Term
An individual who is authorized and consents to represent the interests of another person is a/an: |
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Definition
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Term
| The agent's obligation to use his skill and expertise on behalf of the principal arises under the fiduciary duty of: |
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Definition
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Term
| Broker neil represents Carla but is currently working with Kristen to fina a home. In this situation which of the following correctly identifies the parties in this relationship? |
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Definition
| Neil is Carla's agent; Kristen is Neil's customer |
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Term
| Who is the agent's principal? |
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Definition
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Term
| In SC the broker may engage in all of the agency relationships listed below EXCEPT: |
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Definition
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Term
| An agent representing the seller hat a duty to disclose to his principal all of the following EXCEPT: |
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Definition
| the agent's advertising budget, |
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Term
| When must a licensee preform agency disclosure when working with a buyer? |
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Definition
| When they first meet to show a property |
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Term
| A person who is designated by the principal to represent them in a broad range of matters related to a particular transaction or action is a? |
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Definition
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Term
| An affiliation of trust and confidence is a ________ relationship. |
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Definition
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Term
| a person who wants the assistance of a licensee but chooses not to enter into an agency relationship is a? |
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Definition
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Term
| When must a licensee preform an agency disclosure, when working with a seller? |
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Definition
| at the listing presentation |
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Term
| When a broker appoints one agent to work with the buyer and a different agent to work with a seller in the same transaction he/ she has appointed them to be _________ agents |
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Definition
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Term
| A broker is to ________, as an affiliated licensee is to ________ |
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Definition
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Term
| When is dual agency legal in SC? |
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Definition
| When both parties have been informed and have given written consent. |
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Term
which of the fiduciary duties listed survive the agency relationship?
care,
obedience,
loyalty,
accounting, |
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Definition
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Term
| who has responsibility over staff and their actions? |
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Definition
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Term
| licensed agents may not provide ANY professional services without an? |
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Definition
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Term
| a relationship in which one party places special trust, confidence, and reliance in and is influenced by another has a _______ ______ to act for the benefit of the party in the confidential relationship |
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Definition
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Term
| a person 'client' who empowers another 'agent' to act as his or her representative in a real estate transaction. |
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Definition
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Term
| An agent who is appointed by another agent, the broker in charge and for whom the principal agent is responsible or liable |
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Definition
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Term
| In a real estate transaction who provides compensation to the real estate licensee? the principal or the client? |
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Definition
| It does not matter who is who, you are paid by whomever hired you. |
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Term
| All parties that are not represented by the agent in the real estate transaction are considered? |
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Definition
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Term
| Someone who desired services of an agent but opts not to establish an agency relationship for legal representation. |
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Definition
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Term
| an attorney or agent who may or may not be a lawyer who is given written authority to act on another's behalf as specified by a power of attorney |
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Definition
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Term
| when an agent represents only one client in a real estate transaction either the buyer or seller |
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Definition
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Term
| when an agent represents two clients in the same real estate transaction, both the buyer and seller |
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Definition
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Term
| before you can advise a buyer in any what you must have a ________________ signed |
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Definition
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Term
| means the agent and subagent and fully liable for all their obligations |
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Definition
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Term
| what are the three types of agents? |
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Definition
| universal, general, special |
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Term
| type of agent authorized to act on behalf of the a client with a very broad authority |
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Definition
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Term
| one authorized to represent a client on behalf of another agent |
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Definition
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Term
| _________ Agent is also typically the Broker in Charge for a principal buyer/ seller |
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Definition
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Term
| When an agent is representing a principal and the identity is known to third parties |
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Definition
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Term
| When an agent is representing a principal without disclosing who the principal is or even they they are representing a principal. |
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Definition
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Term
| When an agent is representing a principal by disclosing to third parties of an agency relationship but does not disclose the identity of the principal |
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Definition
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Term
| Obedience, full disclosure, loyalty, accounting, reasonable care, and confidentially are the six ______ duties agents owe their principal |
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Definition
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Term
| you are allowed to negotiate for your principal when what is given? |
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Definition
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Term
| What Fiduciary duties are limited in a dual agency transaction? |
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Definition
| obedience, loyalty, and disclosure |
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Term
| what fiduciary duties are NOT limited in a dual agency transaction? |
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Definition
| Confidentiality, accounting, and reasonable care |
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Term
| this form is given to a seller and fully explained at the first selling getting |
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Definition
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Term
| When on the phone for the first time with a potential client do not discuss anything |
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Definition
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Term
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Definition
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Term
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Definition
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Term
| this form of agency agreement allows for the seller to hire one or as many brokers as they choose to represent them as their agent |
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Definition
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Term
| The seller may only hire one agent to represent them in the sale of their home |
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Definition
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Term
| the seller agrees to an agency listing in which they may only hire one agent to represent them in the sell of their home. |
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Definition
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Term
| this form of agreement will require the seller to pay the agent a commission regardless of who sells the property |
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Definition
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Term
| a sale type that is illegal in SC |
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Definition
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Term
| this listing creates an agreement between the seller and agent that the seller will get an agreed upon amount and the agent will get the difference. |
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Definition
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Term
| All real estate listing laws are designed to protect the |
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Definition
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Term
| this form of agreement allows for the buyer to hire one or as many Agents as they want to find them a home |
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Definition
| Open buyer representation |
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Term
| buyer agrees to an exclusive agency buyer representation agreement may only hire one agent to represent them. The buyer will be liable for payment of a commission only if they purchase a home through them. |
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Definition
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Term
| this form of agreement requires the buyer to hire only one agent and will be liable to the agent for a commission if they purchase a home. |
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Definition
| exclusive right to purchase |
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Term
| an agent represents both the buyer and the seller in the same transaction. this requires written informed consent from both parties. |
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Definition
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Term
| When two sub agents are both working for the same BIC, one of them works for the seller and the other the buyer. is what kind of agency agreement? |
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Definition
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Term
| two fiduciary duties that never expire after agency is terminated |
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Definition
| accounting and confidentially |
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Term
| a broker acting for both the buyer and the seller in the same transaction. |
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Definition
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Term
| the relationship of a broker to his client is that of a |
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Definition
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Term
| when may an agent divulge client confidential information |
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Definition
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Term
| a sales agent has a client that would like to make an offer on a listing the company has listed. both the seller and the buyer want full representation. This would require a __________ agency agreement |
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Definition
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Term
| Agency disclosure requirements apply in all of the following transactions EXCEPT |
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Definition
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Term
| Consent to disclosed dual agency can be withheld by ______ either party before a specific transaction |
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Definition
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Term
| In SC a buyer's agent ___ offer properties the client has interest in to other potential purchasers |
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Definition
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Term
| the type of listing agreement that provides for payment of a commission to the broker even thought owner makes the sale without a broker's is is called an |
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Definition
| exclusive right to sell listing |
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Term
| a listing in which a payment of the commission is contingent on the broker's being able to sell the property before the owner can |
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Definition
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Term
| property that is fixed, immovable and indestructible |
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Definition
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Term
| is land and all the things attached to it |
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Definition
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Term
| a piece of land including the air above and the earth below, or structures on it. |
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Definition
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Term
| an act of attachment can change personal property to |
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Definition
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Term
| this type of property may be called, movable, goods, chattel, emblements, and personalty |
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Definition
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Term
| man made additions to the land including buildings, fences, paving, pipelines, bridges, and landscaping |
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Definition
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Term
| articles which were once personal property but which has now become a part of the real estate because it is permanently attached to the soil or something that is attached to the soil. |
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Definition
|
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Term
| mortgage, tax, special, and mechanic's are types of |
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Definition
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Term
| federal tax, state tax, and decedent's debt are the three types of |
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Definition
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Term
| Priority of Liens ensures all liens will be paid off in the order of priority established by ______ and ______ |
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Definition
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Term
| The phrase "bundle of legal rights" is properly included in the definition of |
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Definition
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Term
| According to law, a trade fixture is usually treated as |
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Definition
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Term
| Which of the following is NOT properly described by the word "improvement"? |
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Definition
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Term
| real property can become personal property by |
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Definition
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Term
| Which of the following is NOT a physical characteristic of land? |
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Definition
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Term
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Definition
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Term
| This legal desription must commence and finish at the same identifiable point. |
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Definition
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Term
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Definition
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Term
| certain items installed on a premises by tenants and related to their business are called |
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Definition
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Term
| Which is not considered to be personal property? |
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Definition
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Term
| fee simple with executory interest ensures that real restate given for a specific use will always be used for that use. or that land real estate can be |
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Definition
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Term
| which has the highest degree of ownership |
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Definition
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Term
| Kim and Tina bought an investment property and took title as joint tenants. Kim died. Tina now owns the property in: |
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Definition
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Term
| Ability to regulate the use, zoning laws, to control and categorize land uses enforced through ordances are: |
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Definition
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Term
| When someone dies without a will or an heir the state will claim the property under this power: |
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Definition
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Term
| Federal government enabling the state counties to collect funds is: |
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Definition
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Term
| The government's right to take property as long as it benefits the public and the owner is compensated is called: |
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Definition
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Term
| a rental property has been appraised at $92,500 If the millage rate is 127 mills, what are the property taxes? |
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Definition
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Term
| What type of tax relief is available under the SC Homestead Exemption for a person who is over the age of 65? |
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Definition
| $50,000 reduction in tax appraised value |
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Term
| In SC a reduction in real property taxes for a personal residence may be available to all but who? |
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Definition
| a 26 year old single parent |
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Term
| the purpose of building permits is to ensure compliance with |
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Definition
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Term
| Deed restrictions are NOT created by which of the following? |
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Definition
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Term
| An exception to a zoning ordinance is a type of a: |
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Definition
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Term
| The plat for a proposed subdivision is submitted to the |
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Definition
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Term
| Restrictive covenants that run with the land apply to and bind _________ owners of the property. |
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Definition
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Term
| The primary intent of zoning ordinances is to assure that proposed land uses conform with the |
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Definition
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Term
| The condemnation of private property for public use is allowed under the state's right of: |
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Definition
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Term
| Which of the following is NOT an example of public land use control? |
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Definition
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Term
| This loan is used to purchase a home and allows you to deduct mortgage interest paid on acquisition indebtedness up to a total of 1.0 million. up to two residences. |
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Definition
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Term
| This limits you to borrowing up to $100,000 against the _______ of your home, and is used for whatever you want. |
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Definition
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Term
| This provides property tax relief for south carolinians who are 65+, legally blind, or permanently disabled. It excludes the first $50K from the fair market value of your legal residence. |
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Definition
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|
Term
| during closing to get a lower interest rate deduction points are used, one point equals ____% of the loan amount. |
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Definition
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Term
| the difference between what you paid for the property and what you received when you sold it. |
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Definition
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|
Term
| The income approach to value would be most important in the appraisal of a |
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Definition
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|
Term
| Which is not a characteristic of value? |
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Definition
|
|
Term
| The term depreciation refers to the |
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Definition
| loss of value in real estate from any cause |
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Term
| What is the most important part in the appraisal process? |
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Definition
| highest and best use of the property? |
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Term
| poorly maintained properties in the neighborhood can cause |
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Definition
|
|
Term
| It is necessary to calculate a dollar value for depreciation when using which of the following? |
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Definition
|
|
Term
| the income approach as used by an appraiser makes use of which of the following? |
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Definition
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Term
| This approach requires you to calculate the value of the land separately from the value of the improvements. |
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Definition
|
|
Term
| analyzing the results obtained from the three approaches to value |
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Definition
|
|
Term
| the gross rent multiplier is used as a guideline for estimating value based on the relationship of |
|
Definition
| sale prices to the rental income |
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Term
| an appraiser is responsible for |
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Definition
|
|
Term
| the estimated perlacement cost of the building is used in the ______ approach |
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Definition
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|
Term
| the sales comparison approach to the value would be most important when estimating the value of a |
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Definition
|
|
Term
| in the income approach the appraiser makes use of: |
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Definition
|
|
Term
| to find the value of a property using the income approach to value; if the net operating income and capitalization rate were known, the appraiser would: |
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Definition
| divide he net operating income by the capitilazation rate. |
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Term
| the period of time over which an improvement to the property will remain useful for its original purpose is known as its |
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Definition
|
|
Term
| the appraiser's analysis and comparison of the results of all there appraisal approaches describes: |
|
Definition
|
|
Term
| in the cost approach an appraiser uses which of the following? |
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Definition
| estimate of the building's replacement cost |
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Term
| the loss of value due to the normal wear and tear on a property is called: |
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Definition
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|
Term
| an appraisal is needed for a renovated home, which is now being used as a veterinarians office. Which approach to value would be the best? |
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Definition
|
|
Term
| amount of a loan compared to the sale price; it can be expressed as a percentage of either value. |
|
Definition
|
|
Term
| ______ loans have an Loan to value (LTV) ratio typically ranging from 98.75% to 97.75% |
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Definition
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|
Term
| _______ loans allow for 100% financing, thus having no LTV requirement. |
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Definition
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|
Term
| This fee is charged by the lender for arranging the loan |
|
Definition
|
|
Term
| No loan will be granted for a purchase without a qualifying |
|
Definition
|
|
Term
| instead of getting a second distinct mortgage the borrower can pay a new lender who remits the payment on the first mortgage to the mortgage lender. This is called a _______ mortgage |
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Definition
|
|
Term
| when a mortgage payment is smaller that the interest due and causes the loan to increase rather than decrease. |
|
Definition
|
|
Term
| finance both real and personal property together in a loan is called a |
|
Definition
|
|
Term
| a _________ mortgage allows a developer to purchase land and sell off individual lots, as the lots are sold they will drop off the mortgage |
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Definition
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|
Term
| A type of mortgage that is typically one to five years and mortgages when the seller is also the lender the title is required to pass to the buyer at the time of the agreement. |
|
Definition
|
|
Term
| an agreement between a buyer and seller whereby the seller finances the sale price of the property on an installment method and retina the title until the obligation is paid in full or until some prearranged time |
|
Definition
| Contract for deed, (Installment land contract. |
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Term
| under an installment contract, the title of the property is held by the: |
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Definition
|
|
Term
| a mortgagor is the one who |
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Definition
|
|
Term
| a _______ note makes the borrower personally liable for the debt |
|
Definition
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|
Term
| The fee charged by a mortgage broker to arrange a loan is a loan __________ fee |
|
Definition
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|
Term
| An existing mortgage loan can have its lien priority lowered through the use of a |
|
Definition
|
|
Term
| the amount of a loan expressed as a percentage of the value of the real estate offered as collateral is the |
|
Definition
|
|
Term
| The purpose of the Real Estate Settlement Procedures Act (RESPA) is to: |
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Definition
| Help borrowers know and understand all their settlement costs. |
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Term
|
Definition
|
|
Term
| This loan to an individual is NOT affected by the truth in lending law under Regulation Z |
|
Definition
|
|
Term
| a real estate loan payable in periodic installments that are sufficient to pay the principal in full during the term of the loan is called a: |
|
Definition
|
|
Term
| an extension of credit from a seller to a buyer to allow the buyer to complete the transaction is called a: |
|
Definition
|
|
Term
| Lenders must cease charging for Private Mortgage Insurance (PMI) when the Loan to Value (LTV) reaches |
|
Definition
|
|
Term
| The type of mortgage loan that uses both real and personal property as security is a |
|
Definition
|
|
Term
| The type of loan that will most likely have the lowest loan to value ration is a __________ loan |
|
Definition
|
|
Term
| Which of the following is active in the secondary mortgage market |
|
Definition
|
|
Term
| the purpose of a mortgage is to |
|
Definition
| provide security for a loan |
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Term
| it is the _______ responsibility to personally verify all information used in marketing. |
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Definition
|
|
Term
| __________ laws are are government regulated restrictions on how a particular piece of land can be used. |
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Definition
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|
Term
| The primary intent of _______ ordinances is to assure the proposed land uses conform with the master plan |
|
Definition
|
|
Term
| a change can be made to a zoning ordinance with a |
|
Definition
|
|
Term
| ____________ is a small strip of land used to separate conflicting land/ zone types |
|
Definition
|
|
Term
| a buyer promising to buy and a seller promising to sell is an example of a _________ agreement |
|
Definition
|
|
Term
| an agreement in which both parties exchange promises for each to do something in the future. |
|
Definition
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|
Term
| An agreement to pay in exchange for performance of a task is a ___________ agreement |
|
Definition
|
|
Term
| a contract in which all parties have fulfilled their promises and thus performed the contract |
|
Definition
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|
Term
| a contract which has not been fully fulfilled by one or more of the parties. |
|
Definition
|
|
Term
| offer and acceptance, legal consideration, competent parties, and legal purpose; are essential elements of a: |
|
Definition
|
|
Term
| If the buyer defaulted some time ago on a written contract to the purchase a seller's real estate, the seller can still sue for damages if he is not prohibited from doing so by the: |
|
Definition
|
|
Term
| what action returns a contract's parties to their position before the contract, including returning of any deposit? |
|
Definition
|
|
Term
| __________ is Not essential to the formation of a contract? |
|
Definition
|
|
Term
| When a prospective buyer makes a written purchase offer that the seller accepts, then the buyer received a __________ title to the property |
|
Definition
|
|
Term
| After the buyer and seller have signed a sales contract, the seller changes his mind and defaults. The buyer then may sue him for |
|
Definition
|
|
Term
| a buyer agency agreement must contain all of the following Except |
|
Definition
| notification of intent to cancel after expiration date. |
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|
Term
| The provision in a listing agreement that gives additional authority to the broker and obligates the broker to distribute the listing to other brokers is a/ an |
|
Definition
|
|
Term
| Last month broker Wanda took a listing on a property. She now learns that her client have been declared incompetent by the court. Her listing is now: |
|
Definition
|
|
Term
| to assign a contract or agreement means to |
|
Definition
| transfer one's rights under the contract |
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Term
| If a lessee pays some or all of the lessor's property expenses, this would be a |
|
Definition
|
|
Term
| This form of lease allows for automatic increase of decrease in rent |
|
Definition
|
|
Term
| a ___________ lease is typically used in commercial retail establishments. and provides that a percentage of the gross income will be charged as the rental amount. |
|
Definition
|
|
Term
| a ___________ lease requires the pennant to pay part or all of the operational and maintenance costs of the property. |
|
Definition
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|
Term
| a __________ lease requires the landlord to pay all operating expenses. Primary used in residential leases. |
|
Definition
|
|
Term
| a __________ lease ensures rents are reflective of market conditions and provides for periodic rent increase or decrease |
|
Definition
|
|
Term
| a __________ lease is an agreement in which a tenant is permitted to develop a piece of property during the lease period. at the end of the lease all improvements will be owned by the property owned |
|
Definition
|
|
Term
| a method creditors use to enforce a judgment. When a creditor wins a judgment against a defendant in civil court, and the defendant does not pay the creditor can force sale by filing in court for a execution on property. |
|
Definition
|
|
Term
| Counties will auction real estate at a ______ in order to recover diligent monies owed by the current owner. |
|
Definition
|
|
Term
| The processes by which title to another's real property is acquired without compensation by holding the property in a manner that conflicts with the owner's rights for a statutory period of time |
|
Definition
|
|
Term
| The gradual and imperceptible addition to land by alluvial deposits of soil through natural causes such as shoreline movement by a river or tide. |
|
Definition
|
|
Term
| the increase in the area of land due to sediment which is deposited by a river |
|
Definition
|
|
Term
| gradual recession of water in a sea or lake leaving permanently dry land. |
|
Definition
|
|
Term
| The sudden movement of soil from one property to another as a result of a flood or shift in the course iof a boundary stream |
|
Definition
|
|
Term
| When one dies intestate (without a will) and any heirs the property will revert to the state |
|
Definition
|
|
Term
| The buyer will have a ___________ title at the time the contract of sale is ratified |
|
Definition
|
|
Term
| a ________ Title can be granted by deed or will and represents proof of legal ownership of real property |
|
Definition
|
|
Term
| a document which list the names of all grantors and grantees that have or had interest in the property |
|
Definition
|
|
Term
| a condensed history of all grants, conveyances, and judical proceedings affecting title to the property. |
|
Definition
|
|
Term
| a title to real estate that is free and clear of liens or other title defects; enables the owner to sell the property freely to others |
|
Definition
|
|
Term
| an aceptable piece of evidence that a title is Marketable is a _________ certificate |
|
Definition
|
|
Term
| The title to real estate passes when a valid deed is: |
|
Definition
|
|
Term
| The primary purpose of a deed it to: |
|
Definition
|
|
Term
| a special warranty deed differs from a general warranty deed in that the grantor's covenant in the special warranty deed |
|
Definition
| applies only to a definite limited time |
|
|
Term
| a third party holds title to property on behalf of someone else through the use of a |
|
Definition
|
|
Term
| in a real estate transaction, transfer taxes that are due and charged to: |
|
Definition
| the parties as agreed in the contract of sale. |
|
|
Term
| real estate that is inherited from a person who dies testate is referred to as a |
|
Definition
|
|
Term
| The signature of the grantee is ________ not required for a deed to be valid |
|
Definition
|
|
Term
| The reversion of real estate to the the state because of the lack of heirs or other person's legally entitled to own the property is called |
|
Definition
|
|
Term
| What is the basic purpose of acknowledgment before a notary public in signing a deed? |
|
Definition
| To Show the genuineness of the grantor's signature |
|
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Term
| what is not required when acquiring ownership of property by adverse possession |
|
Definition
|
|
Term
| in the premises paragraph of a deed is a clause that conveys the rights and privileges of ownership. This clause is called the _______ clause |
|
Definition
|
|
Term
| number of square feet per acre? |
|
Definition
|
|
Term
| number of linear feet per mile? |
|
Definition
|
|
Term
| a Deed stamp will cost $3.70 per ________ in sale price |
|
Definition
|
|
Term
| an account set up by the real estate firm who acts as a stakeholder on behalf of the seller, to hold deposit funds |
|
Definition
|
|
Term
| Using public's monies for some purpose other than what it was intended to be used for. illegal |
|
Definition
|
|
Term
| Mixing the publics money with personal or company monies. illegal |
|
Definition
|
|
Term
| a false statement of fact or an action that deceives |
|
Definition
|
|
Term
| Stating an opinion that may exaggerate reality. illegal. make sure what you say is true in your opinion |
|
Definition
|
|
Term
| The civil right's act of 1866 prohibit any limitation of property rights based on: |
|
Definition
|
|
Term
| The agency responsible for the enforcement of fair housing act is the department of |
|
Definition
| housing and urban development |
|
|
Term
| the federal fair housing act does not prohibit discriminating on the basis of |
|
Definition
|
|
Term
| the practice whereby mortgage lenders figuratively draw a red line around minority neighborhoods and refuse to make mortgage loans available inside the red lined area |
|
Definition
|
|
Term
| There are no exceptions to fair housing law for |
|
Definition
|
|
Term
| Guiding prospective homeowners to or away from certain neighborhoods is called |
|
Definition
|
|
Term
| Under the federal fair housing act it is illegal to discriminate because: |
|
Definition
|
|
Term
| People with disabilities have the right that reasonable accommodations be provided to them, under the: |
|
Definition
| American's with disabilities act |
|
|
Term
| The provisions of the federal fair housing act apply in ______ states |
|
Definition
|
|
Term
| Statements by a real estate licensee exaggerating the benefits of a property are called |
|
Definition
|
|
Term
| When conducting disciplinary hearings for alleged violations, the real estate commission can initiate a temporary |
|
Definition
|
|
Term
| upon determination by the commission that one or more of the grounds for discipline exists, the commission may |
|
Definition
| impose a fine between $100 and $1,000. |
|
|
Term
| Activities requiring a real estate license include all of the following EXCEPT for selling a: |
|
Definition
|
|
Term
| When a licensee becomes disassociated with a broker in charge or property manager in charge for any reason the BIC or PMIC must notify the commission _____________ and furnish a forwarding address |
|
Definition
|
|
Term
| after revocation of a license, a new license may not be issued to the same individual within a period of one year from the date of revocation or at any time thereafter, except |
|
Definition
| Upon an affirmative vote of a majority of the members of the commission |
|
|
Term
| someone submitting to the commission satisfactory proof that the person is trustworthy, has a good reputation for honesty and fair dealing, and is competent to transact the business of a real estate licensee. Is attempting to |
|
Definition
| seek licensure after a revocation |
|
|
Term
| all licensees must ensure their license is renewed by: |
|
Definition
| June 30th every two years |
|
|
Term
| Should a licensee not renew their license by June 30th their license will be: |
|
Definition
|
|
Term
| Real estate licensing courses in South Carolina are good for |
|
Definition
|
|
Term
| for a salesman license, one must complete _____ hours of pre license training? |
|
Definition
|
|
Term
| To become a licensed broker in south Carolina one must have _____ years real estate experience and pass the exam |
|
Definition
|
|
Term
| to be licensed as a property manager one must complete how many hours of classroom training? |
|
Definition
|
|
Term
| An applicant who passes the examination must apply for a license with in ________ or the applicant must reapply for and retake the examination |
|
Definition
|
|
Term
| An individual who at the time of application holds a real estate license in another state or jurisdiction or whose real estate license in another state or jurisdiction expired not more than six months before application is required to only pass the _______ portion of the exam to qualify for a licensure |
|
Definition
|
|
Term
| When applying for a license by reciprocity, non resident licensees must file an irrevocable consent to |
|
Definition
|
|
Term
| When applying for a license by reciprocity, non resident licensees are not required to maintain a |
|
Definition
| place of business in South Carolina |
|
|
Term
| a resident licensee who becomes a non resident must notify the commission in writing within_____ days |
|
Definition
|
|
Term
| As a condition of active license renewal, a broker or salesman shall provide proof of satisfactory completion of ____ hours of continuing education. with ____ hours coving state and federal laws affecting licensees every two years |
|
Definition
|
|
Term
| Brokers or salesmen taking more than the required number of hours during a two year period may carry forward _______ excess hours to another renewal period |
|
Definition
|
|
Term
| Every BIC or PMIC must maintain for a minimum of five years and shall furnish to the department upon request a copy of a |
|
Definition
| lease, contract for sale, listing contract, agency agreement |
|
|
Term
| Every BIC or PMIC must maintain for a minimum of ____ years records of all leases, all contracts, statements, and agency agreements. |
|
Definition
|
|
Term
| Security deposits received in the agent's personal rental transaction are not required to be deposited in a trust account |
|
Definition
|
|
Term
| Disputed trust funds can be disbursed in the following way |
|
Definition
| written agreement between the parties |
|
|
Term
| Action may be instituted against a real estate licensee by a customer for information contained in the residential property condition disclosure form is the real estate licensee is a signatory to the report |
|
Definition
|
|
Term
| No cause of action may arise against a licensee for failure to disclose the |
|
Definition
| location of a registered sex offender |
|
|
Term
| making a intentional misrepresentation in response to a direct inquiry can result in |
|
Definition
|
|
Term
| It is acceptable for a seller to ______________ that would create a desire for the buyer to use his recommended service providers. |
|
Definition
|
|
Term
| a resident licensee may pay a part of his commission on a cooperative basis to a licensee of another state if that licensee does not conduct any of the negotiations for which the fee compensation or commission is paid in this state. |
|
Definition
|
|
Term
| If you are representing a seller as a single agency client what forms should be used? |
|
Definition
| an agency disclosure brochure and listing agreement |
|
|
Term
| The services you must give to a customer do NOT include |
|
Definition
|
|
Term
| Practicing dual agency without the full written knowledge and consent of all parties is: |
|
Definition
| a violation of license law |
|
|
Term
| In a designated agency, there are two subagents with ____ client each |
|
Definition
|
|
Term
| for a real estate agent to receive compensation in a transaction from more than one party is acceptable with: |
|
Definition
| full knowledge and written consent of all parties |
|
|
Term
| A South Carolina a real estate license is not allowed to guarantee a buyer future ______ |
|
Definition
|
|
Term
| An unlicensed salesman negotiated the sale of real estate. The commission is payable to: |
|
Definition
|
|
Term
| In south Carolina real estate license law is administered by the South Carolina |
|
Definition
|
|
Term
| ________ is not protected under the fair housing laws |
|
Definition
|
|
Term
| Who makes and enforces al rules by which all licensees must abide? |
|
Definition
| SC real estate commission |
|
|
Term
| If convicted of possession and distribution of a controlled substance while out of your state and you then take more than 10 days to report the conviction you have. |
|
Definition
| violated the 10 day notice rule and violated the commissions rules. |
|
|
Term
| An agent's license renewal fee has been returned for insufficient funds. The SC Real Estate Commission may: |
|
Definition
| take disciplinary actions against the licensee |
|
|
Term
| A licensee may have a license revoked by the SC Real Estate Commission if the licensee |
|
Definition
| fails to inform the tenant that the security deposit will be held by the owner of the property , not the management company |
|
|
Term
| the SC fair housing law provides protection from discrimination for all classes EXCEPT |
|
Definition
|
|
Term
| A housing discrimination charge must be filed with the SC Human Affairs Commission within ____ Months |
|
Definition
|
|
Term
| A licensee on inactive status may |
|
Definition
| not conduct any real estate activities |
|
|
Term
| With a real estate license you may also |
|
Definition
|
|
Term
| When a licensed broker in charge changes his or her place of business the BIC must notify the SC Real Estate Commission within _____ days |
|
Definition
|
|
Term
| In SC Licenses are renewed biennially, by |
|
Definition
|
|
Term
| When a broker in charge has his license suspended for two years, what effect does this have on the associate brokers and sales people affiliated with the BIC? |
|
Definition
| Their licenses must be returned to SC Real Estate Commission. |
|
|
Term
| A BIC applies for a branch licensee giving a name that clearly connects his second office to the primary one. The BIC then names a licensed real estate agent as the office manager. Under these facts could the BIC receive approval for the branch office? |
|
Definition
| Yes, if the SC Real Estate Commission approves one broker acting as BIC of two offices |
|
|
Term
| In SC a real estate assistant is allowed to compute commission checks, answer advertising questions, prepare and distribute flyers etc. but they cannot hold an |
|
Definition
|
|
Term
| the office manager for a local real estate firm is responsible for paperwork coordination, preparing forms and advertising and hiring. However they are exempt from |
|
Definition
| real estate licensing requirements |
|
|
Term
| Under SC law who is exempt from the continuing education requirements for license renewal? |
|
Definition
| a licensee who have completed a property management course. |
|
|
Term
| successfully completing 150 hours of approved real estate courses, being at least 21 years old, and being of good moral character are all requirements for a: |
|
Definition
|
|
Term
| ___ hours of of continuing education are due every two years to maintain your license |
|
Definition
|
|
Term
| Eight hours of continuing education are due every ___ years to maintain your license |
|
Definition
|
|
Term
| a person who employs fewer than 3 agents is required to: |
|
Definition
| be a licensed real estate BIC |
|
|
Term
| A BIC allowed her license to lapse what penalties could be incurred? |
|
Definition
| A $500 fine and or 6 months imprisonment upon conviction |
|
|
Term
| A licensee who wishes to manage condominiums |
|
Definition
| can have a provisional real estate license |
|
|
Term
| A SC real estate sales person may lawfully collect compensation from |
|
Definition
| his employing broker only |
|
|
Term
| if a ready, willing ,and able seller accepts the buyer's offer in writing then backs out of the deal, in this situation the Broker is: |
|
Definition
| entitled to collect a commission |
|
|
Term
| If a licensee violates a provision of the license law, the licensee may be subject to a temporary |
|
Definition
|
|
Term
| A broker's acting acting for both the buyer and the seller in the same transaction; This would be considered a |
|
Definition
|
|
Term
| the rules of law that apply to the responsibilities of a person who acts as agent for another defines: |
|
Definition
|
|
Term
| A sales agent has a buyer-client that wishes to put in an offer on a property that the company has listed. Both the seller and the buyer want full representation. Which type of agency would satisfy this request? |
|
Definition
|
|
Term
| Disclosed dual agency would most likely occur in a company that does not provide |
|
Definition
|
|
Term
| Agency disclosure requirements apply in all of the following transactions EXCEPT |
|
Definition
|
|
Term
| Consent to disclosed dual agency can be withheld by either party before a |
|
Definition
|
|
Term
| A buyer is interested in seeing a house with ALPA realty but does not wish to enter into an agency relationship. A salesperson from BETA realty can show the buyer the house if |
|
Definition
| Alpha realty obtains the seller's written consent to sub agency |
|
|
Term
| a seller lists their house with a broker and tell them they want $118,000 whatever the broker can get on top of that will be his commission this type of listing is called a: |
|
Definition
|
|
Term
| Under which of the following listing agreements can owners of listed property sell the property on their own without having to pay the listing broker a commission? |
|
Definition
| Exclusive agency listing and an open listing |
|
|
Term
| A seller and a buyer agree that a property condition disclosure statement need not be completed for a specific transaction. In SC this is |
|
Definition
| permitted if both parties agree in writing |
|
|
Term
| What obligations does a broker have to a buyer who wishes to purchase beach property? |
|
Definition
| disclose the existence of the SC Coastal Zone Management Act and its possible impact on the property |
|
|
Term
| The salesperson's brother is interested in purchasing a house listed with the agent's company. the sales person |
|
Definition
| must disclose the family relationship to the seller. |
|
|
Term
| The agency disclosure form is an information brochure that must be acknowledged in a representation agreement |
|
Definition
|
|
Term
| the Residential Property condition disclosure statement form must be presented to the buyer _____ to ratification of the sales contract. |
|
Definition
|
|
Term
| several weeks after a closing an associate broker received a thank you letter with a nice bonus check. If he were to personally cash this check he would be in: |
|
Definition
| Violation of SC Real Estate Commission regulations |
|
|
Term
| Upon obtaining a listing, a broker or licensed salesperson is obligated to: |
|
Definition
| give the person or persons signing the listing a legible, signed, true, and correct copy. |
|
|
Term
| financial consideration for the use of real property is defined as |
|
Definition
|
|
Term
| This tenancies does not involve a lessor-lessee relationship |
|
Definition
|
|
Term
| a lessee who pays some or all of the lessor's property expenses has a |
|
Definition
|
|
Term
| The principal difference between an estate for years and an estate from year to year is that. |
|
Definition
| an estate from year to year has no expiration date |
|
|
Term
| the owner of real estate who leases it to another is called the: |
|
Definition
|
|
Term
| of the essential services that are required by the SC residential landlord and tenant act heat, electricity, and hot water are required however ______________ is not. |
|
Definition
|
|
Term
| If a tenant's whereabouts are not known how many days must the landlord wait before declaring abandonment? |
|
Definition
|
|
Term
| a tenant vacated the property because the landlord refused to fix the hot water heater. This is called a |
|
Definition
|
|
Term
| The onsite property manager for Acme Apartments is responsible for negotiating leases for the apartments, in the position the on site manager must have a |
|
Definition
| real estate or property manager's license |
|
|
Term
| If a hot water heater breaks in a tenants apartment the landlord is required to fix it: |
|
Definition
|
|
Term
| In SC if a landlord wants to terminate a month to month tenancy, how much notice must the tenant receive? |
|
Definition
|
|
Term
| in SC a landlord may terminate the rental agreement if a tenant fails to pay rent within how many days of the scheduled pay date? |
|
Definition
|
|
Term
| security deposits must be returned to the tenant within ____ days and contain a detailed deduction list. |
|
Definition
|
|
Term
| a tenant pays rent and a security deposit both the rent and the security deposit may be kept in the same escrow account |
|
Definition
|
|
Term
| Provisions under the SC Vacation Time Sharing Plan Act require that funds from a time share sale be placed in an |
|
Definition
| escrow fund for a certain period |
|
|
Term
The four unities of possession, interest, time, and title are associated with which of the following?
community property
ownership in severalty
tenants in common
joint tenancy |
|
Definition
|
|
Term
| A man owns one of 20 units in a building in a fee simple, along with a 5 percent ownership share in the parking lot, recreation center and grounds. what type of property does he own? |
|
Definition
|
|
Term
All of the following can be considered real property except for:
cooperative ownership
ownership in severalty
condominium ownership
tenancy in common |
|
Definition
|
|
Term
| in describing the location of real estate the system that mayuse a property's physical features to determine boundaries and measurements is? |
|
Definition
|
|
Term
| how many square feet are in one acre? |
|
Definition
|
|
Term
A corporation owns a parcel of land. Under the law its ownership is?
trust
partnership
severalty
survivorship tenancy |
|
Definition
|
|
Term
| The increase of a lots size by the permanent lowering of the adjoining pond levels it? |
|
Definition
|
|
Term
| Personal property becomes real property by the process of |
|
Definition
|
|
Term
All of the following are characteristics of land except
Location
Immovable
unique
indestructible |
|
Definition
| Location, is primarily an economic characteristic |
|
|
Term
|
Definition
| General, involuntary, equitable lein |
|
|
Term
Which of the following is a legal life estate?
Leasehold
free simple absolute
homestead
determinable fee |
|
Definition
|
|
Term
Which of the following is not a form of co-ownership?
tenancy in common
joint tenancy
community property
tenancy in severalty |
|
Definition
|
|
Term
| zoning laws are enforced by? |
|
Definition
|
|
Term
| A parcel of property was purchased by two friends. The deed they received from the seller at closing transferred the property without further explanation. the two took title as? |
|
Definition
|
|
Term
| Three people are joint tenants with rights of survivorship in a tract of land. By mutual agreement one of the owners conveys his interest to a third party. What is the current ownership relationship? |
|
Definition
| The first two remain joint tenants while the new third party is a separate owner |
|
|
Term
| Every deed must be signed by the: |
|
Definition
|
|
Term
| The grantee receives the greatest protection with which type of deed? |
|
Definition
|
|
Term
| What appraisal method uses a rate of investment return? |
|
Definition
|
|
Term
| a home owner constructs a huge pimp ass home in a neighborhood with mostly small houses. the value of this house is MOST likely to be affected by what principal? |
|
Definition
|
|
Term
| for appraisal purposes, accrued appreciation is not affected by: |
|
Definition
|
|
Term
| functional, physical, and external obsolescence are three types of what? |
|
Definition
|
|
Term
| a man signed a deed transferring ownership of his house to a woman. To provide evidence that his signature is valid, the man executed a declaration before a notary. This declaration is known as an? |
|
Definition
|
|
Term
title to real estate may be transferred during a person's lifetime by:
devise
descent
involuntary alienation
escheat |
|
Definition
|
|
Term
| Three types of deed transfers that require the owner to have died are? |
|
Definition
|
|
Term
| Devise, Descent, and Escheat are three types of deed transfers that require the owner to ___ _______ in order to transfer ownership |
|
Definition
|
|
Term
| Eminent domain and escheat are two types of: |
|
Definition
|
|
Term
| the market value of a parcel of real estate is? |
|
Definition
| an estimate of the most probable price to be achieved |
|
|
Term
| change, contribution, plottage, and substitution are some of the basic principals that affect what aspect of real estate? |
|
Definition
|
|
Term
the characteristics of value include which of the following?
scarcity
competition
regression
progression |
|
Definition
|
|
Term
| The acronym D.U.S.T. describes the characteristics of value and it stands for? |
|
Definition
Demand
Utility
Scarcity
Transferability |
|
|
Term
| A deed contains a guarantee that the frontier will compensate the grantee for any loss resulting from the titles failure in the future. This is an example of which type of covenant? |
|
Definition
| Further assurance (assures against loss) |
|
|
Term
| A deed states that the grantors are conveying all their right and interests to the grantees to have and to hold. this is communicated in the: |
|
Definition
| habendum clause, meaning to have and hold |
|
|
Term
| Title to real estate can be transferred upon death by what type of document? |
|
Definition
|
|
Term
All of the following factors would be important in comparing properties under the sales comparison approach to value EXCEPT differences in?
date of sale
financing terms
appearance and condition
original cost |
|
Definition
|
|
Term
| The Acronym P.I.T.T. stands for? |
|
Definition
Possession
Interest
Time
Title |
|
|
Term
The our unites of possession, interest, time, and title are associated with which of the following?
community property
ownership in severalty
tenants in common
joint tenancy |
|
Definition
|
|
Term
| A man owns one of twenty units in a building in fee simple, along with 5% ownership share in the parking lot, recreation area, and grounds. What type of property does he own? |
|
Definition
|
|
Term
A corporation owns a parcel of land. Under the law its ownership is?
trust
partnership
severalty
survivorship tenancy |
|
Definition
|
|
Term
All of the following are physical characteristics of land except
location
immovable
unique
indestructible |
|
Definition
|
|
Term
| a judgment is : ________, __________, __________ |
|
Definition
| General, involuntary, equitable lien |
|
|
Term
Which of the following is legal life estate?
leasehold
free simple absolute
homestead
determinable fee |
|
Definition
|
|
Term
| A license should be considered to be a personal: |
|
Definition
|
|
Term
which of the following is NOT a form of co-ownership?
tenancy in common
joint tenancy
community property
tenancy in severalty |
|
Definition
|
|
Term
Three people are joint tenants with rights of survivorship in a tract of land. By mutual agreement one of the owners conveys his interest to a third party. Which statement is true?
The first two remain joint tenants
the new owner has ownership in severalty
they all become joint tenants
they all become tenants in common |
|
Definition
| The first two remain joint tenants |
|
|
Term
A parcel of property was purchased by two friends. the deed they received from the seller at closing transferred the property without further explanation. The two took title as?
Joint tenants
Tenants in common
Tenants by the entirety
Community property owners |
|
Definition
| Tenants in common ( partners ) |
|
|
Term
| Who are usually permitted to sell real property for a fee without a license? |
|
Definition
| The property owner and registered foresters |
|
|
Term
| Real Estate laws originate with: |
|
Definition
|
|
Term
The real estate commission has power to:
jail offenders
regulate appraisers
originate laws
fine ans suspend license |
|
Definition
|
|
Term
| (true / False) A first year salesperson may carry out all the duties of a permanently licensed sales person. |
|
Definition
|
|
Term
South Carolina real estate people may:
A. place advertisement for any property listed with their firm using their own name.
B. Purchase property listed with their firm if they inform the owner of their potential interest.
C. Sign their own listing agreements
D. Sign their own property management agreements. |
|
Definition
| B. Purchase property listed with their firm if they inform the owner of their potential interest. |
|
|
Term
Any licensee alleged guilty of a violation of license law or rules and regulations:
A. Must automatically resolve the matter in court
B. must pay $500
C. may challenge the allegations in hearings or court.
D. will be imprisoned for a period of up to six months. |
|
Definition
| C. may challenge the allegations in hearings or court. |
|
|
Term
A person may receive a commission for selling real estate when he/ she:
complete the thirty hour course requirement
passes the state licensing exam
receives a pocket license
is notified of a passing score |
|
Definition
| receives a pocket license |
|
|
Term
The real estate commission:
imprison appraisers
revoke and suspend licenses
create rules, regulations and laws
imprison time-share violators |
|
Definition
| revoke and suspend licenses |
|
|
Term
In South Carolina a real estate broker is defined as a person who for a fee or other consideration performs which of the following activities?
Appraise real property
Insures real estate
Lists real property
Sells securities and real estate |
|
Definition
|
|
Term
| A real estate Broker in Charge must maintain a: |
|
Definition
|
|
Term
| Licenses, other than first year sales are renewable biennially on: |
|
Definition
|
|
Term
| For how long may a licensed sales person/ broker go on inactive status? |
|
Definition
| Indefinitely, so long as you keep paying every two years. |
|
|
Term
Which of the following is true of trust/ escrow accounts?
A. They can be interest bearing
B. only one account can be maintained per company
C. the interest always belongs to the owner of the funds
D. a company with several branches must maintain one central account. |
|
Definition
| A. They can be interest bearing |
|
|
Term
A South Carolina buyer agency agreement must include:
A. an explanation of how the seller will compensate the broker for agency services.
B. the sale price of the property.
C. Signatures of the seller and broker
D. An expiration date. |
|
Definition
|
|
Term
In a land contract, the vendee has title to the property during the term of the contract?
Legal
provisional
equitable
defensible |
|
Definition
|
|
Term
Discount points on a mortgage are computed as a percentage of the:
Selling price
Loan amount
Closing costs
Down payment
double cheese burger |
|
Definition
|
|
Term
| A contract is said to be bi-lateral if: |
|
Definition
| All parties to the contract exchange binding promises |
|
|
Term
Once both parties have agreed to and signed a contract of sale. the buyer now has _________ interest in the property?
Legal
Equitable
Provisional
Temporary |
|
Definition
|
|
Term
A buyer signs a contract under which he is given a right to purchase a property for a specified time. Which of the following best describes this agreement?
Contingency
Option
Installment
Sales |
|
Definition
|
|
Term
| A V.A. loan is a _____________ loan |
|
Definition
|
|
Term
In South Carolina loans of _______________ or less are not subject to a prepayment penalty.
$150,000
$165,000
$170,000
$180,000 |
|
Definition
|
|
Term
| purchase a home for $250,000 with an 80% LTVR, at closing he pays $7,000 in discount points. How many discount points did he pay? |
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Definition
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Term
| a tax stamp costs $3.70 per $________ |
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Definition
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Term
All of the information listed below is accurate for a land contract except:
A. In not responsible for real estate taxes on the property
B. Does not pay interest and principal
C. Has possession during the term of the contract
D. Obtains legal title at closing |
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Definition
| D. Obtains legal title at closing |
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Term
The borrower under a deed of trust is known as the
Trustor
Trustee
Beneficiary
Vendee |
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Definition
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Term
Mortgage covenants (contracts) include all of the following EXCEPT:
A. mortgagee right of re entry
B. Make mortgage payments on time
C. keep property insured
D. keep property taxes current. |
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Definition
| B. Make mortgage payments on time |
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Term
| In a lien theory state the buyer receives a __________ at closing |
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Definition
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Term
The document in which the borrower pledges to repay the money received for purchasing a home is:
Mortgage note
Equitable note
Promissory note
Lien |
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Definition
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Term
Which of the following is NOT a participant in the secondary market?
Fannie Mae
Ginnie Mae
Credit union
Freddie Mac |
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Definition
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Term
What law requires that all mortgage financing terms contain certain disclosures?
A. Equal credit opportunity act
B.fair housing act
C.community reinvestment act
D.truth in lending act (regulation z) |
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Definition
| D.truth in lending act (regulation z) |
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Term
| The south Carolina residential property condition disclosure statement must be presented to a buyer not later than? |
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Definition
| Prior to signing the contract of sale |
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Term
Subdivision regulations consist of all of the following except:
Utility easements
setback lines
lot and block dimensions
dwelling square footage limitations |
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Definition
| dwelling square footage limitations |
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Term
| Which of the following are usually permitted to sell real property for a fee without a license? |
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Definition
| Owners and registered foresters |
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Term
| Real estate license laws originate with |
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Definition
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Term
| The real estate commission has the power to |
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Definition
|
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Term
| a first year sales person |
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Definition
| may carry out all the duties of a permanently licensed salesperson |
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Term
| a real estate sales person may purchase listed property with their firm if: |
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Definition
| they inform the the owner of their potential interest |
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Term
| Any licensee alleged guilty of a violation of the license law or rules and regulations |
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Definition
| may challenge the allegations in hearings or court |
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Term
| A person may receive a commission for selling real estate when he/ she: |
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Definition
| Receives a pocket license |
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Term
The real estate commission:
A imprison appraisers
B revoke and suspend licenses
C create rules, regulations, and laws
D imprison time share violators |
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Definition
| B revoke and suspend licenses |
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Term
| In south carolina a real estate broker is defined as a person who for a fee or other consideration, preforms which of the following activities? |
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Definition
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Term
| A real estate broker in charge MUST |
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Definition
| maintain a place of business |
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Term
| licenses other than first year sales, are renewable biennially on |
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Definition
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Term
| For how long may a licensed sales person / broker go on inactive status? |
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Definition
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Term
| Which of the following must be kept in a broker's office for five years? |
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Definition
|
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Term
| according to SC law the term Customer most nearly means: |
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Definition
| A person with whom a licensee has not established an agency relationship |
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Term
| regarding the management of real estate offices: |
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Definition
| A broker may be in charge of more than one branch office |
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Term
| What is the proper procedure regarding depositing an ernest money check in a trust/ escrow account: |
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Definition
| Have the BIC deposit it within 48 hours of receipt after acceptance of the offer, excluding Saturday, Sunday and bank holidays |
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Term
| A south carolina buyer agency agreement must include: |
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Definition
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Term
| The office policy manual must contain: |
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Definition
| an explanation of procedures, revealing to clients and customers agency status and when a dual agency may be created. |
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Term
| Which of the following would not establish an agency relationship? |
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Definition
| Preforming ministerial acts pertaining to a real estate sales transaction. |
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Term
| In a land contract, the vendee has what title to the property during the term of the contract? |
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Definition
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Term
| Discount points on a mortgage are computed as a percentage of the |
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Definition
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Term
| A sales contract is said to be bilateral if: |
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Definition
| All parties to the contract exchange binding promises |
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Term
| Both parties have agreed to and signed a contract of sale. The buyer now has what interest in the property? |
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Definition
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Term
| A buyer signs a contract under which he is given a right to purchase a property for a specified time. Which of the following best describes this agreement? |
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Definition
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Term
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Definition
|
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Term
| In south carolina loans of ___________ or less are not subject to a pre-payment penalty. |
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Definition
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Term
| a home us purchased for $250,000 with an 80% LTVR at closing he pays %7,000 in discount points. How many points did he pay? |
|
Definition
|
|
Term
| A loan where money is given to the borrower in draws is what the of loan. |
|
Definition
|
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Term
All of the information listed below is accurate for a land contract except:
A. Is not responsible for real estate taxes on the property
B. does not pay interest and principal
C. has possession during the term of the contract
D. obtains legal title at closing |
|
Definition
| D. obtains legal title at closing |
|
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Term
| The borrower under a deed of trust is known as the: |
|
Definition
|
|
Term
| Mortgagor covenants do not include |
|
Definition
| making mortgage payments on time |
|
|
Term
| The mortgagee right of re entry is used during a |
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Definition
|
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Term
| Property taxes on an owner occupied property are $1,600.00 per year. The property sale is closed on june 15th. If property taxes are paid in arrears, how much would the seller be debited at closing. (round year to even 360 days) |
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Definition
|
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Term
| in a lien theory state the buyer receives at closing: |
|
Definition
|
|
Term
| The document in which the borrower pledges to repay the money received for purchasing a home is: |
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Definition
|
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Term
| a borrower obtains a $100,000 mortgage loan for 30 years at 6% interest. The monthly payment is $575.00 credited first to interest then to principal. What will the balance of the principal be after the borrower makes the first payment? |
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Definition
|
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Term
Which of the following is NOT a participant in the secondary market?
Fannie Mae
Ginnie Mae
Credit Union
Freddie Mac |
|
Definition
|
|
Term
| What law requires that all mortgage financing terms contain certain disclosures? |
|
Definition
| Truth in lending Act (regulation Z) |
|
|
Term
| The South Carolina residential property condition disclosure statement must be presented to a buyer not later than? |
|
Definition
| Prior to signing the contract of sale. |
|
|
Term
Subdivision Regulations consist of all of the following except:
A. Utility easements
B. Setback lines
C. Lot and block dimensions
D. Dwelling square footage limitations |
|
Definition
| D. Dwelling square footage limitations |
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