SC Real Estate - State Portion Prep Questions and Answers 100% Pass

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SC Real Estate - State Portion Prep Questions and Answers 100% Pass In South Carolina, the law has set and assessment rate if: What is the rate for residential owner occupied property? ✔✔4% A ... Person Who is over 65 years of Age may get a break on his/her Ad Valorem Tax. What is the Nature of this special treatment? ✔✔Homestead Exemption is -$50K of the Appraised Value The assessed value is $3000 and the tax is based on 200 mills. How much is the Tax? ✔✔$600 ( 3000 x .200 = $600) A requirement for non- residents to be eligible to receive a South Carolina License is that they: ✔✔Must be employed by a broker-in-charge licensed in SC When must a Licensee take the post license sales course? ✔✔Before receiving a salesman license ( 60 hour unit 1 course and 30 hour Unit 2) An Unlicensed salesman negotiated the sale of real estate. The commission is payable to: ✔✔No One- any person must be licensed to negotiate a sale of real estate for compensation Before taking the South Carolina real estate sales examination, every applicant shall furnish evidence satisfactory to the Real Estate Commission of successful completion of sixty class room hours. ✔✔Requirements to be licensed When should a buyers earnest money personal check be deposited in the broker trust account? ✔✔Within 48 hours of acceptance of an offer to purchase The purpose of the real estate license law is to : ✔✔Protect the public when involved in real estate transactions Real Estate license law is an example of ✔✔Police Power - Protects citizens with the requirement of licensing A builder who desires to employ a sales person to sell houses for him on a commission basis must ✔✔Obtain a Broker-in-Charge License In order for a broker to open his own company in South Carolina, he must: ✔✔Have a physical location in South Carolina The authorities and the responsibilities of the LLR Real Estate Commission fall under: ✔✔Police Power What is not *, among the powers of the South Carolina Real Estate Commission ✔✔Ability to arbitrate commission disputes between licensees There are _____ members in the Real Estate Commission, each with a term of _____ years ✔✔9 Member / 4 year term limits Before any timeshare units can be marketed and sold, all plan regarding the time share projects must be approved by: ✔✔The South Carolina Real Estate Commission Upon revocation or suspension order by the South Carolina Real Estate Commission, the broker : ✔✔May appeal the decision to an administrative law judge The requirement for a non-resident to be eligible to receive a South Carolina license is that he/she ✔✔Be licensed with a broker-in-charge who has a South Carolina license When a dispute arises between a buyer and a seller concerning the disposition of the earnest money, the broker must: ✔✔hold it in his trust account until such time as it's disposition is determined Before a dock can be built on the coast of South Carolina, the owner must obtain a permit from which organization? ✔✔The office of Ocean and Coastal Resource Management(DHEC) In South Carolina, an aggrieved party could report evidence of racial discrimination concerning fair housing to: ✔✔US Attorney, HUD, The South Carolina Human Affairs Commission The purpose of continuing education is to: ✔✔Protect the public In order to be licensed as a broker in South Carolina, a salesman should have served under the instruction and guidance of a licensed real estate broker-in-charge for____ years and obtained ________ hours of education ✔✔3 years and 150 hours of education How many days constitute abandonment in South Carolina? ✔✔15 days unexplained absence with non-payment of Rent If a salesperson receives an earnest money check, what must he/she do with it? ✔✔Give it to the broker in charge after the contract has been ratified Regulatory authority over the South Carolina Coastal Zone Management Acts has been given to: ✔✔DHEC-OCRM South Carolina Department of Health and Environmental Control - Office of Ocean and Coastal Resource Management What is meant by term " Adopt -a beach" ✔✔A private civis organization or industry may adopt up to one miles of beach for the purpose of keeping it fee of litter - (Similar to the Adopt a highway program.) There are two points of reference in regard to construction along South Carolina beaches. The primary reference that must be established firs is the ✔✔Baseline The location of the baseline in the standard erosion zone is based on the location of the: A) the sand dunes at high tide B) both the seward lot corners and sand dunes C) the setback lines and erosion rates for 40 years D) the crest of the primary oceanfront sand dune ✔✔D - The crest of the primary oceanfront sand dune Which of the following is true regarding the SC Coastal Zone Management Act A) The setback line is landward of the baseline and no structure may be built landward of the setback line B) Construction of wooden walkway no wider than 7 feet is allowed seaward of the baseline without a permit C) Construction of new habitable structures will not be allowed seaward of the baseline D) Construction of new erosion control devices will not be allowed seaward of the baseline ✔✔D - The regulations are extremely tough on new erosion control devices. They supposedly cause more erosion than they prevent The Coastal Tidelands and wetlands act allows: ✔✔Civic clubs to adopt a mile of beachfront Real Estate Sales Contracts for beachfront property located seaward of the setback line must contain a disclosure. the disclose must give which information ? ✔✔A Disclosure of what is required by the location of the baseline In South Carolina, real estate license law is administered by the ✔✔South Carolina Real Estate Commissions The South Carolina Real Estate Commission has the authority to : ✔✔Make and enforce rules by which all real estate licenses must abide. The South Carolina Real Estate Commission may investigate a licensee for : its own Initiative, written complaint submitted by a disgruntled customer or if the director has reason to believe that a licensee is unfit to practice. When does the commission not get involved ? ✔✔When there is a complaint filed over the disputer of commission between two companies. In South Carolina, which of the following needs to be a licensed real estate broker A) Person who employs fewer than three agents B) Licensed attorney acting under a power of attorney to convey real estate C) Owner of a duplex D) Partnership selling a building owned by the partners ✔✔A) Anyone opening an office and hiring even just one agent must be licensed [Show More]

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