Chapter 1- SC Real Estate EXAM WITH |\ |\ |\ |\ |\ |\ |\
ANSWERS
What are the 3 categories of property? - CORRECT
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ANSWERS ✔✔Land, Real Estate, and Real Property
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What is the difference between Real Estate and Land? -
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CORRECT ANSWERS ✔✔Manmade improvements or
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attachments
What is the difference between Real Estate and real
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property? - CORRECT ANSWERS ✔✔Bundle of Legal rights
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What are the government limitations on property? -
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CORRECT ANSWERS ✔✔Police Power, Eminent Domain,
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Taxation, and Escheat |\ |\
What is covered under Police Power? - CORRECT
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ANSWERS ✔✔Protection of the public through
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What are the 3 levels of Police Power to protect the
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public? - CORRECT ANSWERS ✔✔Zoning ordinances
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|\ Building codes |\
, License law |\
What is Eminent Domain? - CORRECT ANSWERS ✔✔The
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authority to and carrying out of condemnation
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What is condemnation? - CORRECT ANSWERS ✔✔The
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legal procedure of the government taking over property
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What is the Taxation limitation on property? - CORRECT
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ANSWERS ✔✔If taxes are unpaid, government can sell
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property at a tax sale (12 month redemption period)
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What are the 2 types of property? - CORRECT ANSWERS
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✔✔Personal and Real |\ |\
What is personal property? - CORRECT ANSWERS
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✔✔Property that is or can be easily detached; it is mobile
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What is real property? - CORRECT ANSWERS ✔✔Property
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that cannot be easily removed, without changing the
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value or damaging its surroundings
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What are some examples of personal property? -
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CORRECT ANSWERS ✔✔cars or clothes |\ |\ |\ |\
ANSWERS
What are the 3 categories of property? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Land, Real Estate, and Real Property
|\ |\ |\ |\ |\ |\
What is the difference between Real Estate and Land? -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Manmade improvements or
|\ |\ |\ |\ |\
attachments
What is the difference between Real Estate and real
|\ |\ |\ |\ |\ |\ |\ |\ |\
property? - CORRECT ANSWERS ✔✔Bundle of Legal rights
|\ |\ |\ |\ |\ |\ |\
What are the government limitations on property? -
|\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Police Power, Eminent Domain,
|\ |\ |\ |\ |\ |\
Taxation, and Escheat |\ |\
What is covered under Police Power? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔Protection of the public through
|\ |\ |\ |\ |\
What are the 3 levels of Police Power to protect the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
public? - CORRECT ANSWERS ✔✔Zoning ordinances
|\ |\ |\ |\ |\
|\ Building codes |\
, License law |\
What is Eminent Domain? - CORRECT ANSWERS ✔✔The
|\ |\ |\ |\ |\ |\ |\ |\
authority to and carrying out of condemnation
|\ |\ |\ |\ |\ |\
What is condemnation? - CORRECT ANSWERS ✔✔The
|\ |\ |\ |\ |\ |\ |\
legal procedure of the government taking over property
|\ |\ |\ |\ |\ |\ |\
What is the Taxation limitation on property? - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔If taxes are unpaid, government can sell
|\ |\ |\ |\ |\ |\ |\ |\
property at a tax sale (12 month redemption period)
|\ |\ |\ |\ |\ |\ |\ |\
What are the 2 types of property? - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Personal and Real |\ |\
What is personal property? - CORRECT ANSWERS
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✔✔Property that is or can be easily detached; it is mobile
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
What is real property? - CORRECT ANSWERS ✔✔Property
|\ |\ |\ |\ |\ |\ |\ |\
that cannot be easily removed, without changing the
|\ |\ |\ |\ |\ |\ |\ |\
value or damaging its surroundings
|\ |\ |\ |\
What are some examples of personal property? -
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CORRECT ANSWERS ✔✔cars or clothes |\ |\ |\ |\
