SOUTH CAROLINA STATE LAWS CH 2-(PGS 38-65), 19-22, CH 24, 25 (PGS 339-340)
Terms
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- (REC) STANDS FOR WHAT?
- REAL ESTATE COMMISSION
- THE LLR COVERS EVERYTHING THAT NEEDS A ______
- LICENSE
- THE L.L.R. IS THE DEPARTMENT OF _____,______,AND _____.
-
LABOR
LICENSING
REGULATION - THE REAL ESTATE LICENSE LAW IS MADE TO PROTECT THE _____.
- PUBLIC
- HOW MANY MEMBERS ARE THERE IN THE R.E.C.? HOW LONG DO THEY SERVE
-
9
4 YEARS - THE REC FINES RANGE FROM ___DOLLARS TO _____DOLLARS
-
$100
$1000 - TRUE OR FALSE: THE LLC OR REC INVESTIGATES SITUATIONS THAT ARE STRICTLY ETHICAL.
- FALSE
- WHAT "POLICE POWER" DOES THE REC HAVE?
-
DECIDE DISCIPLINARY ACTION FOR VIOLATIONS
SUSPEND, REVOKE LICENSE
FINE(NOT IMPRISON) - THE PURPOSE OF THE R.E.C. IS TO REGULATE THE _____ _____ INDUSTRY.
- REAL ESTATE (PROTECT PUBLIC)
- THE REC USES 5 MEASURES TO PROTECT THE PUBLIC, WHAT ARE THESE?
- 1.PRE-LICENSE EDUCATION 2. MANDATORY CONTINUING EDUCATION 3. TESTING OF APPLICANTS 4. SUPERVISION OF B.I.C. 5. PUNISH VIOLATORS
- DISCIPLINARY HEARINGS OF ALLEGED VIOLATIONS OF THE LICENSE LAW CAN INCLUDE:
- 1. ISSUE REPRIMAND 2. SUSPEND LICENSE OR PUT IT ON PROBATION 3. PERMANENTLY REVOKE LICENSE 4.IMPOSE FINES 5. RECOVER INVESTIGATION OR PROSECUTION COSTS
- WHAT IS A BROKER?
- LICENSEES WHO ARE PAID (OR WANT TO BE) FOR NEGOTIATING REAL ESTATE LISTINGS, SALES,PURCHASES,EXCHANGES OF REAL ESTATE
- WHAT IS A BROKER-IN-CHARGE?
- THE BROKER WHO HAS RESPONSIBILITY FOR THE ACTIONS OF ALL ASSOCIATED LICENSEES AND HAS CONTROL OVER TRUST ACCOUNTS.
- A _____ IS A LICENSEE ASSOCIATED WITH A BIC WHO IS PAID FOR ALL THE SAME ACTIVITIES AS A BROKER DOES
- SALESMAN
- A _____ MANAGER IS A LICENSEE WHO IS PAID FOR NEGOTIATING REAL ESTATE RENTALS OR LEASES.
- PROPERTY
- A PROPERTY MANAGER ___ ____ IS THE PROPERTY MANAGER WHO HAS RESPONSIBILITY AND CONTROL OF THE FIRM'S TRUST ACCOUNT.
- IN CHARGE
- AN ______LICENSEE IS A LICENSEE WHO IS AFFILIATED WITH A BIC OR PROPERTY MANAGER IN CHARGE.
- ASSOCIATED
- DEPARTMENT MEANS THE DEPARTMENT OF _____,_____,AND _____.
-
LABOR
LICENSING
REGULATION - ACTIVITIES THAT REQUIRE A REAL ESTATE LICENSE INCLUDE:
- NEGOTIATING, AUCTIONING REAL PROPERTY, SOLICITING REFERRALS,CONSULTING, REPRESENTING THE PRINCIPAL, HOLDING OUT TO THE PUBLIC AS BEING ENGAGED IN THESE ACTIVITIES
- WHO IS EXEMPT TO HAVING A REAL ESTATE LICENSE?
-
OWNERS OF REAL ESTATE
ATTORNEYS
GOVT AGENCIES (HUD, FHA)
FORESTERS (SELL TIMBER)
RECEIVERS AND TRUSTEES - UNLICENSED AGENTS AND BROKERS GET PENALIZED WITH WHAT?
- A MISDEMEANOR, FINED UP TO $500 AND 6 MONTHS IN JAIL
- CAN YOU HAVE A REAL ESTATE LICENSE AND A PROPERTY MANAGEMENT LICENSE?
- NO
-
HOW MANY HOURS EDUCATION ARE NEEDED FOR A
SALESMAN?
BROKER?
PROPERTY MANAGER/PMIC? -
SALESMAN( PRELICENSING 60 HRS, POST LICENSING 30 HRS)
BROKER- 150 HOURS
PROP MGR, (PMIC)-30 HRS - A POST LICENSING CLASS MUST BE COMPLETED IN WHAT PERIOD OF TIME?
- 12 MONTHS
- WHAT EDUCATION IS REQUIRED TO CONTINUE SELLING REAL ESTATE AFTER YEARS?
- 8 HOURS BIENNIALLY (2 HOURS CORE)
- YOU HAVE TO RENEW YOUR LICENSE EVERY ___ YEARS.
-
TWO
FAILURE TO RENEW(LAPSED) $25 A MONTH, FOR UP TO 6 MONTHS.
AFTER 6 MONTHS, LICENSE CANCELLED - ALL MONEY INVOLVED IN REAL ESTATE DEALS GOES THROUGH THE ___ __ _____.
- BROKER IN CHARGE
- IS THE LLR RESPONSIBLE FOR SETTLING AGENTS COMMISSION DISPUTES ?
- NO
- A BIC MUST HAVE ____ INTEREST IN THE COMPANY OR BE ACTIVE IN THE _____ AND MANAGEMENT OF COMPANY
-
OWNERSHIP
OPERATION -
PART ONE:
DUTIES OF BIC/PMIC INCLUDE: -
SUPERVISE EMPLOYEES
REVIEW & APPROVE ALL FORMS
MAINTAIN CONTACT W/LICENSEES
INSTRUCT ON HANDLING OF TRUST ACCOUNTS -
MORE RESPONSIBILITIES OF BIC/PMIC ARE:
PART TWO -
BE AVAILABLE TO PUBLIC
KEEP ALL CONTRACTS FOR 5 YEARS
ESTABLISH AND MAINTAIN OFFICE POLICY - OFFICE REQUIREMENTS DEMAND THERE IS AN ACTUAL ____, A ____OFFICE, A BUSINESS ____,
-
OFFICE
BRANCH
NAME - A SALESMAN CAN ACT AS A BIC FOR SIX MONTHS IN CASE OF THE BIC"S
- DEATH
- AN ASSOCIATION OF INDIVIDUALS, CREATED BY LAW OR UNDER AUTHORITY OF LAW HAVING A CONTINUOUS EXISTENCE INDEPENDANT OF ITS MEMBERS IS A _______
- CORPORATION
- AN AGENT OR OWNER ARE NOT REQUIRED TO DISCLOSE A ____ HAPPENED IN THE HOME OR A VIRUS OR _____ OCCURED.
-
DEATH
DISEASE - TRUE OR FALSE: IF NOT ASKED, AN AGENT HAS TO DISCLOSE LOCATION OF SEX OFFENDERS, OFFSITE HAZARDS, OR PSYCHOLOGICAL STIGMAS
- FALSE, ONLY IF ASKED (THEN THEY HAVE TO BE TRUTHFUL)
- WHAT IS A SYNONYM FOR A TRUST ACCOUNT?
- ESCROW
- A BIC OR PMIC HAS HOW LONG TO DEPOSIT A CHECK AFTER THE CONTRACT IS RATIFIED?
-
48 HOURS AFTER ACCEPTANCE
(CASH 48 HOURS AFTER RECEIPT) - IN AN ESCROW (TRUST) ACCOUNT THE MONEY BELONGS TO ____ ____.
-
OTHER PEOPLE
NOT THE COMPANY - TAKING MONEY FROM ONE TRUST ACCOUNT AND MINGLING IT WITH ANOTHER ACCOUNT IS _______ CONVERSION
-
COMMINGLING
(THIS IS PROHIBITED) - WHEN ESCROW FUNDS ARE DISPUTED, WHO HOLDS THE MONEY?
- BIC
- NAME 6 QUALIFICATIONS FOR OBTAINING REAL ESTATE LICENSES:
-
MUST BE 18 FOR SALES LICENSE
MUST BE 21 FOR BROKERS LICENSE
SATISFACTORY CREDIT
HIGH SCHOOL GRAD
PROOF OF EDUCATION
PASS EXAM - A LICENSE THAT HAS LAPSED AND HAS NOT BEEN REINSTATED BY THE LAST DAY OF THE 6TH MONTH FOLLOWING EXPIRATION MUST BE ____.
- CANCELLED
- AFTER REVOCATION OF A LICENSE, A NEW LICENSE MAY NOT BE ISSUED FOR HOW LONG?
- ONE YEAR
- AN ASSOCIATED LICENSEE MUST GIVE ALL CASH OR CERTIFIED FUNDS RECEIVED TO THE BIC WHEN?
- IMMEDIATELY
- INTEREST EARNED ON TRUST FUNDS MAY ONLY BE RETAINED BY THE BIC/PMIC ONLY IF:
- THE OWNER HAS BEEN INFORMED AND SUCH AGREEMENT IS PART OF A PREPRINTED FORM.
- ______LAW REQUIRES CONVICTED SEX OFFENDERS TO NOTIFY COMMUNITIES OF THEIR PRESENCE BUT ALLOWS THE STATES TO DETERMINE HOW THE NOTIFICATION WILL BE PROVIDED
- MEGAN'S (FEDERAL LAW)
- THE SMOKE DETECTOR LAW OF 1995 STATES THAT;
- LANDLORDS MUST SUPPLY SMOKE DETECTORS IN RENTALS
- THE SOUTH CAROLINA CONSUMER PROTECTION CODE STATES THAT
- NO MAXINUM INTERESTS ON CONTRACTS, BORROWER MAY SELECT ATTORNEY, ASSUMPTIONS, NO PREPAYMENT PENALTY ON LOANS 150,000 OR LESS
- HOMESTEAD EXEMPTION LES HOMEOWNERS 65 OR OLDER,BLIND,OR 100% DISABLED HAVE A ______ REDUCTION IN APPRAISED VALUE OF THEIR HOME
- $50,000
- LANDLORD REQUIREMENTS ARE ?
- ESSENTIAL SERVICES,FIT AND HABITABLE,OTHER REPAIRS AND APPLIANCES,PEACEFUL ENJOYMENT, NON RETALIATION
- WITH SECURITY DEPOSITS ,DEPOSITS MUST BE REFUNDED WITHIN ___ DAYS
- 30
- taking tenants goods and selling them to satisfy debt is_______
- distraint
- SC COASTAL MGMT ACT (AKA)BEACHFRONT MANAGEMENT ACT IS FOR:
- BASELINES AND SETBACK LINES ESTABLISHEDTO PROTECT EROSION. PERMITS REQUIRED FOR DOCKS,POOLS TO BE BUILT SEAWARD
- THE SC COASTAL ZONE MGMT ACT IMPACTS ALL COASTAL _______. IMPORTANT THAT ACT RESTRICTIONS BE DISCLOSED TO ________.
-
WATERWAYS
BUYERS - WHEN SOMEONE CAN BACK OUT OF THE DEAL WITHIN 5 DAYS ,IT IS CALLED:
- RIGHT OF RECISSION