South Carolina Real Estate Flash Cards

These flash cards will help prepare you to pass the next South Carolina Real estate exam. Study over 100 questions related to real estate principles, law practices, and math problems and start now by clicking on a flash card for the answer.

A licensee who is affiliated with a broker-in-charge or property manager-in-charge.

Associated Licensee

A sub-office of a company in which full-service real estate activities are conducted and at which a broker-in-charge or property manager-in-charge is licensed to conduct real estate transactions.

Branch Office

Means an individual who for a fee, salary, commission, or other valuable consideration or who with the intent or expectation of receiving compensation:

Broker

Why was the South Carolina Real Estate Commission created?

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.

Who is designated as having responsibility over the actions of all associated licensees and also has the responsibility and control over and liability for any real estate trust accounts?

Broker-in-charge

A person with whom a licensee has established an agency relationship.

Client

Group of individuals charged by law with the responsibility of licensing or otherwise regulating the practice of real estate within the State of South Carolina.

Commission

A person with whom a licensee has not established an agency relationship.

Customer

Department means?

Department of Labor, Licensing and Regulation

An individual currently licensed under this chapter.

Licensee

Location where a broker-in-charge or a property manager-in-charge is licensed to conduct real estate business.

Office

An individual who for a fee, salary, commission, or other valuable consideration or who with the intent or expectation of receiving compensation.

Property Manager

(True or False) Can a property manager negotiate or attempt to negotiate the rental or leasing of real estate?

True

Can a broker offer advisory services as a real estate consultant?

Yes

Offers to act as an agent representing a principal in a real estate transaction.

Broker

Land, buildings, and other appurtenances, including all interests in land, whether corporeal, incorporeal, freehold, or nonfreehold, whether the real estate is situate in or outside of this State.

Real Estate

An activity involving the sale, purchase, exchange, or lease of real estate.

Real Estate Transaction

An escrow account or properly designated bank account 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.

Trust Account

The South Carolina Real Estate Commission consists of how many members?

Who determines the standards for qualifications and eligibility of applicants for licensure?

Real Estate Commission

Minimum age when applying for a license as a broker, broker-in-charge, or property manager-in-charge.

Minimum age when applying for a license as a salesman or property manager.

For a salesman's license, completion of sixty hours of classroom instruction in fundamentals of real estate principles and practices or evidence submitted to the department of a Juris Doctor, Bachelor of Laws degree, or a baccalaureate degree with a major in real estate from an accredited college or university. (T/F)

True

An applicant who fails an examination may be reexamined within the ten month period following initial examination. (T/F)

False (the applicant may be reexamined with the six-month period).

After revocation of a license, a new license may not be issued to the same individual within a period of how long?

One Year

Does a real estate broker owe any duty or obligation to a client following a termination?

Who can obtain a VA loan?

Veterans or spouses of deceased veterans.

Ownership of land for the duration of a person's life.

Life Estate

The unmaking of a contract between parties back to the position in which they were before they entered into a contract.

Rescission

A clause in a mortgage contract that requires full payment of the balance of a mortgage at the lender's discretion if the property is sold or the title to the property changes to another person.

Alienation

A lender wanting title insurance coverage on property pledged as collateral would ask for which of the following policies?

A Mortgagee’s Policy

A business property is valued at $30,000. To earn 10% on the total investment, the property should return a monthly income of ...

$250

A contract provision that allows a lender to require a borrower to repay all or part of an outstanding loan if certain requirements are not met.

Acceleration Clause

Contract between a seller and buyer of real property in which the seller provides financing to buyer to purchase the property for an agreed-upon purchase price and the buyer repays the loan in installments.

Land Contract

The attachment of a right or property to a more worthy principal.

Appurtenance

Annual crops cultivated by a tenant which are treated as the tenant's property rather than the landowner's.

Emblements

If you purchase land or property on a stream, then you have rights to the stream known as?

Riparian Rights

Pertain to the rights to use adjacent bodies of water.

Water Rights

The gradual recession of water leaving land permanently uncovered.

Reliction

Process of eroding or being eroded by wind, water, or other natural agents.

Erosion

Sudden separation of land from one property and its attachment to another, especially by flooding or a change in the course of a river.

Avulsion

Type of development right in real estate, referring to the empty space above a property.

Air Rights

Is the government survey system used in South Carolina?

An area or amount of land or property, in particular.

Estate

An ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord.

Leasehold Estate

Exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period.

Freehold Estate

Future interest in real property.

Future Estate

What is reversionary estate?

The interest that a person has in a property when a preceding estate ceases to exist.

Remainder Interest

Future interest given to a person that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument.

A lease for a fixed period of time.

Tenancy For Years

A tenancy that continues for successive periods until the tenant gives the landlord notification that he wants to end the tenancy.

Periodic Tenancy

A building or complex of buildings containing a number of individually owned apartments or houses.

Condominium

A type of ownership of real or Personal Property by two or more persons in which each owns an undivided interest in the whole.

Joint Tenancy

Absolute and sole ownership of property by a legal entity, without co-tenants, joint-tenants, or partners.

Tenancy in Severalty

Any unauthorized act that deprives an owner of personal property without his or her consent.

Conversion

Legal entity, usually a corporation, which owns real estate, consisting of one or more residential buildings.

Cooperative

Two or more partners united to conduct a business jointly, and in which one or more of the partners is liable only to the extent of the amount of money that partner has invested.

Limited Partnership

Owners of a partnership who have unlimited liability.

General Partner

How much cash MUST a buyer furnish in addition to a $2,500 deposit if the lending institution grants a 90% loan on an $80,000 property?

$5,500

What kind of single-family residences would get the MOST accurate appraisal by applying the reproduction cost approach to value?

A Historic Property

A business property is valued at $30,000. To earn 10% on the total investment, the property should return a monthly income of ...

$250