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Property Management Licensure S.C Examination Questions with Verified Answers Solved by Ex, Exams of Business Economics

Property Management Licensure S.C Examination Questions with Verified Answers Solved by Expert

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Available from 07/08/2024

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Download Property Management Licensure S.C Examination Questions with Verified Answers Solved by Ex and more Exams Business Economics in PDF only on Docsity! Property Management Licensure S.C Examination Questions with Verified Answers Solved by Expert 1. Principal - Correct Answer The one who retains the services of an agent for representation legal and or business dealing with third parties 2. A principal can be ______? - Correct Answer a corporation or a natural person 3. Agent - Correct Answer one authorized and empowered to perform actions for another. Their actions are as if the principal/client had done them. 4. Agents are always under the control of their ________? - Correct Answer principal/client 5. Who is the third party? - Correct Answer The tenant 6. Who is the fiduciary - Correct Answer The person who is responsible for making it happen. It is the agent who is in a position of trust and confidence 7. What are the goals of the property manager - Correct Answer To generate income, maximize income and minimize expenses while preserving and maintaining the property. 8. What is the purpose of the Real Estate License Law - Correct Answer To protect the public. 9. Who is the Real Estate License Law comprised of? - Correct Answer 10 members- 8 of which are licensees and 2 members of the public 10.What powers does the Real Estate Commission have? - Correct Answer They can conduct hearing and punish those who are found guilty. Not Criminally though. They can recommend to law enforcement for action. 11.Who the person responsible for all actions of all associated property managers and also has the responsibility and control of the entire firm's real estate trust accounts? - Correct Answer Property Manager in Charge (PMIC) 12.Who is the person responsible for the actions of all associated licenses and also has responsibility and control of the firm's real estate trust account(s)? - Correct Answer Broker in Charge (BIC) 13.Property Managers - Correct Answer licensees who are paid or want to be paid for negotiating real estate rentals or leases. 14.What is the criteria for qualifying for a license - Correct Answer 21 years or older for PMIC 15.18 for Property Manager 16.Provide physical address where applicant can be contacted in the course of an investigation 17.Graduate HS or GED 18.Proof of required education 19.Pass PM exam 20.Background Check 21.License Law Violations - Correct Answer 28 total violations....Includes any misrepresentations, false or misleading promises, failure to report being convicted of a list of things within 10 days in writing 22.How long does a licensee have to deliver any funds to the BIC or PMIC? - Correct Answer No later than the following business day 23.What is the mixing of money? - Correct Answer Commingling 24.Can a BIC OR PMIC put his own funds into a trust account? - Correct Answer Yes but only to cover bank service charges or to avoid the closing of the account when the client's monies are on deposit. 25.The use of trust funds for a purpose other than the purpose for which they are held? - Correct Answer Conversion 26.This can happen when a BIC OR PMIC writes a check on the trust account and having the check returned marked NSF - Correct Answer Conversion 27.Using a trust account to pay for license renewal fees is called - Correct Answer conversion 28.How long do receipts and deposit slips need to be kept for? - Correct Answer 5 years 29.This requires rental reservations to be honored by the new owner for all reservation dates within 90 days after the closing of a sale on the vacation rental property - Correct Answer The S.C vacation rental act 30.Ownerships bundle of rights has four parts - Correct Answer Control, Use, Possession and Disposition
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