Sc Real Estate Test State

Question 1

Assumption fee when assuming a loan may not exceed

Answer 1

1% of loan or $400 which is less

Question 2

Loans that can be prepaid without penalty are those that are

Answer 2

Residential mortgage loans of $150,000 or less

Question 3

No greater then __ interest can be charged in sc on loans that are agreed to orally

Answer 3

6%

Question 4

In sc if mortgage loan is written then the amount of interest that can be charged is

Answer 4

Any amount agreed to by the parties

Question 5

Federal law allows lenders to charge prepayment penalty on adjustable rate mortgages (arm)

Answer 5

Federal law allows it, SC law does not allow a pre-penalty on ARMs

Question 6

What type of principal is illegal in sc

Answer 6

Undisclosed

Question 7

What are the real estate license categories in sc

Answer 7

Broker, salesperson, associate broker, property manager

Question 8

In sc how can you be exempt from ce

Answer 8

You can’t unless with this Rare exemption.., if 65+ age and min of 25 years of licensure prior to 2017. And also must apply for exemption and receive special approval from commission

Question 9

Real estate license law is administered by

Answer 9

SCREC SC real estate commission

Question 10

What portion of real estates agent renewal fund go toward the SCREC education and research fund

Answer 10

Up to $10.00

Question 11

How many hours of CE

Answer 11

10 hours

Question 12

The South Carolina High-Cost and Consumer home loans act was passed

Answer 12

To help borrowers by placing restrictions on lenders in an attempt to eliminate predatory lending. Says borrowers have right to get counseling from HUD

Question 13

Property managers cannot

Answer 13

Prepare leases
May .. collect rent, show potential clients your, and negotiate with potential clients.

Leases should be prepared by a lawyer

Question 14

Trust funds received by BIC or PMIC mucy be deposited

Answer 14

48 hrs of receipt (excluding Saturday , Sunday, and bank holidays)

Question 15

How long does landlord have to return security deposit to a tenant at conclusion of lease

Answer 15

30 days

Question 16

What is the rate of property tax in SC for a second home or residential rental

Answer 16

6% of the fair market value

Question 17

In order to remain on inactive status

Answer 17

You must pay their applicable biennial (every 2 yrs) fees

Question 18

How long must BIC or PMIC retain their trust fund account records

Answer 18

5 years

Question 19

How long is the term for the members of the SCREC

Answer 19

4 years

Question 20

Relationship between the broker in charge and the client in a listing

Answer 20

Special agent

Question 21

Group of brokers agree to share their exclusive right to sell or exclusive agency listing

Answer 21

Multiple lisitng

Question 22

The following is true regarding a cooperating agent

Answer 22

May and usually works for seller

Question 23

Can you buy your own listing

Answer 23

Yes, but you are liable to the owner for the profits you made

Question 24

Which obligation of a client to an agent is not automatic and must be agreed upon?

Answer 24

The reimbursement