SC PROPERTY MANAGEMENT LICENSE EXAM QUESTIONS AND ANSWERS
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Module
SC PROPERTY MANAGEMENT LICENSE
Institution
SC PROPERTY MANAGEMENT LICENSE
SC PROPERTY MANAGEMENT LICENSE
EXAM QUESTIONS AND ANSWERS
Associated licensees - ANSWER -subagents
A licensee affiliated with and under the supervision of a broker in charge or pmic -
ANSWER -associated licensee
Associated licensee who has met the experience and education requirements and has ...
A licensee affiliated with and under the supervision of a broker in charge or pmic -
ANSWER -associated licensee
Associated licensee who has met the experience and education requirements and has
passed the examination for a broker license and who, for a fee, salary, or commission,
with the intent or expectation of receiving compensation - ANSWER -broker
Name 6 things a broker can do - ANSWER -1. Negotiate sale
2. Auction
3. Solicit a referral
4. Offers services as a real estate consultant
5. Subagent who represents a client in a transaction
6. Advertises
Someone designated to have responsibility over the actions of all associated licensees
and also has the responsibility and control over and liability for a real estate trust
account - ANSWER -broker in charge
A person who enters a written agreement establishing an agency relationship with a
real estate firm through its broker in chage, pmic, or licensee - ANSWER -client
Means to use trust funds for a purpose other than the purpose for which they are held. -
ANSWER -conversion
What is a breach of trust and punishable as a crime - ANSWER -conversion
A buyer, seller, landlord, or tenant who uses the services fo a licensee but does not
establish an agency relationship through a written agency agreement with the firm -
ANSWER -customer
An individual currently licensed under this chapter - ANSWER -licensee
A. Something that significantly and adversely affects the value of real estate -
ANSWER -material adverse fact
Significantly reduces the structural integrity of improvements to real estate - ANSWER -
material adverse fact
, Something that poses a health risk to occupants of real estate - ANSWER -material
adverse fact
Information that indicates that a party to a transaction is not able to or does not intend
to meet an obligation under a agreement made concerning the transaction - ANSWER -
material adverse fact
An act performed by a licensee not involving an exercise of discretion or judgment of a
licensee on behalf of a person who is not a client and that assist the nonclient to
consummate a real estate transaction - ANSWER -ministerial act
Can a leasing agent go over application or lease terms - ANSWER -hell no
An escrow account or demand deposit bank account properly designated to inclue teh
words turst or escrow that is established and maintained by a licensee to safeguard
funds belonging to parties to a real estate transaction whe the transaction involves the
licensee real estate and is not managed by a firm - ANSWER -personal trust account
An associated licensee who meets the educational requirements and passes the
examination for a property managers license, and who will receive compensation -
ANSWER -property manager
Name 3 things a property manager can do - ANSWER -1. Negotiate rentals or lease
real estate or improvements to real estates
2. List real estate and provide a connection to lease or rent
3. Advertise or represent the public regarding real estate
Someone who is designated as having the responsibility over the actions of associated
licensees and also the responsibility and control over and liability for real estate trust
accounts - ANSWER -property manager in charge
An escrow account or properly designated demand deposit bank account - ANSWER -
trust account
A trust account must be - ANSWER -titled to include the word trust or escrow
A trust account must also - ANSWER -be established and maintained by a bic or pmic
to safeguard funds belonging to parties of a real estate transaction
Funds received on behalf of another person by a licensee in the course of performing a
real estate activity - ANSWER -trust funds
How many member are with the sc real estate commission - ANSWER -10
How many members are active in real estate - ANSWER -7 (congressional
districts/house & senate)
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