section 2 Unit 3: License Law Requirements and Violations in South Carolina unit exam ****

5.0 (1 review)
Two 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?
a. brokerage
b. group
c. real estate
d. realty
Click the card to flip 👆
1 / 20
Terms in this set (20)
Two 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?
a. brokerage
b. group
c. real estate
d. realty
b. group
Percy and Maxwell have formed a team within their South Carolina real estate brokerage firm. They're drafting up some advertisements to help launch their team. What do they need to keep in mind when designing their marketing materials?
a. Ads must include the brokerage firm name, but not the team name.
b. Ads must include the team name and brokerage firm name.
c. Ads must include the team name, but not the brokerage firm name.
d. ads specific to teams are prohibited
b. Ads must include the team name and brokerage firm name.
Which of the following is true about a South Carolina broker-in-charge's license, if an affiliated licensee commits a violation?
a. it's automatically revoked
b. it's automatically suspended
c. It's in jeopardy if it can be shown the broker-in-charge failed to supervise the licensee.
d. It's protected unless the broker-in-charge had foreknowledge.
c. It's in jeopardy if it can be shown the broker-in-charge failed to supervise the licensee.
Stanley and Julie are partnering up to form a team within their South Carolina real estate firm. Which of the following would be an appropriate name for their team?
a. Just Say Sold, LLC
b. Just Say Sold Partners
c. Just Say Sold Real Estate Partners
d. Just Say Sold Reality
b. Just Say Sold Partners
Which of the following is true of team advertising in South Carolina?
a. It must include the brokerage firm name, but not the team name.
b. It must include the team name and brokerage firm name.
c. It must include the team name, but not the brokerage firm name.
d. its prohibited
b. It must include the team name and brokerage firm name.
When must a South Carolina licensee notify the commission of a felony conviction?
a. Before any penal sentence is served
b. By the time all appeals have been exhausted
c. Within 10 days of notification of the conviction
d. Within 60 days of the conviction
c. Within 10 days of notification of the conviction
Which of these terms describes a situation in which a broker uses client trust funds without the client's permission?
a. reverse trust
b. commingling
c. conversion
d. transferable interest
c. conversion
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 ______.
a. contractual interference
b. Failing to disclose an agency relationship
c. Making a substantial and willful misrepresentation
d. performing services that would qualify as practice of law
c. Making a substantial and willful misrepresentation
Which of the following is an example of commingling?
a. Depositing client funds into a broker trust fund
b. Depositing trust funds into a general business account
c. giving trust funds to your broker
d. Using client funds for your personal expenses
b. Depositing trust funds into a general business account

Commingling is mixing trust funds with non-trust funds. Using those funds would be conversion, another serious violation.
If a South Carolina licensee commits a violation and it's found the broker-in-charge didn't adequately supervise the licensee, whose license in jeopardy?
a. Both the broker-in-charge's and licensee's
b. the broker-in-charge's
c. the licensee's
d. the license of any future licensee of the firm
a. Both the broker-in-charge's and licensee's
Which of the following tasks is an unlicensed assistant in South Carolina permitted to perform? a. Interpret contract information for a client. b. negotiate a commission c. show property. d. Write advertisements for broker-in-charge approval.d. Write advertisements for broker-in-charge approval.Emmett is the listing agent for a South Carolina seller who's completed a property disclosure form. For how long must this form be retained? a. for at least 5 years b. for at least 7 years c. For at least two years d. it's not required to be retaineda. for at least 5 yearsCarlisle works as Robin's unlicensed personal assistant in South Carolina. Which activity may Carlisle legally perform? a. Counseling clients on strategies b. discussing terms c. negotiating offers d. Placing an advertisementd. Placing an advertisementSouth Carolina broker-in-charge Malcom submits his client's purchase offer, then goes on vacation. When he returns two weeks later, he learns that a counter-offer was submitted and the response date had expired. His client's offer was terminated because he failed to respond on time. This violation is an example of ______. a. Demonstrating untrustworthiness or incompetency to act as a real estate professional b. Failure to disclose an agency relationship c. making a substantial and willful misrepresentation d. Performing services that would qualify as practice of lawa. Demonstrating untrustworthiness or incompetency to act as a real estate professionalJudith will be helping Brent find a new condo to purchase. The two have entered into a buyer representation agreement. For how long must the agreement be retained? a. for at least 5 years b. For at least seven years c. for at least 2 years d. it's not required to be retaineda. for at least 5 yearsWithin a South Carolina brokerage, who's ultimately responsible for supervising unlicensed employees' business activities? a. no one b. the employing salesperson c. The firm's broker-in-charge d. the unlicensed assistantsc. The firm's broker-in-chargeAlan, Jenna, and Randall have formed a team within their South Carolina brokerage. They've brainstormed a few options for their team name. Which of these would be permitted? a. AJR Brokerage Services b. AJR Group c. AJR Real Estate Professionals d. AJR Realtyb. AJR GroupWhich of these scenarios could be seen as a real estate violation in South Carolina? a. Before showing a buyer customer his listing, Mitchell reviewed the agency disclosure form with the buyers and told them he represents the sellers. b. Henry provided a customer with a copy of the signed agency disclosure form. c. Isabelle stored a signed agency disclosure form in a safe but accessible location in the broker's office. d. Mandy didn't disclose to potential buyers that she was showing her own listing, so she is representing the seller.d. Mandy didn't disclose to potential buyers that she was showing her own listing, so she is representing the seller.What's the definition of commingling? a. Combining a client's funds with business or personal funds b. Holding a client's funds in a temporary account c. Holding onto a check written by a client until the day of closing d. using a clients funds without her permissiona. Combining a client's funds with business or personal fundsWhat's the difference between commingling and conversion? a. Commingling involves client funds; conversion involves your own funds. b. Commingling is mixing client funds with your own; conversion is using them. c. only commingling is illegal d. they're essentially the same thingb. Commingling is mixing client funds with your own; conversion is using them.