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Erin is purchasing a new house in South Carolina for $160,000. She's financing 90% of the sales price. What does the Consumer Protection Code permit in terms of prepayment penalties?
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Erin is purchasing a new house in South Carolina for $160,000. She's financing 90% of the sales price. What does the Consumer Protection Code permit in terms of prepayment penalties?
A prepayment penalty isn't permitted on Erin's loan because the loan is for $150,000 or less.
When must a South Carolina licensee notify the commission of a felony conviction?
Within 10 days of notification of the conviction
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.
When are designated agents permitted to disclose confidential information to their broker?
When the designated agent is seeking advice or assistance for the client's benefit
Tony is a South Carolina resident. He's shopping for a home loan and has received the following offers. Which of these loans violates Consumer Protection Code?
A 20-year loan with a 9% annual interest rate
In this description, which protected class is shown as a preference or discrimination? "Because of its location next to downtown (especially to the County Medical Center), Berglund Park neighborhood has been growing in population and becoming younger in age. The neighborhood's average income is lower than the citywide average, reflecting the senior housing, but this is improving as new families move into the area."
Seniors are discriminated against and families are preferred.
Karli'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 one
When acting as a dual agent in South Carolina, which of these items can the broker disclose to either party?
Known, adverse material facts related to the property or transaction
A person performing real estate activities in South Carolina under the judgment or order of a court, such as a trustee in a bankruptcy, is ______.
Not required to have a real estate license
Which of the following is a duty of a South Carolina listing agent?
Maintain seller confidentiality
To receive a new South Carolina real estate license after the original was revoked, an applicant must provide proof of competence to practice real estate, a good reputation for honesty and fairness, and ________.TrustworthinessChloe's South Carolina real estate license expired 10 months ago. What's its status?canceledWhat's the minimum age requirement to qualify for a broker license in South Carolina?21Daniel, a real estate licensee, has entered into a transaction brokerage agreement with Olivia, a buyer. What is Olivia's relationship to Daniel?customerBuyer Kelly and seller Javier just signed the purchase offer Kelly made to buy Javier's South Carolina house. What must Kelly's agent, Jim, do next?He must provide copies of the signed agreement to Kelly and Javier.Sari, 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.Agency terminates by ______ when either the client or the agent files for bankruptcy.operation of lawIn South Carolina, smoke detectors are required in residential dwellings with how many units?1-2 unitsTo which of the following transactions does the South Carolina Vacation Rental Act apply?Angela is renting a condo in Myrtle Beach for a month for her annual summer vacation.Which of the following is generally true about net listings?they often involve a conflict of interestHow many members of the South Carolina Real Estate Commission are active real estate professionals?eightWhich of the following statements is true of the required disclosure of real estate brokerage relationships information?It informs consumers about the relationships offered by a real estate brokerage firm.Which of these is a tenant obligation in South Carolina?Allow the landlord access when a periodic service or critical repair is neededWhich of the following individuals meets the experience requirement for a real estate broker's license in South Carolina?Georgina has been an active salesperson for the last three years.Which of the following is a requirement of a broker-in-charge in South Carolina?Must have an ownership interest in the brokerage and be actively engaged in its management and operationsVictor is interested in obtaining a real estate salesperson license in South Carolina. He's reviewing the eligibility requirements for the license and researching schools that offer pre-licensing education. Which entity determines these?South Carolina Real Estate CommissionWhich one of the following is an example of how agency can be terminated by an act of the agent?renunciationBuyers in a transaction are owed duties from the seller's agent. Which of these are duties they can expect?Honesty and actions performed within scope of expertiseMarco 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 accountStormy is an unlicensed individual serving on the South Carolina Real Estate Commission. She's decided to resign her position prior to the end of her term. How will her successor be decided?A replacement will be appointed by the governor.A fire occurred in the unit that Tim is leasing and the unit is no longer habitable. The cause of the fire was due to electrical issues in the kitchen. What remedy does Tim have?Tim may notify the landlord in writing within seven days of his intent to terminate and vacate.One of the criteria to qualify for homestead exemption in South Carolina is, by December 31 of the year prior to application, residents must be 65 years old, be legally blind, or be ______.Totally and permanently disabledWhat is the purpose of a listing agreement in South Carolina?To spell out the agreement between the listing broker and the sellerWithin how many days can a purchaser of a time share cancel the contract without penalty?Five daysGeorgina is selling her South Carolina home to Stanley at a price of $250,000. Stanley is financing 80% of the purchase. How much will the transfer fees be?$925 Transfer fees can be assessed on real property sales at a rate of $1.85 per $500 of the sales price. Retake this Exam Return to Course Home View Exam ResultsVictor is interested in obtaining a real estate salesperson license in South Carolina. He's reviewing the eligibility requirements for the license and researching schools that offer pre-licensing education. Which entity determines these?sc real estate commissionWhich of these is a tenant obligation in South Carolina?Allow the landlord access when a periodic service or critical repair is neededDaniel, a real estate licensee, has entered into a transaction brokerage agreement with Olivia, a buyer. What is Olivia's relationship to Daniel?customerJacqueline 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.6yearsOne of the criteria to qualify for homestead exemption in South Carolina is, by December 31 of the year prior to application, residents must be totally and permanently disabled, legally blind, or ______.65 years oldA time share unit week usually consists of ______ consecutive calendar days.7 daysDean, a real estate licensee, has entered into a transaction brokerage agreement with Brandy, a buyer. In this situation, Dean is a(n) ______, and Brandy is a ______.broker, customerWhich term best describes the duties a dual agent owes to both clients?limitedFrom an agent's perspective, what's one benefit of a buyer representation agreement?it defines how and how much the agent will get paidA fire occurred in the unit that Tim is leasing and the unit is no longer habitable. The cause of the fire was due to electrical issues in the kitchen. What remedy does Tim have?Tim may demand tree months free rent for his inconvenienceWhich of the following is a requirement of a broker-in-charge in South Carolina?Must have an ownership interest in the brokerage and be actively engaged in its management and operationsWendell 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?suspendedUnder the South Carolina Fair Housing Law, there's a fair housing exemption for ______.the restriction of all rooms in a housing accommodation to individuals of the same sexWhat happens when a representation agreement expires?agency terminatesWhat duty does a buyer's agent owe to sellers?honest treatmentWhich of the following laws or acts does the South Carolina Human Affairs Commission specifically enforce?sc human affairs lawStacey's South Carolina home has been sold as a result of foreclosure proceedings. Does she need to provide the purchaser with a property disclosure statement?no transfers resulting from forclosure sale are exemptWhich of these duties is outside the scope of the South Carolina Real Estate Commission?determining commission splits between licenseesBob was a real estate professional whose South Carolina license was revoked. He's met all the requirements to apply for a new license. At least how much time has passed?3 yearsChloe's South Carolina real estate license expired 10 months ago. What's its status?canceledA South Carolina agency agreement can be viewed as a(n) ___________.employment contract between a client and a brokerageCarlos wants a real estate broker to help him sell his lake house. He expects top-notch, full services. How can he get this?sign a listing agreementAndrew is purchasing a property in South Carolina from a non-resident trust. What percentage of the seller's gain must be withheld?5%Nadine is an active real estate licensee elected to serve on the South Carolina Real Estate Commission. Seth is an unlicensed individual appointed by the governor to serve on the commission. The secretary of state certified both members on the same day. How long will each serve on the commission?Both Nadine and Seth will serve four-year terms.Sandra is interested in purchasing a time share that would give her the right to use a unit for two unit weeks each year. According to the South Carolina Vacation Time Sharing Plans Act definition of unit week, how many days does this give her?14 daysXavier is purchasing a property in South Carolina from non-resident estate. What percentage of the seller's gain must be withheld?7%In states where they're legal, for which type of listing or listings may a net listing be used? Select the most complete answer.open exclusive agency or exclusive right to sellIf a brokerage firm changes its name, address, phone, or email, within how many days must the commission be notified?30 daysWho's responsible for completing the South Carolina Residential Property Condition Disclosure Statement?the sellerTwo associated licensees in South Carolina have formed a team within their brokerage firm. Regarding their team name, which of these words or phrases would be appropriate to include?groupTito 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%Which of the following statements is true of the required disclosure of real estate brokerage relationships information?It informs consumers about the relationships offered by a real estate brokerage firm.Wayne and Sandy are moving to a cabin they own in the country. They decide to sell their South Carolina home in the city to their son, Robbie, for an amount equal to what they currently owe on the mortgage. Does this transaction require the residential property condition disclosure statement?No, transfers to direct descendants of one or more of the transferors are exempt.