RE SC FINAL EXAM

Alfred, a South Carolina licensee, received trust funds from a client on Monday. When must he deliver the funds to his broker-in-charge?
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Alfred, a South Carolina licensee, received trust funds from a client on Monday. When must he deliver the funds to his broker-in-charge?
By end of day Tuesday
Which of the following laws or acts does the South Carolina Human Affairs Commission specifically enforce?
South Carolina Human Affairs Law
What's the name of the document that explains agency relationships and must be provided to consumers at the first practical opportunity?
Disclosure of Real Estate Brokerage Relationships
Marco is a South Carolina salesperson associated with Movin' On Up Realty in Spartanburg. He and his family own a few single-family rental properties in the area. Marco just received a security deposit check from a new renter. Into which of these accounts is Marco permitted to deposit these funds?
His personal trust account
Tito is a resident of South Carolina who's purchasing a property from the Jackson Corporation (a non-resident). What percentage of the Jackson Corporation's gains from the sale will be withheld?
5%
Jan is a real estate salesperson in South Carolina. She recently moved to a new home, both personally and professionally. The office she works at moved to a new location, which happens to be a few miles away from the new house Jan bought. What does she need to do?
Notify the commission within 30 days of changes to her residential and business address.
The South Carolina Real Estate Commission can issue fines as a disciplinary action for a license law violation. How much can these fines be?
Between $500 and $5,000 for each violation
Which of these would NOT be considered first substantive contact with a customer?
Engaging in small talk about the weather and the desire to buy property
Toby owns a single-family manufactured home in South Carolina that's occupied by a tenant. Is this property subject to South Carolina smoke detector laws?
Yes, all one- and two-family residential properties are subject to smoke detector laws in the state.
Which of the following is an example of conversion?
A broker uses client trust funds without the client's permission.
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