Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Carpe Diem > CH 11 - SC RE Commission & Licensing Reqs > Flashcards

CH 11 - SC RE Commission & Licensing Reqs Flashcards

1
Q

commission members serve a term of ___ years

A

4 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

what’s the composition of the Real Estate Commission?

A
  • 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
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

real estate commission _____ laws, but does not ____ them

A

they enforce laws, they do not write/make laws

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

licensee must update personal contact information within ___ days

A

30 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

failure to update contact info within time frame (30 days) could result in

A

suspension of licensee

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

real estate commission can _______ changes to laws

A

recommend

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

during an investigation what must be done first

A

a restraining order is obtained

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

investigations will conclude within ____ days

A

150 days

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

the commission may impose a fine of between _________ for each violation

A

$500 - $5,000

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

regarding investigations, the commission may recover the costs of the _________ and the __________

A

investigation and the prosecution

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

regarding investigations, a licensee may voluntarily ____________

A

surrender his license (enter into a consent order)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

penalty for acting without a license, failure to renew or register a license

A

misdemeanor; $500 or 6 months prison

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

applicant who passes the exam must apply for a license within _________

A

one year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

can waive classroom training with 4 year degree in ___________

A

real estate or law

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

salesperson license requires ___ hours classroom training

A

90 hours total:
60 hours pre-license
30 hours post-license

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

broker license requires ____ hours classroom training

A

60 hours in addition to 90 salesperson hours

wait 3 years

17
Q

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

A

just remember this.

18
Q

applicant who is denied licensure by the commission, must wait _____ months to re-apply

A

24 months (2 years)

19
Q

broker-in-charge must have this if he is the BIC in an office

A

ownership interest in the company

20
Q

True or False: a salesperson can be licensed under more than one BIC

A

False, only one BIC

21
Q

Property Manager must complete ___ hours classroom training

A

30 hours

22
Q

PMIC must complete ___ hours classroom training

A

7 hours on trust accounting

23
Q

for a revoked license, you may not be issued another license for ________ years

A

three years

24
Q

if a license is not renewed by expiration date, it becomes _______

A

lapsed

25
Q

a lapsed license can be reinstated with fees + penalties within ______ months

A

six months

26
Q

a lapsed license becomes _______ if not reinstated

A

cancelled

27
Q

licenses are renewed on what schedule?

A

every two years on June 30

28
Q

a broker or salesperson must complete ___ hours of continuing education

A

10 hours every two years, 4 hours in mandated topics

29
Q

a nonresident applicant shall file _____________ that suits and actions…

A

an irrevocable consent

30
Q

an irrevocable consent means

A

if I break the law in SC, i’ll be tried in SC

31
Q

10 hours must include a minimum of what?

A

4 hours of mandated topics (salesperson/broker)

4 hours of advanced topics (BIC)

32
Q

Name 3 instances where one is exempt from continuing education

A
  1. salesperson who does a post-licensing course or takes a broker course
  2. licensee while on inactive status
  3. non-resident who completes CE requirement in their jurisdiction
33
Q

real estate licensing courses in SC are good for how long?

A

5 years

34
Q

a resident licensee who becomes a nonresident must notify the commission in writing within ___ days

A

30 days

35
Q

after passing the exam, a licensee must apply for a license in what time frame

A

within 1 year

36
Q

broker or salesperson with at least ___ years of licensure may be granted an experience-based partial CE waiver

A

25 years

37
Q

if a licensee receives a CE waiver for 25 years of licensure, they’d still must complete __________

A

the four hours of mandatory topics

38
Q

how many times can an applicant take the exam if not passed on first attempt?

A

unlimited within 12 months of approval to take

39
Q

what does BIENNIALLY mean?

A

every two years!!

Carpe Diem (14 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions