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South Carolina Law Practice Test 100% Correct Solved This unit, as part of the DCA, was established in October 2013 to provide consumer education and guidance, and to enforce the state's Financial Identity Fraud and Identity Theft Protection Act. - Correct Answer ️️ -The Identity Theft Unit A penalty in an amount between $1,500 and $7,500 may be assessed on a person for violation of which provision? - Correct Answer ️️ -Fee Agreement Provisions of SC Law Parties may contract for ...

South Carolina Exam Prep: Closing Details Practice Questions and Answers What are the two ways a closing or settlement can be conducted? - Correct Answer ️️ -Face to face or escrow closing What is a face to face closing? - Correct Answer ️️ -Parties exchange documents and sign papers in a face to face setting What is an escrow closing? - Correct Answer ️️ -Prior to closing, the closing agent orders and reviews documents. Parties don't meet at all, paperwork is handled by esc...

A salesperson must ahve how many years' experience to become a broker? - Correct Answer ️️ -c. 3 years A real estate salesperson must be affiliated with - Correct Answer ️️ -c. a broker-in- charge Real estate license terms are - Correct Answer ️️ -b. 2 years which of the following is NOT a license status? - Correct Answer ️️ -a. conditional which of the following parties is exempt from obtaining a real estate license? - Correct Answer ️️ -b. an attorney representing a...

South Carolina Real Estate Exam (State Portion Only) Questions and Answers The creditor should ascertain the preference of the _____ as to legal counsel relating to closing the loan and insurance agent. A) lender B) seller C) real estate agent D) borrower - Correct Answer ️️ -D) borrower The assumption fee when assuming a loan in SC may not exceed _____. A) 1% of the loan or $400, whichever is greater B) 1/2% of the loan C) $500 D) 1% of the loan or $400, whichever is less - Corr...

South Carolina Exam Prep Questions and Answers 100% Pass In SC, real estate license law is administered by the a. SC Human Affairs Commission b. SC Real Estate Commission c. SC Association of REALTORS d. Department of Housing and Urban Development - Correct Answer ️️ -b. SC Real Estate Commission The SC Real Estate Commission has the authority to a. make and enforce the rules by which all real estate licenses must abide b. compose the exam questions on the state exam c. administer...

SC Real Estate - State Portion Exam Practice Questions and Answers Associated Licensee - Correct Answer ️️ -Licensee who is affiliated with a BIC Broker - Correct Answer ️️ -For a fee, salary, commission Negotiates, Auctioins, Solicits a referral, Offers advisory services, Offers to act as an agent, Advertises Broker-in-Charge - Correct Answer ️️ -Has responsibility over actions of all associated licensees and real estate trust accounts Client - Correct Answer ️️ -Person ...

SC PSI Real Estate Exam Prep Questions and Answers Which of the following describes the term appreciation? - Correct Answer ️️ -An increase in the value of property When ownership of a mortgage is transferred from one company or individual to another, it is called: - Correct Answer ️️ -An assignment A mortgage loan which requires the remaining balance be paid at a specific point in time is called a: - Correct Answer ️️ -Balloon mortgage The following reason accounts for why b...

South Carolina Real Estate Exam Questions and Answers Mindy, a South Carolina resident, is buying a new home. She'll occupy the home as her primary residence. It has a fair market value of $220,000 and is in an area with a millage rate of .350. What can she expect to pay in property taxes? - Correct Answer ️️ -$3,080 **Fair market value is multiplied by the assessment ratio to calculate the property's assessed value. For primary residences, this ratio is 4%. This is then multiplied ...

South Carolina Real Estate Exam Questions and Answers When a loan is subject to the provisions of the Real Estate Settlement Procedures Act (RESPA), Which of the following elements of the Real estate transaction need NOT observe RESPA guidelines - Correct Answer ️️ -The Commission structure for licensees Regulation Z of the Truth_in lending Act Provides what penalty for licensees who willfully fail to comply with its advertising guidelines for real estate financing? - Correct Answer ...

sc real estate exam practice questions and answers 100% pass Darryl owns a property in a critical coastal area in South Carolina. What obligation does he have? - Correct Answer ️️ -Darryl must disclose that the property lies in a critical area and is subject to limitations. South Carolina licensee Joseph tells his client that a property is zoned as residential, even though he knows it's zoned as commercial. This violation is an example of ______. - Correct Answer ️️ -Making a sub...