Question 1

Mortgage

Accepted Answer

A loan secured by real estate, used to finance the purchase of a property.

Question 2

Title insurance

Accepted Answer

A policy that protects the owner or lender against any claims or losses related to the property's title.

Question 3

Appraisal

Accepted Answer

An assessment of the value of a property conducted by a licensed appraiser.

Question 4

Escrow

Accepted Answer

A neutral third-party account where funds and documents are held during a real estate transaction.

Question 5

Condominium

Accepted Answer

A type of housing where individuals own their units and share ownership of common areas.

Question 6

Easement

Accepted Answer

The legal right to use someone else's property for a specific purpose.

Question 7

Zoning

Accepted Answer

Local government regulations that control land use and development in specific areas.

Question 8

Homeowners Association (HOA)

Accepted Answer

An organization that manages and enforces rules in a residential community.

Question 9

Dual agency

Accepted Answer

When a real estate agent represents both the buyer and the seller in a transaction.

Question 10

Comparative Market Analysis (CMA)

Accepted Answer

An evaluation of similar properties in the area to determine a property's value.

Question 11

Capitalization rate

Accepted Answer

The rate of return on an investment property based on its income potential.

Question 12

Seller's disclosure

Accepted Answer

A document where the seller discloses any known defects or issues with the property.

Question 13

Deed

Accepted Answer

A legal document that transfers ownership of a property from one party to another.

Question 14

Closing costs

Accepted Answer

The fees and expenses associated with the purchase or sale of a property.

Question 15

Due diligence

Accepted Answer

The process of investigating a property to ensure it meets the buyer's requirements and expectations.

Question 16

Pre-approval

Accepted Answer

A lender's evaluation of a buyer's creditworthiness and ability to secure a mortgage.

Question 17

Rent-to-own

Accepted Answer

A rental agreement that includes an option for the tenant to purchase the property at a later date.

Question 18

Earnest money

Accepted Answer

A deposit made by the buyer to show their seriousness about purchasing a property.

Question 19

Lease agreement

Accepted Answer

A legal contract that outlines the terms and conditions of renting a property.

Question 20

Encumbrance

Accepted Answer

Any claim or lien on a property that may affect its transfer or use.

Question 21

Good faith estimate

Accepted Answer

An estimate of the closing costs provided by the lender to the borrower.

Question 22

Contingency

Accepted Answer

A condition that must be met for a contract to be binding.

Question 23

Assessed value

Accepted Answer

The value of a property for tax purposes, determined by the local government.

Question 24

Home inspection

Accepted Answer

A professional examination of a property's condition, typically done before purchase.

Question 25

Dual tracking

Accepted Answer

Simultaneously processing foreclosure and loan modification options.

Question 26

Real Estate Owned (REO)

Accepted Answer

A property owned by a bank or lender after an unsuccessful foreclosure auction.

Question 27

Fair Housing Act

Accepted Answer

A federal law that prohibits discrimination in housing based on race, color, religion, sex, disability, etc.

Question 28

Right of first refusal

Accepted Answer

A contractual right that gives a party the first opportunity to purchase a property before others.

Question 29

Conveyance

Accepted Answer

The transfer of a property's title from one party to another.

Question 30

Leasehold

Accepted Answer

An interest in real property that grants the tenant the right to occupy and use the property for a specific period.

Question 31

Radon

Accepted Answer

A colorless, odorless gas that can be hazardous to health, commonly found in basements and crawl spaces.

Question 32

Survey

Accepted Answer

A measurement and description of a property's boundaries and features.

Question 33

1031 Exchange

Accepted Answer

A tax-deferred exchange of like-kind properties that allows investors to avoid capital gains taxes.

Question 34

Amortization

Accepted Answer

The gradual repayment of a mortgage loan through regular payments.

Question 35

Covenants, Conditions, and Restrictions (CC&Rs)

Accepted Answer

Rules and regulations that govern the use and maintenance of a property within a community.

Question 36

Lien

Accepted Answer

A legal claim on a property as collateral for a debt or obligation.

Question 37

Multiple Listing Service (MLS)

Accepted Answer

A database used by real estate agents to share information about properties for sale.

Question 38

Net operating income (NOI)

Accepted Answer

The income generated from a property after deducting operating expenses.

Question 39

Principal

Accepted Answer

The original amount of money borrowed in a loan, excluding interest.

Question 40

Right of way

Accepted Answer

A legal right to pass through someone else's property.

Question 41

Seller financing

Accepted Answer

When the seller provides financing to the buyer instead of a traditional mortgage.

Question 42

Tax lien

Accepted Answer

A claim on a property for unpaid taxes.

Question 43

Truth in Lending Act (TILA)

Accepted Answer

A federal law that requires lenders to disclose specific information about loan terms and costs to borrowers.

Question 44

Exclusive listing

Accepted Answer

An agreement that grants one real estate agent the sole right to sell a property for a specified period.

Question 45

Flood zone

Accepted Answer

An area designated by FEMA as being at risk of flooding.

Question 46

Home warranty

Accepted Answer

A service contract that covers repairs or replacement of certain systems and appliances in a home.

Question 47

Material fact

Accepted Answer

Any information about a property that could significantly impact a buyer's decision.

Question 48

Prequalification

Accepted Answer

An informal assessment of a buyer's financial situation to estimate their ability to qualify for a mortgage.

Question 49

Right to rescission

Accepted Answer

The borrower's right to cancel certain types of loans within a specified period.

Question 50

Termite inspection

Accepted Answer

A professional assessment of a property for termite infestations or damage.

Question 51

Dual water system

Accepted Answer

A water system that supplies both potable (drinking) water and non-potable (irrigation) water.

Question 52

Ingress and egress

Accepted Answer

The right to enter and exit a property.

Question 53

Listing agreement

Accepted Answer

A contract between a seller and a real estate agent, outlining the terms of the agent's representation.

Question 54

Master-planned community

Accepted Answer

A residential development that includes various amenities and services, such as parks, schools, and shopping centers.

Question 55

Property disclosure statement

Accepted Answer

A document where the seller discloses any known defects or issues with the property.

Question 56

Real estate professional

Accepted Answer

A licensed individual who represents buyers and sellers in real estate transactions, providing expertise and guidance throughout the process.

South Carolina Real Estate Agent Flashcards