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Glossary of SOUTH CAROLINA STATE LAWS CH 2-(PGS 38-65), 19-22, CH 24, 25 (PGS 339-340)

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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

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