SOUTH CAROLINA REAL ESTATE EXAM 2026. VERIFIED ACTUAL EXAM QUESTIONS AND ANSWER. LATEST GENUINE UPDATE.

SOUTH CAROLINA REAL ESTATE EXAM 2026. VERIFIED ACTUAL EXAM QUESTIONS AND ANSWER. LATEST GENUINE UPDATE. The amount per $1,000 used to calculate taxes on property is the - CORRECT ANSmilliage rate The common name of the hazardous-waste cleanup fund established by the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) is - CORRECT ANSsuperfund May eviction and foreclosure notices be delivered electronically in South Carolina? - CORRECT ANSNO How many years of sales experience must a salesperson have in order to qualify to take the brokers exam? - CORRECT ANS3 A development map that shows the location and sizes of lots and streets is known as a - CORRECT ANSgrid plan he Residential Property Condition Disclosure form applies to transactions that involve no more than, how many units? - CORRECT ANS4 How many years must a full copy of a transaction file be held by a broker after closing? - CORRECT ANS5 Who is responsible for maintaining a habitable property and for complying with local housing and building codes in a rental situation? - CORRECT ANSLessor Salespersons must present any client monies received, to their broker, within - CORRECT ANS1 business day The net spendable income generated by an investment is referred to as - CORRECT ANSCash flow How long must a Broker in Charge or Property Manager in Charge retain their Trust Fund Account records? - CORRECT ANS5 years A recipient of a high-cost loan on a property in South Carolina must - CORRECT ANSreceive counseling on the advisability of the loan Mortgage "discount" points only apply if which of the following conditions are met? - CORRECT ANSThe interest rate on the mortgage loan has been lowered by 1% for each point charged. How long does a South Carolina landlord have to return a security deposit to a tenant at the conclusion of a lease? - CORRECT ANS30 days Is SC a community property state? - CORRECT ANSNo Lenders will always order this before making a loan. - CORRECT ANSan appraisal Betty Broker presents an offer to her seller, but the terms are not acceptable to the seller. What form must Betty complete? - CORRECT ANSan offer rejection form Mortgage loans with fluctuating rates are termed as - CORRECT ANSARM Does South Carolina have homestead laws? - CORRECT ANSYES A buyer is viewing a home and asks the agent if any sex offenders live in the immediate area. How should the agent respond? - CORRECT ANSeducate the buyer on doing a search for sex offenders in the area An easement by prescription may establish: - CORRECT ANSuse of property Disabled people are protected under Fair Housing law when renting in multi-family units. How many units must be in the construction, in order for the law to apply? - CORRECT ANS4 Which laws are intended to protect consumers from excessive interest rates on loans? - CORRECT ANSusury laws When purchasing a Vacation Time Sharing Plan, the consumer may cancel the contract up to how may days after signing? - CORRECT ANS5 Standing trees would be considered: - CORRECT ANSreal property A warrant of ejectment may be issued, upon landlords’ application, after how much time has passed with the tenant being in violation of court orders? - CORRECT ANS5 days "Flipping" a consumer home loan means the making of a consumer home loan that refinances within how long an existing consumer home loan of the borrower when the new loan does not have a reasonable, tangible net benefit to the borrower? - CORRECT ANS42 months After getting the real estate salesperson license, how often must you take Continuing Education classes? - CORRECT ANS10 hrs every 2 years The Truth in Lending Act (TILA) is implemented by - CORRECT ANSregulation Z Which of the following isn't part of a deed? - CORRECT ANSnovation The fund set aside for replacement of common property in a condominium, PUD or cooperative project is called a: - CORRECT ANSReplacement reserve fund PITI = - CORRECT ANSPrinciple, Interest, Taxes, and Insurance A landlord is allowed to access the premises unannounced in which they own for: - CORRECT ANSOnly in case of emergency The FHA uses what to pay lenders, within the limits, resulting from foreclosure? - CORRECT ANSMutual Mortgage Insurance If Jonathan lists his property with Julian, a broker in his hometown, and subsequently is killed in a tragic car accident before the listing is sold or expired, what happens with the listing? - CORRECT ANSit is terminated Homeowner's association usually enforce - CORRECT ANSCC&Rs ARM= - CORRECT ANSStands for adjustable-rate mortgage and one in which the interest rate adjusts periodically based on an index A conventional loan is a loan that is NOT issued by: - CORRECT ANSThe government An estate can best be described as: - CORRECT ANSThe sum total of all the real and personal property owned by an individual at the time of death When a property value is determined by the highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept, this would be termed as: - CORRECT ANSFair market value If an agent acts in a way that prevents disclosure of something, this action is called: - CORRECT ANSconcealment A lease that is often based on the Consumer Price Index and that allows for periodic increases in the rent is called a: - CORRECT ANSgraduated lease What does an appraiser do? - CORRECT ANSEstablish market value A licensed agent working under John, a broker, withdraws funds from John's broker trust account with John's permission. The agent is licensed but not bonded. This transaction would be: - CORRECT ANSillegal If a loan goes to _______________, the lender must mail and record certain documents in case they have to foreclose on the property. - CORRECT ANScollection If two parties are in escrow and one of the parties wants to terminate the escrow, what is needed? - CORRECT ANSconsent of the other party Real property where all the owners own the property, common areas, and building together but with the exception of the interior of the unit to which they have title is called: - CORRECT ANSa condominuim An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage, is called: - CORRECT ANSa seller-carry back The usefulness of property relating to its ability to satisfy a potential buyer's need or desire such as to provide shelter or income is termed: - CORRECT ANSUtility Earthquake zones, flood hazard areas, and fire hazard areas are all examples of: - CORRECT ANSnatural hazard areas A mortgage that can be taken over by the buyer when a home is sold, assuming the buyer qualifies, is called a(n): - CORRECT ANSassumable mortgage When a loan is made on real property, the loan depends on what security? - CORRECT ANSthe value of the property being purchased In an area neighborhood that has a home in a dilapidated state that would require extensive remodeling to be compared to other homes in the area, what would this be an example of: - CORRECT ANSincurable depreciation Liabilities, including long-term and short-term debt and any amounts owed to others, is best known as a person's: - CORRECT ANSfinancial obligations In the event that parties do not comply with the bulk sales law as outlined in the Uniform Commercial Code, the buyer is likely to be: - CORRECT ANSthe most injured If a church, school, or hospital wishes to relocate to an area zoned exclusively for residential use, they could do so by: - CORRECT ANSconditional use A general agent has full authority to: - CORRECT ANSBind the principal to all agreements Which of these is an example of a general agent that has the authority to make binding decisions on behalf of the principal: - CORRECT ANSproperty manager If a contract signed by two parties is bilateral but the contract is not executed, the contract is: - CORRECT ANSexecutory What is the difference between market value of a property and the debt on the property including all liens? - CORRECT ANSequity If Betty has a mortgage and it becomes in default, the lender can demand payment by means of a clause in the contract called a(n): - CORRECT ANSaccelerated clause Any encumbrance placed on a property without the owner's consent is considered: - CORRECT ANSan involuntary lien Common law refers to: - CORRECT ANSAn unwritten body of law based on general custom in England and used in some states to a certain degree A real estate investment trust, which is also a real estate syndicate, requires at least this many investors according to federal law? - CORRECT ANS100 According to the Do-Not-Call rules imposed by the FTC effective October 13, 2013, all sellers and telemarketers making pre-recorded telephone calls, auto-dialed calls, or text messages to residential or wireless numbers must have the: - CORRECT ANSconsumers written consent If a contract is written and parts are incomplete or ambiguous, what type of agreement takes preference: - CORRECT ANSoral contract In a lease-purchase, the tenant-buyer wants to purchase a property but does not have the down payment or ability to purchase the property outright. Which of these occurs with the rental payments? - CORRECT ANSa portion of the rental payment will be applied to purchasing price The Veteran's Administration is an agency of the federal government that: - CORRECT ANSGuarantees residential mortgages made to eligible veterans of the military services Which of the following are examples of negotiable instruments? - CORRECT ANSdraft, check, promissory note Cash or something that is easily turned into cash is called a: - CORRECT ANSliquid asset If a person is obtaining a loan through the government (FHA and VA), which entity provides the funds for the government loan? - CORRECT ANSginnie mae