SC Real Estate - State Portion Prep Questions and Answers

SC Real Estate - State Portion Prep Questions and Answers In South Carolina, the law has set and assessment rate if: What is the rate for residential owner occupied property? - Correct Answer ️️ -4% A Person Who is over 65 years of Age may get a break on his/her Ad Valorem Tax. What is the Nature of this special treatment? - Correct Answer ️️ -Homestead Exemption is -$50K of the Appraised Value The assessed value is $3000 and the tax is based on 200 mills. How much is the Tax? - Correct Answer ️️ -$600 ( 3000 x .200 = $600) A requirement for non- residents to be eligible to receive a South Carolina License is that they: - Correct Answer ️️ -Must be employed by a broker-in-charge licensed in SC When must a Licensee take the post license sales course? - Correct Answer ️️ -Before receiving a salesman license ( 60 hour unit 1 course and 30 hour Unit 2) An Unlicensed salesman negotiated the sale of real estate. The commission is payable to: - Correct Answer ️️ -No One- any person must be licensed to negotiate a sale of real estate for compensation Before taking the South Carolina real estate sales examination, every applicant shall furnish evidence satisfactory to the Real Estate Commission of successful completion of sixty class room hours. - Correct Answer ️️ -Requirements to be licensed When should a buyers earnest money personal check be deposited in the broker trust account? - Correct Answer ️️ -Within 48 hours of acceptance of an offer to purchase The purpose of the real estate license law is to : - Correct Answer ️️ -Protect the public when involved in real estate transactions Real Estate license law is an example of - Correct Answer ️️ -Police Power - Protects citizens with the requirement of licensing A builder who desires to employ a sales person to sell houses for him on a commission basis must - Correct Answer ️️ -Obtain a Broker-in-Charge License In order for a broker to open his own company in South Carolina, he must: - Correct Answer ️️ -Have a physical location in South Carolina The authorities and the responsibilities of the LLR Real Estate Commission fall under: - Correct Answer ️️ -Police Power What is not *, among the powers of the South Carolina Real Estate Commission - Correct Answer ️️ -Ability to arbitrate commission disputes between licensees There are _____ members in the Real Estate Commission, each with a term of _____ years - Correct Answer ️️ -9 Member / 4 year term limits Before any timeshare units can be marketed and sold, all plan regarding the time share projects must be approved by: - Correct Answer ️️ -The South Carolina Real Estate Commission Upon revocation or suspension order by the South Carolina Real Estate Commission, the broker : - Correct Answer ️️ -May appeal the decision to an administrative law judge The requirement for a non-resident to be eligible to receive a South Carolina license is that he/she - Correct Answer ️️ -Be licensed with a broker-in-charge who has a South Carolina license When a dispute arises between a buyer and a seller concerning the