Abstract (of Title) Exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period. Leasehold estate. Sale by Owner, The Charleston Assessment Agent. Escrow – We’ve found this to be one of the most confusing terms for our first-time buyer clients. An ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Charleston Market, Local This is often confused with the down payment. When it comes to real estate exam prep, it can be extremely helpful.Here’s our abridged version, a pocket guide to common real estate vocabulary terms and acronyms. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. The seller fills out this form which details everything he or she knows about the home that may affect the buyer’s safety, comfort and enjoyment of the home. An Acre has 43,560 square feet. ". UpNest in Hilton Head Island. The addendum is submitted before the contract is ratified and ratification won’t occur unless all parties sign it. He attempted to extract the price of a new unit from both the seller and the real estate broker. Assets that can be quickly converted into cash are considered "liquid assets." There are a total of 1,719 real estate agents active in Charleston, but the top real estate agents in the area are proven to get better outcomes for their clients. The median list price in South Carolina is $279,900 and the average price per square foot is $141. BROKERAGE - That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. CompuCram Features & Benefits • Study real estate vocabulary – interactive flashcards, matching, and fill-in-the-blank • Dynamic practice tests – never see the same exam twice! Application Assumption When one person or legal entity owns the entire estate. Should we ever use a term that you don’t fully understand, please speak up. Homes With Acreage For Sale. A contract for the sale of real estate whereby the purchase price is paid in periodic installments by the purchaser, who is in possession of the property even though title is retained by the seller until a future date, which may be not until final payment. Naturally, this list is far from comprehensive, but we hope it answers your questions. and money until it’s disbursed, according to the terms of the contract, at closing. South Carolina Real Estate. Loans against 401K plans are an acceptable source of down payment for most types of loans. A public official who establishes the value of a property for taxation purposes. Voluntary and permanent cessation with no intention to resume or reclaim one’s interest is called ABANDONMENT. Please read carefully the following terms & conditions before accessing the Real Estate U site & our online video/audio library. According to real estate transaction data analysis, the top 5% of seller’s agents in Charleston, on average, sell homes for $18,620 more money than the average Charleston real estate agent. Another example is the “As-Is” addendum, used to disclose to the buyer that the seller refuses to warrant the condition of the property and that the seller will not be responsible for the replacement, repair or modification of any defects in the home. 1200. This form is used to let the parties know about something that either the seller or the broker is legally obligated to disclose. Neighborhoods, Things To Do The term applied when a buyer assumes the seller's mortgage. Don't rely on the outdated material on other real estate practice exam sites. The judge determined that, since the seller’s Transfer Disclosure Statement stated there was no air conditioning unit in the home, the buyer failed in his due diligence (either by signing the disclosure statement without reading it or by not inspecting the home thoroughly) and denied remedy. The Seller typically owns less than a majority of the voting stock or the Seller and the entity are subsidiaries of a third party. This deposit also satisfies one of the six elements required for a contract to be enforceable and is known in the legal world as “consideration.” The amount of the deposit varies, but plan on paying at least 1 percent of the purchase price of the home. These include bank accounts, stocks, bonds, mutual funds, and so on. Accessed Value All ARMs are tied to indexes. A common disclosure form is a Transfer Disclosure Statement. Our South Carolina real estate exam prep has helped thousands of test-takers pass their real estate test, and comes with unlimited access to over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations! This product is designed for the state portion of the South Carolina real estate salesperson licensing exam. An amortization schedule is a table which shows how much of each payment will be applied toward principal and how much toward interest over the life of the loan. Use our patented search to check SC home values, average rental prices, the current housing market and more. Assignment An adjustable rate mortgage is a mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. View pictures of homes, review sales history, and use our detailed filters to find the perfect place. Metcalf Land Company Inc. offers dozens of residential lots in distinguished communities, rural home sites surrounded by pastures … Other assets include real estate, personal property, and debts owed to an individual by others. This is based on our average collected home price of $456,864 in comparison to the standard 6% typical real estate commission at 5.38%.. Of all the typical free services offered by our partner agents, the most … Because you are using the same payment on a smaller amount, the APR is always higher than the actual not rate on your loan. DESCRIPTION: This course was designed to meet the 60-hour curriculum requirements for real estate salespersons as set forth by the State. Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. Assessment Report Assessor An appraisal is a written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby. Amortization Schedule 401(k)/403(b) loan Then, suppose that you discover that you need to extend the closing date. Avg. Most industries have their own jargon and real estate is no exception. Assessment reports are classified as appraisal reports or inspection reports. Accessed value is the valuation placed on property by a public tax assessor for purposes of taxation. Popular Cities in South Carolina. Acceleration Clause Amortization Not all lenders require an escrow impound, but most do and it’s wise for the homeowner to have one. Zillow has 38,721 homes for sale in South Carolina. Joint Tenancy. With Us, For Everyday low prices and free delivery on eligible orders. Real estate is a program in the Darla Moore School of Business. Charleston, SC. Buy South Carolina Real Estate Exam Prep: The Complete Guide to Passing the South Carolina Real Estate Salesperson License Exam the First Time! Asset I can help answer any tough questions you have. No, they aren’t the rage... Lexington is the largest town of Columbia, the largest city in South Carolina, with a population of about 25,000 people.... Moving from renting to home ownership can be a big transition, especially when it come to unexpected repairs around the... © Copyright Real Estate Exam Vocabulary Test - Part 1 with 50 Questions and Answers. by Stone, Trevor (ISBN: 9781979054096) from Amazon's Book Store. SHARES . A acceleration clause is a clause in which your mortgage which allows the lender to demand payment of the outstanding loan balance for various reasons. Looking to buy a home in or relocate to South Carolina? 2021 Better Homes and Gardens Real Estate Medley. Contracts, Mortgage Home Title Insurance – Title insurance protects the new homeowner and the lender against any future claims to the property, liens and encumbrances. "Tito's diligence and knowledge was a huge help in navigating the complexities involved in this purchase. An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. Your agent will submit an amendment to the contract (the purchase agreement) stating the new closing date. In fact, this industry seems to be the King of Jargon. Affiliate Also, called a contract for deed or articles of agreement for warranty deed. Disclosures – You’ll encounter a number of disclosure forms during the buying and selling process. Counteroffers are also used to propose different terms (such as closing date, possession date, etc). 2. Find commercial space and listings in South Carolina. Find cheap homes for sale, view cheap condos in South Carolina, view real estate listing photos, compare properties, and more. 401(k) plans are provided by employers that are private corporations. Market, Recommended Property listings View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. It is typically used to provide clarity on certain parts of the contract. Pass the real estate exam with confidence! Appraised value is an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Save thousands with UpNest Realtors in Hilton Head Island, SC. It also shows the gradual decrease of the loan balance until it reaches zero. South Carolina Real Estate. The form used to apply for a mortgage loan, containing information about a borrower’s income, savings, assets, debts, and more. Escrow Impounds – This is where the confusion comes in for folks new to the real estate purchase process. Tenancy by the entirety. Adjustable-Rate Mortgage (ARM) It is the responsibility of the Broker in Charge or Property Manager in Charge to approve of forms to be utilized by the brokerage or management company. Over time, the interest portion decreases as the loan balance decreases, and the amount applied to principal increases so that the loan is paid off (amortized) in the specified time. Real Estate Terms and Definitions. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Tenancy in Common. Subsidized secondary financing or other financial assistance provided under an established, documented secondary financing or financial assistance program that has formal procedures in place to provide applicant qualification, loan processing, and loan program administration on an ongoing basis. Report that appraisers use to record property values, marketability analyses and any pertinent comments regarding the subject property. Annual Percentage Rate (APR) Requires more than one owner and does not require any speical…. Real Estate Agents work to advise home buyers and sellers on market conditions, real estate prices, mortgages, and how to best present their homes in order to sell at the best price. Search South Carolina commercial real estate for sale or lease on CENTURY 21. On an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, usually one, three or five years. Due Diligence – Due diligence is a legal term, and one that should be taken very seriously. All the latest info on real estate in SC Online, Virtual Tour It works sort of like this, but not exactly, so only use this as a guideline: deduct the closing costs from your loan amount, then using your actual loan payment, calculate what the interest rate would be on this amount instead of your actual loan amount. Charleston real estate Listings and homes for sale in South Carolina as well as selling and relocation information SC real estate. Package, Prequalify 403(b) plans are provided by employers that are not for profit organizations. Learn about listing agreements, kinds of real estate ownership, and fiduciary duties. Statistics, Listing If there are any title defects they must be cleared before a buyer can purchase clear, marketable, and insurable title. A real estate broker is a properly licensed person who, for a valuable consideration, serves as an agent to others to facilitate the sale or lease of real property. Gallery, The 23,804 single family homes for sale in South Carolina. 401(k)/403(b) Appreciation is the increase in the value of a property due to changes in market conditions, inflation, or other causes. If you need to sell your current home before closing the purchase on this home, you will create a contingency to that effect. For instance, after closing on a home, a buyer discovers that the home doesn’t have air conditioning and he assumed when he bought it that it did. Counteroffer – This is a form used to counter the terms put forth by the other party. Assumable Mortgage The appraisal becomes a contingency item. Today we’re going to help you master this language by defining some of the most common terms you’ll hear throughout the process of buying or selling a home. Escrow impounds describes an account set up by the lender to hold your prepaid taxes and insurance. Below, we’ve compiled some of the lesser-known terms you might hear when selling your house in Charleston. The information and images presented here may not under any circumstances be reproduced or used unless (a) use is for personal, non-commercial home use; or (b) the materials clearly state that these materials may be copied and reproduced according to the terms stated in those particular pages. If you are hoping to sell your house fast in Charleston, there are some real estate terms you should become familiar with. 3. If accepted by the seller, the information, obligations or terms stated in the amendment supersede the previous terms and become part of the original contract. Loans, Charleston We can find you the perfect recreational property, rural land for sale hunting properties, country homes and estates, waterfront parcels, commercial or development land, and more in Southern South Carolina and Southeast … This form of tenancy … The course covers South Carolina license and property law, agency relationships, brokerage, working with sellers and buyers, real property, fair housing, ownership, contracts, appraisal, environmental issues, real estate investment and taxes, real estate … A key real estate term and definition that all agents should know is fair market value, which is simply an accurate representation of a property’s value or worth. Usually, the borrower must "qualify" in order to assume the loan. Here, Forms and Remember that first day on a new job when it sounded as if your colleagues were speaking a different language? You will come up with a number close to the APR. The Moore School has consistently received top academic and research rankings from U.S. News & World Report and our professors work closely with students while remaining at the forefront of business. Basically, it is the price a property would be able to sell for on the open market. UpNest sellers in Hilton Head Island save $2,839 on average in commissions! We’re happy to clarify it for you. 120 likes. Appraiser Start studying South Carolina Real Estate Exam. A contract in which a seller agrees to sell and a buyer agrees to buy, under specific terms spelled out in writing and signed by both parties. Suppose you submit an offer to purchase a home for $125,000. 36 TermsTaytayshanay. An example of an addendum is the Addendum for Seller’s Disclosure of Information on Lead-Based Paint Hazards as Required by Federal Law. The loan payment consists of a portion which will be applied to pay the accruing interest on a loan, with the remainder being applied to the principal. Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Use this cheat sheet to prepare for the real estate license exam. Sure, “tiny homes” are now a fact of life in the real estate world. Now he or she can either ignore your offer and hope for a better one, or submit a counteroffer stating his desired price. An appraiser is an individual qualified by education, training, and experience to estimate the value of real property and personal property. Like the CE Shop and Real Estate Express, Jeb Stuart Fuller Real Estate Coaching offer Learning Social Media Marketing including Facebook, Public Speaking, and Professional Presentation Skills, MLS, … Protect your real estate investment, know before you buy. There are two types of policies, one for the lender (which is required) and one for the homeowner. Appraised Value Please feel free to reach out to us if there is anything else you would like to know about the selling process. Tenancy in Severity. An entity related to a Seller that is subject to common operating control and that is operated as part of the same system or enterprise. Appraisal View License Courses In California Florida Georgia Michigan Missouri New York North Carolina Pennsylvania South Carolina … In fact, this industry seems to be the King of Jargon. Although some appraisers work directly for mortgage lenders, most are independent. Most industries have their own jargon and real estate is no exception. Contingency – The dictionary defines a contingency as “a provision for an unforeseen event or circumstance.” In a real estate contract, anything that puts a condition on the buyer’s willingness to proceed with the purchase is a contingency. Soon you’ll be slinging this jargon as if you were a real estate pro! Amendment – Suppose you make an offer on a home and the seller accepts it – you have a contract. The placing of a value on property for the purpose of taxation. This is not the note rate on your loan. A mortgage that can be assumed by the buyer when a home is sold. Build your dream home on a vast, beautiful lot in the South Carolina countryside. The Real Estate Commission regulates Real Estate Brokers, Salespersons and Property Managers and administers the registration of timeshare Projects and out-of-state subdivided land sale's being marketed in the State of South Carolina. Adjustment Interval The seller wants $150,000. Escrow is, simply, a third party with no ties to the transaction who holds all of the pertinent documents (the purchase agreement, deed, etc.) Whether you’re a new real estate licensee or you’ve been in the business for decades, a handy guide to real estate vocabulary and real estate acronyms can never hurt. list price $ 517,995. Items of value owned by an individual. All Rights Reserved. When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment. A summary of the public records relating to the title to a particular piece of land. It describes the buyer’s duty to undertake a thorough assessment of the property to determine its assets and liabilities. Addendum – This is a document that is attached to and made a part of the original contract. There are currently 21,250 homes for sale in South Carolina. Earnest Money Deposit – When a buyer submits an offer to purchase a home, or shortly thereafter, he or she will show good faith by submitting an earnest money deposit. For instance, you, as the buyer, agree to consummate the purchase if the home appraises for X number of dollars. Freehold estate. Remember that first day on a new job when it sounded as if your colleagues were speaking a different language? In essence, what contingencies do is tell the seller that you will consummate the purchase if x, y or z occurs by a certain date. Our real estate exam prep comes with over 500 practice real estate exam questions, and 450 vocabulary test questions with detailed answer explanations, up to date with latest 2019 rules and regulations. Affordable Seconds Features of Principles of Real Estate Practice in South Carolina: Principles of Real Estate Practice in South Carolina contains the essentials of the national and South Carolina real estate law, principles, and practices necessary for basic competence as a real estate professional and as mandated by South Carolina license law.It is based on our highly successful and popular … Before issuing either policy, the title insurance company will do a thorough examination of the home’s title to ensure that the owner really does own it, that there is no additional owner who hasn’t been listed as a party to the transaction, as well as other issues. • Unlimited real estate salesperson practice exams University of Success, Online Real Estate Classes, CE Continuing Education courses in South Carolina for Real Estate Agents, Brokers, Appraisers, Investors, and Entrepreneurs. What’s worse is that those who use it assume that the rest of us know what they’re talking about. 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