Free South Carolina Math Practice Test — LicenseIQ

Question 1

A rectangular lot is 100 ft by 150 ft. How many square feet is it?

Accepted Answer

Area = length x width = 100 x 150 = 15,000 square feet. (250 is the sum of two sides.)

Question 2

A listing agreement in which the broker earns a commission regardless of who sells the property is a(n):

Accepted Answer

In an exclusive right-to-sell listing, the listing broker earns a commission no matter who procures the buyer, even the owner. (Reclassified to section 6 / CORE.)

Question 3

An investor buys a rental house for $350,000; the land is valued at $75,000. Using straight-line depreciation over 27.5 years, the annual depreciation deduction is:

Accepted Answer

Only the building depreciates: $350,000 - $75,000 = $275,000; $275,000 / 27.5 = $10,000. Using the full price gives $12,727 (wrong).

Question 4

Commissioners on the South Carolina Real Estate Commission serve terms of:

Accepted Answer

Section 40-57-50 sets four-year terms. Two years is the license renewal cycle, which is why it is a common wrong answer.

Question 5

On the $20,000 commission above, the listing broker keeps 50% and pays 50% to the buyer's broker. How much does the buyer's broker receive?

Accepted Answer

$20,000 x 0.50 = $10,000 to the buyer's broker.

Question 6

An associate uses an AI tool to write a listing description that overstates the home's square footage. Under South Carolina law:

Accepted Answer

Section 40-57-820, added by Act 204, makes licensees responsible for work product created with AI assistance.

Question 7

A buyer purchases a $300,000 home with a $60,000 down payment. What is the loan-to-value (LTV) ratio?

Accepted Answer

Loan = $300,000 - $60,000 = $240,000; $240,000 / $300,000 = 80% LTV. (20% is the down payment percentage.)

Question 8

A lender approves a $276,000 loan and the buyer wants to keep an 80% LTV. What is the maximum purchase price?

Accepted Answer

Purchase price = loan / LTV = $276,000 / 0.80 = $345,000. ($220,800 wrongly multiplies by 0.80.)

Question 9

A property sells for $350,000. What is the state portion of the deed recording fee?

Accepted Answer

$350,000 / $500 = 700 units. State share: 700 x $1.30 = $910. County share: 700 x $0.55 = $385. Total: $1,295.

Question 10

A buyer contracts to buy a home for $300,000, but it appraises at $290,000. The lender offers 75% LTV. What is the maximum loan?

Accepted Answer

LTV is applied to the LESSER of price or appraised value: $290,000 x 0.75 = $217,500. Using the $300,000 price ($225,000) is the common mistake.

Question 11

Annual taxes of $5,400 are paid in arrears at year-end. Closing is June 15, and the seller owns the day of closing. Using a 360-day year, what is the proration?

Accepted Answer

Daily = $5,400 / 360 = $15. Seller owned Jan 1-Jun 15 = 5 months + 15 days = 165 days. 165 x $15 = $2,475. Because the buyer will pay the whole bill later, the seller is debited and the buyer credited.

Question 12

When a seller rejects an offer, the licensee must deliver a Commission-promulgated rejection form to the offeror within:

Accepted Answer

Section 40-57-135(I)(5) requires the rejection form within 48 hours of the rejection.

Question 13

According to S.C. Code §40-57-10, the primary purpose of the South Carolina Real Estate Commission is to:

Accepted Answer

Section 40-57-10 states that the Commission regulates the industry to protect the public's interest in real estate transactions. Promoting the industry sounds plausible, but it is a trade association function, not the Commission's statutory purpose. The Commission never sets commission rates.

Question 14

A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

Accepted Answer

In an exclusive agency listing, the seller pays no commission on a self-sale, but the listing broker is protected if any broker sells it. (Reclassified to section 6 / CORE.)

Question 15

Within how many days must a broker-in-charge notify the Commission that the office's email address has changed?

Accepted Answer

Section 40-57-135(A)(8) requires notice within ten days of a change to office name, address, email, or phone. Five days is the deadline for a BIC who leaves the office.

Question 16

When must a South Carolina licensee give a potential buyer or seller the Commission's brokerage relationship disclosure?

Accepted Answer

Section 40-57-370(A) requires the explanation and the Commission-prescribed form at the first practical opportunity after substantive contact. Waiting until the contract or closing defeats the purpose.

Question 17

When a broker appoints one salesperson to represent the seller and another salesperson in the same office to represent the buyer, this is:

Accepted Answer

Designated agency assigns separate agents within one brokerage; the broker is still a dual agent and written consent is required.

Question 18

A rectangular parcel measures 330 feet by 660 feet. How many acres does it contain?

Accepted Answer

Area = 330 x 660 = 217,800 sq ft; 217,800 / 43,560 = 5 acres.

Question 19

A seller wants to net $250,000 after paying a 6% commission and $6,000 in other closing costs. To the nearest dollar, what must the sale price be?

Accepted Answer

Net + other costs = $256,000, which equals 94% of the price (100% - 6%). Price = $256,000 / 0.94 = $272,340.43, about $272,340. Adding 6% to $256,000 ($271,360) understates the price.

Question 20

A lender offers a 95% LTV loan. The buyer has $18,000 for the down payment. What is the maximum purchase price?

Accepted Answer

At 95% LTV the down payment is 5% of price. Price = $18,000 / 0.05 = $360,000; loan = $342,000.

Question 21

A home sells for $389,000. The seller pays a 5% commission, a $212,600 mortgage payoff, $1,200 attorney fee, $1,950 transfer tax and $600 in other costs. What are the seller's net proceeds?

Accepted Answer

Commission = $389,000 x 0.05 = $19,450. Total costs = $19,450 + $212,600 + $1,200 + $1,950 + $600 = $235,800. Net = $389,000 - $235,800 = $153,200.

Question 22

A borrower paid $3,150 in points on a $210,000 loan. How many points were paid?

Accepted Answer

Points = cost / loan = $3,150 / $210,000 = 0.015 = 1.5 points (1 point = 1% of the loan).

Question 23

For disclosed dual agency, when must the seller sign the Commission's dual agency consent?

Accepted Answer

Section 40-57-350(I) requires the seller's consent before the seller signs the sales contract.

Question 24

An owner knows the crawl space floods but marks "no representation" for that item. Under Commission regulation 105-14:

Accepted Answer

Regulation 105-14 states that choosing "no representation" does not excuse disclosure of known information. An owner who knowingly conceals a problem faces liability under §27-50-65.

Question 25

A licensee pleads guilty to a felony. How must the licensee notify the Commission?

Accepted Answer

Section 40-57-710(A)(10) makes it a ground for discipline to fail to report such a conviction to the Commission in writing by certified mail within ten days. Telling the BIC does not satisfy the duty.

South Carolina real estate math practice test

1. A rectangular lot is 100 ft by 150 ft. How many square feet is it?

2. A listing agreement in which the broker earns a commission regardless of who sells the property is a(n):

3. An investor buys a rental house for $350,000; the land is valued at $75,000. Using straight-line depreciation over 27.5 years, the annual depreciation deduction is:

4. Commissioners on the South Carolina Real Estate Commission serve terms of:

5. On the $20,000 commission above, the listing broker keeps 50% and pays 50% to the buyer's broker. How much does the buyer's broker receive?

6. An associate uses an AI tool to write a listing description that overstates the home's square footage. Under South Carolina law:

7. A buyer purchases a $300,000 home with a $60,000 down payment. What is the loan-to-value (LTV) ratio?

8. A lender approves a $276,000 loan and the buyer wants to keep an 80% LTV. What is the maximum purchase price?

9. A property sells for $350,000. What is the state portion of the deed recording fee?

10. A buyer contracts to buy a home for $300,000, but it appraises at $290,000. The lender offers 75% LTV. What is the maximum loan?

11. Annual taxes of $5,400 are paid in arrears at year-end. Closing is June 15, and the seller owns the day of closing. Using a 360-day year, what is the proration?

12. When a seller rejects an offer, the licensee must deliver a Commission-promulgated rejection form to the offeror within:

13. According to S.C. Code §40-57-10, the primary purpose of the South Carolina Real Estate Commission is to:

14. A listing where the seller may sell themselves without owing commission, but only the listing broker among agents is protected, is:

15. Within how many days must a broker-in-charge notify the Commission that the office's email address has changed?

16. When must a South Carolina licensee give a potential buyer or seller the Commission's brokerage relationship disclosure?

17. When a broker appoints one salesperson to represent the seller and another salesperson in the same office to represent the buyer, this is:

18. A rectangular parcel measures 330 feet by 660 feet. How many acres does it contain?

19. A seller wants to net $250,000 after paying a 6% commission and $6,000 in other closing costs. To the nearest dollar, what must the sale price be?

20. A lender offers a 95% LTV loan. The buyer has $18,000 for the down payment. What is the maximum purchase price?

21. A home sells for $389,000. The seller pays a 5% commission, a $212,600 mortgage payoff, $1,200 attorney fee, $1,950 transfer tax and $600 in other costs. What are the seller's net proceeds?

22. A borrower paid $3,150 in points on a $210,000 loan. How many points were paid?

23. For disclosed dual agency, when must the seller sign the Commission's dual agency consent?

24. An owner knows the crawl space floods but marks "no representation" for that item. Under Commission regulation 105-14:

25. A licensee pleads guilty to a felony. How must the licensee notify the Commission?

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