South Carolina Real Estate Exam Prep

The Department of Labor, Licensing and Regulation (LLR) mission is to promote the health, safety and economic well-being of the public through regulation, licensing, enforcement, training and education.

South Carolina's marital property laws are, like the majority of states, equitable distribution laws. Spouses in South Carolina have a right to all marital property. Marital property is all the real and personal property acquired by the parties during the marriage and owned at the date of filing for divorce.

A “nuncupative” or oral will is one that is spoken or otherwise unwritten (and are not legally binding in South Carolina); and a “holographic” will is a handwritten testament, (also not valid in South Carolina unless it has already been validated out-of-state).

In South Carolina, an attorney must oversee the closing of a real estate transaction. The attorney is responsible for disbursing all funds, including commissions. The broker and agent will have an understanding of how the commission process is executed. Clearly, no commission funding is available until the transaction is consummated.

When advertising or marketing real estate owned, in whole or in part, by another person in any medium, including site signage, a licensee clearly must identify the full name of the real estate brokerage firm with which the licensee is associated. When advertising on the Internet or in another electronic media, this requirement may be met by including a link from the advertisement to the homepage of the brokerage firm.

Pre-licensing and continuing education courses are eligible for distance learning. Certification by the Association of Real Estate License Law Officials (ARELLO) or its subsidiary, the International Distance Education Certification Center (IDECC), is required.

(8) "Housing for older persons" means housing: (a) provided under any state or federal program that the commissioner determines is designed specifically and operated to assist elderly persons, as defined in the state or federal program; or (b) intended for, and solely occupied by persons sixty-two years of age or older; or (c) intended and operated for occupancy by at least one person fifty-five years of age or older for each unit. In determining whether housing qualifies as housing intended and operated for occupancy by at least one person fifty-five years of age or older, the commissioner shall develop regulations which require at least the following factors: (i) the existence of significant facilities and services specifically designed to meet the physical or social needs of older persons or, if the provision of the facilities and services is not practicable, that the housing is necessary to provide important housing opportunities for older persons; and (ii) that at least eighty percent of the dwellings are occupied by at least one person fifty-five years of age or older for each unit; and (iii) the publication of and adherence to policies and procedures which demonstrate an intent by the owner or manager to provide housing for persons fifty-five years of age or older.

Penalties for violating South Carolina Vacation Time Share Act include: First violation - misdemeanor, not more than $5,000 Second violation - misdemeanor, not more than $5,000 or max of 6 months prison or both Third violation- felony, not more than $5,000 or max of 5 years prison or both.

You are allowed 3 hours in total.

The homestead exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner spouse. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes. For example, your home is appraised at $100,000, and you qualify for a $25,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $75,000. In South Carolina the Homestead Exemption is a complete exemption of taxes on the first $50,000 in Fair Market Value of your Legal Residence for homeowners over age 65, totally and permanently disabled, or legally blind.