CH 11 - SC RE Commission & Licensing Reqs Flashcards
commission members serve a term of ___ years
4 years
what’s the composition of the Real Estate Commission?
- TEN (10) members total:
- seven (7) members who are professionally engaged in real estate, elected from each congressional district
- two (2) members, not engaged in RE, appointed by Governor
- one (1) member elected by other nine members
real estate commission _____ laws, but does not ____ them
they enforce laws, they do not write/make laws
licensee must update personal contact information within ___ days
30 days
failure to update contact info within time frame (30 days) could result in
suspension of licensee
real estate commission can _______ changes to laws
recommend
during an investigation what must be done first
a restraining order is obtained
investigations will conclude within ____ days
150 days
the commission may impose a fine of between _________ for each violation
$500 - $5,000
regarding investigations, the commission may recover the costs of the _________ and the __________
investigation and the prosecution
regarding investigations, a licensee may voluntarily ____________
surrender his license (enter into a consent order)
penalty for acting without a license, failure to renew or register a license
misdemeanor; $500 or 6 months prison
applicant who passes the exam must apply for a license within _________
one year
can waive classroom training with 4 year degree in ___________
real estate or law
salesperson license requires ___ hours classroom training
90 hours total:
60 hours pre-license
30 hours post-license
broker license requires ____ hours classroom training
60 hours in addition to 90 salesperson hours
wait 3 years
an application for examination or licensure must be made in writing on a form prescribed by the department and must be accompanied by all applicable fees
just remember this.
applicant who is denied licensure by the commission, must wait _____ months to re-apply
24 months (2 years)
broker-in-charge must have this if he is the BIC in an office
ownership interest in the company
True or False: a salesperson can be licensed under more than one BIC
False, only one BIC
Property Manager must complete ___ hours classroom training
30 hours
PMIC must complete ___ hours classroom training
7 hours on trust accounting
for a revoked license, you may not be issued another license for ________ years
three years
if a license is not renewed by expiration date, it becomes _______
lapsed
a lapsed license can be reinstated with fees + penalties within ______ months
six months
a lapsed license becomes _______ if not reinstated
cancelled
licenses are renewed on what schedule?
every two years on June 30
a broker or salesperson must complete ___ hours of continuing education
10 hours every two years, 4 hours in mandated topics
a nonresident applicant shall file _____________ that suits and actions…
an irrevocable consent
an irrevocable consent means
if I break the law in SC, i’ll be tried in SC
10 hours must include a minimum of what?
4 hours of mandated topics (salesperson/broker)
4 hours of advanced topics (BIC)
Name 3 instances where one is exempt from continuing education
- salesperson who does a post-licensing course or takes a broker course
- licensee while on inactive status
- non-resident who completes CE requirement in their jurisdiction
real estate licensing courses in SC are good for how long?
5 years
a resident licensee who becomes a nonresident must notify the commission in writing within ___ days
30 days
after passing the exam, a licensee must apply for a license in what time frame
within 1 year
broker or salesperson with at least ___ years of licensure may be granted an experience-based partial CE waiver
25 years
if a licensee receives a CE waiver for 25 years of licensure, they’d still must complete __________
the four hours of mandatory topics
how many times can an applicant take the exam if not passed on first attempt?
unlimited within 12 months of approval to take
what does BIENNIALLY mean?
every two years!!
