South Carolina State Real Estate Exam

When advertising or marketing real estate owned, in whole or in part, by another person in any medium, including site signage, a licensee clearly must identify the full name of the real estate brokerage firm with which the licensee is associated. When advertising on the Internet or in another electronic media, this requirement may be met by including a link from the advertisement to the homepage of the brokerage firm.

In addition to Section 40-1-110, the commission may deny issuance of a license to an applicant or may take disciplinary action against a licensee who: ...(28) allows or creates an unreasonable delay in the closing of a transaction or act in a manner which causes failure or termination of a transaction due solely to a dispute among participating licensees concerning the division of a commission. Commission disputes must be addressed after closing, removing the client from any controversy.

The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) requires each Agency to prescribe appropriate standards for the performance of real estate appraisals in connection with "federally related transactions,"which are defined as those real estate-related financial transactions

Torrens title is a system of land registration, in which a register of land holdings maintained by the state guarantees an indefeasible title to those included in the register. Land ownership is transferred through registration of title instead of using deeds.

SECTION 31-17-340. Period of validity of license issued by licensing agent; decal; license fee. A mobile home license issued by the licensing agent shall be valid until title to such mobile home is transferred to a new owner or until the mobile home is relocated. The license shall be evidenced by a decal to be delivered to the owner or his agent on a form as shall be prescribed by the Department of Revenue and shall be displayed on the mobile home so as to be clearly and readily visible from the outside. The fee for a mobile home license shall be five dollars. The fee shall be collected by the licensing agent issuing the license and shall be paid into the general fund of the county. SECTION 31-17-350. New license required upon transfer of mobile home. If the title to a mobile home is transferred to a new owner, the new owner or his agent shall within fifteen days after the date of such transfer, obtain a new license from the licensing agent of the county in which the mobile home is to be located.

An adjustable rate mortgage (ARM) is a mortgage in which the interest rate and monthly payment may vary over time.

To be eligible for licensure as a real estate broker, broker-in-charge, or salesperson, an applicant must attain the age of eighteen if applying for a license as a salesperson. All applicants must have a high school diploma (or certificate of equivalency), and be lawfully present and eligible to work in the United States. If an applicant has a law degree or a four year baccalaureate degree from a higher education institution with a major in real estate, the applicant does not have to take pre-licensing courses for any license type, or meet the experience requirements for Broker qualification. A transcript can be accepted and reviewed to authorize the applicant to apply for the Sales, Broker or Property Manager examination.

A resident licensee who becomes a nonresident must notify the commission in writing, within thirty days, of the change in residency and comply with nonresident requirements or place his license on inactive status to avoid cancellation of the license.

The PSI examination fee is $63. Salesperson License fee for the state of South Carolina is $25. After passing the examination, applicants must submit a license fee of $50 to the state, score report, and license application provided by PSI. Prior to licensure, an applicant is required to complete the thirty hours Unit II Advanced Real Estate Principles Course.

To understand the definition of fixtures, it is first important to comprehend the basics of classification. Almost every “thing” fits into one of two categories of property: real and personal. Real property includes land and, typically, items that are affixed to land, such as buildings, trees and other improvements.

A commission member serves a term of four years and until his successor is elected or appointed and qualifies. A vacancy on the commission must be filled in the manner of the original election or appointment for the remainder of the unexpired term

Cash flow is the net spendable income from an investment, determined by deducting all operating and fixed expenses from the gross income. When expenses exceed income, a negative cash flow results.

Deficiency judgments are allowed in South Carolina: To obtain a deficiency judgment, the complaint should contain language that indicates the lender is reserving the right to a deficiency. If the lender waives the right to a deficiency judgment in the complaint, it cannot later get one (S.C. Code Ann. § 29-3-660 and S.C. Rules Civ. Proc. Rule 71(b)). Reducing the amount of deficiency: If the borrower feels that the foreclosure sale price was less than the property’s true value, he or she may ask the court for an order of appraisal within 30 days of the sale (S.C. Code Ann. § 29-3-680). The borrower, lender, and judge then each designate an appraiser to determine the fair market value of the property as of the date of the sale (S.C. Code Ann. § 29-3-710). Once the appraisal has been completed (a majority of the appraisers must agree on the value), the deficiency will be limited to the total outstanding debt minus the fair market value (S.C. Code Ann. § 29-3-740).

In addition to other requirements established by law and for the purpose of determining an applicant’s eligibility for licensure as a salesman, broker, broker-in-charge, property manager, and property manager-in-charge, the commission shall require initial applicants to submit to a state criminal records check, by a source approved by the commission, and a national criminal records check. Costs of conducting a criminal records check must be borne by the applicant.

Residential Property Condition Disclosure Statements apply to the following transfers of residential real property consisting of at least one but not more than four dwelling units: (1) sale or exchange; (2) installment land sales contract; or (3) lease with an option to purchase contract.

A tenant's personal property should always be addressed by all parties to the lease. Upon termination of lease, these items should not become a bone of contention. Always address this topic when a tenant will be using a property in order to generate income.

The South Carolina Real Estate Commission is comprised of: (6) members professionally engaged in the active practice of real state, one from each of the six congressional districts (2) members representing the public, appointed by governor (1) additional member representing the public, active in real estate.

South Carolina has reciprocity agreements with three states: North Carolina, Georgia and West Virginia.

As part of the preparation for closing, the attorney or title company will perform a title search (if they haven't already) to determine if there are any liens or assessments on the title. Provided the title is deemed 'clear,' the closing will proceed as planned and the attorney or title company will issue a title commitment.

South Carolina rules: Preparing a Description: In a land survey the land description may be prepared by the surveyor. The writing of a deed is the practice of Law and is not the practice of surveying. In a description the full name, address and signature of the surveyor, his registration number and seal, the date the land description was prepared, and the date of survey from which the information was procured, or the book and page number of the recorded map or deed, if it is used in preparing the description, shall appear as part of the document.

There is created the South Carolina Real Estate Commission under the administration of the Department of Labor, Licensing and Regulation. The purpose of this commission is to regulate the real estate industry so as to protect the public’s interest when involved in real estate transactions.

Under the concept of constructive notice, a prospective buyer is considered to have legal notice of any information recorded within the history or chain of title, whether or not that individual has actual notice of the existence of the document.

The Equal Housing Opportunity Poster must be displayed in a brokerage office in order to support an affirmative defense in case of accusations of discrimination. It also serves as a reminder to agents that the law must be followed.

Trust funds received by a licensee in connection with a real estate transaction in which the licensee is engaged for the broker-in-charge or property manager-in-charge must be delivered to the broker-in-charge or property manager-in-charge no later than the following business day.

The millage rate is the amount per $1,000 used to calculate taxes on property. Millage rates are most often found in personal property taxes, where the expressed millage rate is multiplied by the total taxable value of the property to arrive at the property taxes due.

Certain situations may use any of these forms of proof to marketable title and ownership but typically, in a residential transaction financed by a mortgage, title insurance is used.

Jones vs. Mayer is a famous case that, in 1965, upheld the Civil Rights Act of 1866 saying it applied to private sales, not just government.

Section 40-57-135. (A) A broker-in-charge or property manager-in-charge shall: (1) adequately supervise employees or associated licensees to ensure their compliance with this chapter; (2) review and approve all forms of listing agreements, agency agreements, offers, sale contracts, purchase contracts, leases, options, contract addenda, or other contractual or disclosure documents routinely used by the real estate brokerage firm;... Your broker will have a policy in place to ensure that all contracts used by her salespersons are standard, legal and produced by either a South Carolina attorney or an approved vendor. Many times the state real estate board (South Carolina Association of Realtors) will assist in this and the State of South Carolina will have approved forms as well. It is crucial that you use the forms that your broker directs you to use. Using an unauthorized or self drafted form puts you in jeopardy of the unauthorized practice of law. Additionally, case law provides that real estate licensees are allowed to fill in the blanks of authorized forms without fear of violating the law.

Every contract has certain, essential elements that need to be present to be considered valid in a court of law. At the heart of every contract is a promise between two or more persons to do or not do a particular act. Consideration These promises are bound by both parties by what’s called “sufficient consideration.” In the normal parlance of our times, or for the sake of simplicity, we can call it “money.” A simple contractual promise, backed by sufficient consideration could be: I promise to purchase your principal residence for $150,000. Offer & Acceptance Contracts must also consist of a clear offer and acceptance. If an offer is made, but has not been accepted, there can be no contract. Capacity Contracts must be entered into by two adults of sound mind. This doesn’t just mean that you must be free from mental incapacity, it also means that if you enter into a contract while under the influence of drugs or alcohol, you may be deemed incapacitated and the contract may be void. No Duress Contracts must also be entered into freely. If you are signing your name to a contract with a gun to your head, that contract is said to be entered into under duress and may be deemed invalid. While the terms of the duress may not be so dramatic, other signs of duress may be financial or emotional coercion. While contracts can be either oral or written, the law requires that certain contracts be written in order to be enforceable. Contracts for the sale of real property, for example, must be in writing. Oral argeements can be valid, but they are also rather difficult to enforce.

Section 40-57-350. (A) A real estate brokerage firm that provides services through an agency agreement for a client is bound by the duties of loyalty, obedience, disclosure, confidentiality, reasonable care, diligence, and accounting as set forth in the law. The following are the permissible brokerage relationships a real estate brokerage firm may establish: (1) seller agency; (2) buyer agency; (3) disclosed dual agency; (4) designated agency; or (5) transaction brokerage ‘Buyer agency’ means a form of agency in which a real estate brokerage firm represents the buyer in an agency capacity as defined in license law. 'Designated agency’ means a form of agency in which two clients represented by a real estate brokerage firm in the same transaction may be given almost equivalent treatment as a single agency. ‘Dual agency’ means a form of agency in which a real estate brokerage firm with two clients in the same transaction gives limited agency services. ‘Seller agency’ means a form of agency in which a real estate brokerage firm represents the seller in an agency capacity as defined in license law. ‘Transaction broker’ means a real estate brokerage firm that provides customer service to a buyer, a seller, or both in a real estate transaction. A transaction broker may be a single agent of a party in a transaction giving the other party customer service. A transaction broker also may facilitate a transaction without representing either party.

(8) "Housing for older persons" means housing: (a) provided under any state or federal program that the commissioner determines is designed specifically and operated to assist elderly persons, as defined in the state or federal program; or (b) intended for, and solely occupied by persons sixty-two years of age or older; or (c) intended and operated for occupancy by at least one person fifty-five years of age or older for each unit. In determining whether housing qualifies as housing intended and operated for occupancy by at least one person fifty-five years of age or older, the commissioner shall develop regulations which require at least the following factors: (i) the existence of significant facilities and services specifically designed to meet the physical or social needs of older persons or, if the provision of the facilities and services is not practicable, that the housing is necessary to provide important housing opportunities for older persons; and (ii) that at least eighty percent of the dwellings are occupied by at least one person fifty-five years of age or older for each unit; and (iii) the publication of and adherence to policies and procedures which demonstrate an intent by the owner or manager to provide housing for persons fifty-five years of age or older.

The Environmental Protection Agency (EPA) defines a brownfield as "real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant".

A Master Planned Community (MPC) is often referred to as a city within a city. These developments usually have multiple neighborhoods and different builders within each neighborhood. They are governed by CC&Rs. A MPC is a PUD that is larger than 2,500 acres. The development type may comprise tens of thousands of acres and numerous individual subdivisions that include both single-family and multi-family homes. The MPC typically has an abundance of recreational and social amenities that are usually restricted for use by residents, exclusively. In the Lowcountry, Cane Bay, Carnes Crossroads and Daniel Island are examples of Master Planned Communities. In 2015 Cane Bay with a rank of 23, was one of the 50 Top Master Planned Communities in the United States. The first Master Planned Community was in South Carolina — Sea Pines Plantation.

Warehousing refers to the process whereby banks and other lenders make mortgage loans to consumers for the purpose of quickly selling those loans on the secondary market.

Section 40-57-40. (A) The South Carolina Real Estate Commission consists of ten members elected or appointed as follows: (1) seven members who are professionally engaged in the active practice of real estate, one elected from each congressional district by a majority of house members and senators representing the house and senate districts located within each congressional district; (2) two members representing the public who are not professionally engaged in the practice of real estate, each appointed by the Governor with the advice and consent of the Senate; (3) the elected and appointed members shall elect from the State at large one additional member who must be in the active practice of real estate.

South Carolina has reciprocity agreements with three states: North Carolina, Georgia and West Virginia.

A covered multi-family residence in South Carolina is defined as having a) 4 plus units if the building has 1 or more elevators b) ground floor only, in other buildings having 4 or more units (no elevator)

If an offer is rejected without counter, an offer rejection form, promulgated by the real estate commission, signed by the licensee affirming presentation of the offer must be provided to the offeror by the licensee, whether the agent of the buyer, the seller, or if acting as a transaction broker.

(2) Upon determination by the commission that one or more of the grounds for discipline exists, the commission may impose a fine of not less than five hundred or more than five thousand dollars for each violation and as provided in Section 40-1-120. The commission may recover the costs of the investigation and the prosecution as provided in Section 40-1-170. (3) Nothing in this section prevents a licensee from voluntarily entering into a consent order with the commission wherein violations are not contested and sanctions are accepted.

http://www.llr.state.sc.us/pol/rec/recpdf/Offer_rejection_Form.pdf If an offer is rejected without counter, an offer rejection form, promulgated by the real estate commission, signed by the licensee affirming presentation of the offer must be provided to the offeror by the licensee, whether the agent of the buyer, the seller, or if acting as a transaction broker.

Demand refers to how much (quantity) of a product or service is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. Notice that each market change causes a uniquely identifiable change in the price, quantity combination: ... Demand Decrease: price decreases, quantity decreases. Supply Increase: price decreases, quantity increases. Supply Decrease: price increases, quantity decreases.

Percolating waters are those which ooze, seep, or filter through the soil beneath the surface, without a defined channel, or in a course that is unknown and not discoverable from surface indications without excavation for that purpose. A percolation test (colloquially called a perc test) is a test to determine the water absorption rate of soil (that is, its capacity for percolation) in preparation for the building of a septic drain field (leach field) or infiltration basin.

Always protect your business by following the letter of the law. The South Carolina Real Estate Commission provides for electronic communications with customers and clients. Sheila should have sent an ‘Acknowledgement of receipt of the Disclosure of Brokerage Relationships’ to the potential home buyer and attempted contact with the home buyer to reschedule the viewing. Sheila can file an ethics complaint with the local realtor board if she is a member, but the outcome would most likely not be in her favor. If first substantive contact occurs over the telephone or other electronic means, including the Internet and electronic mail, an ‘Acknowledgement of receipt of the Disclosure of Brokerage Relationships’ form may be sent by electronic means, including the Internet and electronic mail. For all real estate transactions, no agency relationship between a buyer, seller, landlord, or tenant and a real estate brokerage firm and its associated licensees exists unless the buyer, seller, landlord, or tenant and the brokerage company and its associated licensees agree, in writing, to the agency relationship. No type of agency relationship may be assumed by a buyer, seller, landlord, tenant, or licensee or created orally or by implication.

A documentary stamp tax is a tax charged against either the transfer of property or on the document that is used to affect the transfer, such as a mortgage or deed. In South Carolina the levy is calculated at: $1.85/$500 - ($1.30 state, $0.55 county).

The lender of a high-cost home loan may not make a high-cost home loan without first receiving a written certification from a counselor approved by the State Housing Finance and Development Authority that the borrower has received counseling on the advisability of the loan transaction and the appropriate loan for the borrower. The Department of Consumer Affairs shall specify the information that must be provided by the lender and reviewed by the consumer credit counselor.

Price-fixing is a per se antitrust violation. Real-estate brokers typically—but not always—price their services based upon a percentage (commission) of the sales price. At the same time, they usually offer a publicly-announced share of that commission to a broker that brings in a buyer. Experience in various real-estate markets, shows that these commissions and offered-commission-splits are surprisingly similar—almost standard—within certain markets. That is not to say that they are fixed; there are many reasons they could end up at the same level—conscious parallelism (advanced antitrust concept), similar cost structures, etc. But real-estate brokers should understand that any agreement, express or implied, with a competing brokerage to charge a certain commission, or offer the same commission splits, is a per se violation of the antitrust laws, with both criminal and civil consequences. Brokers should independently set their prices or risk antitrust liability. Of course, brokers negotiating a particular transaction must discuss pricing (for that transaction). Finally, it might be tempting for a broker to respond to a customer inquiry about a commission that the price is standard or is what some real-estate association suggests they charge. That should not, however, be the response. Real estate associations with even a modicum of antitrust counseling would never suggest a commission, and a broker should not suggest that prices are set collectively in any way. Because of potential anti-trust violation, a real estate form will always have a blank space for the commission percentage. The commission rate will always be discussed between the licensee and client and the blank will be filled out as a part of the listing process.

South Carolina exempts certain persons from licensure as detailed below: Section 40-57-240. This chapter does not apply to: (1) the sale, lease, or rental of real estate by an unlicensed owner of real estate who owns any interest in the real estate if the interest being sold, leased, or rented is identical to the owner’s legal interest; (2) an attorney at law acting within the scope of his duties involved in the legal representation of a client/owner; (3) agencies and instrumentalities of the state or federal government and their employees acting within the scope of their official duties; (4) foresters registered under Chapter 27, Title 48, if the sale of any land is merely incidental to the sale of timber on the land; or (5) court-appointed receivers and trustees while acting within the scope of their appointment.

Meghan's Law is Federal legislation that promotes the establishment of state registration systems to maintain residential information on every person who kidnaps children, commits sexual crimes against children or commits sexually violent crimes. Never offer opinion on the location of sex offenders. Always refer the client to the State website that provides this information.

The principle of progression states that the value of less expensive properties will increase when more expensive properties come into the area. The principle of regression states that the value of a more expensive property will decrease when less expensive properties come into the area.

Duties of South Carolina licensees include: ...(i) seeking a sale at the price and terms stated in the brokerage agreement or at a price and terms acceptable to the seller, except that the real estate brokerage firm is not obligated to seek additional offers to purchase unless the brokerage agreement provides otherwise while the property is subject to a contract of sale; (ii) presenting in a timely manner all written offers and counteroffers to and from the seller, even when the property is subject to a contract of sale; In other words, the licensee does not have to continue to actively market a property once a contract is accepted (unless contractually bound by the listing agreement). Normally, the property will be amended to a pending status in the MLS. However, if an unsolicited offer comes in on a pending property, the offer must be presented to the seller.

To calculate the annual tax, you will take the Appraised value ($150,000) and multiply it by the assessment rate (4% on residential) to get the assessed value ($6000). Next you will take the assessed value ($6000) and multiply by the millage rate (.256) to get the annual tax of $1536.

The Truth in Lending Act (TILA) is implemented by the Board's Regulation Z (12 CFR Part 226). A principal purpose of TILA is to promote the informed use of consumer credit by requiring disclosures about its terms and cost. TILA also includes substantive protections.

If the tenant fails to make a payment within five days of the due date according to the undertaking and order staying execution, the clerk, upon application of the landlord, shall issue a warrant of ejectment to be executed pursuant to Section 27-37-40 of the 1976 Code.

Among other information, the county property assessor's office has documentation of the status of a homestead exemption on a particular property. "Assessor offices in South Carolina are responsible for assigning values to all real estate properties and mobile homes. In addition, assessor offices also maintain property ownership records, an inventory of the county's real estate parcels and assist with filing for Homestead Exemption benefits. Taxes are not collected by assessors but by the county treasurer's office. When possible, we have included links to each county's assessor office as well as any online property search and online tax payment portals." SC Assessors Assessor's offices contact information is available at: https://www.sciway.net/gov/sc-county-tax-assessors.html

The term “puffing” refers to “extravagant claims made by sellers in order to attract buyers.” It is the exaggeration of the good points of a product, a business, real property, and the prospects for future rise in value, profits and growth.

An appraisal is ordered by the lender or mortgage broker via a central directory of appraisers (often called an Appraisal Management Company or AMC). Choosing a specific appraiser is not possible, but a mortgage broker can reject an appraiser and ask for a new one. If the appraisal comes in lower than the purchase price, and the contract indicates that appraisal is a contingency of the agreement, then a buyer can walk away if the appraisal comes in under the purchase price. Sellers may also try to negotiate to avoid losing the buyer if appraisal becomes an issue.

Truth in Advertising: When consumers see or hear an advertisement, whether it’s on the Internet, radio or television, or anywhere else, federal law says that ad must be truthful, not misleading, and, when appropriate, backed by scientific evidence. The Federal Trade Commission enforces these truth-in-advertising laws, and it applies the same standards no matter where an ad appears – in newspapers and magazines, online, in the mail, or on billboards or buses. The FTC looks especially closely at advertising claims that can affect consumers’ health or their pocketbooks – claims about food, over-the-counter drugs, dietary supplements, alcohol, and tobacco and on conduct related to high-tech products and the Internet. The FTC also monitors and writes reports about ad industry practices regarding the marketing of alcohol and tobacco.

The Resource Conservation and Recovery Act (RCRA) is the public law that creates the framework for the proper management of hazardous and non-hazardous solid waste. The law describes the waste management program mandated by Congress that gave the EPA authority to develop the RCRA program. Congress passed RCRA on October 21, 1976 to address the increasing problems the nation faced from our growing volume of municipal and industrial waste.

When a couple divorces, any assets or property acquired during the marriage have to be divided. States do this in two main ways, community property and equitable distribution. South Carolina's marital property laws are, like the majority of states, equitable distribution laws. Spouses in South Carolina have a right to all marital property. However, the court can't divide non-marital property.

Appeal from zoning board of appeals to circuit court; pre-litigation mediation; filing requirements. (A) A person who may have a substantial interest in any decision of the board of appeals or an officer or agent of the appropriate governing authority may appeal from a decision of the board to the circuit court in and for the county, by filing with the clerk of the court a petition in writing setting forth plainly, fully, and distinctly why the decision is contrary to law. The appeal must be filed within thirty days after the decision of the board is mailed. (B) A property owner whose land is the subject of a decision of the board of appeals may appeal either: (1) as provided in subsection (A); or (2) by filing a notice of appeal with the circuit court accompanied by a request for pre-litigation mediation in accordance with Section 6-29-825. Any notice of appeal and request for pre-litigation mediation must be filed within thirty days after the decision of the board is postmarked. (C) Any filing of an appeal from a particular board of appeals decision pursuant to the provisions of this chapter must be given a single docket number, and the appellant must be assessed only one filing fee pursuant to Section 8-21-310(11)(a).

Tax Assessor's Extraction Data: Many agents subscribe to a tax record search that discloses the complete records on file at the tax assessor's office. This information can include the original age of the home, type of roof, number of rooms, among other data. If the tax assessor records show a different square footage than noted in the listing, either the tax assessor is wrong, the seller is wrong or the property has improvements for which a permit was not obtained. Buyers can check with their city planning department to find out if a permit was obtained. Tax Assessors generally provide public access to their records either online or through visiting their office. Due diligence is critical in this area. A Title company will always do a lien search before issuing a Title policy, but it is advisable to have this information before entertaining offers on a listing.

Nuisance is defined as an unreasonable interference by one party with another's use or enjoyment of his or her land. Injunctions against perceived nuisance properties can be difficult to obtain and property value must be effectively determined based on this knowledge. Once a parcel is zoned for commercial use, it has already been evaluated for this type of disturbance.

Penalties for violating South Carolina Vacation Time Share Act include: First violation - misdemeanor, not more than $5,000 Second violation - misdemeanor, not more than $5,000 or max of 6 months prison or both Third violation- felony, not more than $5,000 or max of 5 years prison or both.

Comparables (or comps) is a real estate appraisal term referring to properties with characteristics that are similar to a subject property whose value is being sought. To determine the value of a house, an appraiser or an agent will typically look at three comparable sales, or “comps” as they are known in the industry. Agents and Appraisers have access to the Multiple Listing Service, known as the MLS, which is a database of all the properties in a given area that have been listed “for sale,” are in process of being sold (pending,) or have already sold.

In relation to a mortgage, PITI (pronounced like the word "pity") is an acronym for a mortgage payment that is the sum of monthly principal, interest, taxes, and insurance. That is, PITI is the sum of the monthly loan service (principal and interest) plus the monthly property tax payment, homeowners insurance premium, and, when applicable, mortgage insurance premium and homeowners association fee. For mortgagers whose property tax payments and homeowners insurance premiums are escrowed as part of their monthly housing payment, PITI therefore is the monthly "bottom line" of what they call their "mortgage payment" (although more precisely it is a combined payment of mortgage, tax, and insurance).

Easements By Prescription. 3. Use which is adverse or under claim of right. Under South Carolina law, if the claimant successfully proves that his use of the land over which he claims the easement was open, notorious, continuous and uninterrupted, his use of the easement will be presumed to have been adverse.

A party wall (occasionally parti-wall or parting wall, also known as common wall) is a dividing partition between two adjoining buildings that is shared by the occupants of each residence or business. Typically, the builder lays the wall along a property line dividing two terraced houses, so that one half of the wall's thickness lies on each side. This type of wall is usually structural. Party walls can also be formed by two abutting walls built at different times. The term can be also used to describe a division between separate units within a multi-unit apartment complex. Very often the wall in this case is non-structural but designed to meet established criteria for sound and/or fire protection, i.e. a firewall.

Discrimination in relation to sale or rental of property. It is unlawful: (1) to refuse to sell or rent after the making of a bona fide offer, to refuse to negotiate for the sale or rental of, or otherwise to make unavailable or deny a dwelling to any person because of race, color, religion, sex, familial status, or national origin; (2) to discriminate against any person in the terms, conditions, or privileges of sale or rental of a dwelling, or in the provision of services or facilities in connection with it, because of race, color, religion, sex, familial status, or national origin; (3) to make, print, or publish, or cause to be made, printed, or published, any notice, statement, or advertisement with respect to the sale or rental of a dwelling that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin or an intention to make the preference, limitation, or discrimination; (4) to represent to any person because of race, color, religion, sex, handicap, familial status, or national origin that any dwelling is not available for inspection, sale, or rental when the dwelling is available; (5) for profit, to induce or attempt to induce any person to sell or rent any dwelling by representations regarding the entry or prospective entry into the neighborhood of a person or persons of a particular race, color, religion, sex, handicap, familial status, or national origin; (6) to discriminate in the sale or rental, or to otherwise make unavailable or deny, a dwelling to any buyer or renter because of a handicap of: (a) that buyer or renter; (b) a person residing in or intending to reside in that dwelling after it is sold, rented, or made available; or (c) any person associated with that buyer or renter; (7) to discriminate against a person in the terms, conditions, or privileges of sale or rental of a dwelling, or in the provision of services or facilities in connection with the dwelling, because of a handicap of: (a) that person; (b) a person residing in or intending to reside in that dwelling after it is sold, rented, or made available; or (c) any person associated with that person. An example of a state that has added a protected class is California. Their Fair Housing protected classes extend to: Race, color Ancestry, national origin Religion Disability, mental or physical Sex, gender Sexual orientation Gender identity, gender expression Genetic information Marital status Familial status Source of income

Every existing onefamily, twofamily, and multifamily dwelling, including manufactured housing, must be equipped with approved and properly functioning smoke alarms installed in accordance with the currently adopted international fire code.” The owner shall provide a smoke alarm compliance sheet on each rental dwelling. The smoke alarm compliance sheet shall, at a minimum, provide the date, the address of the rental dwelling, the number of working smoke alarms, and signatures by both the owner, manager, or designee and the tenant. A smoke alarm compliance sheet must be executed on an annual basis. The owner shall retain smoke alarm compliance sheets on each rental dwelling for a minimum of three years. Upon notification by tenant to owner of any deficiencies in the performance or presence of smoke alarms, the owner must repair or replace said smoke alarms. If the smoke alarms are not repaired or replaced, the tenant may notify the owner in writing of any deficiencies in the performance or presence of the smoke alarms. The written notification or actual documented notification by the State Fire Marshal or local fire official must serve as verification of the owner’s notice of deficiency.” Upon verification of an owner’s notice of deficiency and the State Fire Marshal or local fire official supplying and installing a smoke alarm, the owner who violates this article must be fined five hundred dollars. The five hundred dollar fine, exclusive of any court costs and fees, must be returned to the local fire official’s department’s fire prevention fund. In the absence of a local fund, the fine must be returned to the State Fire Marshal.

Principle of anticipation refers to a rule on which the current value of a property depends. According to this principle the value of the property depends on the anticipated utility or income that will accrue to the property owner in the future.

If fewer than twenty-five separate lots, parcels, units, or interests in subdivided lands are offered by a person in a period of twelve months; the Uniform Land Sales Practice Act does not apply. A public offer statement must be provided to buyers for lands subject to this act.

‘Client’ means a person who enters a written agreement establishing an agency relationship with a real estate brokerage firm through its broker-in-charge, a property manager-in-charge, or an associated licensee.

An ad valorem tax (Latin for "according to value") is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT).

A seller's agent must always advise the seller to obtain expert advice on matters that are beyond the expertise of the licensee.

A salesperson must have 3 years of Active Sales licensed experience within the last 5 years to qualify for Broker.

A Township is a unit of territory in the U.S. land survey, generally six miles square, containing 36 mile-square sections, and sometimes, but not necessarily, coextensive with a governmental township.

In judicial foreclosure states, the lender must sue the borrower (homeowner) and prove in court that the lender is entitled to foreclose. Typically advertisement is used to announce the foreclosure sale, and the foreclosure is called “foreclosure by advertisement.” When mortgage borrowers fail to make their monthly house payments, their property will eventually enter foreclosure. In a judicial foreclosure state, the lender has to file a lawsuit in court in order to foreclose. In a nonjudicial foreclosure state, the lender can foreclose without going through the court system.

The Consumer Protection Act in South Carolina provides that the the Department of Consumer Affairs shall provide a disclosure form to persons acquiring a mortgage. The form can be viewed at: http://www.consumer.sc.gov/Documents/Legal/Mortgage_Brokers/MortgageBrokerFeeAgreement.pdf (A) At the time the borrower receives the loan estimate under the Real Estate Settlement and Procedures Act (RESPA), the Truth In Lending Act (TILA), and regulations adopted pursuant to both acts including, but not limited to, the TILA-RESPA Integrated Disclosure Rule, and before the scheduled closing of a consumer home loan, the broker or mortgage broker of a loan must disclose in writing the amount being earned on the loan. The Department of Consumer Affairs shall provide a disclosure form to include the following: (1) the dollar amount of the yield spread premium and the percentage of the yield spread premium in relation to the loan amount. For purposes of this item, 'yield spread premium' is the amount paid to the broker by the lender based on the difference between the interest rate at which the broker originates the loan and the par, or market rate offered by a lender; (2) an itemization of dollar amounts for points, fees, and commissions with a combined total given. A percentage of the combined total should be specified in relation to the loan amount; (3) a dollar amount total of items (1) and (2) and a percentage of the total specified in relation to the total amount of the loan; and (4) for a loan that is an ARM as defined in Section 37-23-20(17), a listing of the schedule when the loan may be reset, for each and every reset, and a listing of the monthly payment that is owed for each change that is allowed by the terms of the contract. If the consumer escrows the insurance and taxes with each monthly payment, it must be reflected in the payment listed.

A lease default or notice is a term expiration; notice can be voluntary or involuntary; property destruction equals condemnation and death is abandonment.

Market value is simply the price at which something will sell within a reasonable period of time. In a normal or average real estate market, "reasonable" means one to three months. Here is our definition: Market value is the price at which a particular house, in its current condition, will sell within 30 to 90 days. Market value is used to create a Brokers Price Opinion (BPO).

Zoning is a Legislative process that divides privately-owned urban areas into different zones (such as residential, commercial, industrial) according to the specified land use. Each zone is regulated as to the density, location, size, and type of buildings permitted therein.

Demolition experts in conjunction with excavation and debris removal experts serve to remove properties that are no longer economically viable from the property or market.

The department may allocate up to ten dollars of each license renewal fee to the South Carolina Real Estate Commission Education and Research Fund which is established as a separate and distinct account within the Office of the State Treasurer.

The National Association of Realtor's Code of Ethics, adopted in 1913, was one of the first codifications of ethical duties adopted by any business group. The Code ensures that consumers are served by requiring Realtor's to cooperate with each other in furthering clients' best interests.

The National Conference of State Legislatures (NCSL) has recommended guidelines for states's to incorporate into their laws. The following text contains NCSL guidelines for landlords. URLTA Duties for Landlords in Section 2.104(a): (1) Comply with the requirements of applicable building and housing codes materially affecting health and safety; South Carolina: Same (2) Make all repairs and do whatever is necessary to put and keep the premises in a fit and habitable condition; South Carolina: Limited (3) Keep all common areas of the premises in a clean and safe condition; South Carolina: Limited (4) Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, air-conditioning, and other facilities and appliances, including elevators, supplied or required to be supplied by him; South Carolina: Similar (5) Provide and maintain appropriate receptacles and conveniences for the removal of ashes, garbage, rubbish, and other waste incidental to the occupancy of the dwelling unit and arrange for their removal; and South Carolina: None (6) Supply running water and reasonable amounts of hot water at all times and reasonable heat [between [October 1] and [May 1]] except where the building that includes the dwelling unit is not required by law to be equipped for that purpose, or the dwelling unit is so constructed that heat or hot water is generated by an installation within the exclusive control of the tenant and supplied by a direct public utility connection. South Carolina: Similar The South Carolina law for landlords can be read here: http://www.scstatehouse.gov/code/t27c040.php

(B) The broker-in-charge of a real estate brokerage firm shall adopt a written company policy that identifies and describes the types of real estate brokerage relationships in which associated licensees may engage, including teams and limited function referral offices. The written policy must include: (1) the real estate brokerage firm’s policy regarding cooperation with transaction brokers, or both buyer agents, and transaction brokers, and whether the broker offers compensation to these licensees;...

A licensee shall maintain on file with the commission his current contact information for his residential address, mailing address, email address, and telephone number. Failure to update this contact information within thirty days after a change may result in an administrative suspension of the property manager, salesperson, broker, or broker-in-charge pursuant to Section 40-57-710.

(2) Point of Beginning: A well defined, readily located, and permanent point or monument that is the starting point on a parcel for a metes and bounds description; and also is the final point of such description. description.

The Department of Labor, Licensing and Regulation (LLR) mission is to promote the health, safety and economic well-being of the public through regulation, licensing, enforcement, training and education.

A real estate broker, salesperson, or property manager who fails to renew or register a license and continues to engage in the business permitted pursuant to the license is guilty of a misdemeanor and, upon conviction, must be fined not more than five hundred dollars or imprisoned not more than six months, or both.

(H) With regard to offers to purchase real estate, a licensee shall: (1) upon receipt, prepare all offers in writing and promptly present them to the seller;... Never misrepresent the status of a property. Until a written contract is secured, the property is not legally under contract.

Evicting a tenant is a legal proceeding, regulated by statute. This means that the landlord must carefully follow all the rules required under South Carolina law, or the eviction may not be valid. The first step in the eviction process is giving the tenant written notice. SECTION 27-37-10. Grounds for ejectment of tenant. (A) The tenant may be ejected upon application of the landlord or his agent when (1) the tenant fails or refuses to pay the rent when due or when demanded, (2) the term of tenancy or occupancy has ended, or (3) the terms or conditions of the lease have been violated. (B) For residential rental agreements, nonpayment of rent within five days of the date due constitutes legal notice to the tenant that the landlord has the right to begin ejectment proceedings under this chapter if a written rental agreement specifies in bold conspicuous type that nonpayment of rent constitutes such notice. This requirement is satisfied if the written rental agreement contains the notice specified in Section 27-40-710(B).

Familial status is South Carolina is in force when an individual is under the age of 18. A grouping of people that includes one or more individuals under the age is subject to the considerations of familial status rules. This may be the legal biological children of an adult may be the legal guardian. Guardianship must be in writing. If an adult is in the process of obtaining custody, the law applies. If an adult is pregnant or in the process of getting custody, the law applies.

The commission shall issue licenses in the classifications of broker, broker-in-charge, or salesperson. No individual may be licensed in more than one classification at the same time. The license must be in the form and size as the commission prescribes and is not transferable.

A certificate of occupancy is a document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.

When advertising or marketing real estate owned, in whole or in part, by another person in any medium, including site signage, a licensee clearly must identify the full name of the real estate brokerage firm with which the licensee is associated. When advertising on the Internet or in another electronic media, this requirement may be met by including a link from the advertisement to the homepage of the brokerage firm.

Section 40-57-710. (A) In addition to Section 40-1-110, the commission may deny issuance of a license to an applicant or may take disciplinary action against a licensee who: ...receives compensation in a real estate transaction or directly resulting from a real estate transaction from more than one party except with the full knowledge and written disclosure to all parties;...

A licensee may not advertise, market, or offer to conduct a real estate transaction involving real estate owned, in whole or in part, by another person without first obtaining a written listing agreement between the property owner and the real estate brokerage firm with whom the licensee is associated.

‘Team’ means two or more associated licensees working together as a single unit within an office established with the commission and supervised by a broker-in-charge. The broker-in-charge must be responsible for supervising the team and all licensed members of the team. The broker-in-charge may not delegate supervisory responsibilities to the team members or team leader. Written office policy of the broker-in-charge shall address team relationships in which associated licensees may engage. The team may act as disclosed dual agents only and with the prior informed and written consent of all parties and as addressed in the broker-in-charge’s written office policy. Team members must conduct all real estate brokerage activities from their commission-established office under the supervision of a broker-in-charge. Team advertising must contain the team name and the full name of the real estate brokerage firm displayed in a conspicuous way. No team may imply that the team is a separate entity from the brokerage firm of its employment. Team names may not include the terms ‘realty’, ‘real estate’, ‘realtors’, or similar terms suggesting a brokerage. The team, and any and all team members, must display and promote that they are directly connected to the brokerage firm under which the team works. The brokerage firm name under which the team works is to be displayed prominently and visibly in a meaningful and conspicuous way on all methods of advertising. The commission may promulgate regulations regarding the creation and operation of real estate teams.

Team advertising must contain the team name and the full name of the real estate brokerage firm displayed in a conspicuous way.

A broker or salesperson shall provide proof of satisfactory completion biennially (2 years) of ten hours of continuing education in courses.The ten hours must include a minimum of four hours of instruction in mandated topics. The remaining six hours can be elective topics. The ten hour requirement becomes effective for those renewing beginning 2018.

Boycotts occur when a group of businesses agree not to do business with a particular party. A typical group boycott allegation in the real estate brokerage business involves a claim that two or more brokerages have agreed to refuse to cooperate, or to cooperate on less favorable terms, with a third brokerage company.

All applicants must be over the age of 18 and have a high school diploma (or certificate of equivalency), and be lawfully present and eligible to work in the United States. Salesperson license: You must complete the Commission approved pre-licensing Course (60 hours - Unit I Sales) then apply to take the SC Real Estate Sales examination. Before you apply for a license you will also need to complete an additional Unit II: Advanced Real Estate Principles course (30-hours). Passing Score sheets and proof of completion of the Unit II course must be submitted with your licensure application. SCREC recognizes the qualifications of licensees of other jurisdiction, however one must still must apply for and take the SC portion of the real estate examination (and if applying to become a broker, meet the 3 years actively licensed sales experience requirements). With your examination application, you will need to submit certification(s) of licensure from any jurisdiction(s) in which you have held licensure in the last 5 years. You must also have been licensed within 6 months prior to SC Application.

"Handicap" means, with respect to a person: (a) a physical or mental impairment which substantially limits one or more of the person's major life activities; (b) a record of having such an impairment; or (c) being regarded as having an impairment. The term "handicap" excludes current, illegal use of or addiction to a controlled substance as defined by law.

Any deduction from the security/rental deposit must be itemized by the landlord in a written notice to the tenant together with the amount due, if any, within thirty days after termination of the tenancy and delivery of possession and demand by the tenant, whichever is later. The tenant shall provide the landlord in writing with a forwarding address or new address to which the written notice and amount due from the landlord may be sent. If the tenant fails to provide the landlord with the forwarding or new address, the tenant is not entitled to damages under this subsection provided the landlord (1) had no notice of the tenant's whereabouts and (2) mailed the written notice and amount due, if any, to the tenant's last known address. (b) If the landlord fails to return to the tenant any prepaid rent or security/rental deposit with the notice required to be sent by the landlord pursuant to subsection (a), the tenant may recover the property and money in an amount equal to three times the amount wrongfully withheld and reasonable attorney's fees.

In South Carolina, an attorney must oversee the closing of a real estate transaction. The attorney is responsible for disbursing all funds, including commissions. The broker and agent will have an understanding of how the commission process is executed. Clearly, no commission funding is available until the transaction is consummated.

Mortgage assumption is the conveyance of the terms and balance of an existing mortgage to the purchaser of a financed property, commonly requiring that the assuming party is qualified under lender or guarantor guidelines. All mortgages are potentially assumable, though lenders may attempt to prevent assumption of a mortgage loan with a due-on-sale clause. Certain mortgage types are irrefutably assumable, such as those insured by the FHA, guaranteed by the VA, or guaranteed by the USDA. The process to assume an FHA loan is determined by the date of the original loan. If it was originated before December 1, 1986, it can be completed under the “Simple Assumption process,” with no required credit check or lender approval. If the original loan was originated on or after December 1, 1986, it falls under the “Creditworthiness Assumption process.” This means the potential buyer must qualify as they would for a new FHA loan and receive lender approval. Assuming a VA loan requires the new buyer to have the income and credit to qualify for the loan. In addition, a fee equal to 0.5% of the existing principal balance must be paid by either the original owner or the buyer, depending on the agreement. For loans originated after March 1, 1988, both the VA and the lender must sign off on the assumption. Assuming a mortgage is usually a strategy used to obtain a loan at a lower interest rate. When fair market interest rates on loans are low, this benefit becomes less important.

Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. This is also called “buying down the rate,” which can lower your monthly mortgage payments. One point costs 1 percent of your mortgage amount (or $1,000 for every $100,000).

A wood infestation inspection is performed in South Carolina and a Wood Infestation Report (also called a CL-100 letter) is generated prior to closing, that lenders will require at closing.

When money or property is given to make up any difference in value or equity between two properties in a 1031 exchange, it is termed the boot.

Pre-licensing and continuing education courses are eligible for distance learning. Certification by the Association of Real Estate License Law Officials (ARELLO) or its subsidiary, the International Distance Education Certification Center (IDECC), is required.

A prospectus will be prepared for the buyer of commercial property. A savvy investor may be able to gather much of the information themselves, but a third party prospectus has the advantage of objectivity. A commercial seller that is unwilling to provide all information necessary to create a prospectus must be evaluated for intent.

A township in the United States is a small geographic area. The Rectangular Survey System provides for a unit of land approximately 24 miles square, bounded by base lines running east and west, and meridians running north and south. This 24 mile square is divided into areas six miles square called townships. Townships are further divided into 36 sections, each one mile square. The term is used in three ways. A survey township is simply a geographic reference used to define property location for deeds and grants as surveyed and platted by the General Land Office (GLO). A survey township is nominally six by six miles square, or 23,040 acres. A civil township is a unit of local government. Civil townships are generally given a name, sometimes abbreviated "Twp". A charter township is similar to a civil township, found only in the state of Michigan. Provided certain conditions are met, a charter township is mostly exempt from annexation from contiguous cities or villages, and carries additional rights and responsibilities of home rule.

Local planning commissions must always adhere to zoning regulations. (A) Zoning ordinances must be for the general purposes of guiding development in accordance with existing and future needs and promoting the public health, safety, morals, convenience, order, appearance, prosperity, and general welfare. To these ends, zoning ordinances must be made with reasonable consideration of the following purposes, where applicable: (1) to provide for adequate light, air, and open space; (2) to prevent the overcrowding of land, to avoid undue concentration of population, and to lessen congestion in the streets; (3) to facilitate the creation of a convenient, attractive, and harmonious community; (4) to protect and preserve scenic, historic, or ecologically sensitive areas; (5) to regulate the density and distribution of populations and the uses of buildings, structures and land for trade, industry, residence, recreation, agriculture, forestry, conservation, airports and approaches thereto, water supply, sanitation, protection against floods, public activities, and other purposes; (6) to facilitate the adequate provision or availability of transportation, police and fire protection, water, sewage, schools, parks, and other recreational facilities, affordable housing, disaster evacuation, and other public services and requirements. "Other public requirements" which the local governing body intends to address by a particular ordinance or action must be specified in the preamble or some other part of the ordinance or action; (7) to secure safety from fire, flood, and other dangers; and (8) to further the public welfare in any other regard specified by a local governing body. ... (A) Before enacting or amending any zoning regulations or maps, the governing authority or the planning commission, if authorized by the governing authority, shall hold a public hearing on it, which must be advertised and conducted according to lawfully prescribed procedures. If no established procedures exist, then at least fifteen days' notice of the time and place of the public hearing must be given in a newspaper of general circulation in the municipality or county.

A licensee clearly shall reveal his license status in a personal transaction involving the purchase, sale, exchange, rental, lease, or auction of real estate at first substantive contact with a consumer and in advertising or marketing in any media. A licensee also shall disclose his licensed status in bold underlined capital letters on the first page of a contract for the purchase, sale, exchange, rental, or lease of real property.

A percolation test is a test to determine the absorption rate of soil for a septic drain field or “leach field”. The results of a percolation test are not required to properly design a septic system. South Carolina has not used these tests since the late 1970’s because they are not very accurate in evaluating sites for septic system. Perc tests tell you how fast water poured into a hole will drain out of the hole. A site may pass a perc test during a dry season but fail a perc test during a rainy stretch, when the water table is closer to the ground surface. In the past, some sites in South Carolina passed perc tests but ended up with septic systems that failed to work properly during rainy seasons. Septic Tank Site Inspections General Process After you apply for a permit to install a septic tank for a new home: 1. A South Carolina Department of Health and Environmental Control inspector will visit your property to determine whether the land is suitable for a septic tank by looking at: o Soil type – only certain types work well for septic systems o Slope of the lot to see whether a septic tank can work and how the system must be built o The number of bedrooms in the proposed house plan, used to calculate septic system size requirements, and o The location of private wells on or near the site, of property lines, surface waters, buildings, drainage ditches, and the planned house footprint, driveway and outbuildings. The inspector will measure distances and add in required margins to see if there is enough room to build the septic tank and drainfield. 2. If the land is suitable for a septic system, our inspector will issue a permit to construct. 3. If he or she determines the land is not suitable, they will discuss other options. 4. Once the septic system is built, our inspector will return to the site to inspect the septic system installation. 5. If it meets state standards, he or she will then issue you a construction/operation permit. Soil: Most Important Factor Our inspector will take a minimum of two soil samples (borings) in the area where the septic system will most likely be located. We classify the soil by its characteristics: • Color shows how high the water table gets at the wettest time of year (this is visible regardless of the month). We match your soil to a soil color chip in our field book. • Texture indicates how fast water will move through the soil layers and how well the soil will “treat” or filter wastewater. We examine and classify texture by hand, weighing the amount of sand, silt and clay particles. Soil with high clay content requires a much larger drainfield than property with high sand content. We sometimes have to turn down permits because the soil just isn't suitable. So if you're building a home, finding suitable soil for a septic system takes priority over the location of a house and outbuildings. It may even restrict the number of bedrooms you can have in your house. Drainfield Size Another problem we sometimes see is that there simply is not enough suitable land to build an adequately sized septic tank and drainfield on a particular lot. We use this standard formula to calculate the size of the drainfield needed: • The average South Carolinian generates about 60 gallons of wastewater daily (which includes showers, toilet flushes, etc). • We assume that each bedroom in the home may at some point be shared by two people, who would together generate about 120 gallons of wastewater daily. • We multiply 120 (gallons of wastewater) by the number of bedrooms to get a reliable estimate of the average daily volume of wastewater (or hydraulic load) a septic system will have to handle. The typical three-bedroom home needs a drainfield big enough to handle about 360 gallons of wastewater per day (3 bedrooms x 120 gallons). Never Underestimate Number of Occupants When applying for a permit to construct a septic tank, never underestimate or misrepresent the number of bedrooms or intended occupants. If you do, you are setting your septic system up for failure and yourself up for major expenses in the future. Practice Tip: Vacant land is of no value to a home builder if a house and septic may not be installed. Always investigate this issue when dealing with vacant land sales and new construction that does not have pre-exisiting sewage infrastructure. Source: http://www.scdhec.gov/HomeAndEnvironment/YourHomeEnvironmentalandSafetyConcerns/SepticTanks/SiteInspections/

The homestead exemption is a legal regime to protect the value of the homes of residents from property taxes, creditors, and circumstances that arise from the death of the homeowner spouse. Homestead exemptions remove part of your home's value from taxation, so they lower your taxes. For example, your home is appraised at $100,000, and you qualify for a $25,000 exemption (this is the amount mandated for school districts), you will pay school taxes on the home as if it was worth only $75,000. In South Carolina the Homestead Exemption is a complete exemption of taxes on the first $50,000 in Fair Market Value of your Legal Residence for homeowners over age 65, totally and permanently disabled, or legally blind.

A “nuncupative” or oral will is one that is spoken or otherwise unwritten (and are not legally binding in South Carolina); and a “holographic” will is a handwritten testament, (also not valid in South Carolina unless it has already been validated out-of-state).

High-Cost and Consumer Home Loans in South Carolina are governed by the Consumer Protection Code. It creates various safe harbor provisions designed to give the consumer a defense in instances of harm being done to the consumer. ...(a) A rebuttable presumption of reasonable, tangible, net benefit to the borrower occurs when including, but not limited to, the following: (v) the borrower's note rate of interest is reduced by at least two percent;... In other words, if your client refinances their loan and does not receive at least a 2% reduction in interest rate, they may have a good defense in pursuing charges against the lender.

(6) An offer and counteroffer may be communicated by use of a fax or other secure electronic means including, but not limited to, the Internet, and the signatures, initials, and handwritten or typewritten modifications to the foregoing documents are considered valid and binding upon the parties as if the original signatures, initials, and handwritten, or typewritten modifications were present on the documents in the handwriting of each party.

Usury laws are regulations governing the amount of interest that can be charged on a loan. Usury laws specifically target the practice of charging excessively high rates on loans by setting caps on the maximum amount of interest that can be levied. These laws are designed to protect consumers.

In South Carolina, any reputable mortgage lender will require that an attorney be selected to conduct the closing. Also, South Carolina real estate law is quite complex and you need an attorney to examine the title records for prior conveyances, liens, encumbrances, and errors in the deeds in the chain of title.

Refer to South Carolina law: Chapter 57 Article 7 Misconduct and Redress Section 40-57-710. (A) In addition to Section 40-1-110, the commission may deny issuance of a license to an applicant or may take disciplinary action against a licensee who: [complete listing of prohibited actions]

Under the principle of caveat emptor, a prospective buyer or lender is charged with the responsibility of determining whether the seller holds title to the property and whether there are any encumbrances that would adversely affect the title.

A licensee clearly shall reveal his license status in a personal transaction involving the purchase, sale, exchange, rental, lease, or auction of real estate at first substantive contact with a consumer and in advertising or marketing in any media. A licensee also shall disclose his licensed status in bold underlined capital letters on the first page of a contract for the purchase, sale, exchange, rental, or lease of real property.

State of South Carolina: SECTION 6-29-710. Zoning ordinances; purposes. (A) Zoning ordinances must be for the general purposes of guiding development in accordance with existing and future needs and promoting the public health, safety, morals, convenience, order, appearance, prosperity, and general welfare. To these ends, zoning ordinances must be made with reasonable consideration of the following purposes, where applicable: (1) to provide for adequate light, air, and open space; (2) to prevent the overcrowding of land, to avoid undue concentration of population, and to lessen congestion in the streets; (3) to facilitate the creation of a convenient, attractive, and harmonious community; (4) to protect and preserve scenic, historic, or ecologically sensitive areas; (5) to regulate the density and distribution of populations and the uses of buildings, structures and land for trade, industry, residence, recreation, agriculture, forestry, conservation, airports and approaches thereto, water supply, sanitation, protection against floods, public activities, and other purposes; (6) to facilitate the adequate provision or availability of transportation, police and fire protection, water, sewage, schools, parks, and other recreational facilities, affordable housing, disaster evacuation, and other public services and requirements. "Other public requirements" which the local governing body intends to address by a particular ordinance or action must be specified in the preamble or some other part of the ordinance or action; (7) to secure safety from fire, flood, and other dangers; and (8) to further the public welfare in any other regard specified by a local governing body. Keep in mind that zoning is accomplished on the local level and your county government will be responsible for zoning rules and enforcement.

See: http://www.llr.state.sc.us/POL/REC/RECPDF/Required_Language_for_SC_Real_Estate_Contracts.pdf This language will appear in real estate forms.

The Civil Rights Act (1866) was passed by Congress on 9th April 1866 over the veto of President Andrew Johnson. The act declared that all persons born in the United States were now citizens, without regard to race, color, or previous condition.

Hypothecation is legal term that refers to the granting of a hypothec to a lender by a borrower. In practice, the borrower pledges an asset as collateral for a loan, while retaining ownership of the assets and enjoying the benefits of the asset. Mortgage implies a legal process wherein the title of real estate property passes from the owner to the lender, as a collateral for the amount borrowed. Hypothecation refers to an arrangement, wherein a person borrows money from bank by collateralizing an asset, without transferring title and possession.

Fee calculation for deed stamps: (A) The fee imposed by this chapter is composed of two fees as follows: (1) a state fee equal to one dollar thirty cents for each five hundred dollars, or fractional part of five hundred dollars, of the realty's value; and (2) a county fee equal to fifty-five cents for each five hundred dollars, or fractional part of five hundred dollars, of the realty's value. (B) The state fee must be credited as follows: (1) ten cents of each one dollar thirty cents into the Heritage Land Trust Fund; (2) twenty cents of each one dollar thirty cents into the South Carolina Housing Trust Fund; and (3) one dollar of each one dollar thirty cents into the general fund of the State. (C) The county fee must be credited to the general fund of the county.

Dower and curtesy rights arise upon the death of a spouse. Dower is a wife's interest in her husband's property upon his death. If both husband and wife appear on title, both must sign documents (mortgage, rescission and TIL); If only one spouse is on title to property being mortgaged, the following applies: South Carolina is a common law state; (what’s her’s is her’s,what’s his is his).

South Carolina definition: (31) Map of Survey, Plat of Survey, Survey for or other Similar Titles: Any drawing of a parcel or tract of real property used for the purpose of depicting the results of a field survey. Each survey drawing shall state the type of survey it depicts as defined in this manual.

Records of trust account activity must be maintained for a minimum of five years and the broker-in-charge or property manager-in-charge shall furnish a copy of the records to a representative of the commission upon request. Accounting records that may be requested include, but are not limited to, journals, ledgers, folios, client sub-accounts, tenant accounts, canceled checks, deposit slips, and bank statements.

(B) An associated licensee may not receive compensation from an activity requiring a real estate license from an entity or person other than the one for which the license is issued. An associated licensee may form a business entity allowing the licensee’s broker-in-charge or property manager-in-charge to pay fees or commissions to that entity if the principals in that entity hold an active real estate license.

When a property is sold, it's with the understanding that a buyer will take the property at a certain possession date. Possession dates are usually a few weeks or a few months after the property is 'sold'. Also known as a completion or closing date.

The complete list of exemptions to the South Carolina Residential Property Condition Disclosure form completion duty are found here: http://www.llr.state.sc.us/POL/REC/RECPDF/Disclosure%20Exemptions.pdf

Section 40-57-350. (A) A real estate brokerage firm that provides services through an agency agreement for a client is bound by the duties of loyalty, obedience, disclosure, confidentiality, reasonable care, diligence, and accounting as set forth in this chapter. The following are the permissible brokerage relationships a real estate brokerage firm may establish: (1) seller agency; (2) buyer agency; (3) disclosed dual agency; (4) designated agency; or (5) transaction brokerage

The Homestead Exemption is a complete exemption of taxes on the first $50,000 in Fair Market Value of your Legal Residence for homeowners over age 65, totally and permanently disabled, or legally blind.

Each county in South Carolina has a County Recorder office. Contact information is available at the following websites: https://www.deeds.com/recorder/south-carolina/ https://www.sciway.net/gov/sc-county-register-deeds.html

"Flipping" a consumer home loan means the making of a consumer home loan that refinances within forty-two months an existing consumer home loan of the borrower when the new loan does not have a reasonable, tangible net benefit to the borrower, considering all the circumstances, including the terms of both the new and refinanced loans, the cost of the new loan, and the borrower's circumstances.

Real estate fraud can have tremendous consequences because of the very nature and importance of real property. Common law fraud consists of either a knowingly false representation of material fact, or the intentional failure to disclose a material fact where a duty of disclosure exists. In South Carolina, the Real Estate Commission defines material adverse facts as: ...(16) ‘Material adverse fact’ means: (a) a condition or occurrence that is generally recognized as: (i) significantly and adversely affecting the value of the real estate; (ii) significantly reducing the structural integrity of improvements to real estate; or (iii) presenting a significant health risk to occupants of the real estate; or (b) information that indicates that a party to a transaction is not able to or does not intend to meet an obligation under a contract or agreement made concerning the transaction.

Purchasers of interests in a vacation time sharing plan have an unqualified five-day pre-closing right of rescission. The following statement must appear close to the signature area of the Vacation Time Sharing Plan contract: "YOU MAY CANCEL THIS CONTRACT WITHOUT PENALTY OR OBLIGATION WITHIN FIVE DAYS AFTER THE DATE YOU SIGN THIS CONTRACT, NOT INCLUDING SUNDAY IF THAT IS THE FIFTH DAY, OR THE DATE YOU RECEIVE THE DISCLOSURE STATEMENT PURSUANT TO SECTION 27-32-100, WHICHEVER OCCURS LATER. IF YOU DECIDE TO CANCEL, YOU MUST NOTIFY THE SELLER IN WRITING OF YOUR INTENT TO CANCEL BY SENDING NOTICE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANOTHER VERIFIABLE MEANS, TO (NAME OF SELLER) AT (SELLER'S ADDRESS)."

A listing agreement must have a legal description of the listed property or a description sufficient to identify the listed property and state the price of the listed property.

An offer and counteroffer may be communicated by use of a fax or other secure electronic means including, but not limited to, the Internet, and the signatures, initials, and handwritten or typewritten modifications to the foregoing documents are considered valid and binding upon the parties as if the original signatures, initials, and handwritten, or typewritten modifications were present on the documents in the handwriting of each party.

In South Carolina, licensees must: ...(c) provide a meaningful explanation of brokerage relationships in real estate transactions; (d) provide an explanation of the scope of services to be provided by the licensee; (e) be fair and honest and provide accurate information in all dealings; Providing information on affiliated or auxiliary services would be an important part of any real estate transaction. Because a licensee is required to explain the services he will be offering, this would be considered a violation of responsibility. Practice Tip: Keep a list of at least three qualified vendors in areas of expertise that your client can reasonably be expected to require to complete the transaction. EX: plumbers, roofers, electricians, home inspectors.

An applicant who applies to take the examination is granted a twelve-month eligibility period to complete successfully all portions of the examination. An applicant who fails to complete successfully the examination may reapply to become eligible for the examination if applicable qualifying courses were completed fewer than five years before applying for the examination.

(31) ‘Trust account’ means an escrow account or properly designated demand deposit bank account that is: (a) properly designated and title to which includes the words ‘trust’ or ‘escrow’; and (b) established and maintained by a broker-in-charge or a property manager-in-charge to safeguard funds belonging to parties to a real estate transaction. A broker-in-charge or property manager-in-charge shall ensure that backup copies are maintained for computerized real estate trust accounts. A backup copy must be maintained on a data storage medium that is stored in a separate off-site location.

The grid plan, grid street plan, or gridiron plan is a type of city plan in which streets run at right angles to each other, forming a grid. In ancient Rome, the grid plan method of land measurement was called centuriation.

Exempt from the biennial continuing education required by subsection (A) are a: (1) salesperson who successfully completes a post-licensing course or takes a broker course is exempt for the renewal period during which the course was taken; (2) licensee while on inactive status;... An inactive licensee must complete continuing education in order to reactivate their license.

The unexplained absence of a tenant after 15 days of default of rent is considered abandonment of the property.

Substantiation of any large deposits or cash gifts that aren't regular income may need to be documented. In some cases, a large cash gift may look similar to a personal loan by a friend or family member, and lenders will require gift letters from those that gave the client the cash gift, stating that the gift was not a loan. They may also ask for itemized deposit slips. The exact amount that triggers this requirement varies by situation (for instance, a $1,000 cash gift may be material to a single borrower that makes $35,000/yr but may not be material to a borrower that makes $350,000/yr), so it's good practice for your client to ask the lender if the client has a material cash gift or large deposit - so the client isn't surprised by this at the last minute.

As a condition of licensure, the applicant must pass the appropriate exam. Upon passing the applicable exam(s), applicants must apply for the appropriate license within one year.

All changes or modifications to contracts made during negotiations must be in writing and initialed and dated by both parties before proceeding with the transaction.

The South Carolina Uniform Electronic Transactions Act of 2004 has specific guidelines for valid electronic signatures exceptions that include: wills & trusts, termination of utilities, cancellation of health/life insurance, product recalls, foreclosure, eviction, and acceleration notices in credit/rental agreements in primary residences.

A broker-in-charge or property manager-in-charge shall for a minimum of five years maintain and furnish to the commission upon request a written copy, when applicable, of a: (a) lease; (b) contract of sale and any addenda; (c) listing contract or buyer agency agreement; (d) transaction broker agreement; (e) option contract; (f) property management agreement; and (g) residential property disclosure form. These records may be maintained electronically as long as a backup copy is stored in a separate, off-site location including, but not limited to, electronic and Internet, cloud-based storage systems.

Escheat is a common law doctrine that transfers the property of a person who died without heirs, to the state. It serves to ensure that property is not left in "limbo" without recognized ownership.

Ready, able and willing buyer is an expression used to describe a prospective purchaser who is in a position to sign a binding contract; one who is prepared, legally capable, and financially able to purchase a property.

...(K) A licensee who represents one party to a real estate transaction may provide assistance to other parties to the transaction by performing ministerial acts such as writing and conveying offers, and providing information and aid concerning other professional services not related to the real estate brokerage services being performed for a client. Performing ministerial acts does not create an agency relationship.

This area of your practice is governed by the Psychologically Affected property disclosure rules. An owner is not required to disclose the fact or suspicion that a property may be or is psychologically affected, as described in subsection (B). (B) A cause of action may not arise against an owner of real estate in a covered transaction for failure to disclose: (1) that the subject real estate is or was occupied by an individual who was infected with a virus or other disease which has been determined by medical evidence to be highly unlikely to be transmitted through his occupancy of a dwelling place; or (2) that the death of an occupant of a property has occurred or the manner of the death; or (3) public information from the sex offender registry as defined in Article 7, Title 23. (C) Subsection (B) does not preclude an action against an owner of real estate who makes intentional misrepresentations in response to direct inquiry from a purchaser or prospective purchaser with regard to psychological effects or stigmas associated with the real estate. The South Carolina information for registered sex offenders can be accessed at: http://scor.sled.sc.gov/Captcha.aspx Practice Tip: Always steer the client towards professional sources of information and never rely on hearsay.

South Carolina's marital property laws are, like the majority of states, equitable distribution laws. Spouses in South Carolina have a right to all marital property. Marital property is all the real and personal property acquired by the parties during the marriage and owned at the date of filing for divorce.

A planned unit development (PUD), is a type of building development and also a regulatory process. As a building development, it is a designed grouping of both varied and compatible land uses, such as housing, recreation, commercial centers, and industrial parks, all within one contained development or subdivision. The oldest forms of the planned unit development in America appeared shortly after World War II in the Levittowns and Park Forest developments as whole communities within the limits and orbits of large metropolitan centers. The first zoning evidence of PUD was created by Prince George's County, Maryland in 1949.

In a disclosed dual agency, the brokerage firm’s representation duties are limited because the buyer and seller have recognized conflicts of interest. Both clients’ interests are represented by the brokerage firm. As a disclosed dual agent, the brokerage firm and its associated licensees cannot advocate on behalf of one client over the other, and cannot disclose confidential client information concerning the price negotiations, terms, or factors motivating the buyer/client to buy or the seller/client to sell. Each Dual Agency Agreement contains the names of both the seller client(s) and the buyer client(s) and identifies the property.

Section 40-57-720. (A) An investigation must be conducted in accordance with Section 40-1-80 and must be performed by investigators who have completed one hundred hours of training in programs that are approved by the commission and provide instruction on real estate principles, state statutory and regulatory law, and investigative techniques. (B) A restraining order must be obtained in accordance with Section 40-1-100. (C)(1) The department shall conclude its investigation within one hundred fifty days from receipt of the complaint or seek a waiver of this period from the commission upon a showing of due diligence and extenuating circumstances

In South Carolina a local planning commission may serve not more than two political jurisdictions.

The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States. USPAP was adopted by Congress in 1989, and contains standards for all types of appraisal services, including real estate, personal property, business and mass appraisal. Compliance is required for state-licensed and state-certified appraisers involved in federally-related real estate transactions. USPAP is updated every two years so that appraisers have the information they need to deliver unbiased and thoughtful opinions of value. The Appraisal Foundation is recognized by Congress as the source of appraisal standards and qualifications.

The Clean Air Act was major legislation passed to control air pollution in the United States. The Act was passed in 1963, but important and major amendments were added to the original Act in 1970 and 1990. Growing public awareness and concern for controlling water pollution led to sweeping amendments in 1972. As amended in 1972, the law became commonly known as the Clean Water Act (CWA). The 1972 amendments established the basic structure for regulating pollutant discharges into the waters of the United States. The Clean Water Acts primary objective is to restore and maintain the integrity of the nations waters. The objective translates into two fundamental national goals: to eliminate the discharge of pollutants into the nations waters, and to achieve water quality levels that are fishable and swimmable.

A table-funded transaction" means a settlement at which a mortgage loan is funded by an advance of loan funds to a lender who closes the loan in his name followed by an assignment of the loan from the person identified as the lender in the loan documents to the person advancing the initial loan funds.

Premises: The premises are the parties’ names, a statement of consideration paid, the legal description of the property conveyed, and a clause granting the property to the grantee. Habendum clause: Habendum is the beginning of the Latin phrase meaning “to have and to hold.” You may still see deeds using this phrase. The clause limits the estate being granted. For example, a habendum clause may limit the grant to a life estate by saying, “To have and to hold during her natural life.” The habendum clause may limit or qualify the interest conveyed by the granting clause, but traditionally, if a habendum clause contradicts the estate named in the granting clause, the granting clause prevails. Reddendum clause: A reddendum clause is a clause by which the grantor reserves some interest in the property, like a life estate or mineral estate. For example, a reddendum clause could reserve mineral rights by saying something like, “All minerals are reserved and excepted from this conveyance.” Warranties of title: Warranties of title are still common, although they’re often made without expressly reciting the warranties of title in the deed. Instead, if the deed uses granting language specified by state statute, the use of that language has the effect of making the warranties of title even though they’re not included in the deed.

Land is physically immobile. It cannot be moved from one geographical location to another. Consequently, the real estate market is local in nature. Also, due to its immobility, the value of a piece of real estate is directly affected by its surroundings, things external to itself. Land is indestructible and therefore durable.The land that historical people of significance had walked on is still there today. The very colosseum the Romans used for their entertainment still stands at the exact location today Because no 2 parcels of land can occupy the same place on the globe, it is non-fungible. There are simply no exact substitutes and replacements for a particular land parcel.There might be some that are comparable. But never replaceable.

The term allodium is defined as "land which is the absolute property of the owner, real estate held in absolute independence, without being subject to any rent, service or acknowledgement to a superior. Allodial title constitutes ownership of real property (land, buildings and fixtures) that is independent of any superior landlord. Allodial title is related to the concept of land held "in allodium", or land ownership by occupancy and defense of the land. Historically, much of land was uninhabited and could therefore be held "in allodium". Although the word "allodial" has been used in the context of private ownership in a few states of the United States this ownership is still, in much practice, restricted by governmental authority; the word "allodial" in these cases describes land with fewer but still significant governmental restrictions.

Grandfathering basically means that businesses and buildings that were in compliance before the new code was established may continue to operate or exist under their present owners. If the owners want to sell their business, it must be to an enterprise that meets the new requirement.

You are allowed 3 hours in total.

Lessor: a person who leases or lets a property to another; a landlord.

A deficiency is the difference between the amount obtained at foreclosure and the amount owing to the lender. For example, if the homeowner owes $200,000 but the lender sells the property at foreclosure sale for only $180,000, the homeowner would owe $20,000 as a deficiency. Some states only allow for “strict foreclosure” where the lender has the right to gain title of the property, but not seek a deficiency from the borrower. However, South Carolina foreclosure law allows the lender to seek a deficiency. See S.C. Code Ann. §29-3-660.

There is a term for a battle of land: “encroachment.” An encroachment happens when a fence or another piece of your neighbor's property crosses the property lines. Other examples of encroachments could involve trees, parts of a building, fencing or any other fixtures located on both pieces of property. Encroachment can be a problem along property lines when a property owner is not aware of his property boundaries or intentionally chooses to violate his neighbor's boundaries.

Any changes or modifications made during negotiations must be in writing and initialed and dated by both parties before proceeding with the transaction.

A copy of the listing agreement must be given to the seller at the time of execution or directly following.

A licensee may not pay or offer to pay a referral fee or finder’s fee to an unlicensed individual who is not a party in the real estate sales or rental transaction.

A 1031 Exchange is referred to as applying to "like-kind" properties and can defer capital gains tax

A broker-in-charge or property manager-in-charge shall for a minimum of five years maintain and furnish to the commission upon request a written copy, when applicable, of a: (a) lease; (b) contract of sale and any addenda; (c) listing contract or buyer agency agreement; (d) transaction broker agreement; (e) option contract; (f) property management agreement; and (g) residential property disclosure form

The United States Internal Revenue Service (“IRS”) considers real estate agents to be “statutory non-employees” if three factors are met. First, the real estate agent must be licensed. Second, substantially all payments for the licensed real estate agent’s services must be directly related to their sales or other output rather than based on number of hours worked, and lastly, the real estate agent’s services must be performed pursuant to an agreement that states the real estate agent will not be treated as an employee for federal tax purposes. While satisfaction of the aforementioned IRS test relates only to the federal tax treatment of real estate agents, it demonstrates the federal government’s recognition of the unique nature of the real estate industry and, as such, the need to treat it differently than other industries.

It is a violation of license law to receive compensation from anyone other than the broker in charge of your license. If your broker in charge has made arrangements for this situation, that should be part of the discussion you should have when marketing your own property.

Fair Housing Act exemptions: Sale of single family home from person with 3 or fewer homes Rental in owner occupied 1-4 family dwelling Religious Organizations Private Clubs Retirement Communities - 62 or older, 80% 55 or older or housing for elderly

The age of majority or when a person becomes a legal adult is 18 years old in South Carolina, under South Carolina Code Section 15-1-320. A minor can’t be required to pay for debts contracted for when still a minor, unless a promise to pay back the debt was made in writing and signed by the party after they became a full adult. SECTION 15-1-320. References to minors in State laws mean persons under age of 18 years; exceptions; presumption that minors were persons under age of 21 in certain wills, trusts and deeds. (a) All references to minors in the law of this State shall after February 6, 1975, be deemed to mean persons under the age of eighteen years except in laws relating to the sale of alcoholic beverages; provided, however, that any person performing any act or receiving any property, rights or responsibilities pursuant to an instrument executed prior to February 6, 1975, shall have his majority or minority determined by the law relating to majority or minority in existence at the time of the execution of such instrument. (b) Persons executing wills, trusts and deeds prior to February 6, 1975, shall be presumed to have intended that minors were persons under the age of twenty-one years in the absence of facts which would indicate a contrary intention.

Emblements are annual crops cultivated by a tenant which are treated as the tenant's property rather than the landowner's. If a tenant loses possession of the land, he or she is still entitled to finish raising the crops and to harvest them.

Less rigorous lending standards and lower down-payment requirements make FHA loans popular with mortgage borrowers. An FHA loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. The FHA is an agency within the U.S. Department of Housing and Urban Development. Shop FHA-approved lenders today. Two mortgage insurance premiums are required on all FHA loans: The upfront premium is 1.75 percent of the loan amount — $1,750 for a $100,000 loan. This upfront premium is paid when the borrower gets the loan. It can be financed as part of the loan amount. The second is called the annual premium, although it is paid monthly. It varies based on the length of the loan, the loan amount and the initial loan-to-value ratio, or LTV. The FHA no longer allows borrowers to cancel FHA MIP after the LTV has reached 78%. You can still avoid paying mortgage insurance after you have paid down your loan-to-value to 80% or less, such as refinancing your FHA loan to a conventional loan. You can find FHA loan limits in South Carolina here: https://entp.hud.gov/idapp/html/hicost1.cfm

In December, 2013 a complaint was filed against the apartment corporate owner under the South Carolina Fair Housing Law and dual filed with the United States Department of Housing and Development (HUD) under the Federal Fair Housing Act. The complainants had paid over $5000 in late fees over the course of a 5 year residency in their apartment because of the timing of their Federal disability checks. When the Tenants reached a point where there were unable to pay the late fees one month, management quickly moved to evict. This triggered the complaint. The apartment owner was found in violation of the law by not making a reasonable accommodation for a disabled tenant. In addition to a laundry list of directives issued in the final Conciliation Agreement, a fine of $17,182.36 was levied. Be aware of reasonable accommodation guidelines!

The Rectangular Survey System provides for a unit of land approximately 24 miles square, bounded by base lines running east and west, and meridians running north and south. This 24 mile square is divided into areas six miles square called townships. Townships are further divided into 36 sections, each one mile square.

https://www.epa.gov/lead/protect-your-family-exposures-lead Familiarize yourself with this website and give the client a copy of the Protect Your Family From Lead In Your Home pamphlet. Your broker will most likely have a supply of these in the office.

Title VIII of Civil Rights Act of 1968 (Federal Fair Housing Act) prohibits discrimination in housing based on race, color, religion, or national origin.

Blue Sky Laws are state regulations established as safeguards for investors against securities fraud. The laws, which may vary by state, typically require sellers of new issues to register their offerings and provide financial details. This allows investors to base their judgments on verifiable information.

$487,500.00 x 20% = $97,500.00 (Down Payment) $487,500.00 - $97,500.00 = $390,000.00 (Loan) $390,000.00 x 2% = $7,800.00 (2 Points) $390,000.00 + $7,800.00 = $397,800.00 (Amount to be Financed)

The Homestead Exemption Program is a State funded program authorized under Section 12-37-250 of the South Carolina Code of Laws. The program exempts the first $50,000 fair market value of primary residence from all property taxes. You must hold complete fee simple title or life estate to your primary residence. The Homestead Exemption is a complete exemption of taxes on the first $50,000 in Fair Market Value of your Legal Residence for homeowners over age 65, totally and permanently disabled, or legally blind.

A conventional loan is a mortgage that is not guaranteed or insured by any government agency, including the Federal Housing Administration (FHA), the Farmers Home Administration (FmHA) and the Department of Veterans Affairs (VA). It is typically fixed in its terms and rate.

In South Carolina, licensees may not file liens against residential homeowners. SECTION 29-5-21. Services of surveyor and real estate licensee as improving real estate; real estate licensee's liens. (A) A surveyor who surveys real estate by virtue of an agreement with the owner of such real estate has furnished material for the improvement of real estate within the meaning of Section 29-5-20. (B)(1) A real estate licensee who, by virtue of a written agreement with the owner, performs professional services for which he is licensed under Title 40 incident to marketing, developing, or improving commercial real estate preparatory to or as a part of a commercial real estate lease or rental transaction involving the commercial real estate, has furnished labor or material for the improvement of commercial real estate within the meaning of Section 29-5-20. (2) A real estate licensee shall not acquire a lien under this subsection unless: (a) the owner of the commercial real estate or the owner's authorized agent authorizes the real estate licensee, under the terms of a written agreement, to lease an interest in the commercial real estate; and (b) the real estate licensee or the real estate licensee's affiliated licensees provide licensed services that result, during the term of a written agreement described in item (1) of this subsection, in the procuring of a person or entity that rents or leases the commercial real estate or rents or leases an interest in the commercial real estate upon terms contained in a written agreement described in item (1) of this subsection. (3) A real estate licensee shall not acquire a lien under this subsection upon residential real estate. (4) Prior recorded liens shall have priority over a real estate licensee's lien. A prior recorded lien shall include, without limitation: (i) a valid mechanic's lien claim that is recorded subsequent to the real estate licensee's lien notice of lien but which relates back to a date prior to the recording date of the real estate licensee's lien notice of lien; and (ii) prior recorded liens securing revolving credit and future advance of construction loans as described in Section 29-3-50.

Section 40-57-710. (A) In addition to Section 40-1-110, the commission may deny issuance of a license to an applicant or may take disciplinary action against a licensee who: ...(18) accepts deposit money which is to be delivered to the licensee’s principal in a real estate transaction without informing the payor and having the payor acknowledge in writing who will hold the money received by the licensee;

$90,000 x 90% = $81,000 loan amount $90,000 - $81,000 = $9,000 amount due in cash $9,000 - $3,000 = $6,000 amount required now

Interests attached to land contiguous to a lake, pond, or ocean are called littoral rights. Although owners of land adjacent to ponds, lakes and oceans are often called riparian owners, the accurate term is “littoral.” The extent of littoral rights in South Carolina has not been addressed, except for the right to construct a wharf upon submerged tidelands. The general common law of littoral rights provides access to and use of water in a natural water body, but a landowner adjacent to an artificial lake or pond does not have littoral rights. Water rights can be obtained to an artificial water body through prescription. Practice Tip: Always have your client consult a qualified third party in matters of water access and rights.