Free South Carolina Real Estate Practice Exam

Q1.In a "race-notice" recording jurisdiction, which party has priority to the same property when there are competing claims?

• A.The party who paid the highest purchase price
• B.The party who recorded their deed first
• C.The first bona fide purchaser to record without notice of the other claim
• D.The party with the earliest dated deed

Q2.Under the Americans with Disabilities Act (ADA), which type of housing is subject to accessibility requirements?

• A.All residential properties
• B.Public accommodations and commercial facilities
• C.Properties with four or more units
• D.Government-subsidized housing only

Q3.Under South Carolina law, when real property is held by tenants in common, which statement is accurate?

• A.Each owner must own equal shares
• B.Owners have the right of survivorship
• C.Each owner may sell their interest without consent of other owners
• D.All owners must agree before any owner can occupy the property

Q4.What is the primary purpose of the Uniform Standards of Professional Appraisal Practice (USPAP)?

• A.To establish minimum licensing requirements for real estate appraisers
• B.To provide ethical and performance standards for appraisal practice
• C.To determine the maximum fees appraisers can charge for their services
• D.To regulate which properties require professional appraisals

Q5.Under South Carolina Real Estate Commission rules, when must a broker deposit earnest money into a trust account?

• A.Within 48 hours of receiving the funds
• B.By the end of the business day following receipt
• C.Within 5 business days of contract acceptance
• D.Immediately upon receipt

Q6.What is the primary characteristic that distinguishes joint tenancy from tenancy in common?

• A.Joint tenancy requires equal ownership shares
• B.Joint tenancy includes the right of survivorship
• C.Joint tenancy can only exist between married couples
• D.Joint tenancy allows owners to sell without consent of other owners

Q7.Under South Carolina regulations, a property management agreement must include which of the following provisions?

• A.A specific termination date
• B.The broker's management fee structure
• C.Authorization for the broker to collect rents
• D.All of the above

Q8.Under South Carolina license law, what is the maximum penalty that can be imposed on a broker for a first violation of the Real Estate License Law?

• A.$1,000 fine
• B.$5,000 fine
• C.$10,000 fine
• D.$25,000 fine

Q9.In South Carolina, which entity has the authority to exercise eminent domain for public use?

• A.Only the state government
• B.State and local governments, and certain private entities
• C.Any corporation with sufficient financial resources
• D.Only federal agencies within state boundaries

Q10.Under South Carolina law, when must a broker notify the Real Estate Commission about disciplinary action taken against a salesperson under their supervision?

• A.Only if the action results in termination
• B.Within 30 days of taking any disciplinary action
• C.Notification is only required if the Commission inquires
• D.Only for actions involving violation of license law

Q11.A South Carolina broker-in-charge discovers that a salesperson has been collecting earnest money deposits but not depositing them into the trust account. What is the broker's primary legal obligation?

• A.Terminate the salesperson immediately
• B.Report the violation to SCREC and take corrective action
• C.Transfer the salesperson to another office
• D.Require additional training for the salesperson

Q12.A home sold for $480,000, which was 96% of the listing price. What was the original listing price?

• A.$460,800
• B.$500,000
• C.$499,200
• D.$461,538

Q13.A mortgage broker arranges a loan and receives compensation from both the borrower and the lender without proper disclosure. This practice violates which federal law?

• A.Fair Housing Act
• B.Truth in Lending Act
• C.Real Estate Settlement Procedures Act
• D.Equal Credit Opportunity Act

Q14.A South Carolina broker's trust account reconciliation reveals a $2,000 overage with no identifiable source. The broker should:

• A.Keep the funds as compensation for account management
• B.Distribute the overage equally among current clients
• C.Report the overage to the Commission and seek guidance
• D.Transfer the funds to the broker's operating account

Q15.What is the minimum passing score required on the South Carolina real estate salesperson examination?

• A.65%
• B.70%
• C.75%
• D.80%