Created byPQ Admin
This comprehensive flashcard set is designed specifically for real estate agents in South Carolina. It covers essential terms, concepts, and regulations relevant to the state's real estate market. Whether you're preparing for the licensing exam or seeking to enhance your knowledge, these flashcards will help you master key topics in South Carolina real estate.
Flashcards in set (56)
TermMortgage
DefinitionA loan secured by real estate, used to finance the purchase of a property.
TermTitle insurance
DefinitionA policy that protects the owner or lender against any claims or losses related to the property's title.
TermAppraisal
DefinitionAn assessment of the value of a property conducted by a licensed appraiser.
TermEscrow
DefinitionA neutral third-party account where funds and documents are held during a real estate transaction.
TermCondominium
DefinitionA type of housing where individuals own their units and share ownership of common areas.
TermEasement
DefinitionThe legal right to use someone else's property for a specific purpose.
TermZoning
DefinitionLocal government regulations that control land use and development in specific areas.
TermHomeowners Association (HOA)
DefinitionAn organization that manages and enforces rules in a residential community.
TermDual agency
DefinitionWhen a real estate agent represents both the buyer and the seller in a transaction.
TermComparative Market Analysis (CMA)
DefinitionAn evaluation of similar properties in the area to determine a property's value.
TermCapitalization rate
DefinitionThe rate of return on an investment property based on its income potential.
TermSeller's disclosure
DefinitionA document where the seller discloses any known defects or issues with the property.
TermDeed
DefinitionA legal document that transfers ownership of a property from one party to another.
TermClosing costs
DefinitionThe fees and expenses associated with the purchase or sale of a property.
TermDue diligence
DefinitionThe process of investigating a property to ensure it meets the buyer's requirements and expectations.
TermPre-approval
DefinitionA lender's evaluation of a buyer's creditworthiness and ability to secure a mortgage.
TermRent-to-own
DefinitionA rental agreement that includes an option for the tenant to purchase the property at a later date.
TermEarnest money
DefinitionA deposit made by the buyer to show their seriousness about purchasing a property.
TermLease agreement
DefinitionA legal contract that outlines the terms and conditions of renting a property.
TermEncumbrance
DefinitionAny claim or lien on a property that may affect its transfer or use.
TermGood faith estimate
DefinitionAn estimate of the closing costs provided by the lender to the borrower.
TermContingency
DefinitionA condition that must be met for a contract to be binding.
TermAssessed value
DefinitionThe value of a property for tax purposes, determined by the local government.
TermHome inspection
DefinitionA professional examination of a property's condition, typically done before purchase.
TermDual tracking
DefinitionSimultaneously processing foreclosure and loan modification options.
TermReal Estate Owned (REO)
DefinitionA property owned by a bank or lender after an unsuccessful foreclosure auction.
TermFair Housing Act
DefinitionA federal law that prohibits discrimination in housing based on race, color, religion, sex, disability, etc.
TermRight of first refusal
DefinitionA contractual right that gives a party the first opportunity to purchase a property before others.
TermConveyance
DefinitionThe transfer of a property's title from one party to another.
TermLeasehold
DefinitionAn interest in real property that grants the tenant the right to occupy and use the property for a specific period.
TermRadon
DefinitionA colorless, odorless gas that can be hazardous to health, commonly found in basements and crawl spaces.
TermSurvey
DefinitionA measurement and description of a property's boundaries and features.
Term1031 Exchange
DefinitionA tax-deferred exchange of like-kind properties that allows investors to avoid capital gains taxes.
TermAmortization
DefinitionThe gradual repayment of a mortgage loan through regular payments.
TermCovenants, Conditions, and Restrictions (CC&Rs)
DefinitionRules and regulations that govern the use and maintenance of a property within a community.
TermLien
DefinitionA legal claim on a property as collateral for a debt or obligation.
TermMultiple Listing Service (MLS)
DefinitionA database used by real estate agents to share information about properties for sale.
TermNet operating income (NOI)
DefinitionThe income generated from a property after deducting operating expenses.
TermPrincipal
DefinitionThe original amount of money borrowed in a loan, excluding interest.
TermRight of way
DefinitionA legal right to pass through someone else's property.
TermSeller financing
DefinitionWhen the seller provides financing to the buyer instead of a traditional mortgage.
TermTax lien
DefinitionA claim on a property for unpaid taxes.
TermTruth in Lending Act (TILA)
DefinitionA federal law that requires lenders to disclose specific information about loan terms and costs to borrowers.
TermExclusive listing
DefinitionAn agreement that grants one real estate agent the sole right to sell a property for a specified period.
TermFlood zone
DefinitionAn area designated by FEMA as being at risk of flooding.
TermHome warranty
DefinitionA service contract that covers repairs or replacement of certain systems and appliances in a home.
TermMaterial fact
DefinitionAny information about a property that could significantly impact a buyer's decision.
TermPrequalification
DefinitionAn informal assessment of a buyer's financial situation to estimate their ability to qualify for a mortgage.
TermRight to rescission
DefinitionThe borrower's right to cancel certain types of loans within a specified period.
TermTermite inspection
DefinitionA professional assessment of a property for termite infestations or damage.
TermDual water system
DefinitionA water system that supplies both potable (drinking) water and non-potable (irrigation) water.
TermIngress and egress
DefinitionThe right to enter and exit a property.
TermListing agreement
DefinitionA contract between a seller and a real estate agent, outlining the terms of the agent's representation.
TermMaster-planned community
DefinitionA residential development that includes various amenities and services, such as parks, schools, and shopping centers.
TermProperty disclosure statement
DefinitionA document where the seller discloses any known defects or issues with the property.
TermReal estate professional
DefinitionA licensed individual who represents buyers and sellers in real estate transactions, providing expertise and guidance throughout the process.