SC Real Estate study guide
SC Real Estate · Work through your exam, one topic at a time.
The South Carolina Real Estate Salesperson Examination is the licensing test administered to candidates who want to work under a sponsoring broker in South Carolina. It is intended for people entering the business for the first time, for licensees moving in from other states, and for anyone whose license has lapsed and needs to be reinstated. The SC Real Estate study guide has 10 sections and about 4,182 words.
01Agency and Non-Agency Relationships
Agency is a relationship in which a broker or salesperson acts for a principal with the principal's authority. South Carolina recognizes the classic creation routes: express agreement (the normal path, a written listing or buyer agency agreement), implication from conduct, ratification when the principal accepts the benefit of an unauthorized act, and estoppel when a third party reasonably relies on apparent authority.
326 words, about 2 min02Contracts
A valid real estate contract needs offer, acceptance, consideration, capacity, lawful purpose, and mutual assent. South Carolina's statute of frauds requires contracts for the sale of land, and agency agreements conveying an interest in land, to be in writing and signed by the party to be charged.
344 words, about 2 min03Real Estate Finance
A loan has a note (the promise to pay) and a security instrument. South Carolina is a lien theory state, so the borrower keeps title and possession while the lender holds a lien; foreclosure is typically a court action, a deficiency judgment may be sought, and there is no post-sale statutory right of redemption for the borrower in a mortgage foreclosure.
346 words, about 2 min04Property Ownership and Land Use
Freehold estates include fee simple absolute, fee simple defeasible (determinable, subject to condition subsequent, or subject to executory limitation), and life estates, often with remainder or reversion. Leaseholds are estates for years, periodic tenancies, tenancy at will, and tenancy at sufferance.
323 words, about 2 min05Valuation and Market Analysis
Market value assumes demand, utility, scarcity, and transferability, plus an arm's length transaction with informed parties and reasonable exposure time. Highest and best use is the reasonably probable, legal, financially feasible use that produces the greatest value.
315 words, about 2 min06Transfer of Title and Property Rights
A valid deed names a competent grantor and an identifiable grantee, contains words of conveyance, gives a legal description, is signed by the grantor, and is delivered and accepted. Consideration is customary and stated but not essential; acknowledgment before a notary is required for recording.
368 words, about 2 min07Practice of Real Estate, Disclosures, Fair Housing, and Ethics
Listing types are exclusive right to sell (broker earns a fee no matter who procures the buyer), exclusive agency (seller keeps the right to sell without a fee), and open listing (procuring cause decides). Net listings are prohibited in South Carolina.
1,097 words, about 5 min08Real Estate Calculations
Commission equals price times rate, then the firm splits with the licensee by agreed percentage. Seller net equals sale price minus loan payoff minus commission minus closing costs, adjusted for prorations.
351 words, about 2 min09South Carolina Licensing and Regulation
The South Carolina Real Estate Commission, administered within the Department of Labor, Licensing and Regulation, licenses brokers, broker-in-charge, salespersons, and property managers, sets pre-licensing education and examination requirements, and disciplines licensees. Every real estate office must have a broker-in-charge who supervises the licensees in that office and answers for their brokerage activity.
352 words, about 2 min10South Carolina Real Estate Law and Commission Rules
Know the Real Estate Practice Act (Title 40, Chapter 57) for licensing and brokerage relationships; the residential property disclosure statute (Title 27, Chapter 50); the Horizontal Property Act for condominiums; the Property Owners Association Act for association disclosures; and the vacation time sharing statutes for timeshare regulation. These are the sources questions cite when a rule sounds unfamiliar.
360 words, about 2 min