SC REAL ESTATE EXAM REVIEW QUESTIONS WITH CORRECT ANSWERS
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Course
Licensed Realtor
Institution
Licensed Realtor
how often do realtors renew licenses - Answer-every 2 years by June 30th which I the end of the fiscal year
how many hours of continuing education do you need - Answer-8 hrs every 2 years
how long do you need to wait to reinstate your license after it is revoked - Answer-1 yr
can a broker ...
SC REAL ESTATE EXAM REVIEW
QUESTIONS WITH CORRECT ANSWERS
how often do realtors renew licenses - Answer-every 2 years by June 30th which I the
end of the fiscal year
how many hours of continuing education do you need - Answer-8 hrs every 2 years
how long do you need to wait to reinstate your license after it is revoked - Answer-1 yr
can a broker in charge be over move than 1 branch office at a time - Answer-yes
broker in charge, receives earnest money at start o acceptance/written acceptance
offer, how long does he have to deposit it - Answer-48 hours, excluding bank holidays
and weekends
coastal zone management-erosion of two things that affect the set back lines - Answer-
sand dunes and beach front
landlord tenant act-what essential service does he provide access to - Answer-heat--
hot/cold water--electricity
latent material defects what do not count are not included - Answer-stigma defects
psychological
death or manor of death
virus not transmitted through house
offsite hazards
sex offender
broker in charge has a duty to notify the real estate commission when a sales person
moves - Answer-yes
when is it legal to represent both buyer/seller - Answer-dual agency form is signed by
both clients
who doesn't have to have a real estate license - Answer-owner
attorney
trustees/receivers
forrester
government employee
can you do property management with a real estate license - Answer-yes
when you receive a deposit, where do you deposit to - Answer-trust account
,4 main disciplinary actions that the RE Comm can take against realtor - Answer-
revocation
fine up to 1000 per violation
suspension
public reprimand
dispute of earnest money, what does BIC do? - Answer-hold money until dispute is
resolved by written agreement or court order
what kind of damages does earnest money cover - Answer-liquidated damages
if a licensee wants to transfer companies by mail - Answer-transfer form sign it and new
BIC. Send in old license, thy will send new license///////can be done online
what is the max against someone selling real estate without a license - Answer-up to
500 and or up to 6 months in jail
under homestead act, 3 groups that qualify for discount? - Answer-62 age elderly
disabled
legally blind
3 main exceptions of to our duty of confidentiality - Answer-court order
consent
defend
if a buyer chooses not to be represented - Answer-a customer
what state legislative act lets local govt zone - Answer-enabling acts
if seller agrees to allow selling agent to keep any dollar amount over certain price -
Answer-net listing
a buyer signs agreement and it doesn't matter who procures the sale - Answer-
exclusive buyer agency agreement
example of a general lien - Answer-judgement
,what specific lien are not recorded in public record - Answer-property taxes
special assessments
in an appraisal, when we apply the 3 approaches to value - Answer-reconciliation- 3
approaches to value
3 approaches to value - Answer-sales comparison
income
cost approach
under lead paint act, it applies to houses built before? - Answer-1978
buyer has how many days to test for lead paint - Answer-10 days
under the superfund act, what are the 3 types - Answer-strict liability
joint/several
retroactive
what if new terms are made to contract, what should we make client do - Answer-initial
and date
what kind of title does the buyer get when entering into a binding contract - Answer-
equitable title
an option contract binds the.... - Answer-seller
under statute of fraud, contracts must be in what form to be enforcable - Answer-in
writing
on the contract, it states that "time is of the essence" if one party is not ready which
party to can declare breach - Answer-whatever party is ready
what events will terminate a selling agreement - Answer-death of seller
substantial destruction of property
mutual release
expiration date
loss of title
confidentiality is part of fudiciary, what else could it be worded as? - Answer-loyalty
where does the common law common law come from - Answer-England but now court
decisions
buyer's agent tells the wrong zoning ( fudiciary duty) - Answer-reasonable care
, if the type of property has no limit on use when it is inheritable - Answer-fee simple
if property is deeded as a recreational use only - Answer-determinable fee
if you have a planned development.....what is the other name used? - Answer-Planned
Unit
Development
MASTER PLANNED COMMUNITY
if a senior citizen wants to get cash out of a house, what can they apply or - Answer-
reverse mortgage
if loan is not fully amortized, what will the last payment be? - Answer-balloon payment
or the client usually refinance
if the interest is paid after the period after it is earned? - Answer-in arrears
adjustable rate mortgage is tied to an economic indicator - Answer-index
if tenant puts in bookshelves, can they remove them at the any time, even at the end of
the lease? - Answer-yes, they are considered trade fixtures
what are the 4 tests for a fixture of a property - Answer-annexation
adaptation
intention
agreement
in a land contract, when does the seller give the legal title to the buyer - Answer-after
final payment
what are the 3 requirements to receive commission - Answer-license
written agreement
sale
a lease agreement states that tenant can stay until landlord gives notice? - Answer-
tenancy at will
in a sale and lease back agreement, the buyer becomes - Answer-landlord/lessor
buyers agent to keep buyer informed of new potential properties - Answer-disclosure
what FED law requires the lender to state finance charges as an a interest rate -
Answer-truth in lending act or as also known Regulation Z
if seller is killed in an accident, what happens to the agreement - Answer-it is terminated
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