CH 11 - SC RE Commission & Licensing Reqs

Question 1

commission members serve a term of ___ years

Answer 1

4 years

Question 2

what’s the composition of the Real Estate Commission?

Answer 2

• 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

Question 3

real estate commission _____ laws, but does not ____ them

Answer 3

they enforce laws, they do not write/make laws

Question 4

licensee must update personal contact information within ___ days

Answer 4

30 days

Question 5

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

Answer 5

suspension of licensee

Question 6

real estate commission can _______ changes to laws

Answer 6

recommend

Question 7

during an investigation what must be done first

Answer 7

a restraining order is obtained

Question 8

investigations will conclude within ____ days

Answer 8

150 days

Question 9

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

Answer 9

$500 - $5,000

Question 10

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

Answer 10

investigation and the prosecution

Question 11

regarding investigations, a licensee may voluntarily ____________

Answer 11

surrender his license (enter into a consent order)

Question 12

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

Answer 12

misdemeanor; $500 or 6 months prison

Question 13

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

Answer 13

one year

Question 14

can waive classroom training with 4 year degree in ___________

Answer 14

real estate or law

Question 15

salesperson license requires ___ hours classroom training

Answer 15

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

Question 16

broker license requires ____ hours classroom training

Answer 16

60 hours in addition to 90 salesperson hours

wait 3 years

Question 17

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

Answer 17

just remember this.

Question 18

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

Answer 18

24 months (2 years)

Question 19

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

Answer 19

ownership interest in the company

Question 20

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

Answer 20

False, only one BIC

Question 21

Property Manager must complete ___ hours classroom training

Answer 21

30 hours

Question 22

PMIC must complete ___ hours classroom training

Answer 22

7 hours on trust accounting

Question 23

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

Answer 23

three years

Question 24

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

Answer 24

lapsed

Question 25

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

Answer 25

six months

Question 26

a lapsed license becomes _______ if not reinstated

Answer 26

cancelled

Question 27

licenses are renewed on what schedule?

Answer 27

every two years on June 30

Question 28

a broker or salesperson must complete ___ hours of continuing education

Answer 28

10 hours every two years, 4 hours in mandated topics

Question 29

a nonresident applicant shall file _____________ that suits and actions...

Answer 29

an irrevocable consent

Question 30

an irrevocable consent means

Answer 30

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

Question 31

10 hours must include a minimum of what?

Answer 31

4 hours of mandated topics (salesperson/broker) | 4 hours of advanced topics (BIC)

Question 32

Name 3 instances where one is exempt from continuing education

Answer 32

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

Question 33

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

Answer 33

5 years

Question 34

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

Answer 34

30 days

Question 35

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

Answer 35

within 1 year

Question 36

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

Answer 36

25 years

Question 37

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

Answer 37

the four hours of mandatory topics

Question 38

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

Answer 38

unlimited within 12 months of approval to take

Question 39

what does BIENNIALLY mean?

Answer 39

every two years!!