Alfred, a South Carolina licensee, received trust funds from a client on Monday. When must he deliver the funds to his broker-in-charge?
Click the card to flip 👆
1 / 38
Terms in this set (38)
Edgar is selling his home in South Carolina. What should he expect in terms of transfer fees?Transfer fees may be assessed at a rate of $1.85 per $500 of the sales price.Jim would like to sell his own home. What is the minimum South Carolina real estate license he must possess?NoneSari, a licensee for Tynan Realty, is placing a listing ad in the Presbyterian Outlook. Is this a potential fair housing violation?Yes, unless she also places the ad in publications that reach a broader market.How many members make up the South Carolina Real Estate Commission?10South Carolina licensee Barbara is house hunting in Columbia, and this time, it's for a house of her own. At what point must she first let the sellers know that she is a licensee?At her first substantive contact with themAmanda helps her neighbor sell his South Carolina home by assisting with negotiations. She receives no compensation for her assistance. Based on this one transaction, Amanda ______.Doesn't need a real estate liscenseWendell once held a real estate license in South Carolina. After some mishandling of trust funds, he's prohibited from practicing real estate for the next three years, after which he can apply for a new license. Which term best describes his current license status?RevokedOn which of these items will a South Carolina's broker compensation details be defined?Agency AgreementWhich of the following individuals meets the experience requirement for a real estate broker's license in South Carolina?Georgia has been an active salesperson for the last three yearsReba is pleased that her agent, Jerry, has helped her sell her property. What happens to their agency relationship after the sale?It's been terminated by completion of their goal to sell the property.South Carolina transaction brokers are required to ______.Account for any trust funds given to themKarli's the transaction broker for seller Joshua. Joshua is buying a house from Norman, who's represented by his agent, Marc. To whom does Karli owe fiduciary duties in this transaction?No OneWhat does a designated agency agreement do to the listing and buyer representation agreements a broker already has in place?ModifiesJacqueline a broker-in-charge in South Carolina, is creating a policy manual for her new firm. She's working on the record keeping section of the manual. In it, she notes that transaction related records must be retained for at least ______ years.FiveRecords related to a real estate transaction in South Carolina must be kept, and available upon commission request, for at least ______ years.FiveWhich of the following is true about a South Carolina broker-in-charge's license, if an affiliated licensee commits a violation?It's in jeopardy if it can be shown the broker-in-charge failed to supervise the licensee.Kennedy is purchasing a property in South Carolina from a non-resident corporation. What percentage of the seller's gain must be withheld?5%Which of the following organizations promulgates the Real Estate Offer Rejection Form in South Carolina?The South Carolina Real Estate CommissionWhen are designated agents permitted to disclose confidential information to their broker?When the designated agent is seeking advice or assistance for the client's benefitAbigail is a consumer in South Carolina who's closing on a mortgage. Which statement related to her legal representation is true?The borrower has the right to choose legal counsel to represent them at loan closing.When must a South Carolina licensee notify the commission of a felony conviction?Within 10 days of notification of the convictionIn South Carolina, fair housing complaints must be submitted to the commission in writing within how many days of the discriminatory act?180Chloe's South Carolina real estate license expired 10 months ago. What's its status?CanceledIn a designated agency relationship, certain parties are considered dual agents. Who?Broker and associated liscenseeWhich of these South Carolina transactions requires that property disclosures be provided to the buyer?A house for sale by ownerHow many members of the South Carolina Real Estate Commission are active real estate professionals?SevenWithin how many days can a purchaser of a time share cancel the contract without penalty?TenKathy Lee is up for her first renewal of her South Carolina salesperson license. How many hours of continuing education must she complete?10 hours every two years