,(correct ‘,answer) ‘,-buyers ‘,sellers ‘,,tenants ‘,and ‘,property
‘,owners
Licensing ‘,may ‘,be ‘,governed ‘,by ‘,___________. ‘,- ‘,(correct ‘,answer) ‘,-Laws, ‘,regulations, ‘,or ‘,a
‘,combination ‘,of ‘,those
describe ‘,the ‘,composition ‘,of ‘,the ‘,South ‘,Carolina ‘,real ‘,estate ‘,commission ‘,- ‘,(correct ‘,answer) ‘,-0
‘,members: ‘,seven ‘,active ‘,real ‘,estate ‘,professionals ‘,elected ‘,by ‘,state ‘,house ‘,and ‘,senate ‘,members;
‘,two ‘,appointed ‘,by ‘,the ‘,governor; ‘,and ‘,one ‘,real ‘,estate ‘,professional ‘,elected ‘,by ‘,other
‘,commission ‘,members
List ‘,duties ‘,of ‘,the ‘,South ‘,Carolina ‘,Real ‘,Estate ‘,Commission. ‘,- ‘,(correct ‘,answer) ‘,-Regulates ‘,and
‘,enforces ‘,real ‘,estate ‘,license ‘,law, ‘,approves ‘,real ‘,estate ‘,education ‘,courses, ‘,reviews ‘,applications,
‘,and ‘,investigates ‘,customer ‘,complaints ‘,against ‘,licensees
Two ‘,items ‘,that ‘,must ‘,be ‘,on ‘,team ‘,advertisements ‘,- ‘,(correct ‘,answer) ‘,-The ‘,brokerage ‘,firm's
‘,name ‘,and ‘,the ‘,team ‘,name
Key ‘,disclosures ‘,required ‘,by ‘,the ‘,South ‘,Carolina ‘,Real ‘,Estate ‘,Commission ‘,- ‘,(correct ‘,answer) ‘,-
Undisclosed ‘,principal, ‘,agency ‘,representation, ‘,stigmatized ‘,properties, ‘,and ‘,seller ‘,property
‘,disclosure
Three ‘,license ‘,classifications ‘,in ‘,South ‘,Carolina ‘,- ‘,(correct ‘,answer) ‘,-Salesperson, ‘,broker, ‘,and
‘,broker-in-charge; ‘,salespersons ‘,and ‘,brokers ‘,are ‘,associated ‘,licensees ‘,of ‘,the ‘,broker-in-charge
South ‘,Carolina ‘,currently ‘,offers ‘,reciprocal ‘,licenses ‘,for ‘,which ‘,state? ‘,- ‘,(correct ‘,answer) ‘,-GA
Six ‘,license ‘,status ‘,types ‘,- ‘,(correct ‘,answer) ‘,-Active, ‘,inactive, ‘,lapsed, ‘,canceled, ‘,revoked, ‘,and
‘,suspended
, Trust ‘,fund ‘,commingling ‘,vs. ‘,conversion ‘,- ‘,(correct ‘,answer) ‘,-Commingling: ‘,when ‘,company ‘,or
‘,personal ‘,funds ‘,are ‘,intermixed ‘,in ‘,an ‘,account ‘,with ‘,client ‘,funds; ‘,the ‘,commission ‘,allows ‘,some
‘,comminglingConversion: ‘,when ‘,trust ‘,funds ‘,are ‘,used ‘,for ‘,a ‘,reason ‘,other ‘,than ‘,the ‘,intended
‘,purposes
land ‘,- ‘,(correct ‘,answer) ‘,-The ‘,earth's ‘,surface ‘,extending ‘,downward ‘,to ‘,the ‘,center ‘,of ‘,the ‘,earth
‘,and ‘,upward ‘,to ‘,infinity, ‘,including ‘,permanently ‘,attached ‘,natural ‘,objects
possesion ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,occupy ‘,the ‘,property
enjoyment ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,use ‘,the ‘,property ‘,in ‘,any ‘,legal ‘,way ‘,the ‘,owner
‘,desires
exclusion ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,refuse ‘,others ‘,entry ‘,to ‘,or ‘,use ‘,of ‘,the ‘,property
control ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,determine ‘,how ‘,the ‘,property ‘,will ‘,be ‘,used ‘,by ‘,the
‘,owner ‘,or ‘,by ‘,others(similar ‘,to ‘,enjoyment ‘,but ‘,extends ‘,to ‘,other ‘,parties)
disposition ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,dispose ‘,of ‘,(by ‘,sale ‘,, ‘,lien ‘,,easement ‘,,lease ‘,,etc)
‘,any ‘,intrest ‘,in ‘,the ‘,property
Personal ‘,Property ‘,- ‘,(correct ‘,answer) ‘,-All ‘,property ‘,thats ‘,not ‘,classified ‘,as ‘,real ‘,property
Real ‘,Property ‘,- ‘,(correct ‘,answer) ‘,-Land ‘,and ‘,everything ‘,permanently ‘,attached ‘,to ‘,it ‘,like ‘,a ‘,pool
‘,or ‘,tent ‘,thats ‘,permanetly ‘,attatched ‘,to ‘,the ‘,land
improvements ‘,- ‘,(correct ‘,answer) ‘,-Permanent, ‘,man-made ‘,attachments ‘,that ‘,include ‘,things ‘,such
‘,as ‘,fencing, ‘,buildings, ‘,and ‘,walkways
Chattel ‘,- ‘,(correct ‘,answer) ‘,-personal ‘,property
Trade ‘,Fixtures ‘,- ‘,(correct ‘,answer) ‘,-Trade ‘,fixtures ‘,are ‘,equipment ‘,that ‘,is ‘,placed ‘,on ‘,or ‘,attached
‘,to ‘,real ‘,estate ‘,which ‘,the ‘,renter ‘,uses ‘,in ‘,their ‘,trade ‘,or ‘,business. ‘,An ‘,example ‘,would ‘,be
‘,display ‘,shelves ‘,installed ‘,by ‘,a ‘,business ‘,owner ‘,in ‘,a ‘,rented ‘,building.
Acronym ‘,MARIA ‘,- ‘,(correct ‘,answer) ‘,-Method ‘,of ‘,annexation
Adaptability ‘,of ‘,item ‘,to ‘,land's ‘,use
Relationship ‘,of ‘,the ‘,parties
Intention ‘,in ‘,placing ‘,item ‘,on ‘,land
Agreement ‘,of ‘,the ‘,parties
Method ‘,of ‘,annexation ‘,- ‘,(correct ‘,answer) ‘,-also ‘,known ‘,as ‘,attachment) ‘,refers ‘,to ‘,whether ‘,the
‘,item ‘,is ‘,attached ‘,to ‘,the ‘,property ‘,and ‘,how ‘,permanent ‘,the ‘,attachment ‘,is.
Real ‘,Estate ‘,Broker ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,who ‘,is ‘,licensed ‘,as ‘,a ‘,broker ‘,that ‘,peforms
‘,brokerage ‘,activities ‘,and ‘,collects ‘,compensation.
Real ‘,Estate ‘,Salesperson ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,who ‘,peforms ‘,real ‘,estate ‘,activities ‘,while
‘,associated ‘,with ‘,a ‘,licensed ‘,real ‘,estate ‘,broker.
licensee ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,holding ‘,a ‘,valid ‘,real ‘,estate ‘,license
appraiser ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,whos ‘,certified ‘,to ‘,estimate ‘,the ‘,value ‘,of ‘,a ‘,real
‘,property ‘,according ‘,to ‘,standardized ‘,principles ‘,of ‘,valuation.
home ‘,inspector ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who's ‘,affiliated ‘,with ‘,a ‘,national ‘,nonprofit ‘,trade
‘,association, ‘,has ‘,passed ‘,the ‘,appropriate ‘,exam, ‘,and ‘,evaluates ‘,properties ‘,for ‘,their ‘,condition
lender ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who ‘,arranges ‘,financing ‘,for ‘,the ‘,buyer ‘,of ‘,real ‘,property
developer ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,who ‘,constructs ‘,improvement ‘,on ‘,raw ‘,land
subdivider ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who ‘,splits ‘,a ‘,single ‘,property ‘,into ‘,smaller ‘,parcels ‘,in
‘,preparation ‘,for ‘,development
real ‘,estate ‘,investors ‘,- ‘,(correct ‘,answer) ‘,-a ‘,person ‘,who ‘,puts ‘,money ‘,or ‘,property ‘,into ‘,a ‘,real
‘,estate ‘,project ‘,for ‘,profit
real ‘,estate ‘,attorney ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who ‘,holds ‘,a ‘,law ‘,degree ‘,and ‘,specializes ‘,in
‘,real ‘,estate; ‘,may ‘,legally ‘,broker ‘,deals
Real ‘,estate ‘,counselor ‘,- ‘,(correct ‘,answer) ‘,-A ‘,person ‘,who ‘,provides ‘,services ‘,to ‘,help ‘,determine
‘,viability ‘,of ‘,a ‘,real ‘,estate ‘,asset ‘,or ‘,project
rental ‘,listings ‘,services ‘,- ‘,(correct ‘,answer) ‘,-help ‘,tenants ‘,find ‘,landlords ‘,and ‘,landlords ‘,find
‘,tenants
real ‘,estate ‘,counsulant ‘,- ‘,(correct ‘,answer) ‘,-one ‘,who ‘,gives ‘,advice ‘,about ‘,real ‘,estate ‘,for ‘,a ‘,fee ‘,
(must ‘,have ‘,broad ‘,knowledge ‘,of ‘,all ‘,major ‘,aspects ‘,of ‘,the ‘,real ‘,estate ‘,industry)
leisure ‘,property ‘,- ‘,(correct ‘,answer) ‘,-Includes ‘,hotels, ‘,motels, ‘,golf ‘,courses, ‘,resorts, ‘,sporting
‘,arenas, ‘,movie ‘,theaters ‘,and ‘,restaurants ‘,(requires ‘,hands-on ‘,management)
,industrial ‘,property ‘,- ‘,(correct ‘,answer) ‘,-Includes ‘,heavy ‘,or ‘,light ‘,manufacturing, ‘,warehouse ‘,and
‘,distribution ‘,centers ‘,(clear ‘,height ‘,is ‘,a ‘,key ‘,consideration)
health ‘,care ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-includes ‘,doctor ‘,offices ‘,, ‘,urgent ‘,care ‘,, ‘,clinics ‘,,
‘,hospital ‘,(requires ‘,specialized ‘,fitting)
office ‘,buildings ‘,- ‘,(correct ‘,answer) ‘,-Includes ‘,Class ‘,A, ‘,B ‘,or ‘,C; ‘,may ‘,be ‘,high ‘,rise ‘,or ‘,low ‘,rise
retail ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-Includes ‘,storefronts, ‘,shopping ‘,centers, ‘,malls
residential ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-Properties ‘,designed ‘,for ‘,dwelling
commercial ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-Properties ‘,designed ‘,for ‘,commerce ‘,and ‘,profit
speciality ‘,properties ‘,- ‘,(correct ‘,answer) ‘,-includes-mixed ‘,use, ‘,planned ‘,unit ‘,developments ‘,, ‘,and
‘,trnasit-oriented ‘,development
mixed ‘,use ‘,- ‘,(correct ‘,answer) ‘,-A ‘,property ‘,that ‘,combines ‘,retail/residential ‘,in ‘,a ‘,single ‘,building
planned ‘,unit ‘,development ‘,- ‘,(correct ‘,answer) ‘,-A ‘,high ‘,density ‘,project ‘,with ‘,mixed ‘,zoning ‘,(e.g.,
‘,retail ‘,and ‘,residential, ‘,healthcare, ‘,etc.)
transit ‘,oriented ‘,development ‘,- ‘,(correct ‘,answer) ‘,-A ‘,development ‘,centered ‘,around ‘,a
‘,transportation ‘,hub
may ‘,sales ‘,person ‘,be ‘,sole ‘,proprietors ‘,- ‘,(correct ‘,answer) ‘,-no ‘,, ‘,only ‘,brokers ‘,may ‘,work
‘,independently
Property ‘,Manager ‘,- ‘,(correct ‘,answer) ‘,-Someone ‘,who ‘,manages ‘,properties ‘,for ‘,others; ‘,if ‘,they
‘,manage ‘,properties ‘,for ‘,more ‘,than ‘,one ‘,owner, ‘,they ‘,must ‘,have ‘,a ‘,real ‘,estate ‘,license
sole ‘,proprietor ‘,- ‘,(correct ‘,answer) ‘,-A ‘,business ‘,owned ‘,by ‘,one ‘,person
limited ‘,liability ‘,company ‘,- ‘,(correct ‘,answer) ‘,-Corporate ‘,identity ‘,that ‘,provides ‘,flexibility ‘,and
‘,limited ‘,liability ‘,while ‘,being ‘,treated ‘,by ‘,the ‘,IRS ‘,as ‘,a ‘,partnership
Corporation ‘,- ‘,(correct ‘,answer) ‘,-a ‘,company ‘,or ‘,group ‘,of ‘,people ‘,authorized ‘,to ‘,act ‘,as ‘,a ‘,single
‘,entity ‘,(legally ‘,a ‘,person) ‘,and ‘,recognized ‘,as ‘,such ‘,in ‘,law.
limited ‘,partnership ‘,- ‘,(correct ‘,answer) ‘,-partnership ‘,in ‘,which ‘,only ‘,one ‘,partner ‘,is ‘,required ‘,to
‘,be ‘,a ‘,general ‘,partner
limited ‘,partner ‘,- ‘,(correct ‘,answer) ‘,-a ‘,type ‘,of ‘,owner ‘,in ‘,a ‘,partnership ‘,who ‘,invests ‘,money ‘,in
‘,the ‘,business ‘,but ‘,who ‘,does ‘,not ‘,contribute ‘,to ‘,the ‘,actual ‘,running ‘,of ‘,the ‘,business ‘,and ‘,whose
‘,liability ‘,is ‘,limited ‘,to ‘,the ‘,amount ‘,invested
general ‘,partner ‘,- ‘,(correct ‘,answer) ‘,-a ‘,type ‘,of ‘,owner ‘,in ‘,a ‘,partnership ‘,who ‘,is ‘,responsible ‘,for
‘,the ‘,day-to-day ‘,operations ‘,and ‘,who ‘,has ‘,unlimited ‘,liability ‘,for ‘,any ‘,debts ‘,of ‘,the ‘,business
,franchise ‘,- ‘,(correct ‘,answer) ‘,-A ‘,business ‘,established ‘,or ‘,operated ‘,under ‘,an ‘,authorization ‘,to ‘,sell
‘,or ‘,distribute ‘,a ‘,company's ‘,goods ‘,or ‘,services ‘,in ‘,a ‘,particular ‘,area
may ‘,a ‘,sales ‘,person ‘,manage ‘,a ‘,branch ‘,office ‘,- ‘,(correct ‘,answer) ‘,-yes ‘,but ‘,liability ‘,always ‘,rests
‘,with ‘,the ‘,broker
independent ‘,contractor ‘,agreement ‘,- ‘,(correct ‘,answer) ‘,-A ‘,contract ‘,defining ‘,the ‘,working
‘,relationship ‘,between ‘,broker ‘,and ‘,salesperson
NAREB ‘,- ‘,(correct ‘,answer) ‘,-National ‘,Association ‘,of ‘,Real ‘,Estate ‘,Brokers
REALTOR(R) ‘,- ‘,(correct ‘,answer) ‘,-A ‘,member ‘,of ‘,the ‘,National ‘,Association ‘,of ‘,REALTORS(R)
NAR ‘,- ‘,(correct ‘,answer) ‘,-National ‘,Association ‘,of ‘,Realtors(R)
Realtist ‘,- ‘,(correct ‘,answer) ‘,-A ‘,member ‘,of ‘,the ‘,National ‘,Association ‘,of ‘,Real ‘,Estate ‘,Brokers ‘,
(NAREB).
license ‘,law ‘,protects ‘,the ‘,right ‘,to ‘,- ‘,(correct ‘,answer) ‘,-buyers ‘,sellers ‘,,tenants ‘,and ‘,property
‘,owners
Licensing ‘,may ‘,be ‘,governed ‘,by ‘,___________. ‘,- ‘,(correct ‘,answer) ‘,-Laws, ‘,regulations, ‘,or ‘,a
‘,combination ‘,of ‘,those
describe ‘,the ‘,composition ‘,of ‘,the ‘,South ‘,Carolina ‘,real ‘,estate ‘,commission ‘,- ‘,(correct ‘,answer) ‘,-0
‘,members: ‘,seven ‘,active ‘,real ‘,estate ‘,professionals ‘,elected ‘,by ‘,state ‘,house ‘,and ‘,senate ‘,members;
‘,two ‘,appointed ‘,by ‘,the ‘,governor; ‘,and ‘,one ‘,real ‘,estate ‘,professional ‘,elected ‘,by ‘,other
‘,commission ‘,members
List ‘,duties ‘,of ‘,the ‘,South ‘,Carolina ‘,Real ‘,Estate ‘,Commission. ‘,- ‘,(correct ‘,answer) ‘,-Regulates ‘,and
‘,enforces ‘,real ‘,estate ‘,license ‘,law, ‘,approves ‘,real ‘,estate ‘,education ‘,courses, ‘,reviews ‘,applications,
‘,and ‘,investigates ‘,customer ‘,complaints ‘,against ‘,licensees
Two ‘,items ‘,that ‘,must ‘,be ‘,on ‘,team ‘,advertisements ‘,- ‘,(correct ‘,answer) ‘,-The ‘,brokerage ‘,firm's
‘,name ‘,and ‘,the ‘,team ‘,name
Key ‘,disclosures ‘,required ‘,by ‘,the ‘,South ‘,Carolina ‘,Real ‘,Estate ‘,Commission ‘,- ‘,(correct ‘,answer) ‘,-
Undisclosed ‘,principal, ‘,agency ‘,representation, ‘,stigmatized ‘,properties, ‘,and ‘,seller ‘,property
‘,disclosure
Three ‘,license ‘,classifications ‘,in ‘,South ‘,Carolina ‘,- ‘,(correct ‘,answer) ‘,-Salesperson, ‘,broker, ‘,and
‘,broker-in-charge; ‘,salespersons ‘,and ‘,brokers ‘,are ‘,associated ‘,licensees ‘,of ‘,the ‘,broker-in-charge
South ‘,Carolina ‘,currently ‘,offers ‘,reciprocal ‘,licenses ‘,for ‘,which ‘,state? ‘,- ‘,(correct ‘,answer) ‘,-GA
Six ‘,license ‘,status ‘,types ‘,- ‘,(correct ‘,answer) ‘,-Active, ‘,inactive, ‘,lapsed, ‘,canceled, ‘,revoked, ‘,and
‘,suspended
, Trust ‘,fund ‘,commingling ‘,vs. ‘,conversion ‘,- ‘,(correct ‘,answer) ‘,-Commingling: ‘,when ‘,company ‘,or
‘,personal ‘,funds ‘,are ‘,intermixed ‘,in ‘,an ‘,account ‘,with ‘,client ‘,funds; ‘,the ‘,commission ‘,allows ‘,some
‘,comminglingConversion: ‘,when ‘,trust ‘,funds ‘,are ‘,used ‘,for ‘,a ‘,reason ‘,other ‘,than ‘,the ‘,intended
‘,purposes
land ‘,- ‘,(correct ‘,answer) ‘,-The ‘,earth's ‘,surface ‘,extending ‘,downward ‘,to ‘,the ‘,center ‘,of ‘,the ‘,earth
‘,and ‘,upward ‘,to ‘,infinity, ‘,including ‘,permanently ‘,attached ‘,natural ‘,objects
possesion ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,occupy ‘,the ‘,property
enjoyment ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,use ‘,the ‘,property ‘,in ‘,any ‘,legal ‘,way ‘,the ‘,owner
‘,desires
exclusion ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,refuse ‘,others ‘,entry ‘,to ‘,or ‘,use ‘,of ‘,the ‘,property
control ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,determine ‘,how ‘,the ‘,property ‘,will ‘,be ‘,used ‘,by ‘,the
‘,owner ‘,or ‘,by ‘,others(similar ‘,to ‘,enjoyment ‘,but ‘,extends ‘,to ‘,other ‘,parties)
disposition ‘,- ‘,(correct ‘,answer) ‘,-the ‘,right ‘,to ‘,dispose ‘,of ‘,(by ‘,sale ‘,, ‘,lien ‘,,easement ‘,,lease ‘,,etc)
‘,any ‘,intrest ‘,in ‘,the ‘,property
Personal ‘,Property ‘,- ‘,(correct ‘,answer) ‘,-All ‘,property ‘,thats ‘,not ‘,classified ‘,as ‘,real ‘,property
Real ‘,Property ‘,- ‘,(correct ‘,answer) ‘,-Land ‘,and ‘,everything ‘,permanently ‘,attached ‘,to ‘,it ‘,like ‘,a ‘,pool
‘,or ‘,tent ‘,thats ‘,permanetly ‘,attatched ‘,to ‘,the ‘,land
improvements ‘,- ‘,(correct ‘,answer) ‘,-Permanent, ‘,man-made ‘,attachments ‘,that ‘,include ‘,things ‘,such
‘,as ‘,fencing, ‘,buildings, ‘,and ‘,walkways
Chattel ‘,- ‘,(correct ‘,answer) ‘,-personal ‘,property
Trade ‘,Fixtures ‘,- ‘,(correct ‘,answer) ‘,-Trade ‘,fixtures ‘,are ‘,equipment ‘,that ‘,is ‘,placed ‘,on ‘,or ‘,attached
‘,to ‘,real ‘,estate ‘,which ‘,the ‘,renter ‘,uses ‘,in ‘,their ‘,trade ‘,or ‘,business. ‘,An ‘,example ‘,would ‘,be
‘,display ‘,shelves ‘,installed ‘,by ‘,a ‘,business ‘,owner ‘,in ‘,a ‘,rented ‘,building.
Acronym ‘,MARIA ‘,- ‘,(correct ‘,answer) ‘,-Method ‘,of ‘,annexation
Adaptability ‘,of ‘,item ‘,to ‘,land's ‘,use
Relationship ‘,of ‘,the ‘,parties
Intention ‘,in ‘,placing ‘,item ‘,on ‘,land
Agreement ‘,of ‘,the ‘,parties
Method ‘,of ‘,annexation ‘,- ‘,(correct ‘,answer) ‘,-also ‘,known ‘,as ‘,attachment) ‘,refers ‘,to ‘,whether ‘,the
‘,item ‘,is ‘,attached ‘,to ‘,the ‘,property ‘,and ‘,how ‘,permanent ‘,the ‘,attachment ‘,is.
