SC REAL ESTATE EXAM REVIEW Flashcards

SC REAL ESTATE EXAM REVIEW Flashcards what does a squatter not have to show that he has received from the owner?permission in a sale and lease back agreement, the buyer becomeslandlord/lessor

• main disciplinary actions that the RE Comm can take

against realtor revocationfine up to 1000 per violationsuspensionpublic reprimand if the interest is paid after the period after it is earned?in arrears in a land contract, when does the seller give the legal title to the buyer after final payment an option contract binds the....seller if seller agrees to allow selling agent to keep any dollar amount over certain price net listing if lender discriminates against marital status or age or public assistance ECOAequal credit opportunity act if deed contains 5 covidents/warranty (5 star general)general warranty deed confidentiality is part of fudiciary, what else could it be worded as?loyalty if a licensee wants to transfer companies by mail transfer form sign it and new BIC. Send in old license, thy will send new license///////can be done online what is the first step to cost approach? estimate costs to what replacement/reproduction of improvements broker in charge, receives earnest money at start o acceptance/written acceptance offer, how long does he have to deposit it 48 hours, excluding bank holidays and weekends dispute of earnest money, what does BIC do? hold money until dispute is resolved by written agreement or court order what if new terms are made to contract, what should we make client do initial and date potential grounds for disciplinary action fraudforgerycomingling----steeringblockbustingredlining on the contract, it states that "time is of the essence" if one party is not ready which party to can declare breach whatever party is ready if you are listing agent, seller signed buyers agreement, what should happen next?return signed contract to buyer's agent under landlord tentant-15 days leaving dwelling without no reason or no rent abandonment can you do property management with a real estate licenseyes What kind of liens can be searched by public record. what can you find?mechanics lieneasementsmortgageheirs if state want to aquire a piece of property for a road, what is this called?eminent domain what is the max against someone selling real estate without a license up to 500 and or up to 6 months in jail

if you have a planned development.....what is the other name used?PlannedUnitDevelopmentMASTER PLANNED

COMMUNITY

independent contractor- realtoris self employed under lead paint act, it applies to houses built before?1978 if property is grandfathered out of current zoningnon conforming use based upon scope of authority, what is a property managergeneral agent when license is revoked how long to reapply 1 year appraiser is appraising is a restaurant, which approach should be used in appraisal income when is it legal to represent both buyer/seller dual agency form is signed by both clients under ADA, employees applies to what kind of employees?15 or more employees what kind of title does the buyer get when entering into a binding contract equitable title if home lacks of indoor plumbing it suffers from functional opsolence if the type of property has no limit on use when it is inheritable fee simple jones vs mayer (supreme court ruling)Race standard title insurance, does it cover parties with possession with unrecorded rights no if a buyer chooses not to be represented a customer what are the 4 tests for a fixture of a property annexationadaptationintentionagreement what specific lien are not recorded in public recordproperty taxesspecial assessments if investors are talking about of return o property in certain area capitalization rate a buyer signs agreement and it doesn't matter who procures the sale exclusive buyer agency agreement who has stronger possession on deeds, recorded or unrecorded deed?recorded deed can a broker in charge be over move than 1 branch office at a time yes if condo discriminates against man with minor childrenfamilia status buyer makes offer, what happens to the earnest money if offer is revoked it is returned

• ways to deal with risk in property management avoidcontrolretaintransfer

what type of inspection should buyers get home inspection landlord tenant act-what essential service does he provide access to heat--hot/cold water--electricity if a contract is signed under diress?voidable what fed law requires lender to provide a statement of all fees and charges RESPAreal estate settlement procedures act in sc, net/price listing illegalyes who doesn't have to have a real estate license ownerattorneytrustees/receiversforrestergovernment employee when you receive a deposit, where do you deposit totrust account

may real estate agent give discounts to a member of his ethic group no depreciation approachphysicalfunctionalexternal latent material defects what do not count are not includedstigma defectspsychologicaldeath or manor of deathvirus not transmitted through houseoffsite hazardssex offender under civil rights act of 1968, may a private social club restrict club lease or sale yes----this is called open membership example of a general lienjudgement buyers agent to keep buyer informed of new potential properties disclosure if a senior citizen wants to get cash out of a house, what can they apply or reverse mortgage if tenant puts in bookshelves, can they remove them at the any time, even at the end of the lease?yes, they are considered trade fixtures a lease agreement states that tenant can stay until landlord gives notice?tenancy at will under the superfund act, what are the 3 types strict liabilityjoint/severalretroactive form of tenancy that expires on a certain date tenancy of years may a lender refuse a loan to a member of a protected group with poor credit yes what events will terminate a selling agreement death of sellersubstantial destruction of propertymutual releaseexpiration dateloss of title A, B & C are joint tenants with right of survivorship. A & B allow C to sell to D then B dies. What are A & D?A & D are tenants in common what type of property does the seller has to complete the seller disclosure residential for or under previously occupied

• main exceptions of to our duty of confidentialitycourt orderconsentdefend
• approaches to valuesales comparisonincomecost approach

bitsy's home is smallest home in larger home area. what does she benefit from progression what FED law requires the lender to state finance charges as an a interest rate truth in lending act or as also known Regulation Z how often do realtors renew licensesevery 2 years by June 30th which I the end of the fiscal year what are the 3 requirements to receive commission licensewritten agreementsale if agent states on no they are moving into neighborhoodblockbusting (Paul Revere) where does the common law common law come from England but now court decisions coastal zone management-erosion of two things that affect the set back lines sand dunes and beach front how long do you need to wait to reinstate your license after it is revoked

• yr

civil rights act of 1866, unique on no acts of racial discrimination how many hours of continuing education do you need8 hrs every 2 years under statute of fraud, contracts must be in what form to be enforcable in writing

buyer's agent tells the wrong zoning ( fudiciary duty)reasonable care primary feature of joint tenancyright of survivorship if property is deeded as a recreational use only determinable fee broker in charge has a duty to notify the real estate commission when a sales person moves yes if loan is not fully amortized, what will the last payment be?balloon payment or the client usually refinance buyer has how many days to test for lead paint 10 days in an appraisal, when we apply the 3 approaches to valuereconciliation- 3 approaches to value what type of deed will cure a cloud on a title quit claim deed what can zoning enforce/say?set back lineusecoverageheightdensitybuilding materials if seller is killed in an accident, what happens to the agreement it is terminated what events can terminate an offerrevocationacceptancedeathdestruction of propertyexpiration/lapse of timerejection/counteroffer if agent channels away or to a certain area, based on protective status steering under homestead act, 3 groups that qualify for discount?62 age elderlydisabledlegally blind the listing agent listed a parcel was smaller than listed.Could they be liable?yes A conveys a life estate to B, when B dies, C gets the property. What does C have in the life o B C has remainder interest adjustable rate mortgage is tied to an economic indicatorindex what kind of damages does earnest money cover liquidated damages what state legislative act lets local govt zone enabling acts