National Real Estate Portion
67%of exam
SC License Law + SCREC
18%of exam
SCRECLicensingEducationDisciplineRecovery Fund
SC Practice + Disclosure
15%of exam
Quick Facts
- Exam
- SC Salesperson
- Questions
- 120 total
- National
- 80 questions
- State
- 40 questions
- Time
- 4 hours
- Pass
- 70% each portion
- Exam Fee
- $63 PSI
- Prelicense
- 90 hours (60+30)
- Post-license
- 30 hours first year
- License term
- 2 years
Valid Contract
Offer, acceptance, consideration, capacity, legal purpose
OfferAcceptanceConsiderationCapacityLegal purpose
Earnest vs Option Fee
Earnest money
- Held in escrow
- Applies to price
- Shows good faith
Option fee
- Paid to seller
- Buys exit right
- Often nonrefundable
Deposit vs paid right
Loan Picker
- Strong credit, down payment→Conventional loan(No backing)
- Low down payment→FHA loan(Mortgage insurance)
- Eligible veteran buyer→VA loan(No down payment)
- Rural property buyer→USDA loan(Income limits)
- Down below 20%→PMI required(Conventional only)
- Lower interest rate→Buy discount points(1% per point)
Estates + Rights
- Fee simple
- Fullest ownership
- Life estate
- Lasts one lifetime
- Leasehold
- Tenant possession right
- Bundle of rights
- Use, enjoy, dispose
- Real property
- Land plus improvements
- Personal property
- Movable chattel
- Fixture
- Attached, conveys
- Emblements
- Tenant annual crops
FHA vs Conventional
FHA
- Government insured
- Low down payment
- MIP required
Conventional
- No government backing
- Higher credit needed
- PMI if low down
Insured vs market loan
Co-Ownership
- Joint tenancy
- Survivorship rights
- Tenancy in common
- No survivorship
- Severalty
- Sole ownership
- Four unities
- Time, title, interest, possession
- Partition
- Court divides interest
- Condominium
- Unit plus common areas
Specific vs General Lien
Specific lien
- One named property
- Mortgage or mechanic
- Property tax
General lien
- All debtor property
- Judgment lien
- IRS tax lien
One property vs all
Easements + Liens
- Easement appurtenant
- Runs with land
- Easement in gross
- Personal, not land
- Easement prescription
- Hostile continuous use
- Encroachment
- Improvement crosses boundary
- Specific lien
- One named property
- General lien
- All debtor property
- Mechanic's lien
- Unpaid labor materials
- Lis pendens
- Pending litigation notice
Joint vs Common Tenancy
Joint tenancy
- Survivorship rights
- Four unities required
- Equal shares
Tenancy in common
- No survivorship
- Passes to heirs
- Unequal shares allowed
Survivorship vs inheritance
Valuation
- Sales comparison
- Compare similar sales
- Cost approach
- Replacement minus depreciation
- Income approach
- Capitalize net income
- Market value
- Probable arms-length price
- CMA
- Agent price opinion
- Appraisal
- Licensed value opinion
- Depreciation
- Loss in value
- GRM
- Price over rent
Finance + Loans
- Conventional
- No government backing
- FHA
- Insured low down
- VA
- Guaranteed veteran loan
- PMI
- Conventional default insurance
- Promissory note
- Promise to repay
- Mortgage
- Pledges property collateral
- Amortized
- Equal payments, payoff
- Discount point
- 1% to lower rate
Contracts + Transfer
- Valid contract
- Offer, acceptance, consideration
- Statute of frauds
- Real estate in writing
- Bilateral
- Promise for promise
- Option
- Unilateral right to buy
- General warranty deed
- Fullest title protection
- Quitclaim deed
- No warranties given
- Title insurance
- Covers title defects
- Recording
- Gives constructive notice
Fair Housing
- Protected classes
- Race, color, religion
- More classes
- Sex, disability, familial
- Origin
- National origin protected
- Steering
- Directing by class
- Blockbusting
- Panic selling inducement
- Redlining
- Denying loans by area
Math Formulas
- Commission
- Price times rate
- Area
- Length times width
- Capitalization
- NOI over cap rate
- Proration
- Split by ownership days
- Net to seller
- Price minus costs
- Loan-to-value
- Loan over value
- Acre
- 43,560 square feet
- Profit percent
- Gain over cost
SC License Numbers
90 before, 30 after, 10 renew
90 prelicense30 post-license10 CE2-year term
Salesperson vs Broker
Salesperson
- Works under broker
- Cannot hold escrow
- 90 prelicense hours
Broker
- Independent license
- Holds trust account
- Supervises agents
Supervised vs supervising
SCREC + Licensing
- SCREC
- Regulates SC licensees
- LLR
- Parent state agency
- Title 40-57
- SC License Law
- Age
- 18 years minimum
- Education
- High school or GED
- Unit I
- 60 prelicense hours
- Unit II
- 30 advanced hours
- Background check
- State and federal
Exam Split
80 national, 40 state, 70% each
80 national40 state120 total70% pass
Renewal + Discipline
- License term
- 2-year cycle
- Post-license
- 30 hours first year
- CE total
- 10 hours per cycle
- CE breakdown
- 4 core, others
- Salesperson title
- Associate licensee
- Recovery Fund
- Pays consumer judgments
- Suspension
- Temporary license bar
- Revocation
- License permanently ended
Fiduciary Duties OLD CAR
Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable care
ObedienceLoyaltyDisclosureConfidentialityAccountingReasonable care
Buyer Agency vs Transaction Broker
Buyer agency
- Client represented
- Fiduciary duties
- Advice allowed
Transaction broker
- No representation
- Neutral facilitator
- Honesty only
Represent vs facilitate
SC Agency Picker
- Written representation signed→Client status(Fiduciary duties)
- No agency agreement→Customer status(Honesty only)
- Represent one side→Single agency(Standard role)
- Same agent both sides→Dual agency(Written consent)
- Same firm, separate agents→Designated agency(Each advocates)
- Assist without representing→Transaction broker(Neutral facilitator)
- First substantive contact→Deliver disclosure(Before confidential info)
- Confidential client info→Protect it(Never disclose)
SC Agency
- Client
- Represented with agency
- Customer
- Unrepresented party
- Single agency
- Represents one side
- Dual agency
- Both parties, consent
- Designated agency
- Separate firm agents
- Transaction broker
- Neither party represented
- Agency disclosure
- First substantive contact
- Fiduciary duties
- Owed to client
Material Defect Picker
- Known structural defect→Must disclose(Material fact)
- Hidden latent defect→Must disclose(Buyer cannot see)
- Stigma or rumor only→Usually no duty(Not physical)
- Pre-1978 dwelling→Lead paint disclosure(Federal rule)
- Seller completing form→Property condition disclosure(SC required)
- Coastal beachfront lot→Coastal zone notice(Setback rules)
- Defect repaired properly→Disclose history(Still material)
- Unsure if material→Disclose anyway(Safer choice)
Trust + Disclosure
- Trust account
- SC insured institution
- Broker-in-charge
- Holds earnest money
- 48-hour rule
- Deposit after signing
- Commingling
- Mixing funds prohibited
- Conversion
- Using client funds
- Disclosure form
- Residential property condition
- Material defect
- Known fact disclosed
- Coastal zone
- SC ocean setback rules
Common Traps
Client vs customer
Client has agency ≠ Customer is unrepresented
Salesperson vs escrow
Salesperson cannot hold ≠ Broker-in-charge holds funds
Commingling vs conversion
Mixing funds violation ≠ Using funds is theft
Defect vs stigma
Material defect disclosed ≠ Stigma usually not
Dual vs designated
Dual is one agent ≠ Designated is separate agents
Earnest vs option
Earnest held escrow ≠ Option fee to seller
Appraisal vs CMA
Appraisal is licensed ≠ CMA is agent opinion
Last Minute
- 1.120 total: 80 national, 40 state
- 2.Pass 70% on each portion separately
- 3.90 prelicense hours: 60 plus 30
- 4.30 post-license hours within first year
- 5.CE 10 hours every 2-year cycle
- 6.Broker-in-charge holds earnest money, not salesperson
- 7.Deposit trust funds within 48 hours
- 8.Agency disclosure at first substantive contact
- 9.Dual agency needs written informed consent
- 10.Known material defects must be disclosed
- 11.Joint tenancy carries survivorship rights
- 12.Acre equals 43,560 square feet
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