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SCREC PM EXAM > SC LICENSE LAW, REGULATIONS, AND OTHER STATUTES > Flashcards

SC LICENSE LAW, REGULATIONS, AND OTHER STATUTES Flashcards

1
Q

SOUTH CAROLINA REAL ESTATE COMMISSION (SCREC)

A

UNDER THE ADMINISTRATION OF THE DEPARTMENT OF LABOR, LICENSING, AND REGULATION

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2
Q

SCREC PURPOSE

A

TO REGULATE THE REAL ESTATE INDUSTRY SO TO PROTECT THE PUBLIC’S INTEREST IN REAL ESTATE TRANSACTIONS

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3
Q

APPROVED BROKER TASKS (6)

A
  1. NEGOTIATES LISTING, SALE, PURCHASE, EXCHANGE, LEASE, OR OTHER DISPOSITION OF REAL ESTATE OR IMPROVEMENTS TO REAL ESTATE
  2. AUCTIONS REAL ESTATE
  3. SOLICITS A REFERRAL
  4. OFFERS SERVICES AS A CONSULTANT, COUNSELOR, OR TRANSACTION MANAGER
  5. OFFERS TO ACT AS A SUBAGENT
  6. ADVERTISES AS PARTAKING IN ANY OF THE PREVIOUS ACTIVITIES
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4
Q

MATERIAL ADVERSE FACT (2)

A
  1. CONDITION/OCCURRENCE RECOGNIZED AS:
    A) SIGNIFICANTLY AND ADVERSELY AFFECTING THE
    VALUE OF THE REAL ESTATE
    B) SIGNIFICANTLY REDUCING THE STRUCTURAL
    INTEGRITY OF IMPROVEMENTS TO REAL ESTATE
    C) PRESENTING SIGNIFICANT HEALTH RISKS TO
    OCCUPANTS
  2. INFORMATION THAT INDICATES THAT A PARTY TO A TRANSACTION ISN’T ABLE TO OR DOESN’T INTEND TO MEET AN OBLIGATION UNDER A CONTRACT OR AGREEMENT
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5
Q

APPROVED PROPERTY MANAGER TASKS (3)

A
  1. NEGOTIATES THE RENTAL OR LEASING OF REAL ESTATE OR IMPROVEMENTS TO REAL ESTATE
  2. LISTS AND PROVIDES A SERVICE IN CONNECTION WITH LEASING OR RENTING REAL ESTATE
  3. ADVERTISES AS PARTAKING IN ANY OF THE PREVIOUS ACTIVITIES
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6
Q

SCREC MEMBERS (3)

A

10 MEMBERS

  1. 7-ELECTED BY CONGRESS-INVOLVED IN REAL ESTATE
  2. 2-APPOINTED BY GOVERNOR-NOT INVOLVED IN REAL ESTATE
  3. 1-APPOINTED BY THE OTHER 9 SCREC MEMBERS-INVOLVED IN REAL ESTATE
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7
Q

SCREC TERMS OF APPOINTMENT (3)

A
  1. SERVE 4 YEAR TERMS
  2. ELECTION/APPOINTMENT CERTIFIED BY THE SECRETARY OF STATE
  3. TAKE AN OATH IN WRITING
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8
Q

SCREC DUTIES (3)

A
  1. ADMINISTER/ENFORCE REGULATIONS AND LICENSE LAWS
    * DO NOT WRITE LAWS
  2. NOT INVOLVED IN COMMISSION/FEE DISPUTES
  3. CONDUCT INSPECTIONS OF LICENSEE’S OFFICES TO ASSIST WITH/ENSURE COMPLIANCE
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9
Q

SCREC POWERS (4)

A
  1. DETERMINE QUALIFICATION/ELIGIBILITY STANDARDS FOR APPLICANTS/INSTRUCTORS AND CONDITIONS FOR LICENSE RENEWAL
  2. CONDUCTING DISCIPLINARY HEARINGS/DECIDING DISCIPLINARY ACTIONS
  3. RECOMMENDING LEGISLATIVE CHANGES
  4. ESTABLISHING FEE SCHEDULE
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10
Q

LICENSE EXEMPTIONS (5)

A
  1. THE SALE , LEASE, OR RENTAL OF REAL ESTATE BY AN UNLICENSED OWNER WHO OWNS ANY INTEREST IN THE REAL ESTATE IF THE INTEREST IS BEING SOLD, LEASED, OR RENTED IS IDENTICAL TO THE OWNER’S LEGAL INTEREST
    * OWNER
  2. AN ATTORNEY ACTING WITHIN THE SCOPE OF HIS DUTIES IN LEGAL REPRESENTATION OF CLIENT/OWNER
  3. STATE AND FEDERAL GOVERNMENT ACTING WITHIN THE SCOPE OF THEIR OFFICIAL DUTIES
  4. FORESTERS, IF THE SALE OF ANY LAND IS INCIDENTAL TO THE SALE OF TIMBER ON LAND
  5. COURT-APPOINTED RECEIVERS AND TRUSTEES ACTING IN THE SCOPE OF THEIR APPOINTMENT
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11
Q

PM LICENSE ELIGIBILITY REQUIREMENTS (6)

A
  1. MUST BE 18 YOA
  2. PROVIDE CONTACT INFORMATION
  3. HAVE A HIGH SCHOOL DIPLOMA OR GED
  4. SUBMIT PROOF OF COMPLETED EDUCATION REQUIREMENTS
  5. SUBMIT A BACKGROUND CHECK
  6. PASS THE STATE EXAM
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12
Q

OF DAYS TO NOTIFY SCREC OF INFORMATION CHANGES

A

WITHIN 30 DAYS

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13
Q

PERSONAL INFORMATION REQUIRED IN FILE (4)

A
  1. RESIDENTIAL ADDRESS
  2. MAILING ADDRESS
  3. EMAIL ADDRESS
  4. TELEPHONE NUMBER
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14
Q

BROKER/PMIC/BIC ELEGIBILITY REQUIREMENTS (6)

A
  1. MUST BE 21 YOA
  2. PROVIDE CONTACT INFORMATION
  3. HAVE A HIGH SCHOOL DIPLOMA OR GED
  4. SUBMIT PROOF OF COMPLETED EDUCATION REQUIREMENTS
  5. SUBMIT A BACKGROUND CHECK
  6. PASS THE STATE EXAM
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15
Q

PM EDUCATION REQUIREMENTS (2)

A
  1. 30 HOURS OF CLASSROOM INSTRUCTION OR EVIDENCE OR EVIDENCE OF A Juris Doctor, BACHELOR OF LAWS DEGREE, OR A BACCALAUREATE DEGREE WITH REAL ESTATE MAJOR
  2. PASS THE STATE EXAM
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16
Q

PMIC EDUCATION REQUIREMENTS (3)

A
  1. MUST HAVE AN ACTIVE PM LICENSE
  2. 7 HOURS OF CLASSROOM INSTRUCTION ON ACCOUNTING AND RECORD KEEPING
  3. PASS THE STATE EXAM
17
Q

TIME ALLOWED AFTER CLASSROOM INSTRUCTION TO TAKE STATE EXAM

A

5 YEARS

18
Q

RE-EXAMINATION REQUIREMENTS (2)

A
  1. MUST BE DONE WITHIN 6 MONTHS

2. PMIC-CAN CHOOSE TO TAKE ONLY THE FAILED PART OF THE TWO PART EXAM

19
Q

TIME ALLOWED TO REINSTATE LAPSED LICENSE

A

6 MONTHS FOLLOWING EXPIRATION

20
Q

BIC/PMIC DUTIES

A
  1. SUPERVISE ASSOCIATED LICENSEES
  2. REVIEW AND APPROVE ALL FORMS OF CONTRACTUAL/DISCLOSURE AGREEMENTS
  3. MAINTAIN ADEQUATE, REASONABLE, AND REGULAR CONTACT WITH ASSOCIATED LICENSEES
  4. BE AVAILABLE TO THE PUBLIC DURING BUSINESS HOURS
  5. ESTABLISH AND MAINTAIN WRITTEN OFFICE POLICY
    • SUBJECT TO INSPECTION
  6. ENSURE ALL ASSOCIATED LICENSEES HAVE ACTIVE RE LICENSES
  7. ESTABLISH AND MAINTAIN CONTROL AND RESPONSIBILITY OF TRUST ACCOUNTS
  8. NOTIFY SCREC BY MAIL WITHIN 10 DAY OF CHANGES TO OFFICE NAME, ADDRESS, EMAIL ADDRESS, OR TELEPHONE NUMBER

SCREC PM EXAM (7 decks)

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