Social Science Economics
South Carolina Real Estate Exam (State
Portion Only)
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SC PSI Real Estate Exam Prep. SC Real Estate - State Portion SOUTH CAROLINA REAL ESTATE EX... NATIO
266 terms 110 terms 94 terms 164 term
elizabeth_houston13 Preview sbsheridan Preview lauren_skoog Preview taly
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The creditor should ascertain the preference of the _____ D) borrower
as to legal counsel relating to closing the loan and
insurance agent.
A) lender
B) seller
C) real estate agent
D) borrower
The assumption fee when assuming a loan in SC may not D) 1% of the loan or $400, whichever is less
exceed _____.
A) 1% of the loan or $400, whichever is greater
B) 1/2% of the loan
C) $500
D) 1% of the loan or $400, whichever is less
Loans that can be prepaid without penalty are those B) Residential mortgage loans of $150,000 or less
which are _____.
A) $150,000 or less
B) Residential mortgage loans of $150,000 or less
C) Investment mortgage loans of $150,000 or less
D) Commercial mortgage loans of $150,000 or less
,No greater than _____ interest can be charged in South C) 6%
Carolina on loans that are agreed to orally.
A) 3%
B) 4%
C) 6%
D) 12%
In South Carolina, if a mortgage loan is written, the B) any amount agreed to by the parties
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
Federal law allows lenders to charge a pre-payment B) Although the federal law allows it, SC law does not allow a pre-payment
penalty on adjustable rate mortgages. How does this penalty on ARMs
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
In South Carolina, the law has set an assessment rate. A) 4%
What is the rate for RESIDENTIAL OWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2%
In South Carolina, the law has set an assessment rate. B) 6%
What is the rate for RENTAL NONOWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2%
, A person who is over 65 years of age may get a break on A) With application, his/her appraised value will be reduced by $50,000
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
The assessed value is $3,000 and the tax is based on 200 B) $600 [NOTE: ($3,000 assessed value)(0.200 mill rate) = $600 annual tax]
mills. How much is the tax?
A) $500
B) $600
C) $700
D) $800
The assessor's appraisal was $67,900 on the rental house C) $345.75 [NOTE: ($67,900 appraisal)(6% assessment rate on rental property) =
owned by the three little pigs. They sold it and had a $4,074 assessed value. Then, ($4,074 assessed value)(0.134 mill rate) = $545.916
closing on August 18. What was the amount of taxes to be annual tax. Now divide $545.916 by 360 days to get $1.51643/day. Because they
prorated at closing if the tax rate was 134 mills, the closed on August 18th, there are 228 days from January 1st to August 18th.
assessment rate was 6%, and the pigs agreed to pay Therefore, ($1.51643/day)(228 days) = $345.75 in taxes.
through closing? (Use a 360 day year)
A) $300.75
B) $325.75
C) $345.75
D) $365.75
A property was assessed for tax purposes at 80% of its B) $2,889.60 [NOTE: ($140,000 purchase price)(0.80) = $112,000 assessed value.
$140,000 purchase price. Using a tax rate of 25.8 mills, Then, ($112,000 assessed value)(0.0258 mill rate) = $2,889.60 annual tax]
what will the annual taxes be on the property?
A) $3,612.50
B) $2,889.60
C) $2,800.70
D) $2,064.80
"Ad valorem" tax refers to _____. C) a tax according to value
A) surtax
B) state sales tax
C) a tax according to value
D) a tax on property transfer
South Carolina Real Estate Exam (State
Portion Only)
15 studiers today 5.0 (4 reviews)
Save
Students also studied
Flashcard sets Study guides
SC PSI Real Estate Exam Prep. SC Real Estate - State Portion SOUTH CAROLINA REAL ESTATE EX... NATIO
266 terms 110 terms 94 terms 164 term
elizabeth_houston13 Preview sbsheridan Preview lauren_skoog Preview taly
Terms in this set (381) Hide definitions
The creditor should ascertain the preference of the _____ D) borrower
as to legal counsel relating to closing the loan and
insurance agent.
A) lender
B) seller
C) real estate agent
D) borrower
The assumption fee when assuming a loan in SC may not D) 1% of the loan or $400, whichever is less
exceed _____.
A) 1% of the loan or $400, whichever is greater
B) 1/2% of the loan
C) $500
D) 1% of the loan or $400, whichever is less
Loans that can be prepaid without penalty are those B) Residential mortgage loans of $150,000 or less
which are _____.
A) $150,000 or less
B) Residential mortgage loans of $150,000 or less
C) Investment mortgage loans of $150,000 or less
D) Commercial mortgage loans of $150,000 or less
,No greater than _____ interest can be charged in South C) 6%
Carolina on loans that are agreed to orally.
A) 3%
B) 4%
C) 6%
D) 12%
In South Carolina, if a mortgage loan is written, the B) any amount agreed to by the parties
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
Federal law allows lenders to charge a pre-payment B) Although the federal law allows it, SC law does not allow a pre-payment
penalty on adjustable rate mortgages. How does this penalty on ARMs
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
In South Carolina, the law has set an assessment rate. A) 4%
What is the rate for RESIDENTIAL OWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2%
In South Carolina, the law has set an assessment rate. B) 6%
What is the rate for RENTAL NONOWNER-OCCUPIED
property?
A) 4%
B) 6%
C) 9 1/2%
D) 10 1/2%
, A person who is over 65 years of age may get a break on A) With application, his/her appraised value will be reduced by $50,000
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
The assessed value is $3,000 and the tax is based on 200 B) $600 [NOTE: ($3,000 assessed value)(0.200 mill rate) = $600 annual tax]
mills. How much is the tax?
A) $500
B) $600
C) $700
D) $800
The assessor's appraisal was $67,900 on the rental house C) $345.75 [NOTE: ($67,900 appraisal)(6% assessment rate on rental property) =
owned by the three little pigs. They sold it and had a $4,074 assessed value. Then, ($4,074 assessed value)(0.134 mill rate) = $545.916
closing on August 18. What was the amount of taxes to be annual tax. Now divide $545.916 by 360 days to get $1.51643/day. Because they
prorated at closing if the tax rate was 134 mills, the closed on August 18th, there are 228 days from January 1st to August 18th.
assessment rate was 6%, and the pigs agreed to pay Therefore, ($1.51643/day)(228 days) = $345.75 in taxes.
through closing? (Use a 360 day year)
A) $300.75
B) $325.75
C) $345.75
D) $365.75
A property was assessed for tax purposes at 80% of its B) $2,889.60 [NOTE: ($140,000 purchase price)(0.80) = $112,000 assessed value.
$140,000 purchase price. Using a tax rate of 25.8 mills, Then, ($112,000 assessed value)(0.0258 mill rate) = $2,889.60 annual tax]
what will the annual taxes be on the property?
A) $3,612.50
B) $2,889.60
C) $2,800.70
D) $2,064.80
"Ad valorem" tax refers to _____. C) a tax according to value
A) surtax
B) state sales tax
C) a tax according to value
D) a tax on property transfer
