60 hour CE Shop SC

Transfer fees can be assessed on real property sales at a rate of

$1.85 per $500 of the sales price and are typically paid by the seller.

calculate how much of first monthly payment is interest =

(loan amount x interest rate) / 12 = interest

Complaints filed with Housing and Urban Development (HUD) must be made within

1 year

Court-ordered supervision may last as long as _____ if a brokerage is guilty of violating antitrust law.

10 years

fair housing complaints must be submitted to the commission in writing within how many days of the discriminatory act?

180

Consumers must report possible violations to the South Carolina Human Affairs Commission, in writing, within ____ of the discriminatory action.

180 days

How long does a licensee who's been revoked have to wait to get a new license ?

3 years

The South Carolina Administrative Procedures Act sets the appeal process, which must be started within ____ of the commission's final ruling.

30 days

One acre =

43,560 SqFt

The landlord may place an evicted tenant's personal possessions by a public street or highway, and have them removed by the trash haulers on their scheduled run, or remove them for disposal ____

48 hours post-eviction

If the seller is a non-resident individual, partnership, trust, or estate, ____% of the non-resident seller's recognized gain must be withheld

7

Of the South Carolina Real Estate Commission ____ members are active real estate professionals. ____ are elected by state house and senate members, and ____ is elected by other commission members.

8, 7, 1

What does the Federal Trade Commission consider to be an unfair ad?

Any ad or business practice that causes or is likely to cause injury

In a designated agency relationship, certain parties are considered dual agents. Who?

Broker and associated licensees

A South Carolina agency agreement can be viewed as a(n) ___________.

Employment contract between a client and brokerage

Buyers in a transaction are owed duties from the seller's agent. Which of these are duties they can expect?

Honesty and actions performed within scope of expertise

non-licensees are paid

Hourly, salaried, or per activity cannot receive part of commission earned

What does a balloon payment represent at the end of a loan term?

It means that some principal remains at the end of the loan term.

What attracts borrowers to adjustable rate mortgages (ARMs) ?

Lower initial interest rate

CAP RATE =

NET ANNUAL OPERATING INCOME / VALUE

Federal fair housing laws protect classes such as:

National origin, sex, disability, and familial status

Tiers in the rectangular government survey system are formed by ______.

Parallel township lines

Use variance

Permission to use the land for a purpose prohibited by current zoning restrictions b/c it could cause economic hardship

In South Carolina, the ______ must include the names of the parties, the offer terms and dates, and the signature of the licensee who presented the offer to the seller.

Real Estate Offer Rejection Form

What should be consulted in determining if something is an encroachment

The survey will show exact property lines

According to South Carolina's Residential Landlord and Tenant Act, what's the largest amount a landlord can require for a security deposit?

There's no limit

Why are galvanized pipes a problem in older homes?

They can rust and cause leaks and low water pressure

What can help a licensee avoid being accused of unauthorized practice of law?

Using approved fill-in-the-blank forms

Easement _____ is when the dominant estate owner takes action that shows a clear intent to stop using the easement

abandonment

A broker-in-charge has supervisory responsibility over the actions of

all associated licensees, which includes salespersons, brokers, and unlicensed employees. (vicariously liable)

Describe a right-of-way easement

allow pass-through and can be as short as a driveway or as long as a railroad track

The property tax will be calculated on the ____ of the home

assessed value

When a landfill is put out of commission, it is

capped

Which economic principle is related to supply and demand?

competition

An attachment lien is when

courts place on encumbrance on the property of a defendant in a lawsuit for monetary damages

The Ocean & Coastal Resource Management (OCRM) regulates

critical areas in the state through the Coastal Zone Management Program.

In an amortized loan, the interest portion of the mortgage payment generally ______ over the life of the loan.

decreases

The agency agreement includes

description of services, compensation and fee information, start and end dates, and other items.

An encroachment is a

fixed intrusion onto another person's property

Salespersons and brokers must take at least ___ of the 10 hours on mandated topics. A broker-in-charge must also complete ___ hours on advanced topics as part of their 10 hours.

four , four

Value =

income / rate

The sales comparison approach doesn't factor in any

income a property may have generated; that's an aspect of the income approach

A quitclaim deed provides _____; it only guarantees that the grantor is transferring _____

no warranties or covenants , any interest or title he or she may have in the property

Is there an agency relationship in transaction brokerage?

no, non-representative

Listing agreements expire (terminate) when?

on the date of expiration noted in the agreement

South Carolina law requires smoke detectors be installed in all ____ family residential dwellings, including manufactured homes, regardless of whether the property is owner- or tenant-occupied.

one- and two-

A South Carolina broker-in-charge must have _____ and be ____

ownership interest in the brokerage and be actively engaged in its management and operations.

Tenants with a triple net lease pay

taxes, insurance, maintenance (TIM)

A moratorium is

temporary halt to any new development for certain time with community's best interest in mind.

covenants are enforced by

the civil court system

The parties to the listing agreement are

the listing broker and the seller.

The U.S. Department of the Interior's Bureau of Land Management regulates

the rectangular survey system

In full disclosure states, _____ is responsible for completing a disclosure form.

the seller

Requests for variances and special use permits must be submitted to

the zoning board of appeals

Licensees only receive commission through

their own broker cannot receive directly for real estate activities

The boundaries of townships are

township lines, which run parallel to baselines meridian, and range lines, which run parallel to principal meridians

Unlicensed assistants may perform administrative tasks only, and may only write real estate ads ____

with their broker-in-charge's approval.

The broker-in-charge must notify the real estate commission of changes to name or contact information within ___ days

10 days

If the non-resident seller is a corporation, ____% must be withheld

5%

One mile = 1 Sq mile = 1 acre =

5280 feet 640 acres 43560 sq feet

A time share unit week usually consists of ______ consecutive calendar days.

7

To qualify for the homestead exemption in South Carolina, the owner must hold either a life estate or ______ to the residence.

Complete fee simple

loan that's insured and that only required a down payment of 3.5%

FHA loan (federal housing authority)

similarities between an open listing and an exclusive agency listing

In both types of listings, the seller won't owe a commission if she finds the buyer herself.

When purchasing a short sale or foreclosure, what's one of the biggest frustrations buyers face?

The length of time it takes to purchase a distressed property

When state and federal laws conflict, as they sometimes do with fair housing and/or human rights _____

The state law may not remove rights granted to citizens under the federal law

When a property owner wishes to convey her property to a new owner, she will generally use

a deed

Foggy windows indicate

broken seals on dual pane windows

Who pays the transfer tax and when ?

buyer at closing closing agent will pay the transfer fee on the buyers behalf when recording the deed

items that "run with the land"

continue to be in effect when the property changes hands. A lease agreement is one of these items. Water bills are another

Title insurance protects property buyers from

financial loss due to title defects (incorrect ownership). However, it covers only those items included in the policy

First substantive contact generally means before discussing

financial, confidential, or motivational information with a consumer.

Purchasers have ____ from the date they sign the contract to notify the seller in writing that they wish to cancel.

five days (not including Sunday)

Property disclosures must be retained, along with other transaction-related documents, for at least ____

five years

Records related to a real estate transaction must be kept, and available upon commission request, for at least ____

five years

A fee simple defeasible estate includes the

full bundle of legal rights, but ownership may be terminated if the required condition is violated

No matter how well a licensee performs his tasks, a listing agreement is considered terminated by completion/performance only

if it successfully closes

Plottage is the economic principle that the

joining or assemblage of two neighboring land parcels increases the property value

Most townhome communities perform ____

landscaping and exterior services such as snow removal since these are paid for through association dues

If a foreclosed property goes to auction and doesn't sell, title goes back to the ____, and the property is considered ____ by that lender

lender , real estate owned

Lenders use the _____ of the sales price or appraised value to base the loan-to-value

lesser

A statutory duty of agents representing buyers is to

look for properties that meet the price and terms the buyer is looking for

Avulsion

loss of land by a sudden, large-scale change in water flow. A hurricane would create a sudden large change in water flow

Regression is when a

lower-quality property is adjacent to a higher-quality property, and it can diminish the value of the higher-quality property

What's one of the most fundamental of all fiduciary duties, and is the one that underlies all other duties?

loyalty

Listing agents must ____ but must disclose material facts to ____

maintain seller confidentiality , all parties

Warranties will detail the course of action if a claim is disputed. Most often, ____ occurs first, then ____.

mediation , arbitration

Homestead exemption applicants must have been a South Carolina resident for at least ____ prior to applying for exemption, among other criteria.

one year on or before December 31 of the year

The South Carolina Real Estate Commission does ?

receives complaints, investigates them, holds hearings, and issues disciplinary action.

All advertisements must include

the full name of the licensee's real estate brokerage firm. If a licensee is part of a team, the team name needs to be included as well.

Township lines form strips of land known as

tiers, and townships fall within these tiers

The fiduciary duty of disclosure relates to the licensee's responsibility

to disclose material facts and conflicts of interest