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SOUTH CAROLINA REAL ESTATE|94 EXAM
PRACTICE QUESTIONS|
Earthquake zones, flood hazard areas, and fire hazard areas are all examples of: - โ โ natural hazard areas
A mortgage that can be taken over by the buyer when a home is sold, assuming the buyer qualifies, is called a(n): - โ โ assumable mortgage
When a loan is made on real property, the loan depends on what security? - โ โ the value of the property being
purchased
In an area neighborhood that has a home in a dilapidated state that would require extensive remodeling to be compared to other homes in the area, what would this be an example of: - โ โ incurable depreciation
Liabilities, including long-term and short-term debt and any amounts owed to others, is best known as a person's: - โ โ financial obligations
In the event that parties do not comply with the bulk sales law as outlined in the Uniform Commercial Code, the buyer is likely to be: - โ โ the most injured
If a church, school, or hospital wishes to relocate to an area zoned exclusively for residential use, they could do so by: - โ โ conditional use
A general agent has full authority to: - โ โ Bind the principal to all agreements
Which of these is an example of a general agent that has the authority to make binding decisions on behalf of the principal: - โ โ property manager
If a contract signed by two parties is bilateral but the contract is not executed, the contract is: - โ โ executory
What is the difference between market value of a property and the debt on the property including all liens? - โ โ equity
If Betty has a mortgage and it becomes in default, the lender can demand payment by means of a clause in the contract called a(n): - โ โ accelerated clause
Any encumbrance placed on a property without the owner's consent is considered: - โ โ an involuntary lien
Common law refers to: - โ โ An unwritten body of law based on general custom in England and used in some states to a certain degree
A real estate investment trust, which is also a real estate syndicate, requires at least this many investors according to federal law? - โ โ 100
According to the Do-Not-Call rules imposed by the FTC effective October 13, 2013, all sellers and telemarketers making pre-recorded telephone calls, auto-dialed calls, or
When a corporation holds title to land, under whose or what name holds the title? - โ โ the charter
When referring to the "back" or "bottom" ratio, it includes - โ โ housing costs + monthly debts
A title search would show: - โ โ clouds
The act of using property to secure a loan while at the same time retaining the use and benefit of the property is called - โ โ hypothecation
When Trent, a lender, has guaranteed Julie, a borrower, a specific interest rate for a specific time, Trent has offered Julie the: - โ โ lock in period
The broker's loan statement must include (among other things) estimated costs including - โ โ escrow, title, appraisal, notary, recording, and credit investigations.
A loan in which a person will pay approximately a quarter percent higher than a loan in which there is one "point" is called: - โ โ no point loan
The term "mortgagee" refers to the: - โ โ lender
A mortgage is also sometimes referred to as a: - โ โ first trust deed
The height of most ceilings in a single family home is: - โ โ 8 ft
This limits the amount the interest rate can increase or decrease over the life of the mortgage: - โ โ a life cap
A deed is a legal document that: - โ โ conveys title to the property
In a case in which the seller refuses to pay the broker a commission and the broker does not sue the seller, what can the sales agent do to receive the commission due to him/her? - โ โ sue the broker
Jeremy is a lender for a several loans. Once a year Jeremy performs a duty to make sure he is collecting the appropriate amount of money for the anticipated expenditures. This action that Jeremy takes is called a(n): - โ โ escrow analysis
A Certificate of Reasonable Value - โ โ is issued once the appraisal has been completed on a property being purchased with a VA loan.
a chattell mortgage - โ โ is a mortgage that is secured by personal property.
Disposition (which can also be called alienation), refers to the disposal of something. - โ โ In real estate it is a right
of alienation to do this with real property.
Appurtenances are - โ โ objects, rights, or interests that are incidental to the land and go with or pertain to the land.
The FHA uses what to pay lenders, within the limits, resulting from foreclosure? - โ โ Mutual Mortgage Insurance
If Jonathan lists his property with Julian, a broker in his hometown, and subsequently is killed in a tragic car accident before the listing is sold or expired, what happens with the listing? - โ โ it is terminated
Homeowner's association usually enforce - โ โ CC&Rs
ARM= - โ โ Stands for adjustable-rate mortgage and one in which the interest rate adjusts periodically based on an index
A conventional loan is a loan that is NOT issued by: - โ โ The government
An estate can best be described as: - โ โ The sum total of all the real and personal property owned by an individual at the time of death
When a property value is determined by the highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept, this would be termed as: - โ โ Fair market value
If an agent acts in a way that prevents disclosure of something, this action is called: - โ โ concealment
The amount per $1,000 used to calculate taxes on property is the - โ โ milliage rate
The common name of the hazardous-waste cleanup fund established by the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) is - โ โ superfund
May eviction and foreclosure notices be delivered electronically in South Carolina? - โ โ NO
How many years of sales experience must a salesperson have in order to qualify to take the brokers exam? - โ โ 3
A development map that shows the location and sizes of lots and streets is known as a - โ โ grid plan
he Residential Property Condition Disclosure form applies to transactions that involve no more than, how many units? - โ โ 4
How many years must a full copy of a transaction file be held by a broker after closing? - โ โ 5
Who is responsible for maintaining a habitable property and for complying with local housing and building codes in a rental situation? - โ โ Lessor
Salespersons must present any client monies received, to their broker, within - โ โ 1 business day
The net spendable income generated by an investment is referred to as - โ โ Cash flow
respond? - โ โ educate the buyer on doing a search for sex offenders in the area
An easement by prescription may establish: - โ โ use of property
Disabled people are protected under Fair Housing law when renting in multi-family units. How many units must be in the construction, in order for the law to apply? - โ โ 4
Which laws are intended to protect consumers from excessive interest rates on loans? - โ โ usury laws
When purchasing a Vacation Time Sharing Plan, the consumer may cancel the contract up to how may days after signing? - โ โ 5
Standing trees would be considered: - โ โ real property
A warrant of ejectment may be issued, upon landlords application, after how much time has passed with the tenant being in violation of court orders? - โ โ 5 days
"Flipping" a consumer home loan means the making of a consumer home loan that refinances within how long an existing consumer home loan of the borrower when the new loan does not have a reasonable, tangible net benefit to the borrower? - โ โ 42 months
A lease that is often based on the Consumer Price Index and that allows for periodic increases in the rent is called a:
What does an appraiser do? - โ โ Establish market value
A licensed agent working under John, a broker, withdraws funds from John's broker trust account with John's permission. The agent is licensed but not bonded. This transaction would be: - โ โ illegal
If a loan goes to _______________, the lender must mail and record certain documents in case they have to foreclose on the property. - โ โ collection
If two parties are in escrow and one of the parties wants to terminate the escrow, what is needed? - โ โ consent of the other party
Real property where all the owners own the property, common areas, and building together but with the exception of the interior of the unit to which they have title is called: - โ โ a condominuim
An agreement in which the owner of a property provides financing, often in combination with an assumable mortgage, is called: - โ โ a seller-carry back
The usefulness of property relating to its ability to satisfy a potential buyer's need or desire such as to provide shelter or income is termed: - โ โ Utility
