South Carolina Real Estate Exam Practice
Questions with 100% verified Answers
A landlord is allowed to access the premises unannounced in which they own for: - ✔️✔️Only in
case of emergency
The FHA uses what to pay lenders, within the limits, resulting from foreclosure? - ✔️✔️Mutual
Mortgage Insurance
If Jonathan lists his property with Julian, a broker in his hometown, and subsequently is killed in
a tragic car accident before the listing is sold or expired, what happens with the listing? - ✔️✔️it
is terminated
Homeowner's association usually enforce - ✔️✔️CC&Rs
ARM= - ✔️✔️Stands for adjustable-rate mortgage and one in which the interest rate adjusts
periodically based on an index
A conventional loan is a loan that is NOT issued by: - ✔️✔️The government
An estate can best be described as: - ✔️✔️The sum total of all the real and personal property
owned by an individual at the time of death
When a property value is determined by the highest price that a buyer, willing but not
compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would
accept, this would be termed as: - ✔️✔️Fair market value
If an agent acts in a way that prevents disclosure of something, this action is called: -
✔️✔️concealment
, A lease that is often based on the Consumer Price Index and that allows for periodic increases
in the rent is called a: - ✔️✔️graduated lease
What does an appraiser do? - ✔️✔️Establish market value
A licensed agent working under John, a broker, withdraws funds from John's broker trust
account with John's permission. The agent is licensed but not bonded. This transaction would
be: - ✔️✔️illegal
If a loan goes to _______________, the lender must mail and record certain documents in case
they have to foreclose on the property. - ✔️✔️collection
If two parties are in escrow and one of the parties wants to terminate the escrow, what is
needed? - ✔️✔️consent of the other party
Real property where all the owners own the property, common areas, and building together
but with the exception of the interior of the unit to which they have title is called: - ✔️✔️a
condominuim
An agreement in which the owner of a property provides financing, often in combination with
an assumable mortgage, is called: - ✔️✔️a seller-carry back
The usefulness of property relating to its ability to satisfy a potential buyer's need or desire
such as to provide shelter or income is termed: - ✔️✔️Utility
Earthquake zones, flood hazard areas, and fire hazard areas are all examples of: - ✔️✔️natural
hazard areas
A mortgage that can be taken over by the buyer when a home is sold, assuming the buyer
qualifies, is called a(n): - ✔️✔️assumable mortgage
Questions with 100% verified Answers
A landlord is allowed to access the premises unannounced in which they own for: - ✔️✔️Only in
case of emergency
The FHA uses what to pay lenders, within the limits, resulting from foreclosure? - ✔️✔️Mutual
Mortgage Insurance
If Jonathan lists his property with Julian, a broker in his hometown, and subsequently is killed in
a tragic car accident before the listing is sold or expired, what happens with the listing? - ✔️✔️it
is terminated
Homeowner's association usually enforce - ✔️✔️CC&Rs
ARM= - ✔️✔️Stands for adjustable-rate mortgage and one in which the interest rate adjusts
periodically based on an index
A conventional loan is a loan that is NOT issued by: - ✔️✔️The government
An estate can best be described as: - ✔️✔️The sum total of all the real and personal property
owned by an individual at the time of death
When a property value is determined by the highest price that a buyer, willing but not
compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would
accept, this would be termed as: - ✔️✔️Fair market value
If an agent acts in a way that prevents disclosure of something, this action is called: -
✔️✔️concealment
, A lease that is often based on the Consumer Price Index and that allows for periodic increases
in the rent is called a: - ✔️✔️graduated lease
What does an appraiser do? - ✔️✔️Establish market value
A licensed agent working under John, a broker, withdraws funds from John's broker trust
account with John's permission. The agent is licensed but not bonded. This transaction would
be: - ✔️✔️illegal
If a loan goes to _______________, the lender must mail and record certain documents in case
they have to foreclose on the property. - ✔️✔️collection
If two parties are in escrow and one of the parties wants to terminate the escrow, what is
needed? - ✔️✔️consent of the other party
Real property where all the owners own the property, common areas, and building together
but with the exception of the interior of the unit to which they have title is called: - ✔️✔️a
condominuim
An agreement in which the owner of a property provides financing, often in combination with
an assumable mortgage, is called: - ✔️✔️a seller-carry back
The usefulness of property relating to its ability to satisfy a potential buyer's need or desire
such as to provide shelter or income is termed: - ✔️✔️Utility
Earthquake zones, flood hazard areas, and fire hazard areas are all examples of: - ✔️✔️natural
hazard areas
A mortgage that can be taken over by the buyer when a home is sold, assuming the buyer
qualifies, is called a(n): - ✔️✔️assumable mortgage
