Sc Real Estate Test State Flashcards
(24 cards)
Assumption fee when assuming a loan may not exceed
1% of loan or $400 which is less
Loans that can be prepaid without penalty are those that are
Residential mortgage loans of $150,000 or less
No greater then __ interest can be charged in sc on loans that are agreed to orally
6%
In sc if mortgage loan is written then the amount of interest that can be charged is
Any amount agreed to by the parties
Federal law allows lenders to charge prepayment penalty on adjustable rate mortgages (arm)
Federal law allows it, SC law does not allow a pre-penalty on ARMs
What type of principal is illegal in sc
Undisclosed
What are the real estate license categories in sc
Broker, salesperson, associate broker, property manager
In sc how can you be exempt from ce
You can’t unless with this Rare exemption.., if 65+ age and min of 25 years of licensure prior to 2017. And also must apply for exemption and receive special approval from commission
Real estate license law is administered by
SCREC SC real estate commission
What portion of real estates agent renewal fund go toward the SCREC education and research fund
Up to $10.00
How many hours of CE
10 hours
The South Carolina High-Cost and Consumer home loans act was passed
To help borrowers by placing restrictions on lenders in an attempt to eliminate predatory lending. Says borrowers have right to get counseling from HUD
Property managers cannot
Prepare leases
May .. collect rent, show potential clients your, and negotiate with potential clients.
Leases should be prepared by a lawyer
Trust funds received by BIC or PMIC mucy be deposited
48 hrs of receipt (excluding Saturday , Sunday, and bank holidays)
How long does landlord have to return security deposit to a tenant at conclusion of lease
30 days
What is the rate of property tax in SC for a second home or residential rental
6% of the fair market value
In order to remain on inactive status
You must pay their applicable biennial (every 2 yrs) fees
How long must BIC or PMIC retain their trust fund account records
5 years
How long is the term for the members of the SCREC
4 years
Relationship between the broker in charge and the client in a listing
Special agent
Group of brokers agree to share their exclusive right to sell or exclusive agency listing
Multiple lisitng
The following is true regarding a cooperating agent
May and usually works for seller
Can you buy your own listing
Yes, but you are liable to the owner for the profits you made
Which obligation of a client to an agent is not automatic and must be agreed upon?
The reimbursement
