Real Estate South Carolina Pre-license Flashcards

Real Estate South Carolina Pre-license Flashcards implied agencycreated only by the acts of the parties, dangerous - could create an agency relationship accidentally w/o a written agreement. NOT good ad valoremproperty taxprimary residence 4%other residence 6%assessed value x millage rate = annual property tax Common law obligations to third partieshonesty, fair dealing, material facts agentone engaged to represent and be under control of a principal express agencywritten agreements, mandatory in SC SC Real Estate Commissionregulates the real estate industry, sets policy, standards, compliance, conducts disciplinary hearings and decides them. May not get involved with commission disputes.Fines 100-1000 per violation, suspends, revokes licenses, public reprimands.blockbustingscaring people into selling by playing on racial fears Agency disclosuremust be presented at the first practical opportunity, where there is substantive contact exclusive right to selllisting broker gets paid if it is sold by ANYONE Federal Fair housing lawenforced by HUDCivil rights act 1968 - Fresh corn - familial (children under 18 living with parents, pregnant person), religion, sex, handicap, color, race, national origin)Can file a complaint with HUD - 1 yearCourt - 2 years redliningbankers not lending based on a protected class or area where property is located Tenancy in Commontwo or more ownersmost commoneach owner owns a part undivided, upon death transfers to heirscan have separate deeds or just oneeach owner has a right to transfer his interest to anyone he chooses Townhouseowner owns land and structuremeasure interior but assume 6" for exterior wall, 3" for shared walls Sherman and Clayton Actsanti-trust laws that promote competition. prevents price fixing, group boycotts, agree not to compete, SC Dept of LLC (Labor, Licensing and Regulation) government under governor, example of police power.Oversees licensing laws Liena charge against a property to provide security. Can be created by agreement, by law or the court. Priority of payment is usually based on date and time recorded.2

types:specific - against property i.e. mortgage lien, property

tax, mechanics and special assessmentsgeneral - against individual person (normally involuntary) ie judgement, income tax lien

Tenancy in Severalitysole ownership common lawdecisions and decrees of judges designated agentcreated by SC statute. on of the individual subagents in a brokerage who is assigned by the BIC to represent one client in a specific in house transaction that would otherwise be a dual agency. Client gets full representation.Must be two licensees, one for the buyer and one for the seller. Agency agreement must be signed before writing offer and before accepting offer. Allowed in SC but is not allowed in common law.Condocollective ownership, own no land just airspace between the wallscommon elements held by tenants in commonsquare footage is inside not out like regular realtyowner has title to unitcommon elements taxed separately and paid by HOA Escheatthose who die intestate and have no heirs lose their property to the state Legal descriptioninformal - street address (can be used for rentals but not for sale)metes and bounds - used by original 13 coloniesplat maptopo maptax map - most important used in daily real estate - find in tax recordsrectangular- not used in SC which uses metes and bounds. based on imaginary lines of latitude and longitude Marketable Titletitle to real estate that is free and clear of liens and title defects Non-conforming useimprovement that is not consistent with current zoning ordinance because it existed before the ordinance passed.can be terminated if damaged more than 50%, abandoned, is a nuisance Deedtransfers marketable legal title from the Grantor to the Granteeevidence of ownershipLegal title passes when deed has been delivered and accepted TrumpsState law trumps common law License Lawrenew every two years by June 30, is to protect public interest Securities - Condocondos sold and put into a rental pool depreciationdivide 100% by the economic life Easement releasedominant releasesmerger of two propertiesabandonment by dominant considerationsomething of value in exchange of..is not required to create an agency relationship attorney-in-factperson authorized by a power of attorney Upzoning and downzoningup - more dense usedown - less dense use special agenthired for a specific service, limited authority, does not have continuous service

Accounting recordsmust be kept for 5 years C corpCorp is taxed, stockholders only taxed on dividends statutesstate or federal laws PUDplanned unit developmentusually used to cluster homes closer together than would otherwise be allowed by zoningproperty owners usually own the land under their homes agency relationshipone in which an agent is hired by a principal to represent him in legal or business dealings with third parties square measureArea= length x width LLCmembers taxed like a partnership Lead paintbuilt before 1978 mill.001 Land TrustTitle held by a trustee - owner retains rightsCan be used to hide identity of owner Suit to Quiet titlecourt action to settle issues on title Ordinancesset of rules and setbacks est. by planning and zoning board assessed valuemarket value x assessment rate = assessed Value Timeshare - interval ownership...fair housing law exemptionsown no more than 3 housesmost recent residentnot using a realtorrenting a room in your housereligious organizationprivate club(none of the above can discriminate based on race though) Easementright to cross property that belongs to anotherdominant - the property benefiting from the easementservient - the property burdened Insurable TitleTitle can be insurable but doesn't mean it is marketable steeringguiding potential buyer or renter away due to protected class Police powerrestrictive power used for public good termination of agencylegal- i.e. death of principal or client or agent, performance (best), etcacts of parties - mutual agreement, breaches Handicap requirements4+ units since 1991all areas accessbileif more than one floor 1st floor has to have this, remaining floors have to also IF there is an elevator Agency agreements (listing/buying agreement) must be written, state agents duties/services, amount of compensation, how and when earned, if/how compensation will be divided amount coop brokers, retainer fees, signatures of all parties, price of property. Cannot auto-renew Easement licenseprivilege for specific purpose i.e. hunting, fishingcannot be transferred First lienad valorem (property taxes) and special assessmentsGov't gets their before all others

subagentan agent of an agent, two types: in-house and cooperative

Encroachmentimprovement crosses the property line of the adjoining property Cooperativeowner buys stock in the corp that owns the building and in turn receives a proprietary leaseconsidered personal property Eminent Domainright to take for public good given by the governmentcondemnation is the act of taking through eminent domain dual agenta firm that represents both a seller-client and a buyer-client.neither client gets full representation. If same agent reprents both, it MUST be dual agency.exclusive agencylisting broker does not get paid if owner sells Economic characteristics of real estatescarcity - supply and demandimprovementspermanence of investmentlocation Equitable Titleit is a right to get legal title at a later dateie purchase and sale contract (most common) trianglearea= base x height /2 Cloud on titleoutstanding claim on title Encumbrancesliens (lis pendens), easements, licenses (the right granted to one party to utilize the real property of another and can be terminated at any time. If you allow, verbally or in writing, a neighbor or friend to store a vehicle or boat on your property), and encroachments Quitclaim Deednormally used to remove clouds on titleno claim of ownershipdoesn't warrant anything Fiduciary Duties (OLDCAR)Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Reasonable Care Tax Deedreceived in a tax sale 12 months after sale and previous owner has had a chance to pay taxes S corpstockholders taxed but corp is not Estate pur autre viefor the life of another - other than the life of the tenant RegimeHOA Variancedeviates from zoning requirements riparianrivers and streamsown land up to center line of water real propertyland plus man made additiontransferred with a deed Easement created by prescriptionopen, continuous trespass for a period of time usually 10 years trade fixturesused in a tenants businessie signs, shelving, coolers, equipment Special or limited warranty deedlimited to owner's time periodno warranty against defects real estate licensenegotiating real estate for pay. Broker-150 hours education

• years in sales, pass broker exam. Salesman- 60 hour

pre-license, state exam, 30 hour post license within 1 year, take 8 hours every two years. Can be inactive to avoid the