3/8/26, 8:27 AM South Carolina real estate Exam Questions and Answers (Verified Answers) Updated (Actual Exam) 2025\2026 LATEST VERSION!! …
South Carolina real estate Exam Questions and
Answers (Verified Answers) Updated (Actual
Exam) 2025\2026 LATEST VERSION!!
Save
Terms in this set (213)
Board members and team 10 members of the commission; 8 licensees and 2
members of the public- the term is for 4 years
Activities that require a license Acting as a broker, salesman, negotiating, listing,
sale, purchase, exchange, auction
License status 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 Earnest money, rent, security deposit, referral fees,
bonuses
When must you disclose you are When there is a possible transaction
licensed?
https://quizlet.com/1153118579/south-carolina-real-estate-exam-questions-and-answers-verified-answers-updated-actual-exam-20252026-latest-vers… 1/21
,3/8/26, 8:27 AM South Carolina real estate Exam Questions and Answers (Verified Answers) Updated (Actual Exam) 2025\2026 LATEST VERSION!! …
Property disclosures - latent defects 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 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 In order for a contract to be enforceable it has to
offers be in writing
How long to keep all records? Five years
When must in earnest money deposit Cash or certified funds to be given immediately
be given to a BIC? within 24 hours
Checks to be given 24 hours from ratification
When most a BIC deposit earnest Cash or certified funds deposited within 48 hours
money ? of receipt
Checks deposited 48 hours after acceptance of
offer
Commingling Illegal-mixing of people in accounts example -
keeping trust funds for commission
Conversion Theft- using trust money for example license
renewal
https://quizlet.com/1153118579/south-carolina-real-estate-exam-questions-and-answers-verified-answers-updated-actual-exam-20252026-latest-vers… 2/21
, 3/8/26, 8:27 AM South Carolina real estate Exam Questions and Answers (Verified Answers) Updated (Actual Exam) 2025\2026 LATEST VERSION!! …
Disputed funds 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 Someone who is hired you - firm/human
Client Person who has hired you-Agency agreement
Agent The company
Subagent Us as a real estate agent
Power of attorney A written instrument authorizing a person called an
attorney in fact to act as their agent and sign on
their behalf
Dual agency One real estate company two clients in the same
transaction both buyer and seller- obedience
loyalty and disclosure duties become limited
Designated agency BIC appoints someone in company to one client so
both aren't the same agent
Universal agent Unlimited power of attorney; can sign for a buyer
Special agent Company employed by principal ;specific limited
function ; a single transaction
General agent Realtor employed by company
What makes an agency Hired and licensed
https://quizlet.com/1153118579/south-carolina-real-estate-exam-questions-and-answers-verified-answers-updated-actual-exam-20252026-latest-vers… 3/21
South Carolina real estate Exam Questions and
Answers (Verified Answers) Updated (Actual
Exam) 2025\2026 LATEST VERSION!!
Save
Terms in this set (213)
Board members and team 10 members of the commission; 8 licensees and 2
members of the public- the term is for 4 years
Activities that require a license Acting as a broker, salesman, negotiating, listing,
sale, purchase, exchange, auction
License status 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 Earnest money, rent, security deposit, referral fees,
bonuses
When must you disclose you are When there is a possible transaction
licensed?
https://quizlet.com/1153118579/south-carolina-real-estate-exam-questions-and-answers-verified-answers-updated-actual-exam-20252026-latest-vers… 1/21
,3/8/26, 8:27 AM South Carolina real estate Exam Questions and Answers (Verified Answers) Updated (Actual Exam) 2025\2026 LATEST VERSION!! …
Property disclosures - latent defects 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 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 In order for a contract to be enforceable it has to
offers be in writing
How long to keep all records? Five years
When must in earnest money deposit Cash or certified funds to be given immediately
be given to a BIC? within 24 hours
Checks to be given 24 hours from ratification
When most a BIC deposit earnest Cash or certified funds deposited within 48 hours
money ? of receipt
Checks deposited 48 hours after acceptance of
offer
Commingling Illegal-mixing of people in accounts example -
keeping trust funds for commission
Conversion Theft- using trust money for example license
renewal
https://quizlet.com/1153118579/south-carolina-real-estate-exam-questions-and-answers-verified-answers-updated-actual-exam-20252026-latest-vers… 2/21
, 3/8/26, 8:27 AM South Carolina real estate Exam Questions and Answers (Verified Answers) Updated (Actual Exam) 2025\2026 LATEST VERSION!! …
Disputed funds 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 Someone who is hired you - firm/human
Client Person who has hired you-Agency agreement
Agent The company
Subagent Us as a real estate agent
Power of attorney A written instrument authorizing a person called an
attorney in fact to act as their agent and sign on
their behalf
Dual agency One real estate company two clients in the same
transaction both buyer and seller- obedience
loyalty and disclosure duties become limited
Designated agency BIC appoints someone in company to one client so
both aren't the same agent
Universal agent Unlimited power of attorney; can sign for a buyer
Special agent Company employed by principal ;specific limited
function ; a single transaction
General agent Realtor employed by company
What makes an agency Hired and licensed
https://quizlet.com/1153118579/south-carolina-real-estate-exam-questions-and-answers-verified-answers-updated-actual-exam-20252026-latest-vers… 3/21
