# State Practice Exam - Tricky!

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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 A prepayment penalty isn't permitted on any loans. A prepayment penalty isn't permitted on Erin's loan because the loan is for$150,000 or less.

A prepayment penalty is permitted but can't be more than 2% of the prepaid amount.

A prepayment penalty is permitted if the APR on Erin's loan is 2% more than rates on conventional mortgages.
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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 A prepayment penalty isn't permitted on any loans. A prepayment penalty isn't permitted on Erin's loan because the loan is for$150,000 or less.

A prepayment penalty is permitted but can't be more than 2% of the prepaid amount.

A prepayment penalty is permitted if the APR on Erin's loan is 2% more than rates on conventional mortgages.
Creekview Realty is expanding! Jamie, the broker-in-charge, outgrew the small office of her firm's beginnings and has moved to a larger space to better accommodate the firm's 15 associated licensees and employees. Within how many days does Jamie need to notify the commission of the new address?

10 days
30 days
Immediately
Seven days
Broker-in-charge Amanda hires Jake to be an assistant at her South Carolina firm. She would like to compensate Jake on a completed-transaction basis. For this to be permissible, Jake must ______.

Be paid in cash
Receive no more than \$4,000 in a single month
Report the income on his taxes
What is the South Carolina Real Estate Commission authorized to do?