Term
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Definition
| licensee who is affiliated with a broker in charge or a property manager in charge |
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Term
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Definition
| suboffice of a company in which full-service real estate activities are conducted and at which a broker in charge or property manager in charge are licensed to conduct real estate transactions |
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Term
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Definition
| individual who for a fee, salary, commission or other valuable consideration or who with the intent or expectation of receiving conpensation handles real estate transactions |
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Definition
| broker who is designated as having responsibility over actions of all associated licensees and also has the responsibility and control over and liability for any real estate trust accounts |
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Definition
| person with who a licensee has established an agency relationship |
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Definition
| group of individuals charged by ;aw with the responsibility of licensing or otherwise regulating the practice of real estate within the State of South Carolina |
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Definition
| person with who a licensee has NOT established an agency relationship |
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Definition
| Department of Labor Licensing and Regulation |
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Term
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Definition
| individual currently licensed under this chapter |
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Term
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Definition
| Principal office location where a broker in charge or a property manager in charge is licensed to conduct real estate business |
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Term
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Definition
One Who with the expectation of receiving compensation:
a. negotiates rental or leasing of real estate
b.lists or offers to list and provide services in connection with real estate
c. advertises or otherwise holds himself out to the public as being engaged in any of the foregoing activities |
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Term
| Property Manager in Charge |
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Definition
| property manager who is designated as having the responsibility over the actions of associated property managers and also the responsibility and control of trust accounts |
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Term
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Definition
| means an escrow account or properly designated bank account established and maintained by a BIC or a PMIC to safeguard funds belonging to parties in real estate transaction |
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Term
| How many members of Real Estate Commission and who elects them? |
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Definition
Nine Members
6 who actively practice real estate elected from congressional districts
2 appointed by the governor- non real estate
1 elected by the other 8- real estate member |
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Term
| What are the powers and duties of the Real Estate Commission? |
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Definition
1. determine standards for licensure
2. enforce standards for licensure with disciplinary hearings etc
reccommending changes in legislation
3. establishing fee schedule |
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Term
| What do you have to do to qualify for a license? |
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Definition
a. attained the age of 21 for PMIC
b. age of 18 for PM
c. pass credit report
d. graduated from high school or GED
e. submit proof of education requirement
f. pass the applicable exam |
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Term
| Is there an educational requirement for the property managers license? |
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Definition
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Term
| What is required to be a PMIC? |
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Definition
has an ownership interest in the applicants company
OR
actively engaged in the operation or management of the company |
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Term
| How soon must the department be notified if a PM becomes disassociated with the PMIC? |
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Definition
| The PMIC must notify the department immediately by letter and furnish a forwarding address |
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Term
| How long do you have to wait and what do you have to do if your license gets revoked and you want it back? |
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Definition
A Year
1.submit proof you are trustworthy and honest
2.submit proof of educational requirement if file is more than 5 years old
3. pass the exam
4. meet any other qualifications and conditions which apply to someone who has never been licensed |
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Term
| How can you put your license on inactive status and for how long? |
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Definition
| Notify the department in writing and pay your renewal fees each year. Can be inactive indefinitely |
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Term
| If your license has lapsed how long do you have to pay your renewal dues before you have to reapply and test again? |
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Definition
| 6 months- plus all fees and penalty fees |
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Term
| How often do you have to renew? |
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Definition
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Term
| What are the duties of the PMIC? |
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Definition
1. adequately supervise employees or associated licensees to ensure compliance
2. review and approve all forms of rental agreements
3.maintain regular contact with licensees
4. instruct in the handling of trust funds
5. Be available to the public during normal business hours to discuss complaints and disputes
6. ensure accurate and complete records
7. ensure backup copies are maintained for trust accounts
8. establish and maintain a written office policy |
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Term
| How long do you have to deposit monies into a trust or escrow account? |
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Definition
| within 48 hours of receipt excluding Sat. Sun and bank holidays |
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Term
| What monies remain in the trust account? |
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Definition
| All monies that do not belong to the company- owner profits, resident security deposits, advance rents etc |
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Term
| How many escrow accounts are required? |
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Definition
| Companies with multiple offices may utilize one central trust account |
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Term
| What type of complaint does the Real Estate Commission not handle? |
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Definition
| Commission Payout Disputes |
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Term
| When do the monies in the escrow/trust account get disbursed? |
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Definition
| upon consummation or termination of the contract at which time money is disbursed and full accounting made to principal |
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Term
| How can a dispute over an earnest money deposit be settled? |
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Definition
| If parties can not agree, an interpleader action in court |
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Term
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Definition
putting personal money and money escrow money together in 1 bank account
This is not legal |
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Term
| Can the owner of the trust account collect interest off of it? |
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Definition
| Yes but only if the clients rights are waived in writing using conspicuous language |
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Term
| How long must financial documents and records be maintained? |
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Definition
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Term
| When can a licensee conduct business for an owner? |
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Definition
| When a written contract is signed |
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Term
| In the event of a personal transaction is the licensee required to disclose their licensee status? |
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Definition
| Yes in all personal transactions |
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Term
| What are the only duties an unlicensed employee of an owner for multi-unit rental property are allowed to do? |
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Definition
a. maintenance
b. clerical or admin support
c. collection of rents which are made payable to owner or company
d. showing of rental units to perspective tenants
e. furnishing published information
f. providing applications and lease forms
g. receiving applications and leases for submission to the owner or licensee for approval |
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Term
| What must be on the management contract between a licensee and client? |
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Definition
1. names and signatures of both parties
2. property identification
3. terms including expiration date
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Term
| What can an unlicensed employee of a multi-unit real estate owner NOT do? |
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Definition
a. discuss or negotiate contracts
b. vary or deviate from the rental price
c. indicate to the public that the unlicensed individual is in a position of authority over the property
d. conduct or host an open house or manage an onsite sales office
e. show real property
f. answer questions regarding anything other than public info
g. discuss negotiate or explain a contract
h. be paid soley on the basis of real estate activity |
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Term
| What does a licensee not have to disclose to a potential renter? |
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Definition
1. sickness that is not likely to be transferred
2. death or manner of death
3. location of registered sex offenders
4. offsite condition or hazard that does not directly impact property
5. any psychological impact like ghosts
6. UNLESS ASKED DIRECTLY |
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Term
| Acting like a PM without a licensee is a ____________ and can get you a $______ fine or inprisoned not more than ______ months or both. |
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Definition
Misdemeanor
$500
6 months |
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Term
| Those not required to have a license to conduct real estate transactions: |
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Definition
a. owner of the property
b. attorney at law acting within duties
c. state and federal agencies
d. court appointed receivers and trustees |
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Term
| The Civil rights act of ______ states that all persons born in the US have the right to own property and who upholds this act? |
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Definition
1866
Department of Justice |
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Term
| What Supreme Court Decision upheld the civil rights act of 1866? |
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Definition
Jones vs. Mayer
bc of this discrimination still illegal today |
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Term
| The fair housing act protects what seven classes? |
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Definition
| Race, Color, Religion, National Origin, Sex, Familial Status, and Handicap |
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Term
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Definition
| frightening people into renting or selling their property by manipulating their prejudices |
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Term
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Definition
| Licensee shows white clients homes in white areas and minority clients minority areas- everyone has the right to live anywhere they can afford |
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Term
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Definition
| Being denied or subjected to stricter conditions on a loan or insurance due to a property being in a certain area |
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Term
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Definition
| A person's race or the rate of persons with whom one associates |
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Term
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Definition
| formal statement of religious belief |
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Term
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Definition
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Term
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Definition
| A person's sex including harassment or intimidation |
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Term
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Definition
| country of one's birth and or nationality of one's ancestors |
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Definition
| Family with at least one member under the age of 18, a pregnant woman or family obtaining custody of children |
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Term
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Definition
| a physical or mental impairment which substantially limits one or more major life activities |
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Term
| What are the exemptions to Fair Housing? |
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Definition
Religious organizations that own property
private club that owns property
housing for older persons
Sale by owner if they have less than 3 single family houses |
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Term
| What is required for a property to be considered housing for older persons? |
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Definition
| 80% of units must be occupied by someone age 55 or older |
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Term
| Who enforces Federal Fair housing laws? |
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Definition
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Term
| Who enforces state Fair Housing Laws? |
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Definition
| SC Human Affairs Commission |
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Term
| What is the time limit on federal fair housing complaints? |
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Definition
| must be FILED within 1 year of the event and 2 years to file action in court |
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Term
| What is the time limit for State fair housing complaints? |
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Definition
| Must be filed within 6 months and court action filed within 1 year |
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