Sc broker licensing Study guides, Class notes & Summaries

SC Real Estate - State Portion Exam Practice Questions and Answers Associated Licensee - Correct Answer ️️ -Licensee who is affiliated with a BIC Broker - Correct Answer ️️ -For a fee, salary, commission Negotiates, Auctioins, Solicits a referral, Offers advisory services, Offers to act as an agent, Advertises Broker-in-Charge - Correct Answer ️️ -Has responsibility over actions of all associated licensees and real estate trust accounts Client - Correct Answer ️️ -Person ...

SC REAL ESTATE LICENSING EXAM QUESTIONS AND ANSWERS In which of the following cases would a person probably be required to have a real estate license? - Correct Answer ️️ -Bruce gets hired to find an office suite for a friend who is relocating her business. A license applicant signs up to take the state examination, but has failed to obtain an employer prior to the exam date. In this case, the applicant - Correct Answer ️️ -may take the exam and receive an inactive license. A brok...

SC REAL ESTATE LICENSING EXAM QUESTIONS AND ANSWERS In which of the following cases would a person probably be required to have a real estate license? - Correct Answer ️️ -Bruce gets hired to find an office suite for a friend who is relocating her business. A license applicant signs up to take the state examination, but has failed to obtain an employer prior to the exam date. In this case, the applicant - Correct Answer ️️ -may take the exam and receive an inactive license. A brok...

Resident Licensing Requirements - ANSWER-1. Be licensed as a resident property and casualty insurance producer. 2. Pass the SC broker licensing examination with 70% or better. 3. Pay a biennial fee of $200 4. File surety bond in favor of SC in amount of $10,000. Nonresident Licensing Requirements - ANSWER-1. File application on form prescribed by the director. 2. File affidavit stating insurance on a risk in this state will only be placed with licensed agents of insurers licensed to opera...

SC Life Insurance ExamThe balance of the loan will be taken out of the death benefit - correct answer If a policy has a automatic loan provision, what happens if the insured dies before the loan is paid back? Inspection Report - correct answer An insurer receives a report regarding potential insured that includes financial status, hobbies, and habits. What type of report is that? Spendthrift Clause - correct answer The clause that protects the proceeds of a life insurance policy from credi...

SC REAL ESTATE - STATE PORTION PREP QUESTIONS AND ANSWERS, GRADED A+ In South Carolina, the law has set and assessment rate if: What is the rate for residential owner occupied property? - -4% A Person Who is over 65 years of Age may get a break on his/her Ad Valorem Tax. What is the Nature of this special treatment? - -Homestead Exemption is -$50K of the Appraised Value The assessed value is $3000 and the tax is based on 200 mills. How much is the Tax? - -$600 ( 3000 x .200 = $600) A...

Nonresident Licensing Requirements -ANSWER- 1. File application on form prescribed by the director. 2. File affidavit stating insurance on a risk in this state will only be placed with licensed agents of insurers licensed to operate in SC. 3. File an affidavit stating he is a licensed broker in another state. 4. Pay a biennial fee of $200. What is the term of a brokers license? -ANSWER- Brokers licenses are indefinite unless suspended or revoked as long as licensing fees are paid. Can m...

SC Real Estate - State Portion Prep Questions and Answers In South Carolina, the law has set and assessment rate if: What is the rate for residential owner occupied property? - Correct Answer ️️ -4% A Person Who is over 65 years of Age may get a break on his/her Ad Valorem Tax. What is the Nature of this special treatment? - Correct Answer ️️ -Homestead Exemption is -$50K of the Appraised Value The assessed value is $3000 and the tax is based on 200 mills. How much is the Tax? - ...

South Carolina Exam Prep 2024 with complete solution In SC, real estate license law is administered by the a. SC Human Affairs Commission b. SC Real Estate Commission c. SC Association of REALTORS d. Department of Housing and Urban Development - Answer ️️ -b. SC Real Estate Commission The SC Real Estate Commission has the authority to a. make and enforce the rules by which all real estate licenses must abide b. compose the exam questions on the state exam c. administer the exams gi...

Process of Licensing SC - ANSWER-* 18 years of age *good moral character *no convicted of a felony or crime involving dishonesty, fraud, breach of fiduciary duties. *pay licensing fees *pass state examination Type of Licenses - ANSWER-*Producer *Nonresident *Temporary Licenses *Broker Producer license - ANSWER-an licensed producer who is appointed by an insurer to sell, advertise, take application and deliver insurance policies. Nonresident license - ANSWER-must be in good standi...