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South Carolina real estate Exam ||Verified Exam!!||
Most Recent Exam Actual Complete Real Exam
Questions And Correct Answers (Verified Answers)
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Exam!!!
No greater than _____ interest can be charged in South
Carolina on loans that are agreed to orally.
A) 3%
B) 4%
C) 6%
D) 12% - Answer-C) 6%
In South Carolina, if a mortgage loan is written, the
amount of interest that can be charged is _____.
A) no more than 6%
B) any amount agreed to by the parties
C) no more than 18%
D) not covered by this law - Answer-B) any amount agreed
to by the parties
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Federal law allows lenders to charge a pre-payment
penalty on adjustable rate mortgages. How does this affect
borrowers in South Carolina?
A) Borrowers in South Carolina do not pay a pre-payment
penalty on loans under $150,000 but federal law takes
precedence on ARMs
B) Although the federal law allows it, SC law does not
allow a pre-payment penalty on ARMs
C) ARMs do not have a pre-payment penalty as long as
the mortgage balance does not exceed $150,000
D) ARMs do not have a pre-payment penalty as long as
the mortgage balance does not exceed $250,000 -
Answer-B) Although the federal law allows it, SC law does
not allow a pre-payment penalty on ARMs
In South Carolina, the law has set an assessment rate.
What is the rate for RESIDENTIAL OWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2% - Answer-A) 4%
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In South Carolina, the law has set an assessment rate.
What is the rate for RENTAL NONOWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2% - Answer-B) 6%
A person who is over 65 years of age may get a break on
his/her Ad Valorem tax. What is the nature of this special
treatment?
A) With application, his/her appraised value will be
reduced by $50,000
B) His/her assessed value will be reduced by $50,000
C) With application, his/her assessed value will be
reduced by $20,000
D) With application, his/her appraised value will be
reduced by $20,000 - Answer-A) With application, his/her
appraised value will be reduced by $50,000
The assessed value is $3,000 and the tax is based on 200
mills. How much is the tax?
, 4|Page
A) $500
B) $600
C) $700
D) $800 - Answer-B) $600 [NOTE: ($3,000 assessed
value)(0.200 mill rate) = $600 annual tax]
The assessor's appraisal was $67,900 on the rental house
owned by the three little pigs. They sold it and had a
closing on August 18. What was the amount of taxes to be
prorated at closing if the tax rate was 134 mills, the
assessment rate was 6%, and the pigs agreed to pay
through closing? (Use a 360 day year)
A) $300.75
B) $325.75
C) $345.75
D) $365.75 - Answer-C) $345.75 [NOTE: ($67,900
appraisal)(6% assessment rate on rental property) =
$4,074 assessed value. Then, ($4,074 assessed
value)(0.134 mill rate) = $545.916 annual tax. Now divide
$545.916 by 360 days to get $1.51643/day. Because they
closed on August 18th, there are 228 days from January
1st to August 18th. Therefore, ($1.51643/day)(228 days) =
$345.75 in taxes.
South Carolina real estate Exam ||Verified Exam!!||
Most Recent Exam Actual Complete Real Exam
Questions And Correct Answers (Verified Answers)
Already Graded A+ | Guaranteed Success!! Newest
Exam!!!
No greater than _____ interest can be charged in South
Carolina on loans that are agreed to orally.
A) 3%
B) 4%
C) 6%
D) 12% - Answer-C) 6%
In South Carolina, if a mortgage loan is written, the
amount of interest that can be charged is _____.
A) no more than 6%
B) any amount agreed to by the parties
C) no more than 18%
D) not covered by this law - Answer-B) any amount agreed
to by the parties
,2|Page
Federal law allows lenders to charge a pre-payment
penalty on adjustable rate mortgages. How does this affect
borrowers in South Carolina?
A) Borrowers in South Carolina do not pay a pre-payment
penalty on loans under $150,000 but federal law takes
precedence on ARMs
B) Although the federal law allows it, SC law does not
allow a pre-payment penalty on ARMs
C) ARMs do not have a pre-payment penalty as long as
the mortgage balance does not exceed $150,000
D) ARMs do not have a pre-payment penalty as long as
the mortgage balance does not exceed $250,000 -
Answer-B) Although the federal law allows it, SC law does
not allow a pre-payment penalty on ARMs
In South Carolina, the law has set an assessment rate.
What is the rate for RESIDENTIAL OWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2% - Answer-A) 4%
,3|Page
In South Carolina, the law has set an assessment rate.
What is the rate for RENTAL NONOWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2% - Answer-B) 6%
A person who is over 65 years of age may get a break on
his/her Ad Valorem tax. What is the nature of this special
treatment?
A) With application, his/her appraised value will be
reduced by $50,000
B) His/her assessed value will be reduced by $50,000
C) With application, his/her assessed value will be
reduced by $20,000
D) With application, his/her appraised value will be
reduced by $20,000 - Answer-A) With application, his/her
appraised value will be reduced by $50,000
The assessed value is $3,000 and the tax is based on 200
mills. How much is the tax?
, 4|Page
A) $500
B) $600
C) $700
D) $800 - Answer-B) $600 [NOTE: ($3,000 assessed
value)(0.200 mill rate) = $600 annual tax]
The assessor's appraisal was $67,900 on the rental house
owned by the three little pigs. They sold it and had a
closing on August 18. What was the amount of taxes to be
prorated at closing if the tax rate was 134 mills, the
assessment rate was 6%, and the pigs agreed to pay
through closing? (Use a 360 day year)
A) $300.75
B) $325.75
C) $345.75
D) $365.75 - Answer-C) $345.75 [NOTE: ($67,900
appraisal)(6% assessment rate on rental property) =
$4,074 assessed value. Then, ($4,074 assessed
value)(0.134 mill rate) = $545.916 annual tax. Now divide
$545.916 by 360 days to get $1.51643/day. Because they
closed on August 18th, there are 228 days from January
1st to August 18th. Therefore, ($1.51643/day)(228 days) =
$345.75 in taxes.
