Course Exam Flashcards

Fortune Academy 60 Hr Pre Licensing South Carolina Real Estate Course Exam Flashcards According to the SC residential landlord tenant set, when may a tenant terminate a lease due to a landlord's failure to commence accessory repairs after receiving written notice?14 days During agent Brenda's listing presentation, seh explained to the seller that the only type of listing her broker will allow her to accept is one whereby the sellers agree to give up the right to sell the property themselves and not pay a commission to the listing brokerage. What type of listing is Brenda describing?An exclusive right to sell listing Even though a broker may hire a salesperson as an independent contractor, the broker is still responsible for which of the following?All real estate activities of the salesperson What SC law states that there can be no prepayment penalties on real estate loans below a certain amount?The SC Consumer Protection Code Connie & Dan are renting an apartment on a periodic month-to-month arrangement. They found out that the property will be foreclosed upon soon. What choice best describes Connie & Dan's situation?They could have to move within 90. days if the property sells to someone who intends to use it as a primary residence.What is the best method ofr estimating the value of a unique property, such as a school?The cost approach What is the most accurate choice regarding a licensee's obligation to customers?Customers are entitled to a licensee's honesty and limited confidentiality What does the covenant "seisin" mean in a general warranty deed?The grantor is warranting that they do have ownership interest in the property and the right to transfer the property What characteristic is necessary for an estate to have an estate in property?A person must have a way to possess the property The city constructed a new fire station and EMT facility near Louis' home. He should benefit from improved emergency services & lower insurance rates. To help pay for the new facility, the city increased the taxes for all the area properties that will benefit from the improved service.These additional taxes are known by what term?A special assessment The developer wanted a uniform appearance to the houses in a new subdivision; consequently, the developer required the homes be at least 1,800 heated sq. ft., constructed with brick or cedar siding and have at least 5 in 12 slope to the roofs. How were these requirements created?Covenants, conditions & restrictions While performing a title exam, the closing attorney found there has been a lawsuit filed which, if successful, could affect the title to the property. In what courthouse record

did the attorney find this information?Lis Rendens What is the sole purpose of a deed?To transfer ownership of real estate property

Wayne deeded a small condo to his mother with an ordinary life estate. Wayne's mother decided to move to a warmer climate. Consequently, she sold the condo to Judy.Wayne's mother passed away a few years later. What is the disposition of the condo?The condo ownership will revert to Wayne In a real estate sales transaction involving a mortgage loan, who would be the mortgagee?Lender Jay, Kevin & Lance are 3 appraiser students who have all been assigned to perform an appraisal on an old apartment building. Which appraiser will estimate the highest value if Jay believes a 5% return on investment is reasonable, Kevin uses a 7% return & Lance uses an 8%?Jay uses a 5% return (0.05) Which of the following activities may a salesperson not do?Assist the client in writing contingency clauses in offers A parcel of land valued at $300,000 sold for $5/sq. ft. It's 250' wide. How deep is it?240' Who is eligible for reverse annuity mortgage? A homeowner aged 62 or older who owns their home outright or have substantial equity What SC agency is allowed by HUD to handle fair housing discrimination complaints in the state?The SC Human Affairs Commission A licensee was going door to door in a subdivision, telling all the owners that there was a minority family about to move into the neighborhood and that their home values would certainly drop. The agent then offered to buy the property at a very low price, with the undisclosed intention of reselling it at a higher price. What fair housing violation was this agent attempting?Blockbusting Sonny & Cheryl purchased a timeshare property in coastal SC. In addition to making the payments to purchase the timeshare, for what additional fee will they be responsible?An annual maintenance fee

• college roommates rented a home. The living room floor

partially collapsed and the landlord refused to make any repairs. The roommates stopped paying rent, they moved out and notified the landlord that they were terminating the lease. What actions were the roommates taking?Constructive eviction Renee is a salesperson licensed with Howe realty, which allows licensees to practice every form of brokerage relationship allowed by SC law. Renee has a buyer client interested in one of her own listings. What is true of Renee's situation?She may work as a dual agent, providing limited services to her buyer and seller An owner of an 8-unit apartment building lived in one apartment & rented out the others. A Korean woman applied to rent the apartment but the owner refused based on her nationality. Was the owner acting legally?No, because it is illegal under the fair housing act to discriminate on the basis of race, color, or national origin What is servient tenementThe property over which an easement runs

What is the term for an agreement between competent parties to do or not do something legal for stated consideration?A valid contract Which of the following is allowed to be done via electronic communication?Communication of real estate purchase agreements An older home that needs painting, carpeting, cleaning, and a new roof would be an example of what type of depreciation?Curable physical depreciation With what agency are timeshare comm required to register?The SC Real Estate Commission What document explains agency & non-agency affiliations and describes the choices available to consumers; but does not create an agency relationship?A disclosure of real estate brokerage relations Brenda and Bob wanted to receive the highest reasonable price possible when they sold their home. They considered repainting the exterior, adding additional landscaping, and installing a swimming pool. Barbara their agent stated that the painting and landscaping were great ideas. But she strongly recommended against adding a swimming pool for fear the sellers wouldn't get back the money invested.What economic principle was Barbara applying when making her recommendations?Contribution What is the purpose of the Dodd Frank Act? To give consumers better info about financing and closing costs Dan wanted to open a diner in a new rural industrial park.The planning and zoning commission believed that the diner would be an asset to the industrial park.Consequently, they changed the zoning for 1 lot. So that the diner could be build. What action did the committee take?They rezoned one lot to allow for the diner The single parent of a middle school child filed a complain with the SC Human Affairs Commission about a recent private rental advertisement stating a 2 bedroom, 2 bathroom cottage "was ideal for a married couple." What is the most likely outcome from this complain?The leaser was found to have violated the familial status section of the Fair Housing Act According to contract law, what would happen if the leaser would die with 6 months remaining on a residential lease?The leasee remains in possession of the property under the original terms of the lease Which of the following is not currently a protected class under the federal fair housing act?Age What federal agency oversees financial disclosure and closings involving new closed and consumer loans?The Consumer Financial Protection Bureau What 2 actions must a licensee take when casual intro conversation with a buyer moves to a substantive conversation about real estate?Give the buyer a disclosure of brokerage relationship form, accompanied by an explanation of the types of agency