South Carolina Real Estate Exam
1,499+ Practice Questions & Answers
Every question includes a detailed explanation. Organized by the 12 topics on the South Carolina real estate salesperson exam.
Property Ownership
166 questions- In South Carolina, a married person who wishes to convey real property that they own solely in their own name must:
- What is the legal concept of 'eminent domain'?
- A homestead exemption in South Carolina provides:
- Riparian rights in South Carolina refer to the rights of:
- Which of the following is NOT a characteristic of a condominium?
- Which type of deed provides the greatest protection to the buyer in South Carolina?
- In South Carolina, joint tenancy requires which of the following?
- South Carolina recognizes which form of co-ownership exclusively available to married couples with right of survivorship?
- Under the South Carolina Horizontal Property Act, a condominium unit owner owns:
- Which type of estate in South Carolina has no definite end date and can be passed to heirs?
- A life estate in South Carolina grants the holder (life tenant) the right to:
- In South Carolina, an easement appurtenant benefits:
- What South Carolina law governs planned communities (subdivisions with HOAs) established after 2018?
- A South Carolina property owner has land that someone else has openly, notoriously, and continuously occupied for 10 years. The occupant may claim title through:
- The SC Vacation Time Sharing Plans Act requires which of the following?
- In South Carolina, a 'fee simple determinable' estate automatically reverts to the grantor if:
- Which type of tenancy is created when a tenant remains in possession after their lease expires without the landlord's permission?
- A South Carolina homeowner grants their neighbor an easement to cross their property to access a public road. This is an example of:
- In South Carolina, tenancy in common differs from joint tenancy in that:
- Under South Carolina law, a deed must be delivered and accepted to be effective. What does 'delivery' mean in this context?
- The South Carolina HOA Act provides HOA members with which of the following rights?
- Which type of property interest is created when a bank holds a lien on a South Carolina property due to an unpaid mortgage?
- In South Carolina, a 'quitclaim deed' is commonly used for:
- Which South Carolina law governs condominium creation, governance, and owner rights?
- A South Carolina property owner's right to use and enjoy their property is limited by all of the following EXCEPT:
- Which South Carolina law governs the creation and operation of homeowners associations in planned communities?
- In South Carolina, an 'easement by necessity' is most commonly created when:
- South Carolina's Uniform Residential Landlord and Tenant Act applies to:
- A South Carolina property owner who grants a neighbor permission to cross their land for a specific purpose (e.g., fishing) without creating a permanent right has granted:
- When a South Carolina property owner dies without a will (intestate), their real property passes according to:
- The 'bundle of rights' concept in South Carolina real estate includes all of the following EXCEPT:
- In South Carolina, a 'lien' on real property is best described as:
- Which of the following is an example of a general lien in South Carolina?
- In South Carolina, property ownership by two or more parties where shares can be unequal and each owner can sell their share independently is called:
- What does 'constructive notice' mean in South Carolina real estate law?
- In South Carolina, 'appurtenant' rights travel with:
- A South Carolina property owner who dies with a valid will transfers property through:
- Which of the following best describes 'real property' in South Carolina?
- In South Carolina, a 'fixture' is best described as:
- The 'MARIA' test for fixtures in South Carolina considers which factors?
- In South Carolina, which document transfers ownership of real property from seller to buyer?
- A South Carolina home seller learns that a nearby commercial development will reduce the neighborhood's desirability. This type of value impact is called:
- Under South Carolina law, which of the following is considered personal property that does NOT transfer with the real estate?
- A 'riparian right' in South Carolina gives a property owner adjacent to a river or stream the right to:
- In South Carolina, the term 'fee simple subject to condition subsequent' means:
- In South Carolina, which of the following is an example of 'air rights'?
- The right of 'escheat' in South Carolina means:
- In South Carolina, which document transfers ownership of a property after foreclosure to the highest bidder at auction?
- Which South Carolina legal concept prevents a landowner from using their property in ways that harm their neighbors?
- In South Carolina, a property owner may abandon an easement by:
- In South Carolina, a condominium owner's 'common elements' include:
- Which type of South Carolina property interest gives the holder the right to extract minerals from the land?
- A South Carolina property owner who has littoral rights owns land adjacent to:
- In South Carolina, 'dedication' of land for public use typically occurs when:
- In South Carolina, if a property owner sells only the surface rights and retains the mineral rights, the buyer receives:
- In South Carolina, which of the following actions terminates an easement?
- A South Carolina deed must contain which of the following essential elements to be valid?
- In South Carolina, an 'encroachment' occurs when:
- What is the difference between 'real property' and 'personal property' in South Carolina?
- In South Carolina, a property with a recorded 'covenant running with the land' is:
- Under South Carolina law, which of the following is required for adverse possession to succeed?
- A South Carolina homeowner conveys property to a nonprofit organization 'for use as a community park.' If the nonprofit stops using it as a park, what type of estate was conveyed?
- In South Carolina, a homestead exemption for a primary residence:
- What is a 'prescriptive easement' in South Carolina?
- In South Carolina, a 'life estate pur autre vie' means the life estate is measured by:
- A South Carolina 'right of first refusal' in a real estate context gives the holder the right to:
- Under South Carolina law, which of the following is true about condominium homeowners' association (COA) fees?
- In South Carolina, 'special assessments' differ from 'regular property taxes' in that:
- A South Carolina property owner who grants an 'easement in gross' creates an easement that:
- In South Carolina, 'deeds of trust' are most commonly used instead of traditional mortgages because they:
- Which of the following describes 'accretion' as a method of acquiring property in South Carolina?
- In South Carolina, 'avulsion' refers to:
- A South Carolina homeowner discovers a neighbor's fence encroaches 2 feet onto their property. The best resolution is to:
- In South Carolina, which of the following is an 'involuntary lien'?
- A South Carolina buyer purchases a property 'subject to' the existing mortgage. This means:
- In South Carolina, 'reliction' refers to:
- In South Carolina, 'air space' rights above a property are limited by:
- In South Carolina, which of the following would NOT be considered a fixture in a residential property?
- South Carolina's 'Dram Shop' law could affect which type of commercial property?
- Which of the following best describes a 'cooperative' (co-op) residential ownership in South Carolina?
- A 'right of way' in South Carolina is most often associated with:
- In South Carolina, a condominium buyer should review which documents before purchase?
- In South Carolina, a 'material fact' that must be disclosed is best defined as:
- A 'purchase money mortgage' in South Carolina has which priority?
- What does 'marketable title' mean in a South Carolina real estate transaction?
- In South Carolina, a 'quiet title action' is used to:
- In South Carolina, 'recording' a deed at the county Register of Deeds:
- A South Carolina property owner who has a 'fee simple defeasible' estate subject to a condition subsequent has:
- In South Carolina, a condominium's 'limited common elements' are best described as:
- Under South Carolina law, property taxes create what type of lien?
- A South Carolina homeowner wants to add their spouse to the property deed. The most efficient method is:
- In South Carolina, which interest in real property automatically passes to the surviving owner upon death without probate?
- A South Carolina property owner's 'lis pendens' filed by a contractor affects the property's:
- Under South Carolina's Mechanics' Lien law, a contractor must file their lien within how many days of completing work?
- What is a 'partition action' in South Carolina real estate?
- In South Carolina, 'police power' as applied to real estate means the government can:
- The 'bundle of rights' in South Carolina real estate includes the right to 'encumber' property. This means the owner may:
- In South Carolina, a 'lis pendens' can be filed by:
- Under South Carolina law, a property owner who substantially completes construction of a building has how long to perfect a mechanic's lien?
- A South Carolina property owner grants an easement 'in perpetuity' to a utility company. This means the easement:
- In South Carolina, a deed that contains the phrase 'to have and to hold' is using the:
- A South Carolina property owner who discovers a buried pipeline crossing their property without an easement should:
- In South Carolina, 'constructive eviction' can be claimed by a tenant when:
- A South Carolina condominiums developer must provide prospective buyers with which document before they sign a purchase agreement?
- In South Carolina, 'ownership in severalty' means:
- In South Carolina, what is 'community property'?
- In South Carolina, a property owner may transfer property through 'intestate succession' meaning:
- A South Carolina property is held 'in trust.' The trustee holds legal title for whose benefit?
- In South Carolina, 'equitable title' in a real estate transaction refers to:
- A South Carolina real estate owner's 'fee simple subject to executory limitation' means:
- In South Carolina, the 'doctrine of waste' prevents a life tenant from:
- In South Carolina, an 'attachment' lien against real property arises when:
- Which South Carolina real estate concept describes the right of a life tenant to use all the income from a property?
- In South Carolina, a 'restrictive covenant' in a deed that prohibits commercial use is:
- A South Carolina property developer who creates a planned community is required to establish which document to govern the HOA?
- In South Carolina, which type of deed provides the grantor's personal guarantee against all encumbrances, both those created by the grantor and prior owners?
- In South Carolina, which form of co-ownership automatically includes a right of survivorship?
- In South Carolina, a deed of trust differs from a mortgage in that:
- In South Carolina, tenancy by the entirety:
- In South Carolina, adverse possession requires continuous, open, hostile, and exclusive use of the property for:
- In South Carolina, a life estate grants the life tenant the right to:
- In South Carolina, a 'fee simple defeasible' estate is one that:
- In South Carolina, a 'deed restriction' (restrictive covenant) is:
- In South Carolina, the SC Horizontal Property Act governs:
- In South Carolina, the SC Planned Community Act governs:
- In South Carolina, a 'leasehold estate' is:
- In South Carolina, 'riparian rights' refer to:
- In South Carolina, what is a 'mechanic's lien'?
- In South Carolina, the SC Vacation Time Sharing Plans Act governs:
- In South Carolina, a 'fee simple absolute' estate is the:
- In South Carolina, 'police power' allows the government to:
- In South Carolina, 'escheat' means:
- In South Carolina, 'subsurface rights' refer to:
- In South Carolina, which of the following is an example of a 'fixture'?
- In South Carolina, a 'license' as a property right (not a real estate license) is:
- In South Carolina, a 'profit-a-prendre' is a right to:
- In South Carolina, 'appurtenance' means:
- In South Carolina, which of the following best describes a 'pur autre vie' life estate?
- In South Carolina, 'air rights' refer to:
- In South Carolina, what is a 'quiet title action'?
- In South Carolina, what is a 'covenant running with the land'?
- In South Carolina, which of the following creates an 'easement by prescription'?
- In South Carolina, which of the following is generally considered personal property rather than real property?
- In South Carolina, 'severance' of mineral rights from surface rights means:
- In South Carolina, a 'lien theory' state versus a 'title theory' state affects mortgages in that:
- In South Carolina, what is the 'doctrine of laches'?
- In South Carolina, an 'easement in gross' is:
- In South Carolina, 'partition' of co-owned property means:
- In South Carolina, 'tacking' in adverse possession means:
- In South Carolina, an 'encroachment' is when:
- In South Carolina, what is 'abandonment' as it applies to an easement?
- In South Carolina, what is the 'bundle of rights' in real property?
- In South Carolina, a 'tenancy at will' is:
- In South Carolina, what is a 'dominant tenement' versus a 'servient tenement' in easement law?
- In South Carolina, what is a 'beneficiary deed' (also called transfer-on-death deed)?
- In South Carolina, what distinguishes a 'special warranty deed' from a 'general warranty deed'?
- In South Carolina, what is 'constructive eviction' from the perspective of tenant remedies?
- In South Carolina, 'abstract of title' is prepared by:
- In South Carolina, what is 'fee simple subject to condition subsequent'?
- In South Carolina, a 'deed of gift' is used when:
- In South Carolina, what is 'dower rights' and does SC recognize them?
- In South Carolina, what is the 'Rule Against Perpetuities'?
- In South Carolina, what is 'negative easement'?
- In South Carolina, what does 'intestate succession' mean?
- In South Carolina, what is a 'conservation easement'?
- In South Carolina, what is 'prescription' as a method of acquiring property rights?
Property Valuation
155 questions- The principle of 'highest and best use' in real estate appraisal is defined as the use that is:
- When appraising a 20-unit apartment building, the MOST appropriate primary appraisal method is:
- Regression analysis in the sales comparison approach helps appraisers:
- Effective age of a property refers to:
- Which approach to value is most appropriate for appraising a single-family residence in a South Carolina suburb?
- In South Carolina, what term describes the process of adjusting a comparable sale's price to account for differences with the subject property?
- Which type of depreciation in a South Carolina property results from factors outside the property itself, such as nearby industrial development?
- A South Carolina appraiser uses the cost approach. The replacement cost new is $300,000, and total depreciation is $60,000. The land value is $50,000. What is the indicated value?
- What principle states that the value of a property tends to be set by the cost of acquiring an equally desirable substitute?
- In South Carolina, a comparative market analysis (CMA) is performed by:
- Which principle holds that a property's value is enhanced by its conformity to surrounding properties in a South Carolina neighborhood?
- What is 'plottage' in South Carolina real estate valuation?
- A South Carolina commercial property generates $120,000 in annual NOI. Using a cap rate of 8%, what is the indicated value using the income approach?
- South Carolina property taxes are based on:
- In the income approach to value, what is 'effective gross income'?
- A South Carolina property has an EGI of $85,000 and operating expenses of $32,000. What is the NOI?
- The 'principle of anticipation' in South Carolina real estate appraisal states that value is based on:
- Functional obsolescence in a South Carolina property might be caused by:
- In South Carolina, the assessment ratio for owner-occupied residential property (legal residence) is:
- Which appraisal approach is most appropriate for a new elementary school in Columbia, SC?
- What is 'reconciliation' in the appraisal process?
- A South Carolina property's fair market value is defined as:
- Which of the following is an example of physical deterioration (curable) in a South Carolina property?
- The South Carolina Assessor determines a property's fair market value using all three approaches. The final value conclusion is primarily determined by:
- In South Carolina, the 'market value' of a property differs from 'market price' in that:
- A South Carolina appraiser identifies a comparable sale that closed 18 months ago. The appraiser should:
- Which of the following is NOT included in the cost approach to value?
- In South Carolina, 'reproduction cost' differs from 'replacement cost' in that:
- A South Carolina property's value tends to decrease when it is significantly larger and more expensive than surrounding properties. This is the principle of:
- A South Carolina investor wants to know the value added by installing a swimming pool. This best relates to the appraisal principle of:
- What does 'economic life' mean in the context of South Carolina property appraisal?
- A South Carolina appraisal report must be prepared by:
- The 'principle of change' in South Carolina real estate appraisal recognizes that:
- In South Carolina, real property is assessed at what percentage of fair market value for owner-occupied residential (legal residence)?
- In South Carolina, which type of depreciation can be cured most cost-effectively?
- A South Carolina property is overimproved relative to surrounding properties. This illustrates the principle of:
- The 'income approach' to value is best suited for which type of South Carolina property?
- A South Carolina appraiser performs the income approach using a direct capitalization rate. The formula is:
- Which of the following is an example of 'plottage value' in South Carolina?
- Under South Carolina's ad valorem tax system, 'ad valorem' means:
- A comparable sale in the South Carolina sales comparison approach is adjusted upward when the comparable has a feature that:
- In South Carolina, a property's 'assessed value' for tax purposes is:
- Which South Carolina property type uses an assessment ratio of 6%?
- What is a 'gross rent multiplier (GRM)' commonly used for in South Carolina real estate?
- A South Carolina appraiser adjusts a comparable sale for a feature that the comparable has but the subject does not. The adjustment to the comparable is:
- Which of the following South Carolina properties would LEAST benefit from the income approach to value?
- In South Carolina, real property taxes are calculated by multiplying the assessed value by:
- What does 'market rent' mean in the context of a South Carolina property appraisal?
- A South Carolina appraiser performing a 'drive-by' or 'exterior-only' appraisal provides:
- Which South Carolina property characteristic would most likely DECREASE its appraised value?
- What is the 'band of investment' technique used for in South Carolina commercial appraisals?
- A South Carolina appraiser who violates USPAP (Uniform Standards of Professional Appraisal Practice) may face:
- In the sales comparison approach, the appraiser makes adjustments to comparable sales for which of the following?
- What is 'effective age' in South Carolina real estate appraisal?
- In South Carolina, which of the following would NOT be considered in the sales comparison approach?
- A South Carolina property's 'potential gross income' (PGI) assumes:
- In the cost approach, if the subject property is 10 years old and has an effective age of 7 years (due to good maintenance), the depreciation calculation would be based on:
- A South Carolina commercial property's gross income multiplier (GIM) differs from the GRM in that:
- In South Carolina, a 'drive-by appraisal' (Exterior-Only Inspection) would likely be ordered when:
- A South Carolina appraiser's final value estimate is expressed as a range because:
- What is 'capitalization rate' (cap rate) used to measure in South Carolina real estate investment?
- In South Carolina, which method of calculating depreciation uses a straight-line reduction over the building's economic life?
- A Charleston, SC property with ocean views commands a premium over inland comparable properties. This premium reflects which appraisal adjustment?
- In South Carolina, a 'letter of intent' (LOI) in a commercial real estate transaction is:
- In South Carolina, which organization establishes the Uniform Standards of Professional Appraisal Practice (USPAP)?
- A South Carolina property has a capitalization rate of 8.5% and a value of $750,000. What is the property's estimated NOI?
- What does 'remaining economic life' mean for a South Carolina property improvement?
- In the South Carolina sales comparison approach, what does a 'paired sales analysis' determine?
- A South Carolina appraiser notes that a property is located in a transitional neighborhood. This is relevant to which appraisal principle?
- In South Carolina, an 'automated valuation model' (AVM) like Zillow's Zestimate is:
- A South Carolina vacation rental property in Hilton Head generates seasonal income. The appraiser should use which approach?
- In South Carolina, a 'sight value premium' for a waterfront property represents what type of value?
- Which of the following South Carolina properties would most likely use the cost approach as the primary valuation method?
- In South Carolina, a 'broker price opinion' (BPO) is used by:
- A South Carolina property's value is influenced by 'linkages.' This means:
- In South Carolina, the 'principle of balance' in appraisal holds that:
- A South Carolina property in a 'neighborhood in transition' where values are rising is in which stage of the neighborhood life cycle?
- In South Carolina, which factor is LEAST likely to influence the appraised value of a residential property?
- South Carolina's 'agricultural use value' assessment for farmland means:
- What is 'fee simple value' in South Carolina appraisal?
- A South Carolina appraiser uses 'regression analysis' in their appraisal to:
- In South Carolina, a property appraiser's 'scope of work' determination includes:
- What is the significance of 'highest and best use' in the South Carolina appraisal process?
- A South Carolina commercial strip center shows a 92% occupancy rate. What is the vacancy rate used in an income approach analysis?
- In the income approach for South Carolina commercial properties, which of the following is a direct capitalization technique?
- A South Carolina residential property has 4 bedrooms and 2 baths, while comparable sales have 4 bedrooms and 3 baths. How should the appraiser adjust?
- In South Carolina, which type of value is determined for insurance purposes?
- A South Carolina appraiser finds three comparable sales with adjusted prices of $248,000, $252,000, and $246,000. The final reconciled value estimate would most likely be:
- What does 'market conditions adjustment' (time adjustment) in South Carolina appraisals correct for?
- In South Carolina, a 'special purpose property' such as a church or hospital is most challenging to appraise using the sales comparison approach because:
- The 'stabilized occupancy' assumption used in a South Carolina income approach appraisal represents:
- What does the term 'extraordinary assumption' mean in a South Carolina USPAP-compliant appraisal?
- A South Carolina resort condo at Kiawah Island has high seasonal variability in income. The appraiser should:
- In South Carolina, the 'gross building area' (GBA) for a residential appraisal is measured:
- What does 'retrospective appraisal' mean in South Carolina appraisal practice?
- A South Carolina appraiser's 'hypothetical condition' differs from an 'extraordinary assumption' in that:
- In South Carolina, a 'leased fee estate' valuation is relevant when:
- What is a 'leasehold estate' valuation in South Carolina?
- In South Carolina, the 'income multiplier' method is distinguished from the 'capitalization rate' method in that:
- A South Carolina commercial appraiser calculating 'debt service coverage ratio' (DSCR) is measuring:
- In South Carolina, which factor would most likely cause a DECREASE in capitalization rates (and increase in property values)?
- A South Carolina 'assemblage' of three lots results in an overall value greater than the sum of the individual lots. This premium is called:
- Under South Carolina law, a homeowner may appeal their property tax assessment to which body?
- In South Carolina, a property's value 'as improved' differs from 'as vacant' in that:
- In the income approach to value, a South Carolina appraiser uses the capitalization rate to:
- In South Carolina, which approach to value is most commonly used to appraise a single-family owner-occupied home?
- In South Carolina, 'reconciliation' in the appraisal process refers to:
- In South Carolina, what is the purpose of an 'arm's length transaction' in determining market value?
- In South Carolina, the cost approach to value is most reliable for:
- In South Carolina, when a property's highest and best use as improved differs from the highest and best use as vacant, the appraiser considers:
- In South Carolina, 'functional obsolescence' in appraisal refers to:
- In South Carolina, what does 'effective age' mean in the context of property appraisal?
- In South Carolina, which of the following is an example of 'external obsolescence'?
- In South Carolina, what does USPAP stand for, and why is it important?
- In South Carolina, 'market value' is best defined as:
- In South Carolina, a 'drive-by' or 'exterior-only' appraisal is:
- In South Carolina, the 'sales comparison approach' requires adjustments to comparable sales for differences from the subject property. If a comparable has an extra bathroom the subject lacks, the appraiser should:
- In South Carolina, a 'comparative market analysis' (CMA) is:
- In South Carolina, a property appraiser identifies the 'subject property' as:
- In South Carolina, 'plottage' refers to the increase in value when:
- In South Carolina, when an appraiser uses the income approach for a residential rental property, which of the following is deducted from potential gross income to arrive at effective gross income?
- In South Carolina, the 'principle of progression' in appraisal states that:
- In South Carolina, the 'principle of substitution' in appraisal holds that:
- In South Carolina, the 'principle of conformity' holds that:
- In South Carolina, the 'principle of anticipation' in appraisal states that:
- In South Carolina, what is 'accrued depreciation' in appraisal?
- In South Carolina, which is NOT a characteristic of a valid comparable sale used in the sales comparison approach?
- In South Carolina, which of the following is TRUE about appraisal independence requirements?
- In South Carolina, the 'assessed value' of a property differs from 'appraised value' in that:
- In South Carolina, what does 'absorption rate' measure in real estate market analysis?
- In South Carolina, what is a 'desk review' in the appraisal process?
- In South Carolina, what is 'superadequacy' in appraisal?
- In South Carolina, which type of value does a property tax assessment attempt to determine?
- In South Carolina, what is the 'principle of regression' in appraisal?
- In South Carolina, what is 'contribution' as an appraisal principle?
- In South Carolina, which factor would most likely cause a property to experience 'economic obsolescence'?
- In South Carolina, the 'band of investment' method is used in appraisal to:
- In South Carolina, what is a 'retrospective appraisal'?
- In South Carolina, what is a 'market conditions adjustment' in an appraisal?
- In South Carolina, what is a 'mass appraisal' and how does it relate to property taxation?
- In South Carolina, 'adjustments' in the sales comparison approach are made to:
- In South Carolina, what is 'physical deterioration' in appraisal?
- In South Carolina, what is 'depreciated cost' in the cost approach to appraisal?
- In South Carolina, which appraisal principle states that there is a limit to how much adding improvements will increase a property's value?
- In South Carolina, what is a 'scope of work' in the appraisal process?
- In South Carolina, what is 'going concern value'?
- In South Carolina, what does 'fee appraiser' mean?
- In South Carolina, what is 'reproduction cost' versus 'replacement cost' in appraisal?
- In South Carolina, what is the 'income multiplier' approach in appraisal?
- In South Carolina, what does the appraisal term 'exposure time' mean?
- In South Carolina, what is 'direct capitalization' in the income approach?
- In South Carolina, what is a 'certified residential appraiser' versus a 'licensed residential appraiser'?
- In South Carolina, what is an 'indexed lease' in commercial real estate?
- In South Carolina, what is 'fractional interest discount' in appraisal?
- In South Carolina, what is 'highest and best use — as though vacant' analysis?
Contracts
153 questions- In South Carolina, an offer to purchase real estate becomes a binding contract when:
- Which type of listing agreement allows the seller to retain the right to sell their property themselves without paying a commission, but grants one broker the exclusive right to work with cooperating brokers?
- South Carolina law requires that real estate listing agreements be:
- A South Carolina buyer is under contract to purchase a home but wants to back out after the inspection period has expired. The buyer:
- An escalation clause in a purchase offer allows the buyer to:
- In South Carolina, a contract for the sale of real estate that was entered into through fraud or misrepresentation is:
- Under South Carolina law, which of the following is required for a real estate sales contract to be enforceable?
- In South Carolina, earnest money deposited on a real estate purchase must be held in:
- What is the effect of a counteroffer on the original offer in a South Carolina real estate transaction?
- A South Carolina buyer submits an offer with a 48-hour acceptance deadline. If the seller does not respond within 48 hours, the offer:
- In South Carolina, which clause in a purchase contract allows a buyer to withdraw if they cannot obtain financing?
- The South Carolina Residential Property Condition Disclosure Statement is required to be provided by:
- Which remedy allows a South Carolina court to order the seller to actually sell the property as agreed?
- In South Carolina, a real estate contract is considered 'executory' when:
- What is an 'option contract' in South Carolina real estate?
- Under a South Carolina 'as-is' sale provision, the seller:
- Which type of listing agreement requires the seller to pay a commission even if the seller finds the buyer themselves?
- Under South Carolina law, a minor (under 18) who signs a real estate contract has the right to:
- What is 'mutual assent' in a South Carolina real estate contract?
- A South Carolina purchase agreement states 'time is of the essence.' This means:
- What is the difference between 'void' and 'voidable' contracts in South Carolina real estate law?
- In South Carolina, 'earnest money' in a real estate transaction serves primarily as:
- A 'contingency' in a South Carolina purchase agreement:
- What is the legal effect of an addendum to a South Carolina real estate contract?
- Under South Carolina law, which of the following would make a real estate contract unenforceable due to the Statute of Frauds?
- A South Carolina contract clause that states 'buyer and seller agree to resolve disputes through binding arbitration' is:
- Under South Carolina contract law, 'consideration' in a real estate contract means:
- A South Carolina listing agreement must include which of the following to be enforceable?
- In South Carolina, which type of deed is most commonly used for typical arm's-length residential sales?
- An 'acceleration clause' in a South Carolina mortgage allows the lender to:
- What is the legal effect of recording a lis pendens on a South Carolina property?
- A South Carolina buyer discovers significant undisclosed defects after closing. Their legal remedy may include:
- In South Carolina, a real estate contract signed under duress is:
- A South Carolina lease that runs for a definite period (e.g., one year) is called:
- Which of the following is an essential element for a valid real estate contract in South Carolina?
- In South Carolina, an offer becomes a binding contract when:
- In South Carolina, a 'home sale contingency' allows the buyer to:
- What is the significance of the 'inspection contingency' in a South Carolina residential purchase contract?
- Under South Carolina law, a contract for the sale of real property must include a legal description of the property to be:
- In South Carolina, which of the following must be disclosed by a seller in the Residential Property Condition Disclosure Statement?
- A South Carolina purchase contract that is 'bilateral' means:
- In South Carolina, 'liquidated damages' in a real estate contract typically refers to:
- When is a South Carolina real estate contract considered 'ratified'?
- A South Carolina seller who refuses to close after a contract is ratified may be subject to:
- What is an 'escalation clause' in a South Carolina real estate offer?
- Under South Carolina's Statute of Frauds, which of the following DOES NOT need to be in writing to be enforceable?
- In South Carolina, a 'land contract' (contract for deed) transfers legal title to the buyer:
- What is the purpose of a 'walk-through inspection' conducted before closing in South Carolina?
- In South Carolina, an 'amendment' to a purchase contract differs from an 'addendum' in that:
- Under South Carolina law, which party typically has the right to the earnest money if the buyer exercises a valid contingency and terminates the contract?
- A South Carolina seller receives multiple offers simultaneously. The seller's best practice is to:
- In South Carolina, which phrase in a deed indicates a transfer of title from seller to buyer?
- A South Carolina buyer's offer includes a $10,000 earnest money deposit but writes a personal check. The seller should know:
- In South Carolina, 'novation' in a real estate transaction occurs when:
- A South Carolina buyer's offer to purchase a property is a(n):
- In South Carolina, which type of listing agreement is considered the least desirable for a seller's broker because the broker may receive no commission?
- In South Carolina, which of the following is a 'unilateral contract'?
- Under South Carolina contract law, which of the following would make a contract void (not merely voidable)?
- A South Carolina seller accepts an offer but then receives a higher offer before notifying the first buyer. At this point:
- In South Carolina, a contract clause stating 'time is of the essence' regarding the closing date means:
- A South Carolina real estate agent cannot fill in which of the following in a purchase contract without potentially engaging in the unauthorized practice of law?
- In South Carolina, the 'merger doctrine' states that:
- A South Carolina 'installment land contract' (contract for deed) places a risk on the buyer because:
- In South Carolina, a listing agreement cannot authorize the broker to:
- What is an 'as-is' clause in a South Carolina real estate contract?
- In South Carolina, when a buyer makes an 'all-cash offer,' this means:
- A South Carolina purchase contract that includes the phrase 'subject to satisfactory inspection' means:
- In South Carolina, 'liquidated damages' are predetermined. They differ from 'actual damages' in that:
- A South Carolina seller accepts an offer with a contingency that must be removed by Friday at 5 PM. If the contingency is not removed by that time, the contract:
- Which of the following is the BEST description of 'consideration' needed for an option contract in South Carolina?
- In South Carolina, a 'release of earnest money' form is used when:
- In South Carolina, a seller who receives multiple offers should know that they:
- What does 'assignment' of a South Carolina real estate contract mean?
- In South Carolina, an 'earnest money dispute' between buyer and seller is resolved by:
- A South Carolina residential lease requires a 30-day notice to terminate a month-to-month tenancy. If the tenant gives notice on the 15th, the termination is effective:
- In South Carolina, a 'right of rescission' on a consumer credit transaction secured by a principal dwelling applies to:
- A South Carolina buyer who terminates a contract due to a failed home inspection should:
- In South Carolina, which of the following parties typically drafts the deed used in a real estate closing?
- A South Carolina purchase agreement includes a 'seller's right to continue marketing' clause. This allows the seller to:
- In South Carolina, 'unconscionability' in a contract means:
- What is the 'parol evidence rule' and how does it affect South Carolina real estate contracts?
- In South Carolina, what is the effect of 'merger' at closing on the purchase contract?
- A South Carolina buyer makes an offer contingent on securing financing within 21 days. If they cannot qualify after 21 days, they must:
- In South Carolina, a real estate contract is considered 'void' if it is:
- What is an 'earnest money escrow dispute' procedure in South Carolina?
- In South Carolina, which of the following would create an 'implied contract' between an agent and a buyer?
- In South Carolina, a 'seller's concession' in a purchase contract is a credit from the seller used to:
- Under South Carolina's Statute of Frauds, which of the following can be enforced despite being verbal?
- A South Carolina purchase contract that is 'contingent' differs from one that is 'pending' in that:
- In South Carolina, 'specific performance' as a remedy in a real estate contract is typically preferred over money damages because:
- Under South Carolina law, which of the following contingencies would most likely be found in a new construction purchase contract?
- In South Carolina, what is 'rescission' of a real estate contract?
- A South Carolina purchase contract is 'integrated' when:
- In South Carolina, which of the following must a seller generally disclose?
- A South Carolina buyer asks the listing agent to estimate repair costs for a significant defect. The listing agent should:
- In South Carolina, 'due diligence' in a commercial real estate transaction typically includes:
- Under South Carolina law, which of the following is a standard contingency period in residential transactions?
- In South Carolina, a buyer who defaults on a ratified purchase contract forfeits their earnest money under a 'liquidated damages' clause. This amount must:
- A South Carolina property that is under contract but has not yet closed is said to be in 'escrow.' During this period:
- In South Carolina, who drafts the purchase contract in a standard residential transaction?
- A South Carolina buyer's offer contains a 'contingency removal deadline.' This is important because:
- Under South Carolina law, which of the following is NOT a required element for a real estate contract to be enforceable?
- In South Carolina, the due diligence period in a real estate contract allows the buyer to:
- In South Carolina, earnest money is typically held by:
- In South Carolina, which of the following best describes 'time is of the essence' in a real estate contract?
- In South Carolina, an addendum to a real estate contract:
- In South Carolina, a counteroffer legally:
- In South Carolina, specific performance as a remedy in a real estate contract means:
- In South Carolina, a real estate contract that is 'voidable' means:
- In South Carolina, an 'option contract' in real estate gives the optionee the:
- In South Carolina, the SC Association of REALTORS residential purchase contract includes an inspection contingency. If the seller refuses to make repairs, the buyer may:
- In South Carolina, 'assignment' of a real estate contract means:
- In South Carolina, 'consideration' in a real estate contract may consist of:
- In South Carolina, 'novation' in real estate contracts means:
- In South Carolina, 'rescission' of a real estate contract means:
- In South Carolina, which of the following is TRUE about electronic signatures on real estate contracts?
- In South Carolina, a 'net listing' is:
- In South Carolina, which clause in a purchase contract allows a buyer to walk away if they cannot obtain financing?
- In South Carolina, which of the following must be in writing to be enforceable under the Statute of Frauds?
- In South Carolina, a 'home sale contingency' in a purchase contract means:
- In South Carolina, what happens to the earnest money if the seller defaults on a purchase contract?
- In South Carolina, which of the following is an example of 'unilateral contract' in real estate?
- In South Carolina, 'bilateral contract' in real estate refers to:
- In South Carolina, what is the purpose of the SC Residential Property Condition Disclosure Statement?
- In South Carolina, a 'right of first refusal' in a real estate contract gives the holder:
- In South Carolina, which of the following is a valid reason for 'mutual rescission' of a real estate contract?
- In South Carolina, what is an 'escalation clause' in a real estate offer?
- In South Carolina, when a buyer makes an offer and the seller neither accepts nor rejects but simply remains silent:
- In South Carolina, a listing agreement that has no expiration date is:
- In South Carolina, which of the following describes an 'installment sales contract' (land contract)?
- In South Carolina, 'accord and satisfaction' in the context of a real estate contract means:
- In South Carolina, what is 'integration' or the 'merger doctrine' in contract law?
- In South Carolina, what is a 'lease-purchase agreement'?
- In South Carolina, 'anticipatory repudiation' in real estate contract law occurs when:
- In South Carolina, what is a 'subordination clause' in a real estate contract or mortgage?
- In South Carolina, what happens if both the buyer and seller are in default of a real estate contract?
- In South Carolina, what does 'waiver' mean in a real estate contract?
- In South Carolina, a contract for the sale of a property owned by a minor is:
- In South Carolina, what is 'exculpatory language' in a real estate contract?
- In South Carolina, 'caveat emptor' (buyer beware) in real estate has been largely replaced by:
- In South Carolina, what does 'as-is' mean in a real estate contract?
- In South Carolina, what is a 'contract for deed' (also called installment sales contract or land contract)?
- In South Carolina, what is 'earnest money' and what purpose does it serve?
- In South Carolina, what is a 'home warranty' and how does it differ from title insurance?
- In South Carolina, what happens to the contract if a contingency is not satisfied and not waived?
- In South Carolina, what is a 'land use restriction agreement' (LURA)?
- In South Carolina, what is a 'merger clause' (also called an 'integration clause') in a contract?
- In South Carolina, what is an 'estoppel' in contract law?
- In South Carolina, which type of listing allows the seller to sell the property without owing a commission if they find the buyer themselves?
- In South Carolina, what is 'force majeure' in a real estate contract?
- In South Carolina, what is a 'backup offer' in real estate?
- In South Carolina, what is a 'community property agreement' and is it relevant in SC?
- In South Carolina, what is the 'parol evidence rule' in contract law?
Finance
153 questions- A conventional conforming loan is one that:
- South Carolina imposes a deed recording fee at the time of real estate transfer. This fee is calculated based on:
- Which of the following types of mortgages allows a borrower to make interest-only payments for a set period, after which they must pay principal and interest?
- What is the primary purpose of the secondary mortgage market?
- A graduated payment mortgage (GPM) features:
- In South Carolina, a deed of trust involves which three parties?
- South Carolina primarily uses deeds of trust for mortgage financing. Which type of foreclosure is associated with deeds of trust?
- What does PMI (Private Mortgage Insurance) protect in a South Carolina home loan?
- A South Carolina property has an appraised value of $350,000. The buyer makes a 10% down payment. What is the loan-to-value (LTV) ratio?
- Which type of mortgage has an interest rate that adjusts periodically based on a market index?
- The Truth in Lending Act (TILA) requires lenders to disclose the:
- In South Carolina, which government-sponsored enterprise purchases conforming conventional loans from lenders?
- What is the primary advantage of an FHA loan for a South Carolina first-time homebuyer?
- A South Carolina borrower takes a $200,000 mortgage at 6% annual interest. What is the first month's interest payment using simple interest?
- What is a 'bridge loan' commonly used for in South Carolina real estate transactions?
- In South Carolina, which type of mortgage requires a balloon payment at the end of the loan term?
- What is the purpose of a 'discount point' paid at closing on a South Carolina mortgage?
- A South Carolina conventional mortgage requires a minimum 20% down payment to avoid:
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?
- A South Carolina buyer obtains a VA loan. Which of the following statements about VA loans is correct?
- What is 'amortization' in the context of a South Carolina home mortgage?
- A South Carolina lender offers a 5/1 ARM. What does this mean?
- In South Carolina, which law prohibits discrimination in mortgage lending based on race, color, religion, national origin, sex, marital status, or age?
- A reverse mortgage in South Carolina is designed for:
- What is the secondary mortgage market's primary function in South Carolina real estate financing?
- What is a 'due-on-sale clause' in a South Carolina mortgage?
- A South Carolina 'assumable mortgage' allows:
- RESPA (Real Estate Settlement Procedures Act) requires disclosure of:
- A South Carolina homeowner takes out a home equity line of credit (HELOC). This is best described as:
- In South Carolina, 'seller financing' (owner financing) means:
- What is 'predatory lending' in the context of South Carolina mortgage law?
- In South Carolina, which type of mortgage has the interest rate tied to the prime rate or Treasury index?
- A South Carolina lender charges 2% of the loan amount as an origination fee on a $250,000 loan. How much is this fee?
- What is the Home Mortgage Disclosure Act (HMDA) designed to do?
- A South Carolina borrower's debt-to-income (DTI) ratio is used to:
- In South Carolina, 'points' paid on a mortgage loan are typically tax-deductible for a primary residence because they represent:
- A 'conforming loan' in South Carolina is one that:
- Which government-backed loan program is designed to help low-to-moderate income buyers in rural areas of South Carolina?
- What is 'negative amortization' in a South Carolina mortgage?
- In South Carolina, an 'interest-only loan' means the borrower:
- A South Carolina lender 'locks' the interest rate at time of application. This means:
- In South Carolina, the 'Community Reinvestment Act' (CRA) encourages banks to:
- What does 'LTV' stand for and why is it important in South Carolina mortgage lending?
- South Carolina follows judicial foreclosure procedures for which type of security instrument?
- A South Carolina buyer uses a 'piggyback loan' (80-10-10 structure). This means they:
- In South Carolina, a 'purchase money mortgage' is created when:
- A South Carolina lender's 'appraisal contingency' protects the buyer when:
- What is a 'home equity loan' in South Carolina?
- Under TRID regulations in South Carolina, which document replaced the Good Faith Estimate (GFE) and Truth in Lending disclosure?
- A South Carolina homebuyer receives a Loan Estimate showing an APR of 6.8% on a loan with a stated interest rate of 6.5%. The difference is due to:
- Which federal law prohibits lenders from charging excessive fees for settlement services and requires disclosure of kickbacks?
- In South Carolina, a 'jumbo loan' refers to a mortgage that:
- What is the purpose of 'private mortgage insurance' (PMI) in South Carolina?
- A South Carolina FHA loan requires mortgage insurance premium (MIP). How does this differ from PMI?
- In South Carolina, which type of mortgage allows the borrower to borrow, repay, and borrow again up to a credit limit?
- In South Carolina, 'seasoning requirements' for a mortgage typically refer to:
- A South Carolina buyer is offered a 30-year fixed mortgage at 7% or a 5/1 ARM at 5.5% with annual adjustments capped at 2%/yr. The ARM is most beneficial when:
- The Federal Reserve's monetary policy affects South Carolina mortgage rates primarily through:
- In South Carolina, a 'wraparound mortgage' (all-inclusive trust deed) is most commonly used when:
- Under the Fair Housing Act, 'blockbusting' by a lender would include:
- In South Carolina, which of the following correctly describes an 'interest rate cap' on an ARM?
- A South Carolina buyer's debt-to-income ratio is 45%. Most conventional lenders will:
- In South Carolina, a 'hard money loan' is typically characterized by:
- Which of the following is true about the 'Good Faith Estimate' (GFE) under TRID regulations?
- A South Carolina borrower who falls behind on mortgage payments and works with the lender to temporarily reduce or suspend payments is using which loss mitigation option?
- In South Carolina, a 'satisfaction of judgment' removes which type of lien from property?
- What is the maximum FHA loan limit in high-cost areas for a single-family home (as of recent years)?
- In South Carolina, a 'short sale' occurs when:
- A South Carolina buyer obtains an 80% first mortgage and a 15% second mortgage to put only 5% down. This structure is called a:
- What is a 'construction-to-permanent loan' in South Carolina?
- In South Carolina, 'prepayment penalties' on mortgages:
- A South Carolina lender's 'underwriting' process evaluates which of the following?
- In South Carolina, 'mortgage insurance' protects which party against default?
- In South Carolina, which government entity regulates state-chartered banks?
- A South Carolina borrower's 'credit score' (FICO) primarily reflects:
- A South Carolina homeowner is 'underwater' on their mortgage. This means:
- In South Carolina, a 'recourse loan' means that after foreclosure, the lender:
- In South Carolina, 'impound accounts' (also called escrow accounts) held by lenders are used to:
- A South Carolina lender sells a pool of mortgages to investors as 'mortgage-backed securities.' This is an example of:
- Which South Carolina homebuyer assistance program is administered at the state level for first-time buyers?
- What is 'yield maintenance' in South Carolina commercial mortgage lending?
- In South Carolina, a 'purchase money second mortgage' is created when:
- In South Carolina, a 'conventional' mortgage differs from a government-backed loan in that it:
- What is the purpose of 'discount points' in a South Carolina mortgage transaction?
- A South Carolina borrower who is denied credit must receive a notice under ECOA within:
- What is a 'participation mortgage' in South Carolina commercial real estate?
- In South Carolina, which federal law requires creditors to inform applicants of the factors considered in evaluating their creditworthiness?
- In South Carolina, a 'reverse mortgage' (HECM) becomes due when:
- A South Carolina lender 'red flags' a mortgage application for potential fraud when:
- Which South Carolina lending law protects consumers from prepayment penalties and negative amortization in high-cost home loans?
- In South Carolina, a 'non-recourse loan' protects the borrower by:
- In South Carolina, a lender who makes a mortgage loan with an interest rate more than 8 points above the prime rate may be required to comply with:
- A South Carolina home's appraised value is $320,000. The buyer is getting an 80% LTV loan. What is the maximum loan amount?
- What is 'curtailment' of a mortgage in South Carolina?
- In South Carolina, which regulatory change was introduced by the Dodd-Frank Act that affects mortgage origination?
- In South Carolina, a lender who packages and sells mortgages to investors as mortgage-backed securities (MBS) operates in which market?
- A South Carolina property has an annual NOI of $36,000. The property is financed with a $300,000 mortgage at 6% interest (annual debt service = $21,600). What is the annual cash flow before tax?
- What is 'seller financing' in South Carolina, and when is it most common?
- In South Carolina, which federal agency insures deposits in savings institutions to protect depositors in case of bank failure?
- A South Carolina borrower who has been in foreclosure proceedings completes a 'short payoff' negotiated with the lender. The remaining deficiency:
- In South Carolina, a mortgage lender must provide the Loan Estimate to a borrower within how many business days of receiving a complete loan application?
- A South Carolina buyer obtains an 80% LTV conventional loan on a $320,000 home. The down payment required is:
- In South Carolina, which type of mortgage loan has an interest rate that can change periodically based on a market index?
- Under the Home Mortgage Disclosure Act (HMDA), South Carolina lenders must:
- In South Carolina, what is the purpose of private mortgage insurance (PMI)?
- A South Carolina buyer is using a VA loan. Which of the following is TRUE about VA loans?
- In South Carolina, what is 'points' in mortgage lending?
- In South Carolina, RESPA (Real Estate Settlement Procedures Act) prohibits:
- In South Carolina, which type of loan is backed by the federal government through FHA insurance and requires a minimum 3.5% down payment (with a 580+ credit score)?
- In South Carolina, what is a 'balloon payment' mortgage?
- In South Carolina, which federal act requires lenders to give borrowers the right to cancel certain refinance transactions within 3 business days?
- In South Carolina, a 'blanket mortgage' covers:
- In South Carolina, what is the purpose of an 'escrow account' held by a mortgage lender?
- In South Carolina, which federal act requires lenders to provide the Annual Percentage Rate (APR) to borrowers?
- In South Carolina, which federal act prohibits discrimination in credit transactions based on race, sex, national origin, and other protected characteristics?
- In South Carolina, what is 'amortization' in a mortgage?
- In South Carolina, a 'wraparound mortgage' involves:
- In South Carolina, what is the 'due-on-sale' clause in a mortgage?
- In South Carolina, a USDA Rural Development loan is designed for:
- In South Carolina, what is 'negative amortization'?
- In South Carolina, a 'construction loan' is typically:
- In South Carolina, which of the following best describes 'seller financing'?
- In South Carolina, the 'acceleration clause' in a mortgage allows the lender to:
- In South Carolina, what is a 'bridge loan'?
- In South Carolina, 'seller concessions' at closing refer to:
- In South Carolina, which loan type is typically used to finance a condominium development through the sale of individual units?
- In South Carolina, what is the 'debt-to-income ratio' (DTI) used for in mortgage lending?
- In South Carolina, a 'purchase money mortgage' (PMM) is:
- In South Carolina, what is 'private equity' real estate investment?
- In South Carolina, what does 'underwater mortgage' mean?
- In South Carolina, what is 'interest-only' mortgage financing?
- In South Carolina, a 'reverse mortgage' (HECM) is designed for:
- In South Carolina, what does 'yield' mean in real estate investment?
- In South Carolina, what is the purpose of the 'Community Reinvestment Act' (CRA)?
- In South Carolina, what is 'hard money' lending in real estate?
- In South Carolina, what is a 'participation mortgage'?
- In South Carolina, 'equity stripping' in predatory lending refers to:
- In South Carolina, what is 'discount rate' as used by the Federal Reserve, and how does it affect mortgage rates?
- In South Carolina, what is 'forbearance' in mortgage lending?
- In South Carolina, what is 'credit scoring' and how does it affect mortgage lending?
- In South Carolina, what is the primary purpose of a 'mortgage commitment letter'?
- In South Carolina, what is 'collateral' in a mortgage transaction?
- In South Carolina, what is 'seller carryback financing'?
- In South Carolina, what is 'private mortgage insurance' (PMI) cancellation?
- In South Carolina, what is a 'certificate of eligibility' in VA lending?
- In South Carolina, what is a 'real estate investment trust' (REIT)?
- In South Carolina, what is a 'wraparound mortgage' primarily used for?
- In South Carolina, what is 'due diligence' in a commercial real estate transaction?
- In South Carolina, what is a 'purchase money first mortgage'?
- In South Carolina, what is 'subordinate financing' in residential lending?
- In South Carolina, what is a 'loan modification'?
- In South Carolina, what is 'mortgage servicing'?
- In South Carolina, what is 'seasoning' of a mortgage or of funds in home purchase?
Real Estate Math
150 questions- A South Carolina home sells for $320,000. Deed stamps are $1.85 per $500. The 6% commission is split equally between listing and buyer's broker. The seller also pays $2,500 in other closing costs. What are the seller's total closing costs (deed stamps + commission + other costs)?
- A property was purchased for $185,000 and sold 4 years later for $223,850. What was the annual rate of appreciation (simple interest method)?
- A buyer's monthly gross income is $6,500. Using a 36% back-end debt-to-income ratio, and the buyer already has $500/month in recurring debts, what is the maximum monthly mortgage payment (PITI) the lender will allow?
- An investor purchases a duplex for $280,000. Each unit rents for $1,100/month. Annual operating expenses are $8,400. What is the annual net operating income (NOI) and cap rate?
- A South Carolina seller owes $145,000 on their mortgage. The home sells for $225,000. Selling costs are 7% of the sales price. What are the seller's net proceeds?
- A property in Charleston sells for $485,000. What is the South Carolina deed recording fee owed at closing?
- A Myrtle Beach rental property generates $2,400/month in gross rent. The gross rent multiplier (GRM) is 120. What is the estimated property value?
- A South Carolina broker charges a 5.5% commission on a $320,000 sale. The listing agent retains 60% of the total commission. How much does the listing agent earn?
- A South Carolina property was purchased for $180,000 and sold 5 years later for $225,000. What is the percentage appreciation?
- A Greenville property has an assessed value of $120,000 (at 4% assessment ratio for primary residence) and a millage rate of 250 mills. What is the annual property tax?
- A rectangular Columbia lot measures 150 feet by 200 feet. How many acres is this lot? (1 acre = 43,560 sq ft)
- A seller wants to net $195,000 after paying a 6% commission. What must the property sell for?
- A South Carolina property has a list price of $265,000. The buyer offers 96% of list price. What is the offer price?
- A South Carolina investor buys a property for $400,000, makes $50,000 in improvements, and sells for $520,000 with 5% selling costs. What is the net profit?
- A South Carolina property has a gross annual rent of $36,000 and sells for $450,000. What is the gross rent multiplier (GRM)?
- A South Carolina buyer puts 5% down on a $280,000 home. What is the loan amount?
- A South Carolina property generates monthly rent of $1,800. The property sells at a GRM of 150. What is the sale price?
- An agent in South Carolina earns 2.8% commission on a sale. If the commission is $7,420, what was the sale price?
- A Charleston property appraised at $340,000 has an assessment ratio of 4% and a millage rate of 200 mills. What is the annual property tax?
- A South Carolina buyer's agent is paid 2.5% of the $395,000 sale price. What is the buyer's agent commission?
- A South Carolina property is listed at $249,900. After 60 days with no offers, the seller reduces the price by 4%. What is the new list price?
- An investor buys a South Carolina fourplex for $480,000. Annual NOI is $38,400. What is the cap rate?
- A Greenville, SC condo sells for $187,500. What is the SC deed recording fee?
- A South Carolina property was assessed at $120,000 (at 6% investment property ratio) with a tax rate of 300 mills. What is the annual tax?
- A South Carolina listing agent receives 3% on a $415,000 sale. What is the listing side commission?
- A South Carolina property's NOI is $42,000 per year. If the cap rate is 7%, what is the property's value?
- How much South Carolina deed transfer tax is owed on a $127,500 property sale?
- A South Carolina buyer makes a 20% down payment on a $310,000 home. What is their loan amount?
- A property management company charges 8% of collected rent. Monthly rents collected are $14,500. What is the monthly management fee?
- An investment property in Columbia, SC was purchased for $350,000 and sold for $420,000 after 3 years. What was the total return on investment (ROI)?
- A buyer qualifies for 28% of gross income for PITI. Their monthly gross income is $7,200. What is their maximum PITI payment?
- A South Carolina property has an annual NOI of $55,000. Using a cap rate of 6.5%, what is the estimated value?
- A rectangular lot in Myrtle Beach measures 75 feet by 120 feet. What is the area in square feet?
- A South Carolina home sold for $198,000. The listing broker and buyer's broker each received 2.5% commission. What did each side receive?
- A South Carolina property's annual gross income is $72,000. Operating expenses are $28,800. What is the expense ratio?
- A 40-acre parcel in South Carolina is offered for $3,500 per acre. What is the total asking price?
- A South Carolina rental property has a potential gross income of $60,000/year and a 5% vacancy rate. What is the effective gross income?
- A South Carolina property sold for $450,000 at 92% of the listing price. What was the list price?
- A real estate commission is split 50/50 between listing and selling brokers. The listing broker further splits 60/40 with their salesperson. If the total commission on a $350,000 sale at 6% is $21,000, how much does the listing salesperson earn?
- A South Carolina investor needs a 9% return on a $550,000 investment. What annual NOI is required?
- If a South Carolina property has a GRM of 100 and monthly rent is $1,500, what is the estimated value?
- A South Carolina buyer's closing costs are estimated at 3% of the purchase price of $275,000. What is the estimated closing cost amount?
- A South Carolina home sells for $362,500. What is the deed recording fee?
- A Myrtle Beach property manager charges 9% of collected monthly rents. Monthly collections are $22,000. What is the annual management fee?
- A Columbia, SC building has 10,000 sq ft of office space with a base rent of $18/sq ft/year. What is the annual base rent?
- A South Carolina home is listed for $329,000. After 90 days, the price is reduced by 3.5%. What is the new price?
- An investor receives $18,500/year in NOI from a property purchased at a 7.4% cap rate. What did they pay for the property?
- A South Carolina real estate agent earned $14,040 on a transaction. If the commission rate was 5.4%, what was the sale price?
- A South Carolina buyer must pay $4,625 in transfer taxes at closing. What was the approximate sale price?
- A property has an annual gross income of $96,000 with a 7% vacancy rate and operating expenses of $35,000. What is the NOI?
- A South Carolina investor purchases a property for $325,000 and receives $1,950/month in rent. What is the annual gross rent yield?
- If a South Carolina property sold for $198,000 and the buyer put 15% down, what was the down payment?
- A Greenville investor buys a duplex for $220,000. Each unit rents for $900/month. Annual expenses are $7,200. What is the cap rate?
- A South Carolina property assessed at $85,000 (at 4% legal residence ratio) with a 175 mill rate—what is the annual tax?
- A South Carolina property manager has 45 units with $850/month rent. Vacancy is 8% and expenses are $12,000/year. What is the annual NOI?
- What is the monthly interest for a $180,000 mortgage at 5.5% annual interest?
- A South Carolina property sold for $267,500 with a 5.5% total commission. How much did the broker on each side receive if commission was split equally?
- A South Carolina home is appraised at $315,000. The buyer makes a 20% down payment. What is the LTV on the resulting mortgage?
- A South Carolina property was purchased for $220,000 and depreciated at $8,000/year for tax purposes. After 4 years, what is the adjusted tax basis?
- If a South Carolina buyer's gross monthly income is $5,800 and the lender uses a 28% front-end ratio, what is the maximum monthly PITI?
- A rental property in South Carolina has a potential gross income of $45,000/year. With a 6% vacancy and $16,200 operating expenses, what is the NOI?
- A South Carolina investor paid $85,000 for a lot and sold it 2 years later for $102,000. What was the annual percentage appreciation?
- What is the total cost of 6 discount points on a $300,000 South Carolina mortgage?
- A South Carolina lot measuring 150 × 300 feet sells for $2.25 per square foot. What is the sale price?
- A South Carolina property has an annual gross income of $54,000, expenses of $22,000, and sells at a 7% cap rate. What is the sale price?
- A broker earns a 3.5% commission on a $445,000 sale. The broker splits the commission 55% to the listing salesperson and 45% to the buyer's salesperson. How much does the listing salesperson earn?
- A South Carolina owner received $187,500 net after paying a 6.25% commission. What was the sale price?
- A triangular lot in South Carolina has a base of 200 feet and a height of 150 feet. What is the area?
- A South Carolina property's assessment is $168,000 (6% investment property ratio applied to fair market value). What is the fair market value?
- A South Carolina home depreciates $12,000 per year for tax purposes over 27.5 years (residential). What is the original cost basis?
- A South Carolina commercial property with 5,000 sq ft rents at $22/sq ft/yr NNN. What is the annual base rent?
- A South Carolina buyer receives seller concessions of 3% of the $310,000 purchase price. How much is the concession?
- A South Carolina agent earns $9,240 commission representing 2.8% of the sale. What was the sale price?
- A South Carolina property with a $240,000 mortgage balance sells for $325,000 with 6% total commission and $2,500 in other closing costs. What are the seller's net proceeds?
- A South Carolina property generates $3,500/month in rents and has annual operating expenses of $18,000. At a cap rate of 8%, what is the property value?
- A South Carolina home buyer needs to bring $42,500 to closing. Their earnest money was $5,000 and down payment is $37,500. What is their total needed at closing if they also have $8,250 in closing costs?
- A South Carolina owner listed a property at $315,000 and accepted an offer at 94% of the list price. What was the accepted price?
- A buyer in South Carolina gets a mortgage of $285,000 at 6.25% for 30 years. What is the approximate monthly interest for the first payment?
- What is the annual property tax on a South Carolina home valued at $200,000 with a 4% legal residence assessment ratio and a millage rate of 300?
- A South Carolina property sells for $172,500. How much transfer tax is owed?
- A South Carolina investor uses leverage (80% mortgage) to buy a $500,000 property. If the property appreciates 5%, what is the return on invested equity?
- A Myrtle Beach rental receives $18,000 in net rent after a 10% management fee. What was the gross rent collected?
- A South Carolina lot is 1.5 acres. How many square feet is this?
- A South Carolina agent earns 2.4% on the purchase side of a $375,000 transaction. What is the commission?
- A South Carolina property has a replacement cost new of $450,000, accumulated depreciation of $90,000, and land value of $75,000. What is the value using the cost approach?
- A South Carolina appraiser uses the age-life method. The building is 15 years old with a total economic life of 60 years. What is the depreciation percentage?
- A South Carolina property sells for $525,000. Transfer taxes must be paid. How much are the transfer taxes?
- A Charleston property manager charges 7.5% management fee. Annual rents collected are $156,000. What is the annual management fee?
- A South Carolina property was purchased for $275,000. After 8 years, it is sold for $385,000 less 6% commission. What is the net gain?
- A South Carolina buyer puts 3.5% down on a $220,000 FHA purchase. What is the down payment?
- A South Carolina property with 3,500 sq ft sells for $125/sq ft. What is the sale price?
- A South Carolina investment property generates $72,000 NOI and sells at a 9% cap rate. What is the sale price?
- A buyer must qualify for a $275,000 mortgage. The lender requires a 28% front-end ratio. What monthly gross income is needed?
- A South Carolina seller lists for $399,000. After 45 days, reduces to $379,000. The property sells for $365,000. What was the selling price as a percentage of the original listing price?
- A South Carolina investment property generates $88,000 NOI and is valued at $1,100,000. What is the cap rate?
- A South Carolina home is insured at 80% of its $400,000 replacement cost. If there is a $160,000 fire loss, how much will insurance pay under the co-insurance formula?
- A South Carolina property was listed at $419,000 and sold for 97% of list price. What was the sale price?
- A South Carolina buyer pays $295,000 for a home, puts 10% down, and has closing costs of $7,200. How much cash does the buyer need at closing?
- A South Carolina commercial tenant leases 2,500 sq ft at $20/sq ft/yr. What is the monthly rent?
- A South Carolina homeowner paid $265,000 three years ago and invested $35,000 in improvements. The home now sells for $350,000 with 5% commission. What is the net gain?
- A Hilton Head property has a fair market value of $750,000 (investment property). At a 6% assessment ratio and 150 mill rate, what is the annual tax?
- A South Carolina property has 4 units each renting for $1,250/month. With a 5% vacancy and $14,400 annual expenses, what is the annual NOI?
- What is the total interest paid in the first year on a $300,000 mortgage at 5% annual rate with monthly payments?
- A South Carolina agent's annual income goal is $90,000. If the average commission per transaction is $4,500, how many transactions must they close per year?
- A South Carolina property sells for $285,000. The deed recording fee is $1.85 per $500 or fraction thereof of value. What is the deed recording fee?
- A South Carolina investor purchases a duplex for $180,000. Annual gross rent is $21,600. What is the gross rent multiplier (GRM)?
- A South Carolina property has an assessed value of $40,000 (at 4% owner-occupied ratio on $1,000,000 market value). The millage rate is 100 mills. What is the annual property tax?
- A South Carolina property manager charges 8% of collected rent as a management fee. If monthly rent is $1,800 and the unit is vacant for 2 months, what is the annual management fee?
- A South Carolina home was purchased for $210,000. It appreciated 4% per year for 3 years. What is the approximate current value?
- A South Carolina commercial property has a NOI of $45,000 and a cap rate of 7.5%. What is the estimated property value?
- A South Carolina property owner wants to net $250,000 after paying a 6% commission. What must the property sell for?
- A South Carolina property sells for $195,000. The buyer puts 5% down and pays 2 discount points. What is the cost of the points?
- A South Carolina property has an appraised value of $380,000 and is assessed at the 6% investment ratio. The millage rate is 200 mills. What is the annual property tax?
- A South Carolina agent earns a 3% buyer's agent commission on a $425,000 sale. The agent splits 60/40 with their broker (agent gets 60%). What does the agent receive?
- A South Carolina property is listed at $340,000. The seller accepts an offer of 97% of list price. Closing costs are $6,500. What are the seller's net proceeds (excluding mortgage payoff)?
- A South Carolina seller pays a 5.5% commission on a $415,000 sale. The listing broker splits equally with the buyer's broker. What does the listing broker's office receive?
- A South Carolina buyer obtains a $260,000 loan at 7% interest. What is the first month's interest payment?
- A South Carolina property sold for $308,000. The deed transfer tax is $1.85 per $500. How many $500 units are there in the sale price?
- A South Carolina home appraised at $350,000 has a loan-to-value (LTV) ratio of 80%. The existing loan balance is $265,000. How much equity does the owner have?
- A South Carolina property has a market value of $425,000. Owner-occupied residential assessment ratio is 4%. What is the assessed value?
- A South Carolina property is purchased for $175,000. The buyer makes a 10% down payment. What is the loan-to-value ratio?
- A South Carolina broker receives a total commission of $19,800 on a sale. The broker retains 45% and distributes the rest to the selling agent. How much does the selling agent receive?
- A South Carolina property has 2.5 acres. At $12 per square foot, what is the total value of the land?
- A South Carolina rental property has potential gross income of $36,000 per year. Vacancy rate is 5%, operating expenses are $12,000, and the cap rate is 8%. What is the estimated property value?
- A South Carolina investor bought a rental property for $220,000. After 4 years, it sold for $265,000. What was the total percentage appreciation?
- A South Carolina homeowner wants to install a fence along their 150-foot property boundary. Fencing costs $18 per linear foot plus a $200 installation fee. What is the total cost?
- A South Carolina home needs a new roof covering 2,800 square feet. Material cost is $4.50 per square foot and labor is $3.25 per square foot. What is the total roof replacement cost?
- A South Carolina investment property generates monthly rent of $2,400. Annual operating expenses are $8,640. What is the annual net operating income (NOI)?
- A South Carolina buyer's monthly income is $7,500. Their total monthly debt payments are $2,850. What is their debt-to-income ratio?
- A South Carolina broker holds $125,000 in client trust funds. The broker's own funds in the account total $500 (allowed minimum for bank charges). What is the maximum allowed balance in personal funds?
- A South Carolina property has 120 front feet and is 200 feet deep. What is the lot area in acres (1 acre = 43,560 sq ft)?
- A South Carolina property has a market value of $550,000. The assessment ratio is 6% (investment property). The millage rate is 250 mills. What is the annual property tax?
- A South Carolina seller wants to walk away with $180,000 after paying a 6% commission and $4,500 in other closing costs. What must the minimum sale price be?
- A South Carolina agent sells a house for $289,000. The commission is 5.5% total, split equally between listing and buyer's agent sides. The listing agent gets 70% of their side. What does the listing agent receive?
- A South Carolina investor wants a 9% cap rate on a property with annual NOI of $36,000. What is the maximum price they should pay?
- A South Carolina rental property has a 94% occupancy rate. The full-occupancy monthly rent is $3,200. What is the estimated annual income accounting for vacancy?
- A South Carolina property is 100 feet wide by 150 feet deep. The building covers 30% of the lot area. What is the building's footprint in square feet?
- A South Carolina property was appraised at $445,000. The lender requires an 80% LTV. The purchase price is $450,000. What is the maximum loan amount?
- A South Carolina home appreciates from $290,000 to $328,700. What is the percentage increase?
- A South Carolina property generates $52,000 NOI and is valued at $650,000. What is the capitalization rate?
- A South Carolina commercial tenant leases 4,500 sq ft at $18 per sq ft annually (NNN). Monthly base rent is:
- A South Carolina broker earns a 3% listing commission on a $520,000 sale. If the broker pays their salesperson 55% of the listing side, how much does the salesperson receive?
- A South Carolina property has a GRM (gross rent multiplier) of 9.5. Monthly rent is $2,200. What is the estimated property value?
- A South Carolina property rents for $2,600/month. Annual expenses: property taxes $3,900, insurance $1,200, maintenance $2,400, management 8%. What is the annual NOI?
- A South Carolina investor wants a 10% return on investment. They paid $385,000 for a property. What annual NOI is needed?
- A South Carolina property has potential gross income of $72,000. Vacancy is 8%, operating expenses are $22,000, and the cap rate is 9%. What is the estimated value?
- A South Carolina seller lists their property at $375,000 and accepts an offer at 96% of list price. Seller pays 3% buyer's agent commission and 3% listing commission. Total closing costs including commissions amount to 8% of sale price. What are the seller's net proceeds?
- A South Carolina building has 8,000 sq ft of gross leasable area (GLA). It is 92% occupied at $22/sq ft/year (NNN). What is the annual base rent from occupied space?
- A South Carolina buyer is offered a 30-year, $300,000 mortgage at 7.5% with monthly payments of $2,097. The first payment interest portion is $1,875. How much principal is reduced in the first payment?
- A South Carolina property has a market value of $485,000. An appraisal came in at $470,000. The buyer's lender requires 80% LTV. What is the maximum loan amount?
South Carolina License Law
134 questions- Which state agency licenses and regulates real estate professionals in South Carolina?
- How many hours of pre-license education are required to obtain a South Carolina real estate salesperson license?
- The South Carolina real estate licensing exam consists of how many questions, and what is the minimum passing score?
- In South Carolina, a newly licensed salesperson must work under the supervision of:
- South Carolina real estate licenses must be renewed every:
- How many hours of continuing education must South Carolina licensees complete per 2-year renewal cycle?
- In South Carolina, dual agency is:
- Which of the following does NOT require a South Carolina real estate license?
- A South Carolina broker-in-charge (BIC) has which of the following responsibilities?
- In South Carolina, which of the following is a ground for license suspension or revocation by the Real Estate Commission?
- South Carolina's property management licensing requirement specifies that a person who manages residential property for others for compensation must:
- South Carolina's Trust Fund Accounting rules require brokers to deposit earnest money into a trust account within:
- Under SC Code of Laws Title 40 Chapter 57, how long must a South Carolina broker retain transaction records?
- A South Carolina real estate salesperson license is issued in the name of which of the following?
- What is the license renewal period for South Carolina real estate licenses?
- How many hours of continuing education are required for South Carolina real estate license renewal?
- Which of the following activities requires a real estate license in South Carolina?
- The South Carolina Real Estate Commission consists of how many members?
- What happens to a South Carolina salesperson license when the sponsoring broker's license is revoked?
- Which of the following is exempt from South Carolina real estate licensing requirements?
- In South Carolina, which license level is required to operate an independent real estate brokerage?
- What is the minimum age requirement to obtain a South Carolina real estate salesperson license?
- A South Carolina licensee who engages in misrepresentation may be subject to which of the following penalties?
- What is the purpose of the South Carolina Real Estate Commission's Recovery Fund?
- Under SC Code Title 40 Chapter 57, an affiliated licensee's license is 'inactive' when:
- A South Carolina real estate broker who wishes to open a branch office must:
- Which of the following acts would constitute 'commingling' under South Carolina law?
- A South Carolina real estate licensee who wishes to change their sponsoring broker must:
- Which of the following is NOT a requirement for a South Carolina real estate license application?
- In South Carolina, 'net listings' are:
- A South Carolina real estate licensee who practices real estate in another state must comply with:
- Under South Carolina law, a broker-in-charge (BIC) is responsible for:
- Which of the following would require a South Carolina real estate license?
- A South Carolina licensee's obligation to disclose their agency relationship applies to:
- The SCREC may place a South Carolina licensee on probation for which of the following?
- A South Carolina real estate licensee who advertises without including the brokerage firm's name violates:
- In South Carolina, reciprocity allows a licensee from another state to:
- A South Carolina real estate licensee may NOT do which of the following?
- Under South Carolina law, a real estate licensee who acts as a principal (buying or selling their own property) must:
- The South Carolina Real Estate Commission may deny a license application based on:
- A South Carolina real estate salesperson who wishes to become a broker must:
- SCREC's jurisdiction to discipline a licensee extends to conduct that occurs:
- In South Carolina, a salesperson who negotiates a real estate transaction and signs the closing documents as the agent must be:
- Which of the following is required for a South Carolina real estate license to remain active?
- Under SC Code of Laws Title 40 Chapter 57, which of the following acts is specifically prohibited for South Carolina licensees?
- A South Carolina licensee who moves to a new address must notify SCREC within:
- In South Carolina, a 'pocket listing' (selling without MLS exposure) may raise concerns about a licensee's duty of:
- Which of the following best describes the role of the SCREC's 'Education and Research' fund?
- In South Carolina, a licensee must disclose to a buyer that a property was the site of a homicide:
- A South Carolina broker who manages an escrow/trust account must reconcile the account:
- Which type of real estate license in South Carolina allows a person to operate as a property manager without being affiliated with a broker?
- A South Carolina salesperson receives an earnest money check from a buyer. The salesperson must:
- Under South Carolina law, which of the following best describes the 'procuring cause' standard for determining commission in a cooperative sale?
- In South Carolina, a licensee who pays a portion of their earned commission back to the buyer or seller must:
- A South Carolina licensee who fails to complete continuing education by the renewal deadline will have their license:
- Which South Carolina law establishes the legal framework for real estate licensing?
- A real estate school in South Carolina must be approved by:
- The South Carolina Real Estate Commission requires all licensees to display their license in their place of business. What must the display include?
- Under South Carolina law, which of the following would constitute 'misrepresentation' by a licensee?
- A South Carolina broker who is also a licensed mortgage originator must disclose this dual licensure to:
- What is the penalty for practicing real estate in South Carolina without a license?
- A South Carolina broker who receives a complaint from a client should:
- Under SCREC regulations, when must a South Carolina licensee present all written offers to a seller?
- A South Carolina licensee who intentionally makes a false statement to obtain a listing is guilty of:
- Which of the following South Carolina real estate activities requires a broker's license rather than a salesperson's license?
- In South Carolina, a 'team' of agents working under one broker must:
- Under South Carolina law, a licensee who receives a complaint about their conduct must respond to SCREC's investigation by:
- In South Carolina, which of the following is required for a real estate license application by someone with a criminal record?
- Under South Carolina law, an unlicensed assistant may perform which of the following tasks?
- A South Carolina real estate licensee may receive 'referral fees' from which of the following?
- Under South Carolina law, when a real estate licensee also works as a property manager, which license is required?
- In South Carolina, a licensee who advertises 'guaranteed results' or promises a specific selling price is:
- In South Carolina, a real estate advertising claim that a property is 'the best deal in Columbia' is an example of:
- Which SC agency is responsible for licensing and regulating both real estate brokers and appraisers?
- A South Carolina licensee who is convicted of a felony while licensed should:
- In South Carolina, a 'probationary' license may be issued when:
- What is the 'Real Estate Recovery Fund' limit for payment to a single transaction in South Carolina?
- A South Carolina licensee who changes their employing broker must:
- Which of the following activities requires a South Carolina real estate license?
- The South Carolina Real Estate Commission has the authority to:
- A South Carolina real estate licensee who has been convicted of a felony involving fraud must:
- A South Carolina broker-in-charge is responsible for:
- In South Carolina, which of the following is required to obtain a salesperson license?
- In South Carolina, advertising by a real estate licensee must include:
- In South Carolina, a licensee's failure to account for client funds properly may result in:
- In South Carolina, a 'provisional' real estate salesperson license is issued when:
- Under South Carolina law, which of the following must a real estate licensee disclose to all parties?
- In South Carolina, which of the following is TRUE about real estate team names?
- In South Carolina, continuing education for real estate licensees must be completed:
- In South Carolina, a licensee is prohibited from:
- In South Carolina, which of the following persons is exempt from the real estate licensing requirement?
- A South Carolina licensee who wishes to open their own brokerage must obtain:
- The SC Real Estate Commission's primary mission is to:
- In South Carolina, which of the following would subject a licensee to discipline by SCREC?
- In South Carolina, a licensee who receives an earnest money deposit must deposit it into a trust account:
- In South Carolina, the Real Estate Recovery Fund provides compensation to:
- In South Carolina, which of the following persons may legally engage in real estate brokerage activities without a SC license?
- In South Carolina, a licensee who is also a principal (buyer or seller) in a transaction must:
- In South Carolina, which of the following represents 'commingling' of funds?
- In South Carolina, a real estate license becomes inactive when:
- In South Carolina, the maximum fine SCREC may impose for a single violation of the Real Estate License Law is:
- In South Carolina, what is required for a licensee to legally accept a referral fee from a title company?
- In South Carolina, what does a broker-in-charge designation require beyond a standard broker's license?
- In South Carolina, which of the following is prohibited under SC real estate license law?
- In South Carolina, how long must a broker keep transaction records?
- In South Carolina, a salesperson who works independently without a sponsoring broker:
- In South Carolina, a licensee's license may be suspended on an emergency basis (without a hearing) if:
- In South Carolina, which of the following best describes 'conversion' of trust funds?
- In South Carolina, a licensee who negotiates a secret profit from a transaction for their own benefit, without disclosure to the client, commits:
- In South Carolina, which of the following is TRUE about 'net listings'?
- In South Carolina, what must a broker do if they receive competing offers on a listed property at the same time?
- In South Carolina, which of the following describes 'inactive' license status?
- In South Carolina, a salesperson who has held their license for more than 5 years may apply for a:
- In South Carolina, a licensee may NOT pay a referral fee to:
- In South Carolina, which of the following statements about real estate commissions is TRUE?
- In South Carolina, which of the following best describes 'misrepresentation' as a license law violation?
- In South Carolina, which of the following best describes the 'cold call' rule under SC and federal telemarketing laws?
- In South Carolina, a provisional salesperson's license is valid for how long?
- In South Carolina, what must a broker do with earnest money when a sale falls through and the parties dispute who is entitled to it?
- In South Carolina, a real estate licensee who engages in mortgage fraud may face:
- In South Carolina, what is the 'Real Estate License Law' (SC Code Title 40, Chapter 57) designed to do?
- In South Carolina, a licensee convicted of a crime involving moral turpitude may face:
- In South Carolina, which of the following represents a 'material fact' that a licensee must disclose?
- In South Carolina, which of the following would qualify as 'unprofessional conduct' subject to license discipline?
- In South Carolina, who may file a complaint against a real estate licensee with SCREC?
- In South Carolina, what is a 'consent order' issued by SCREC?
- In South Carolina, what is 'inducement to purchase' as a prohibited act?
- In South Carolina, a licensee who assists a buyer in purchasing a FSBO (For Sale By Owner) property may:
- In South Carolina, what is an 'associate broker'?
- In South Carolina, which of the following must a broker maintain for each real estate transaction?
- In South Carolina, a broker who operates multiple office locations must:
- In South Carolina, what must be included in all real estate contracts for the sale of residential property?
- In South Carolina, which of the following represents the BEST approach for a new real estate agent to build a successful career?
- The South Carolina Real Estate Commission (SCREC) requires salesperson applicants to complete how many hours of pre-license education?
Agency
123 questions- In South Carolina, when must a licensee provide the 'Disclosure of Real Estate Brokerage Relationships' form to a consumer?
- A South Carolina real estate agent represents a seller. The buyer in the transaction is unrepresented. The agent's duty to the unrepresented buyer is to:
- In South Carolina, designated agency means the broker-in-charge:
- A buyer's agent in South Carolina discovers that the property their buyer client wants to purchase has unresolved boundary issues with a neighbor. The agent's duty is to:
- When a South Carolina agent is operating as a dual agent with written consent, they may NOT:
- Puffing in real estate refers to:
- In South Carolina, which of the following best describes a 'buyer's agent'?
- South Carolina law requires written agency disclosure to be provided to a prospective buyer or seller:
- Under South Carolina law, dual agency occurs when:
- What is a 'designated agency' arrangement in South Carolina?
- Which fiduciary duty requires an agent to act in the client's best financial interest in South Carolina?
- A South Carolina listing agent who discovers a material defect in a property must:
- When does a seller's agency relationship with a listing broker typically terminate in South Carolina?
- In South Carolina, a subagent owes fiduciary duties to:
- An agent in South Carolina who deposits earnest money into their personal account instead of an escrow account violates which fiduciary duty?
- Which of the following statements about 'transaction broker' status in South Carolina is correct?
- Under South Carolina law, when must an agent disclose a material fact to a client?
- In South Carolina, a seller's agent who receives an offer from an unrepresented buyer owes what duty to the buyer?
- What is an 'open listing' in South Carolina?
- An exclusive right-to-sell listing in South Carolina guarantees the listing broker a commission:
- A South Carolina buyer's agent has a duty to keep which information confidential?
- A South Carolina buyer asks their agent to submit an offer significantly below the asking price. The agent should:
- Which duty requires a South Carolina agent to use their professional skills to benefit the client?
- In South Carolina, a listing agreement is a contract between the seller and:
- Under South Carolina law, an 'exclusive agency listing' means:
- A South Carolina agent learns that the seller has structural problems with the foundation but has not disclosed this. The agent should:
- What is 'procuring cause' in South Carolina real estate commission disputes?
- A South Carolina seller asks their agent not to disclose that the neighborhood has had recent flooding. The agent should:
- In South Carolina, a licensee who represents both parties in the same transaction without disclosure is guilty of:
- A South Carolina property manager's fiduciary duties to the property owner include all of the following EXCEPT:
- Which document in South Carolina formalizes the relationship between a buyer and their real estate agent?
- In South Carolina, a written buyer agency agreement that specifies compensation is preferred because it:
- What is the 'apparent authority' concept in South Carolina real estate agency?
- A South Carolina seller instructs their agent not to disclose that the property is in a flood zone. The agent should:
- Under South Carolina law, an agent's fiduciary duties to the client continue until:
- A South Carolina buyer's agent who discovers their client is planning to commit mortgage fraud should:
- In South Carolina, if a seller's agent inadvertently becomes aware of confidential buyer information, they should:
- In South Carolina, 'informed consent' in a dual agency arrangement means both parties:
- Which of the following actions by a South Carolina buyer's agent would be a breach of fiduciary duty?
- A South Carolina listing agreement typically includes which of the following elements?
- In South Carolina, a real estate agent who has a personal financial interest in a property they are selling for a client must:
- In South Carolina, an agent owes which of the following duties to all parties in a transaction, regardless of who they represent?
- In South Carolina, a 'protection clause' (safety clause) in a listing agreement protects the broker by:
- What is 'puffing' in South Carolina real estate?
- In South Carolina, the duty of 'obedience' requires an agent to:
- A South Carolina real estate agent who reveals the seller's need to sell quickly to the buyer's agent is violating which duty?
- In South Carolina, which of the following is NOT a method of creating an agency relationship?
- When a South Carolina agent 'ratifies' an unauthorized act by their principal, it means:
- In South Carolina, a 'net listing' creates a potential conflict of interest because:
- A South Carolina seller's agent who learns the buyer is financially distressed may:
- Which of the following is TRUE about commission rates in South Carolina?
- In South Carolina, a 'listing agent' works for which party?
- When a South Carolina real estate agent shows a buyer homes while their buyer agency agreement has expired, the agent most likely represents:
- In South Carolina, an agent who discovers the buyer intends to use a property for an illegal purpose should:
- A South Carolina buyer wants to make an offer 30% below asking price. Their agent's proper response is to:
- Which South Carolina real estate agency relationship does NOT create fiduciary duties?
- In South Carolina, which of the following best describes the 'principal' in a real estate agency relationship?
- A South Carolina listing agent's duty of 'care' to the seller includes which of the following?
- In South Carolina, a 'selling agent' or 'buyer's agent' in a cooperative sale is typically compensated by:
- Under South Carolina law, which type of agency relationship requires the MOST disclosure and documentation?
- In South Carolina, a real estate broker who is personally involved in a transaction as a buyer or seller must disclose their:
- In South Carolina, a buyer's agent discovers that the seller is withholding significant information about the property's history. The buyer's agent should:
- In South Carolina, the term 'scope of agency' refers to:
- A South Carolina agent who fails to present a purchase offer to the seller because they personally believe it is too low has violated which duty?
- In South Carolina, a 'buyer rebate' from the buyer's agent is permissible under what conditions?
- In South Carolina, an agent who represents only the seller must NOT:
- A South Carolina buyer's agent who helps a buyer commit mortgage fraud by inflating the purchase price is:
- In South Carolina, which of the following best describes 'implied agency'?
- A South Carolina seller's agent receives a 'backup offer' after their seller accepts a first offer. The agent should:
- Under South Carolina law, a listing broker's authority to market a property includes all of the following EXCEPT:
- What must a South Carolina real estate agent provide to a new client at their first substantive meeting?
- A South Carolina buyer's agent who also represents the seller in the same transaction must:
- Under South Carolina agency law, a seller's agent owes which duty to an unrepresented buyer?
- In South Carolina, a real estate licensee acting as a transaction broker:
- In South Carolina, the agency disclosure form must be provided to a prospective buyer or seller:
- A South Carolina listing agent learns that the seller has a serious undisclosed plumbing defect. The agent should:
- In South Carolina, a licensee who acts as a buyer's agent and receives compensation from the listing broker via the MLS cooperative compensation:
- In South Carolina, which fiduciary duty requires a licensee to put the client's interests above their own?
- In South Carolina, a buyer's agent who also represents another buyer interested in the same property must:
- In South Carolina, the fiduciary duty of 'obedience' requires the agent to:
- In South Carolina, what is the primary function of the agency disclosure form given to consumers?
- In South Carolina, a 'designated agency' arrangement means:
- In South Carolina, what is 'puffing' in real estate?
- In South Carolina, the duty of 'confidentiality' means a licensee must NOT disclose:
- In South Carolina, which type of listing agreement gives only one broker the exclusive right to sell AND earn a commission regardless of who finds the buyer?
- In South Carolina, an agent who self-deals by purchasing the client's property without full disclosure is guilty of:
- In South Carolina, a licensee's duty to disclose material facts applies to:
- In South Carolina, 'express agency' is created by:
- In South Carolina, the 'subagency' relationship means:
- In South Carolina, when must a listing agent present all offers to the seller?
- In South Carolina, what is 'procuring cause' in the context of real estate commissions?
- In South Carolina, an agent's authority to act on behalf of a principal is called:
- In South Carolina, which of the following best describes 'apparent authority' in agency law?
- In South Carolina, the listing agreement is a contract between:
- In South Carolina, the agency relationship is terminated by:
- In South Carolina, an agent who hides an offer from the seller to benefit themselves or another buyer is guilty of:
- In South Carolina, a licensee who is purchasing property they've listed as a seller's agent should:
- In South Carolina, 'ministerial acts' by a real estate agent are:
- In South Carolina, which of the following is TRUE about a buyer's agency agreement?
- In South Carolina, 'implied agency' is created by:
- In South Carolina, what is 'ratification' in agency law?
- In South Carolina, can a buyer's agent also represent the seller in the same transaction as a dual agent without disclosing this to the buyer?
- In South Carolina, a licensee who provides false information on their license application may face:
- In South Carolina, the phrase 'in the shoes of the client' in agency law means the agent must:
- In South Carolina, an agent's duty to account means:
- In South Carolina, a real estate agent who promises a seller they will achieve a specific price as a condition of being awarded the listing is:
- In South Carolina, 'confidentiality' after an agency relationship ends means:
- In South Carolina, what is 'ratified agency'?
- In South Carolina, which of the following best describes a 'non-exclusive buyer agency agreement'?
- In South Carolina, a licensee must disclose their agency relationship to the other party in a transaction at what point?
- In South Carolina, 'customer' versus 'client' in agency means:
- In South Carolina, what does the acronym 'OLDCAR' represent in describing fiduciary duties?
- In South Carolina, a buyer's agent who learns that the seller is in financial distress and must sell quickly should:
- In South Carolina, what is 'informed consent' in the context of dual agency?
- In South Carolina, what is the 'duty of reasonable care' in agency?
- In South Carolina, a 'limited service agreement' between a broker and client means:
- In South Carolina, which of the following is TRUE about a 'net listing'?
- In South Carolina, 'agency coupled with an interest' is:
- In South Carolina, which of the following best describes a licensee's obligation when they discover a material defect during a listing presentation?
- In South Carolina, what is 'estoppel by representation' in agency?
- In South Carolina, what is the difference between 'void' and 'voidable' in contracts?
- In South Carolina, can a licensed real estate agent also practice as a licensed mortgage loan originator?
- In South Carolina, what is a 'safety clause' (also called 'protection clause') in a listing agreement?
Escrow & Title
114 questions- In South Carolina, deed stamps (recording fee) are paid at the rate of $1.85 per $500 of consideration. On a $300,000 home sale, how much are the total deed stamps?
- A 'marketable title' means:
- Which of the following would be found as an exception on a title insurance commitment?
- In South Carolina, who is typically responsible for paying for the owner's title insurance policy?
- South Carolina is an 'attorney state' for real estate closings. This means:
- In South Carolina, the deed transfer tax (deed recording fee) is charged at what rate?
- Who traditionally pays the deed recording fee (transfer tax) in South Carolina?
- A title search in South Carolina reveals a 'cloud on title.' This means:
- An owner's title insurance policy in South Carolina protects:
- In South Carolina, an escrow account held by a broker must:
- What is the purpose of a HUD-1 Settlement Statement (or Closing Disclosure) in a South Carolina real estate transaction?
- Which type of title conveys title without any warranties in South Carolina?
- In South Carolina, property taxes are paid in:
- What document is recorded at the county courthouse in South Carolina to provide constructive notice of a property transfer?
- A South Carolina title search examines public records to verify:
- In South Carolina, which party typically pays for the lender's title insurance policy?
- What is the significance of the 'race-notice' recording statute in South Carolina?
- At closing in South Carolina, the closing attorney's primary responsibilities include all of the following EXCEPT:
- What is a 'mechanic's lien' in South Carolina real estate?
- In South Carolina, property taxes that are unpaid at the time of sale are:
- What does 'prorating' at closing in South Carolina mean?
- Which of the following would appear as a debit to the seller on the South Carolina closing statement?
- An 'encumbrance' on a South Carolina property title is best defined as:
- In South Carolina, who typically holds the earnest money when there is a cooperative sale (two different brokerages)?
- In South Carolina, which document provides a complete history of ownership transfers for a property?
- A South Carolina closing attorney discovers an unsatisfied judgment lien against the seller. At closing, this lien must be:
- What is the difference between a 'mortgage' and a 'deed of trust' as security instruments in South Carolina?
- In South Carolina, 'actual notice' of a property interest means:
- Which type of title insurance policy protects a mortgage lender in South Carolina?
- At a South Carolina closing, the buyer's earnest money is typically:
- What is a 'satisfaction of mortgage' (or deed of reconveyance) in South Carolina?
- In South Carolina, who is responsible for ensuring that all conditions of the purchase contract are met before funds are disbursed at closing?
- A South Carolina property has a $5,000 assessment for a new sewer line. This assessment is:
- In South Carolina, which party to a closing typically receives a credit for prepaid property taxes?
- In South Carolina, the Register of Deeds is responsible for:
- In South Carolina, a 'special warranty deed' differs from a 'general warranty deed' in that:
- What document in South Carolina conveys title to real property that was previously held as collateral under a deed of trust after the loan is paid off?
- An 'attorney's opinion of title' in South Carolina serves what purpose?
- In South Carolina, a FIRPTA (Foreign Investment in Real Property Tax Act) withholding is required when:
- At a South Carolina closing, who disburses the loan proceeds to the seller?
- What is a 'survey' in the context of a South Carolina real estate transaction?
- In South Carolina, the Closing Disclosure must be provided to the borrower at least how many business days before closing?
- What is 'earnest money forfeiture' in a South Carolina real estate transaction?
- In South Carolina, the 'chain of title' is best described as:
- In South Carolina, which type of property interest is created when a lender places a lien on collateral as security for a construction loan?
- A South Carolina buyer's attorney discovers that the seller's deed was forged. Title insurance would protect the buyer by:
- Which of the following is a 'credit' to the buyer on the South Carolina closing statement?
- In South Carolina, 'fee simple' title conveys which of the following to the buyer?
- At a South Carolina closing, the seller's net proceeds are calculated as:
- What is the 'right of redemption' in South Carolina foreclosure law?
- In South Carolina, which document allows the closing attorney to conduct the title search by examining recorded documents?
- What is a 'title commitment' in a South Carolina real estate transaction?
- In South Carolina, which party is responsible for paying the deed recording fee at closing?
- Under South Carolina law, a mortgage lien is established when:
- In South Carolina, a 'warranty covenant' in a deed requires the grantor to:
- In South Carolina, a 'deed in lieu of foreclosure' means the borrower:
- Under South Carolina's recording laws, which of the following has priority when there is a conflict between two interests?
- A South Carolina closing attorney prepares a 'HUD-1 equivalent' or Closing Disclosure showing the seller's side. What is a typical credit to the seller?
- In South Carolina, 'attorney's title opinion' vs. 'title insurance' differ in that:
- In South Carolina, which party to a transaction has a legal obligation to ensure the closing is conducted by a licensed attorney?
- What is a 'title exception' in a South Carolina title insurance policy?
- In South Carolina, a 'notice to seller's lien holders' before closing is required to:
- In South Carolina, 'title seasoning' requirements for refinancing typically mean:
- What is the purpose of a 'closing protection letter' (CPL) in a South Carolina real estate transaction?
- In South Carolina, title insurance premiums are:
- In South Carolina, a closing attorney represents:
- In South Carolina, a title search typically examines public records going back how many years to establish marketable title?
- In South Carolina, which instrument is used to release a satisfied mortgage lien from the public record?
- In South Carolina, a 'cloud on title' refers to:
- In South Carolina, a 'lis pendens' is a recorded notice that:
- In South Carolina, the Closing Disclosure must be provided to the buyer at least how many business days before closing?
- In South Carolina, what is 'proration' at closing?
- In South Carolina, what is 'constructive notice' in the context of real property?
- In South Carolina, which of the following would NOT be found in a title examination of public records?
- In South Carolina, what is a 'warranty of title'?
- In South Carolina, what is the purpose of a 'survey' of real property?
- In South Carolina, 'actual notice' differs from 'constructive notice' in that:
- In South Carolina, a buyer who purchases a property without a title search or title insurance and later discovers an undisclosed prior lien will likely:
- In South Carolina, which party typically pays for the owner's title insurance policy at closing?
- In South Carolina, a 'deed in lieu of foreclosure' is when:
- In South Carolina, 'title insurance' protects against:
- In South Carolina, a 'deed of release' is used to:
- In South Carolina, what does 'fee simple' mean on a title report?
- In South Carolina, a 'binder' in title insurance refers to:
- In South Carolina, what is 'chain of title'?
- In South Carolina, 'concurrent ownership' means:
- In South Carolina, what is a 'title abstract'?
- In South Carolina, a 'buyer's affidavit' at closing typically certifies that:
- In South Carolina, what is a 'mortgagee's title insurance policy'?
- In South Carolina, what is a 'gap in title'?
- In South Carolina, what is 'tenancy in common' in the context of title?
- In South Carolina, which of the following would typically appear as a Schedule B exception in a title insurance policy?
- In South Carolina, a 'standard coverage' versus 'ALTA' title insurance policy refers to:
- In South Carolina, which type of document is used to transfer ownership of personal property as part of a real estate transaction?
- In South Carolina, a 'HUD-1 Settlement Statement' was replaced for most transactions by what form?
- In South Carolina, what is an 'endorsement' on a title insurance policy?
- In South Carolina, what is a 'release clause' in a mortgage?
- In South Carolina, what is a 'subordination agreement'?
- In South Carolina, what is a 'final walkthrough' before closing?
- In South Carolina, a 'vendor's lien' in real estate arises when:
- In South Carolina, what is a 'non-disturbance agreement' in commercial real estate?
- In South Carolina, when should a seller disclose potential assessment liens for planned road improvements to the buyer?
- In South Carolina, what is a 'title plant'?
- In South Carolina, what is a 'marketable title'?
- In South Carolina, what is a 'title search' and who typically conducts it?
- In South Carolina, what is 'simultaneous closing' (or 'back-to-back closing')?
- In South Carolina, what is a 'title guaranty' versus 'title insurance'?
- In South Carolina, what is a 'deed of reconveyance'?
- In South Carolina, what is a 'possessory interest' in real property?
- In South Carolina, what is a 'closing protection letter' (CPL) in title insurance?
- In South Carolina, what is a 'notice of commencement' in construction?
- In South Carolina, what is a 'judgment lien' and how does it affect real property?
- In South Carolina, what is the role of the 'register of deeds' (or register of mesne conveyances)?
- In South Carolina, what is 'indemnification' in title insurance?
Land Use & Zoning
100 questions- In South Carolina, zoning authority is granted to local governments under which legal principle?
- A South Carolina property owner wants to use their residentially-zoned land for a small home office. They need to apply for a:
- What is a 'variance' in South Carolina zoning law?
- A South Carolina business that was operating legally before a zoning change is called a:
- The South Carolina Environmental Policy Act requires which of the following for major development projects?
- Which South Carolina coastal county would most likely be subject to the most stringent coastal zone regulations?
- In South Carolina, eminent domain allows the government to:
- A South Carolina subdivision plat must be approved by:
- What is the primary purpose of a buffer zone in South Carolina land use planning?
- In South Carolina, which type of deed restriction is enforceable between neighbors in a subdivision?
- In South Carolina, 'spot zoning' refers to:
- A South Carolina municipality's comprehensive land use plan serves as:
- What is a 'setback' in South Carolina zoning regulations?
- In South Carolina, which government agency typically handles rezoning appeals?
- A South Carolina subdivision plat shows a 'utility easement' running along the rear of all lots. This means:
- Which of the following is an example of a taking requiring just compensation in South Carolina?
- Flood zone designations in South Carolina are determined by:
- A South Carolina developer wishes to build a mixed-use development combining retail and residential. They would likely need:
- What is the 'highest and best use' principle in South Carolina real estate?
- In South Carolina, a 'cluster development' allows:
- In South Carolina, a 'Planned Unit Development' (PUD) typically allows:
- South Carolina municipalities may use 'impact fees' to:
- A South Carolina county adopts a new zoning ordinance prohibiting commercial uses in an area where a gas station already operates. The gas station is allowed to continue as a:
- In South Carolina, 'agricultural zoning' is primarily intended to:
- The SC Development Impact Fee Act allows local governments to charge developers for:
- A South Carolina homeowner's association rule prohibiting satellite dishes on the front of homes may be:
- In South Carolina, which process allows a developer to subdivide land into lots for sale?
- A South Carolina zoning ordinance that requires a minimum lot size of 2 acres in a residential zone is an example of:
- Which South Carolina land use tool allows property owners to receive development rights credits for preserving open space?
- In South Carolina, a building permit is required before:
- In South Carolina, a 'moratoria' on development refers to:
- Which South Carolina authority is responsible for adopting and enforcing local building codes?
- What is a 'downzoning' in South Carolina land use?
- In South Carolina, which of the following is a 'legal nonconforming structure'?
- What is 'inclusionary zoning' in South Carolina?
- In South Carolina, a 'planned development' (PD) zone is most beneficial for developers because it:
- A South Carolina property in an 'agricultural reserve' zone is subject to:
- In South Carolina, which zoning tool allows higher density in exchange for public benefits like affordable housing or open space?
- What is a 'conservation easement' in South Carolina?
- In South Carolina, the 'I'On New Urbanism' development style seen in Mt. Pleasant prioritizes:
- In South Carolina, a 'design review' process in a historic district requires:
- What is 'urban sprawl' and why is it a concern in South Carolina coastal areas?
- A South Carolina municipality that adopts a 'form-based code' is primarily focused on:
- In South Carolina, the 'triangle of compromise' in land use planning refers to balancing:
- Under South Carolina law, which entity typically has the authority to annex adjacent unincorporated land into a municipality?
- What is a 'Special Flood Hazard Area' (SFHA) in South Carolina?
- In South Carolina, a developer who purchases land without checking zoning is responsible for:
- Which South Carolina coastal land use concept establishes baseline measurements to regulate beachfront construction?
- In South Carolina, 'inverse condemnation' allows a property owner to:
- A South Carolina TIF (Tax Increment Financing) district allows a municipality to:
- In South Carolina, which entity has the primary authority to adopt and enforce local zoning ordinances?
- A nonconforming use in South Carolina is best described as:
- In South Carolina, a 'special exception' (also called a conditional use permit) differs from a variance in that:
- In South Carolina, what is a 'buffer zone' in zoning law?
- In South Carolina, what is a 'planned unit development' (PUD)?
- In South Carolina, what is the primary purpose of an 'impact fee'?
- In South Carolina, 'eminent domain' allows the government to:
- In South Carolina, 'downzoning' refers to:
- In South Carolina, the SC Beachfront Management Act primarily regulates:
- In South Carolina, 'spot zoning' is generally considered:
- In South Carolina, a 'comprehensive plan' is:
- In South Carolina, the primary purpose of 'setback requirements' in zoning is to:
- In South Carolina, a 'rezoning' requires:
- In South Carolina, what is the purpose of a 'flood plain ordinance'?
- In South Carolina, the SC Local Government Comprehensive Planning Enabling Act requires that zoning ordinances be:
- In South Carolina, what is 'annexation' in the context of municipal land use?
- In South Carolina, an 'agricultural exemption' in zoning typically:
- In South Carolina, what is 'cluster zoning' or 'cluster development'?
- In South Carolina, 'historic preservation' zoning may:
- In South Carolina, a 'development agreement' between a developer and local government typically:
- In South Carolina, 'inclusionary zoning' (or inclusionary housing) programs are designed to:
- In South Carolina, what is a 'moratorium' in land use regulation?
- In South Carolina, a 'planned development' or PD zone typically requires:
- In South Carolina, 'mixed-use zoning' allows:
- In South Carolina, which of the following can give rise to an 'inverse condemnation' claim?
- In South Carolina, what is a 'density bonus'?
- In South Carolina, what is the 'taking' doctrine in constitutional law as applied to real property?
- In South Carolina, what is 'transect-based zoning' (used in some SC municipalities)?
- In South Carolina, a 'certificate of occupancy' (CO) is issued when:
- In South Carolina, what is an 'overlay district' in zoning?
- In South Carolina, what is 'smart growth'?
- In South Carolina, what is a 'code enforcement' proceeding?
- In South Carolina, what is a 'Transfer of Development Rights' (TDR) program?
- In South Carolina, which of the following best describes 'infill development'?
- In South Carolina, what is 'grandfather rights' in zoning?
- In South Carolina, what is a 'regulatory taking' versus a 'physical taking' in constitutional law?
- In South Carolina, what is 'urban sprawl' and why is it a planning concern?
- In South Carolina, what is a 'height restriction' in zoning?
- In South Carolina, what is a 'use variance'?
- In South Carolina, what is an 'area variance' (dimensional variance)?
- In South Carolina, what is an 'agricultural preservation district'?
- In South Carolina, what is 'adequate public facilities' (APF) zoning?
- In South Carolina, what is 'incentive zoning'?
- In South Carolina, what does 'build-to-suit' mean in commercial real estate?
- In South Carolina, what is a 'conditional use permit' and when is it required?
- In South Carolina, what is 'form-based code' in zoning regulation?
- In South Carolina, what does 'lot coverage' mean in zoning?
- In South Carolina, what is a 'subdivision plat'?
- In South Carolina, what is 'interim zoning' or 'holding zoning'?
- In South Carolina, what is a 'tree preservation ordinance'?
Property Management
100 questions- In South Carolina, a property manager who collects rent and negotiates leases on behalf of others must hold:
- Under the South Carolina Residential Landlord and Tenant Act, a landlord must give how much notice before entering a tenant's unit for non-emergency repairs?
- A South Carolina landlord must return a security deposit within how many days after a tenant vacates?
- Which document outlines the rights and responsibilities of both landlord and tenant in a South Carolina rental?
- In South Carolina, which type of lease has no fixed end date and renews automatically each rent period?
- A South Carolina property manager's primary duty is to:
- In South Carolina, 'constructive eviction' occurs when:
- A property manager in South Carolina must maintain tenant security deposits in:
- A South Carolina tenant fails to pay rent. The landlord must provide what notice before filing for eviction?
- Which of the following expenses would typically be included in a property management operating budget?
- A South Carolina property management agreement is a contract between the:
- Which document establishes the rental rate, lease term, and tenant obligations for a South Carolina commercial tenant?
- In South Carolina, a 'triple net (NNN) lease' requires the tenant to pay:
- What is a 'vacancy rate' as used by a South Carolina property manager?
- In South Carolina, which type of lease allows the rent to increase based on changes in a price index (such as CPI)?
- A South Carolina property manager who fails to maintain the property in habitable condition may expose the owner to:
- Under a South Carolina 'gross lease,' the landlord pays:
- Which type of South Carolina commercial lease has the tenant pay rent plus a percentage of their business gross sales?
- In South Carolina, a property manager's authority is limited by the:
- What is a 'ground lease' in South Carolina commercial real estate?
- In South Carolina, a landlord may apply a security deposit to cover:
- A South Carolina landlord discovers the tenant has an unauthorized pet. The landlord may:
- Under the South Carolina Residential Landlord and Tenant Act, which of the following is a landlord's primary obligation?
- What is a 'lease renewal option' in South Carolina commercial real estate?
- In South Carolina, a property manager who collects rents must provide the owner with:
- Which South Carolina property management term describes a situation where the landlord enters the premises without proper notice?
- An 'operating expense ratio' in South Carolina property management is calculated as:
- Under South Carolina law, a landlord who accepts rent after discovering a lease violation:
- A South Carolina tenant who has been wrongfully locked out of their rental unit can:
- Which type of commercial lease structure requires the tenant to pay all property operating expenses in addition to base rent?
- In South Carolina, the 'implied warranty of habitability' in residential rentals requires landlords to:
- A South Carolina commercial lease 'estoppel certificate' is used to:
- Under South Carolina law, a landlord may NOT retaliate against a tenant for:
- What is 'subrogation' in the context of South Carolina property management and insurance?
- In South Carolina, a 'net net lease' (double net) requires the tenant to pay:
- A South Carolina property manager who misappropriates funds from the owner's trust account is guilty of:
- Which of the following is an obligation of the property manager under a South Carolina management agreement?
- In South Carolina, which document should a property manager obtain before spending owner funds on a major repair?
- What is the purpose of a 'rent roll' in South Carolina property management?
- In South Carolina, a landlord who fails to return a security deposit within 30 days without proper itemization may be subject to:
- A South Carolina property manager must give proper notice before showing a vacant unit to prospective tenants because:
- In South Carolina, a 'month-to-month tenancy' is best terminated by:
- What does 'occupancy rate' measure in South Carolina property management?
- A South Carolina property manager who fails to obtain liability insurance for a managed property may expose the owner to:
- Under South Carolina law, what is the purpose of a 'Certificate of Occupancy' (CO) for a rental property?
- In South Carolina, 'self-help eviction' (changing locks, removing belongings) by a landlord is:
- A South Carolina commercial tenant in a 'percentage lease' pays rent based on their gross sales above a 'natural breakpoint.' The natural breakpoint is:
- In South Carolina, a property management company that holds security deposits in its general operating account is:
- A South Carolina property manager who manages residential property must maintain insurance for which of the following?
- What is 'deferred maintenance' in South Carolina property management?
- A South Carolina property manager who collects security deposits must:
- Under the South Carolina Residential Landlord and Tenant Act, what is the minimum notice required for a landlord to enter a tenant's premises for non-emergency repairs?
- Under South Carolina law, a residential landlord who fails to maintain habitable premises may face:
- In South Carolina, which document specifies the terms of a property management relationship between an owner and a property manager?
- In South Carolina, what is 'constructive eviction'?
- In South Carolina, what is the maximum security deposit a residential landlord may charge for an unfurnished unit?
- In South Carolina, when must a landlord return a security deposit or provide an itemized statement of deductions?
- In South Carolina, a lease for more than one year must be:
- In South Carolina, a written notice to vacate for a month-to-month tenancy typically requires:
- In South Carolina, which of the following would be considered a legitimate deduction from a security deposit?
- In South Carolina, what happens if a landlord wrongfully withholds a security deposit?
- In South Carolina, a 'self-help eviction' (changing locks, removing belongings) by a landlord is:
- In South Carolina, a property manager's trust account must be:
- In South Carolina, a 'gross lease' means the tenant pays:
- In South Carolina, 'abandonment' of a rental property by a tenant means:
- In South Carolina, a 'triple net' (NNN) lease means the tenant pays:
- Under SC law, when a tenant vacates at the end of a lease and leaves personal property behind, the landlord should:
- In South Carolina, a landlord who accepts rent from a holdover tenant (one who stays after lease expiration) generally creates:
- In South Carolina, a 'percentage lease' used in commercial real estate means:
- In South Carolina, which type of commercial lease passes through increases in property taxes and operating costs to the tenant?
- In South Carolina, what is a 'ground lease'?
- In South Carolina, which of the following is a landlord's responsibility under the implied warranty of habitability?
- In South Carolina, what is 'rent control'?
- In South Carolina, when can a landlord enter a rental unit in an emergency?
- In South Carolina, a 'CAM charge' in a commercial lease refers to:
- In South Carolina, what is 'subrogation' in the context of property insurance?
- In South Carolina, an 'estoppel certificate' in property management is:
- In South Carolina, what is the primary purpose of a 'property inspection report' at lease commencement?
- In South Carolina, an 'assignment' of a lease means:
- In South Carolina, what is the purpose of a 'rent roll' in property management?
- In South Carolina, what is the significance of an 'estoppel by deed' in property management?
- In South Carolina, what does a 'turnkey' property management arrangement mean?
- In South Carolina, what is the primary difference between a 'fixed-term lease' and a 'month-to-month tenancy'?
- In South Carolina, what is a 'holdover clause' in a commercial lease?
- In South Carolina, what is a 'gross lease' versus a 'modified gross lease'?
- In South Carolina, what must a property manager include in a monthly statement to a property owner?
- In South Carolina, what is an 'HVAC maintenance agreement' in property management?
- In South Carolina, what is a 'vacancy rate' and why does it matter in property management?
- In South Carolina, what is 'deferred maintenance' in property management?
- In South Carolina, what is a 'sublease' and how does it differ from an assignment?
- In South Carolina, what is a 'market rent study'?
- In South Carolina, what is a 'notice to cure' in landlord-tenant law?
- In South Carolina, what is a 'cap rate' versus a 'cash-on-cash return' in property management analysis?
- In South Carolina, what is 'yield maintenance' in commercial real estate finance?
- In South Carolina, what is 'loss-to-lease' in property management?
- In South Carolina, what is 'pro forma' in real estate investment analysis?
- In South Carolina, what is the significance of the 'implied warranty of fitness' in commercial leases?
- In South Carolina, what is 'asset management' versus 'property management'?
- In South Carolina, what is 'replacement reserve' in property management accounting?
- In South Carolina, what is 'tenant mix' in commercial property management?
Fair Housing
82 questions- The Fair Housing Act prohibits discriminatory advertising. Which of the following newspaper headlines would be a violation?
- Under the Fair Housing Act, a housing provider who makes a 'reasonable accommodation' for a person with a disability is:
- Which South Carolina agency investigates fair housing complaints at the state level?
- A landlord advertises apartments as 'perfect for young professionals.' This statement:
- The federal Fair Housing Act prohibits discrimination based on which of the following protected classes?
- South Carolina's Fair Housing Law provides protections that are:
- Which practice involves a real estate agent directing buyers of a particular race to specific neighborhoods?
- A lender that refuses to make loans in certain geographic areas based on the racial composition of those areas is engaging in:
- Under the Fair Housing Act, which exemption allows an owner of a single-family home to sell without a broker without complying with all fair housing provisions?
- Which of the following is a reasonable accommodation under the Fair Housing Act for a person with a disability?
- Blockbusting in South Carolina real estate refers to:
- A South Carolina landlord refuses to rent to a family with children. This most likely violates which protected class?
- Which federal agency primarily enforces the Fair Housing Act?
- Which Civil Rights Act prohibits racial discrimination in all real estate transactions with no exemptions?
- A South Carolina property manager refuses to make reasonable modifications to an apartment for a wheelchair-bound tenant. This most likely violates:
- Which South Carolina property is most likely exempt from the Fair Housing Act's familial status provisions?
- Which act, passed in 1988, added disability and familial status as protected classes under federal fair housing law?
- A South Carolina real estate agent who only shows properties in certain zip codes to buyers of a specific national origin is engaging in:
- Under the Fair Housing Act, an advertisement for a South Carolina rental property may NOT include:
- The maximum civil penalty for a first-time fair housing violation in South Carolina under HUD can be as high as:
- A South Carolina lender requires a higher interest rate for borrowers in a predominantly minority neighborhood despite equal creditworthiness. This is an example of:
- Which of the following is NOT a protected class under the federal Fair Housing Act?
- A South Carolina property owner with a 10-unit apartment complex wants to refuse to rent to someone because of their religion. Under the Fair Housing Act, they:
- Under the Fair Housing Act, a landlord may NOT deny housing to an applicant because they:
- Under the Fair Housing Act, which of the following rental practices is permissible?
- The Americans with Disabilities Act (ADA) primarily affects which type of South Carolina property?
- A South Carolina property manager who refuses to rent to someone with a service dog is most likely in violation of:
- Which of the following is true about the Fair Housing Act's coverage of new multifamily construction in South Carolina?
- A South Carolina developer who refuses to sell lots in a subdivision to buyers of a certain race is violating:
- Under the Fair Housing Act, a complaint must be filed with HUD within:
- Which of the following statements about protected classes under the Fair Housing Act is correct?
- A South Carolina agent who 'testers' (HUD's fair housing testing) could be caught in:
- Which exemption from the Fair Housing Act applies to religious organizations that restrict occupancy to members of that religion?
- A South Carolina real estate agent refuses to show a property to an interracial couple. This violates which protected classes?
- In South Carolina, the Fair Housing Act applies to which types of housing transactions?
- A South Carolina property manager who charges women higher security deposits than men is engaging in:
- Which federal executive order prohibits discrimination in federally assisted housing programs?
- Under the Fair Housing Act, 'disparate impact' discrimination means:
- A South Carolina landlord who accepts a service animal for a tenant with a disability under the Fair Housing Act:
- Which of the following statements about the Fair Housing Act is INCORRECT?
- In South Carolina, a real estate agent who uses code words like 'perfect for young professionals' in a rental ad may be accused of:
- Under the Fair Housing Act, which type of housing is exempt from the prohibition against disability discrimination design requirements for new construction?
- A South Carolina lender requires additional documentation from loan applicants based on their national origin. This likely violates:
- In South Carolina, 'source of income' discrimination:
- Under the Fair Housing Act, which of the following questions may a South Carolina landlord legally ask on a rental application?
- A South Carolina property management company uses an algorithm to screen applicants. If the algorithm results in disparate impact against a protected class, it may:
- In South Carolina, 'disparate treatment' discrimination in housing means:
- A South Carolina property manager denies a housing application because the applicant is perceived to be of a certain national origin, even if this perception is incorrect. This is:
- The Fair Housing Act requires accessibility features in new multifamily housing built for first occupancy after March 13, 1991 with four or more units. These features include:
- Under South Carolina law, the penalty for a real estate agent who violates the Fair Housing Act may include:
- Which of the following statements about the Fair Housing Act's coverage of 'sex' as a protected class is MOST accurate?
- A South Carolina real estate agent places 'For Sale' signs only in certain racial neighborhoods to generate fear and panic selling. This is:
- The 'Jones v. Alfred H. Mayer Co.' Supreme Court case upheld which law as prohibiting racial discrimination in all property transactions?
- In South Carolina, a real estate advertisement that says 'ideal for Christian families' is an example of:
- Under the Fair Housing Act, a real estate agent who 'testers' an apartment complex and finds discriminatory practices should:
- South Carolina's fair housing law is enforced by:
- A South Carolina condo association's rule requiring all residents to obtain board approval before selling their unit may:
- Which of the following is considered 'sexual harassment' under the Fair Housing Act?
- In South Carolina, the Fair Housing Act's 'familial status' protection covers:
- Under the Fair Housing Act, which of the following advertising statements is PERMITTED?
- A South Carolina property owner who renovates to make units accessible for a disabled tenant must be reimbursed:
- A South Carolina buyer's agent who refuses to show properties in a specific neighborhood to buyers of a certain race is engaging in:
- Under South Carolina's Human Affairs Law, housing discrimination complaints must be filed within:
- Which of the following is a common defense to a fair housing discrimination claim?
- Under the South Carolina Fair Housing Law, who is responsible for enforcing fair housing complaints at the state level?
- Under the Fair Housing Act, which of the following is an example of familial status discrimination?
- Under the Fair Housing Act, which of the following housing providers is NOT exempt from the prohibition against race discrimination?
- In South Carolina, which of the following is a permissible reason to deny housing to an applicant?
- Under the ADA (Americans with Disabilities Act), which properties must provide accessible accommodations?
- Under the Fair Housing Act, 'steering' is defined as:
- Under the Fair Housing Act, a 'reasonable accommodation' for a person with a disability means:
- Under South Carolina and federal fair housing law, which of the following advertising statements is potentially discriminatory?
- In South Carolina, 'blockbusting' (also called panic selling) refers to:
- In South Carolina, what is 'redlining'?
- Under the Fair Housing Act, sexual harassment by a landlord or property manager constitutes discrimination based on:
- In South Carolina, housing designed and occupied exclusively for persons 62 or older, or housing where at least 80% of units are occupied by a person 55 or older with published age verification policies, qualifies as:
- Under the Fair Housing Act, which of the following is TRUE about disability (handicap) accommodations?
- Under the Fair Housing Act, which of the following is TRUE about sexual orientation and gender identity?
- Under the Fair Housing Act, advertising may NOT:
- In South Carolina, what is the statute of limitations for filing a fair housing complaint with HUD?
- In South Carolina, which of the following is NOT a protected class under the federal Fair Housing Act?
- In South Carolina, what is 'disparate impact' in fair housing law?
Environmental
69 questions- In South Carolina, which state agency regulates environmental matters including water quality and hazardous waste?
- Which federal law governs the cleanup of contaminated sites and imposes liability on property owners for environmental cleanup?
- What is the primary health concern associated with radon gas in South Carolina homes?
- South Carolina Coastal Zone Management regulates development in coastal areas to protect:
- A South Carolina seller is required to disclose the presence of lead-based paint in homes built before:
- Which environmental hazard is most commonly associated with older building materials such as floor tiles, pipe insulation, and ceiling tiles in South Carolina homes?
- What does a Phase I Environmental Site Assessment primarily involve?
- Underground storage tanks (USTs) on a South Carolina commercial property are most likely to contain:
- The SC Beachfront Management Act restricts construction along the South Carolina coast primarily to protect:
- Wetlands on a South Carolina property are regulated under which federal law, requiring permits for filling or development?
- Mold in a South Carolina home is primarily a concern because it can:
- Which type of environmental hazard is most commonly found in coastal South Carolina soil near marshes?
- The EPA's recommended action level for radon in homes is:
- A Phase II Environmental Site Assessment differs from a Phase I in that it:
- Which of the following is regulated under the South Carolina Coastal Tidelands and Wetlands Act?
- In South Carolina, a brownfield site is best described as:
- Which federal program created Superfund sites and funds cleanup of the nation's most contaminated properties?
- A South Carolina property near an old dry-cleaning business may be contaminated with:
- The 'innocent landowner defense' under CERCLA applies when a South Carolina property owner:
- South Carolina DHEC issues permits for onsite wastewater (septic) systems. A property with a failing septic system is:
- In South Carolina, what is the primary agency responsible for regulating coastal development and wetlands?
- A South Carolina property listing reveals the presence of formaldehyde from pressed wood products. This is primarily a concern because:
- Which environmental assessment document is typically required for commercial real estate transactions to identify potential contamination before purchase?
- South Carolina's 'Beachfront Management Act' establishes a 'baseline' that defines:
- Lead-based paint hazards in South Carolina must be disclosed to buyers of homes built before 1978 and also require:
- In South Carolina, a property in a Special Flood Hazard Area (SFHA) designated by FEMA likely requires:
- What is the South Carolina 'Voluntary Cleanup Program' designed to address?
- Which of the following environmental hazards is specifically associated with old refrigerators, air conditioning systems, and fire suppression equipment?
- A South Carolina property near a former dry-cleaning operation may have groundwater contamination from which of the following?
- In South Carolina, a property owner discovers their land contains a wetland. Under federal law, they generally:
- South Carolina's 'Critical Area' designation under the Coastal Zone Management Act refers to:
- A South Carolina buyer is purchasing a property adjacent to an agricultural operation that may use pesticides. They should be aware of potential:
- Which environmental issue is specifically associated with old gas station sites in South Carolina?
- Under South Carolina law, a property owner may be liable for environmental contamination on their property even if they:
- In South Carolina, polychlorinated biphenyls (PCBs) are most commonly found in:
- The National Flood Insurance Program (NFIP) is administered by which agency?
- Which South Carolina regulation governs stormwater management for new development?
- In South Carolina, an 'environmental lien' can be placed on a property by:
- A South Carolina seller of a residential property built in 1975 must, under federal law:
- Which of the following is an 'injurious affection' that could reduce South Carolina property values?
- In South Carolina, a real estate agent showing a home with visible mold should:
- Which environmental issue is particularly relevant to older South Carolina homes with galvanized steel pipes?
- In South Carolina, the federal 'LUST' (Leaking Underground Storage Tank) program addresses:
- A South Carolina buyer should request what document to assess the risk of flooding before purchasing a coastal property?
- Which of the following best describes 'sick building syndrome' in a South Carolina commercial property?
- In South Carolina, which of the following is exempt from CERCLA liability?
- What is 'natural attenuation' in South Carolina environmental remediation?
- In South Carolina, a 'greenfield' development site is best described as:
- Under South Carolina law, which of the following must be disclosed to potential buyers about a residential property?
- In South Carolina, which agency issues permits for development in flood-prone areas under the National Flood Insurance Program?
- South Carolina's DHEC regulates underground storage tanks (USTs) to prevent:
- In South Carolina, which law protects coastal wetlands and requires permits for development in tidelands?
- In South Carolina, lead-based paint disclosure is required for residential properties built before:
- In South Carolina, which federal law requires disclosure of asbestos hazards in schools and public buildings?
- In South Carolina, what is the primary concern with properties located near former textile mills?
- In South Carolina, 'brownfields' refer to:
- In South Carolina, what is 'Phase I Environmental Site Assessment'?
- In South Carolina, flood zone determination for a property is primarily based on maps produced by:
- In South Carolina, radon is a concern primarily because:
- In South Carolina, the primary regulatory concern with older commercial properties that contain asbestos is:
- In South Carolina, which federal law created the Superfund program to clean up the worst contaminated sites?
- In South Carolina, which of the following is TRUE about mold in residential properties?
- In South Carolina, which is the most common test used to determine if a property has radon problems?
- In South Carolina, what is a 'percolation test' (perc test) used for?
- In South Carolina, which entity administers the National Flood Insurance Program (NFIP) at the federal level?
- In South Carolina, what is the purpose of a 'wetlands delineation' prior to development?
- In South Carolina, what is a 'deed restriction' that may address environmental issues?
- In South Carolina, what is 'polychlorinated biphenyl' (PCB) and why is it an environmental concern in real estate?
- In South Carolina, what is the significance of the 'innocent landowner defense' under CERCLA?
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