SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS

SOUTH CAROLINA REAL ESTATE EXAM PRACTICE QUESTIONS

Flashcards

An easement by prescription may establish: use of property

When a loan is made on real property, the loan depends on what security?the value of the property being purchased An estate can best be described as:The sum total of all the real and personal property owned by an individual at the time of death he Residential Property Condition Disclosure form applies to transactions that involve no more than, how many units?4 Mortgage "discount" points only apply if which of the following conditions are met?The interest rate on the mortgage loan has been lowered by 1% for each point charged.Disabled people are protected under Fair Housing law when renting in multi-family units. How many units must be in the construction, in order for the law to apply?4 If a person is obtaining a loan through the government (FHA and VA), which entity provides the funds for the government loan?ginnie mae A "blighted area" means an area that,in its present condition and use substantially impairs or arrests the sound growth of the municipality, retards the provision of housing accommodations, or constitutes an economic or social liability, and is a menace to the public health, safety, morals or welfare.The residue of an estate`REMAINDER A development map that shows the location and sizes of lots and streets is known as a grid plan A real estate investment trust, which is also a real estate syndicate, requires at least this many investors according to federal law?100 This limits the amount the interest rate can increase or

decrease over the life of the mortgage:

a life cap How long must a Broker in Charge or Property Manager in Charge retain their Trust Fund Account records?

• years

how many acres are in a section?640 Does South Carolina have homestead laws? YES

A conventional loan is a loan that is NOT issued by:The government

In the event that parties do not comply with the bulk sales law as outlined in the Uniform Commercial Code, the buyer

is likely to be:

the most injured A Certificate of Reasonable Valueis issued once the appraisal has been completed on a property being purchased with a VA loan.The fund set aside for replacement of common property in

a condominium, PUD or cooperative project is called a:

Replacement reserve fund

Which of the following isn't part of a deed? novation Disposition (which can also be called alienation), refers to the disposal of something.In real estate it is a right of alienation to do this with real property.In an area neighborhood that has a home in a dilapidated state that would require extensive remodeling to be compared to other homes in the area, what would this be

an example of:

incurable depreciation The broker's loan statement must include (among other things) estimated costs including escrow, title, appraisal, notary, recording, and credit investigations.A recipient of a high cost loan on a property in South Carolina must receive counseling on the advisability of the loan When a property value is determined by the highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell,

would accept, this would be termed as:

Fair market value If Betty has a mortgage and it becomes in default, the lender can demand payment by means of a clause in the

contract called a(n):

accelerated clause

The height of most ceilings in a single family home is:8 ft

In a lease-purchase, the tenant-buyer wants to purchase a property but does not have the down payment or ability to purchase the property outright. Which of these occurs with the rental payments?a portion of the rental payment will be applied to purchasing price Who is responsible for maintaining a habitable property and for complying with local housing and building codes in a rental situation?Lessor Homeowner's association usually enforceCC&Rs The Truth in Lending Act (TILA) is implemented by regulation Z If Mary really wants to purchase John's house, and tells John's agent that she is willing to pay $560,000 for it

instead of the list price of $540,000, John's agent should:

Tell john

A mortgage is also sometimes referred to as a: first trust deed

the process of obtaining a new loanloan origination If a church, school, or hospital wishes to relocate to an area

zoned exclusively for residential use, they could do so by:

conditional use The usefulness of property relating to its ability to satisfy a potential buyer's need or desire such as to provide shelter

or income is termed:

Utility

Standing trees would be considered:real property

A licensed agent working under John, a broker, withdraws funds from John's broker trust account with John's permission. The agent is licensed but not bonded. This

transaction would be:

illegal In a case in which the seller refuses to pay the broker a commission and the broker does not sue the seller, what

can the sales agent do to receive the commission due to him/her?sue the broker

Jeremy is a lender for a several loans. Once a year Jeremy performs a duty to make sure he is collecting the appropriate amount of money for the anticipated

expenditures. This action that Jeremy takes is called a(n):

escrow analysis Which laws are intended to protect consumers from excessive interest rates on loans?usury laws Lenders will always order this before making a loan.an appraisal

A deed is a legal document that:conveys title to the property

When a corporation holds title to land, under whose or what name holds the title?the charter Salespersons must present any client monies received, to their broker, within

• business day

When referring to the "back" or "bottom" ratio, it includeshousing costs + monthly debts What is the difference between market value of a property and the debt on the property including all liens?equity Any encumbrance placed on a property without the owner's

consent is considered:

an involuntary lien May eviction and foreclosure notices be delivered electronically in South Carolina?

NO

Common law refers to:An unwritten body of law based on general custom in

England and used in some states to a certain degree After getting the real estate salesperson license, how often must you take Continuing Education classes?10 hrs every 2 years Which of the following are examples of negotiable instruments?draft, check, promissory note A landlord is allowed to access the premises unannounced

in which they own for:

Only in case of emergency Real property where all the owners own the property, common areas, and building together but with the exception of the interior of the unit to which they have title

is called:

a condominuim When purchasing a Vacation Time Sharing Plan, the consumer may cancel the contract up to how may days after signing?5 What does an appraiser do?Establish market value The FHA uses what to pay lenders, within the limits, resulting from foreclosure?Mutual Mortgage Insurance

A title search would show:clouds

Betty Broker presents an offer to her seller, but the terms are not acceptable to the seller. What form must Betty complete?an offer rejection form The amount per $1,000 used to calculate taxes on property is the milliage rate Mortgage loans with fluctuating rates are termed asARM