SOUTH CAROLINA REAL ESTATE PRE-
LICENSE UNIT 1 CUMULATIVE |
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,accretion the process that results in the gradual increase in land area through deposits of soil by
natural forces
acre a measurement of land equal to 43,560 square feet
actual eviction the legal process by which someone is expelled from a property and prevented from re-
entry
ad valorem taxes a tax calculated according to the assessed value of a piece of real estate
adjustable-rate mortgage (ARM) a mortgage with an interest rate that can be adjusted based on fluctuations in the cost of
money
adverse possession involuntary transfer of title from an owner who does not use or inspect their land for a
number of years to another person who has some claim to the land and takes possession
affirmative easement an easement that gives someone the right to use an easement for a specific purpose
agency agreement a mutually binding understanding between two parties that authorizes one party (the
agent) to act on the other party's (the client's) behalf to accomplish a specific goal
agent an individual with authority to act on behalf of another; a state license is required to
operate as an agent in real estate
air rights the right to use the airspace above the surface of land
air space the area above ground that is owned along with a property; could include space above a
piece of land, or the space owned inside a condominium unit
alienation the transfer of ownership (title) to real property; alienation may be voluntary or
involuntary
Americans with Disabilities Act a federal civil rights law passed in 1990 which prohibits discrimination against and create
standards for people with disabilities
amortization the process of paying off a debt/mortgage in regular installments based on a fixed
payment schedule
,Annual Percentage Rate (APR) how much the borrower will pay in interest over the course of a year
antitrust laws laws designed at preventing unfair or anti-competitive practices such as price fixing,
collusion, monopolies, etc.
appraisal an official valuation given to a property by a licensed appraiser
appraiser an individual who is trained and licensed to perform appraisals, which estimate the value
of real property
appreciation the increase in value of a property
appurtenances rights that run with real property ownership; most often transferred with the property, but
possible to sell separately
arrears payment that occurs at the end of a period to compensate for charges accrued during
that time
asbestos a naturally occurring mineral fiber that is commonly used in insulation but if airborne or
inhaled, can cause severe respiratory health issues
assemblage the combining of multiple contiguous pieces of real property into a single tract of land,
often resulting in an increase in value
assessed value the value placed on a property by a governmental unit for use in calculating property
taxes
assessment the determination of the value of a property for tax purposes
assignment the transference of rights and obligations in a contract from one party to another
assumption the process of transferring the obligation of the mortgagor to another party who takes
over the responsibility to pay the note
avulsion the sudden loss of land by flood or when a stream or river changes course
, balloon payment a payment at the end of a loan period which includes the total outstanding balance of
the loan
bargain and sale deed a deed without any covenants or warranties against encumbrances that only implies the
grantor has possession of the property and holds the right to convey title
baseline a parallel used in reference to a meridian to identify ranges, tiers, and townships in the
rectangular survey method of land description
benchmark permanent marker of known location and elevation above sea level as established by a
government survey team (such as the USGS)
beneficiary the recipient of advantage or gain from an act or instrument such as a trust, will, or
insurance policy
bilateral contract a contract wherein both parties are obligated to perform in an exchange of promises
binder a preliminary agreement for the sale of a property secured by a valuable deposit from
the potential buyer; a.k.a letter of intent
blind ad an ad in which a license holder attempts to promote or solicit real estate activity without
disclosing the fact that they are a license holder; illegal in South Carolina
block and lot system a system of legal land description that identifies a piece of platted property by referring
to the section, lot, and block numbers in a subdivision; a.k.a. the recorded plat method
blockbusting the illegal act of causing owners to sell their homes by creating fear that members of a
protected class are moving into the area
bracketing the process by which an appraiser uses a group of comparable sales in order to
determine a range of values for the subject property
branch office any office where business is conducted other than the principal office
bridge loan short-term loan used to transition from one loan to another; can connect borrower from
construction loan to eventual mortgage loan (or current home to their new home)
LICENSE UNIT 1 CUMULATIVE |
COMPREHENSIVE EXAM PREP, PRACTICE
QUESTIONS, CORRECT ANSWERS AND
STUDY GUIDE
| GRADED A+ | GUARANTEED SUCCESS
Updated 2026 Questions and Answers
100% Verified Exam Prep
,accretion the process that results in the gradual increase in land area through deposits of soil by
natural forces
acre a measurement of land equal to 43,560 square feet
actual eviction the legal process by which someone is expelled from a property and prevented from re-
entry
ad valorem taxes a tax calculated according to the assessed value of a piece of real estate
adjustable-rate mortgage (ARM) a mortgage with an interest rate that can be adjusted based on fluctuations in the cost of
money
adverse possession involuntary transfer of title from an owner who does not use or inspect their land for a
number of years to another person who has some claim to the land and takes possession
affirmative easement an easement that gives someone the right to use an easement for a specific purpose
agency agreement a mutually binding understanding between two parties that authorizes one party (the
agent) to act on the other party's (the client's) behalf to accomplish a specific goal
agent an individual with authority to act on behalf of another; a state license is required to
operate as an agent in real estate
air rights the right to use the airspace above the surface of land
air space the area above ground that is owned along with a property; could include space above a
piece of land, or the space owned inside a condominium unit
alienation the transfer of ownership (title) to real property; alienation may be voluntary or
involuntary
Americans with Disabilities Act a federal civil rights law passed in 1990 which prohibits discrimination against and create
standards for people with disabilities
amortization the process of paying off a debt/mortgage in regular installments based on a fixed
payment schedule
,Annual Percentage Rate (APR) how much the borrower will pay in interest over the course of a year
antitrust laws laws designed at preventing unfair or anti-competitive practices such as price fixing,
collusion, monopolies, etc.
appraisal an official valuation given to a property by a licensed appraiser
appraiser an individual who is trained and licensed to perform appraisals, which estimate the value
of real property
appreciation the increase in value of a property
appurtenances rights that run with real property ownership; most often transferred with the property, but
possible to sell separately
arrears payment that occurs at the end of a period to compensate for charges accrued during
that time
asbestos a naturally occurring mineral fiber that is commonly used in insulation but if airborne or
inhaled, can cause severe respiratory health issues
assemblage the combining of multiple contiguous pieces of real property into a single tract of land,
often resulting in an increase in value
assessed value the value placed on a property by a governmental unit for use in calculating property
taxes
assessment the determination of the value of a property for tax purposes
assignment the transference of rights and obligations in a contract from one party to another
assumption the process of transferring the obligation of the mortgagor to another party who takes
over the responsibility to pay the note
avulsion the sudden loss of land by flood or when a stream or river changes course
, balloon payment a payment at the end of a loan period which includes the total outstanding balance of
the loan
bargain and sale deed a deed without any covenants or warranties against encumbrances that only implies the
grantor has possession of the property and holds the right to convey title
baseline a parallel used in reference to a meridian to identify ranges, tiers, and townships in the
rectangular survey method of land description
benchmark permanent marker of known location and elevation above sea level as established by a
government survey team (such as the USGS)
beneficiary the recipient of advantage or gain from an act or instrument such as a trust, will, or
insurance policy
bilateral contract a contract wherein both parties are obligated to perform in an exchange of promises
binder a preliminary agreement for the sale of a property secured by a valuable deposit from
the potential buyer; a.k.a letter of intent
blind ad an ad in which a license holder attempts to promote or solicit real estate activity without
disclosing the fact that they are a license holder; illegal in South Carolina
block and lot system a system of legal land description that identifies a piece of platted property by referring
to the section, lot, and block numbers in a subdivision; a.k.a. the recorded plat method
blockbusting the illegal act of causing owners to sell their homes by creating fear that members of a
protected class are moving into the area
bracketing the process by which an appraiser uses a group of comparable sales in order to
determine a range of values for the subject property
branch office any office where business is conducted other than the principal office
bridge loan short-term loan used to transition from one loan to another; can connect borrower from
construction loan to eventual mortgage loan (or current home to their new home)
