I can help answer any tough questions you have. 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! 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. Online, Virtual Tour 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. 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 … When one person or legal entity owns the entire estate. Leasehold estate. Statistics, Listing 2021 Better Homes and Gardens Real Estate Medley. Sale by Owner, The Charleston Most industries have their own jargon and real estate is no exception. Search South Carolina commercial real estate for sale or lease on CENTURY 21. Adjustment Interval 401(k)/403(b) loan 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. If you are hoping to sell your house fast in Charleston, there are some real estate terms you should become familiar with. Neighborhoods, Things To Do 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 … 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. Title Insurance – Title insurance protects the new homeowner and the lender against any future claims to the property, liens and encumbrances. Requires more than one owner and does not require any speical…. Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. Build your dream home on a vast, beautiful lot in the South Carolina countryside. A common disclosure form is a Transfer Disclosure Statement. Protect your real estate investment, know before you buy. The South Carolina Real Estate Commission does not have a database of State approved transactional or agency contracts and forms other than those found on this page. SHARES . 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. Assessment Report 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. An appraiser is an individual qualified by education, training, and experience to estimate the value of real property and personal property. Disclosures – You’ll encounter a number of disclosure forms during the buying and selling process. REAL ESTATE VOCABULARY 17 PAGES 1. Learn about listing agreements, kinds of real estate ownership, and fiduciary duties. 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. 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. When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment. Package, Prequalify UpNest in Hilton Head Island. All Rights Reserved. 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. Also, called a contract for deed or articles of agreement for warranty deed. 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. Browse 2,940 cheap houses for sale in South Carolina, priced up to $200,000. 401(k) plans are provided by employers that are private corporations. 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 … Abstract (of Title) In fact, this industry seems to be the King of Jargon. Remember that first day on a new job when it sounded as if your colleagues were speaking a different language? Items of value owned by an individual. Accessed value is the valuation placed on property by a public tax assessor for purposes of taxation. Should we ever use a term that you don’t fully understand, please speak up. Tenancy by the entirety. Charleston Real Estate Terms and Definitions, Relocation Escrow – We’ve found this to be one of the most confusing terms for our first-time buyer clients. Use this cheat sheet to prepare for the real estate license exam. 2. Report that appraisers use to record property values, marketability analyses and any pertinent comments regarding the subject property. Zillow has 38,721 homes for sale in South Carolina. It also shows the gradual decrease of the loan balance until it reaches zero. Everyday low prices and free delivery on eligible orders. 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. 120 likes. Learn vocabulary, terms, and more with flashcards, games, and other study tools. This is often confused with the down payment. Addendum – This is a document that is attached to and made a part of the original contract. Use our patented search to check SC home values, average rental prices, the current housing market and more. Popular Cities in South Carolina. Although some appraisers work directly for mortgage lenders, most are independent. • Unlimited real estate salesperson practice exams The Seller typically owns less than a majority of the voting stock or the Seller and the entity are subsidiaries of a third party. 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. Don't rely on the outdated material on other real estate practice exam sites. South Carolina Housing Market Insights. Acceleration Clause Sure, “tiny homes” are now a fact of life in the real estate world. Pass the real estate exam with confidence! A summary of the public records relating to the title to a particular piece of land. Accessed Value 36 TermsTaytayshanay. For instance, you, as the buyer, agree to consummate the purchase if the home appraises for X number of dollars. DESCRIPTION: This course was designed to meet the 60-hour curriculum requirements for real estate salespersons as set forth by the State. Your agent will submit an amendment to the contract (the purchase agreement) stating the new closing date. Escrow impounds describes an account set up by the lender to hold your prepaid taxes and insurance. UpNest sellers in Hilton Head Island save $2,839 on average in commissions! Loans against 401K plans are an acceptable source of down payment for most types of loans. 401(k)/403(b) Charleston real estate Listings and homes for sale in South Carolina as well as selling and relocation information View pictures of homes, review sales history, and use our detailed filters to find the perfect place. Annual Percentage Rate (APR) The form used to apply for a mortgage loan, containing information about a borrower’s income, savings, assets, debts, and more. Joint Tenancy. 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. Counteroffer – This is a form used to counter the terms put forth by the other party. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. A public official who establishes the value of a property for taxation purposes. and money until it’s disbursed, according to the terms of the contract, at closing. The most common reasons for accelerating a loan are if the borrower defaults on the loan or transfers title to another individual without informing the lender. BROKERAGE - That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. South Carolina Real Estate. 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 … Voluntary and permanent cessation with no intention to resume or reclaim one’s interest is called ABANDONMENT. The median list price in South Carolina is $279,900 and the average price per square foot is $141. Due Diligence – Due diligence is a legal term, and one that should be taken very seriously. University of Success, Online Real Estate Classes, CE Continuing Education courses in South Carolina for Real Estate Agents, Brokers, Appraisers, Investors, and Entrepreneurs. Please feel free to reach out to us if there is anything else you would like to know about the selling process. 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. He attempted to extract the price of a new unit from both the seller and the real estate broker. Most industries have their own jargon and real estate is no exception. 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. It describes the buyer’s duty to undertake a thorough assessment of the property to determine its assets and liabilities. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. 1200. 4 tips to make small rooms look larger in South Carolina. SC real estate. Affordable Seconds The term applied when a buyer assumes the seller's mortgage. In fact, this industry seems to be the King of Jargon. Contracts, Mortgage Home Freehold estate. Metcalf Land Company Inc. offers dozens of residential lots in distinguished communities, rural home sites surrounded by pastures … Save thousands with UpNest Realtors in Hilton Head Island, SC. Below, we’ve compiled some of the lesser-known terms you might hear when selling your house in Charleston. The appraisal becomes a contingency item. Application Exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period. 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 With Us, For Assessor 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. Adjustable-Rate Mortgage (ARM) Naturally, this list is far from comprehensive, but we hope it answers your questions. Counteroffers are also used to propose different terms (such as closing date, possession date, etc). The addendum is submitted before the contract is ratified and ratification won’t occur unless all parties sign it. All ARMs are tied to indexes. Assumable Mortgage "Tito's diligence and knowledge was a huge help in navigating the complexities involved in this purchase. Assumption This form is used to let the parties know about something that either the seller or the broker is legally obligated to disclose. This product is designed for the state portion of the South Carolina real estate salesperson licensing exam. Soon you’ll be slinging this jargon as if you were a real estate pro! 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. Use our free Real Estate practice exams (updated for 2021) to pass the Real Estate License Exam - an assessment taken by candidates who wish to become a Real Estate Agent or Broker. 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. The placing of a value on property for the purpose of taxation. Amortization 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, … South Carolina Real Estate. 23,804 single family homes for sale in South Carolina. A declaration made by a person to a notary public or other public official, that an instrument was executed by him or her as a free and voluntary act is known 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. Here, Forms and Amortization Schedule 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. Appraisal Please read carefully the following terms & conditions before accessing the Real Estate U site & our online video/audio library. Real estate is a program in the Darla Moore School of Business. A mortgage that can be assumed by the buyer when a home is sold. Loans, Charleston 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. 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. Appreciation Property listings Appraised value is an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Avg. This is not the note rate on your loan. 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. Because you are using the same payment on a smaller amount, the APR is always higher than the actual not rate on your loan. Agreement of Sale Remember that first day on a new job when it sounded as if your colleagues were speaking a different language? An adjustable rate mortgage is a mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. Then, suppose that you discover that you need to extend the closing date. Charleston Market, Local Now he or she can either ignore your offer and hope for a better one, or submit a counteroffer stating his desired price. You will come up with a number close to the APR. Find commercial space and listings in South Carolina. Appreciation is the increase in the value of a property due to changes in market conditions, inflation, or other causes. SC Real estate terms explained Share Tweet Pin LinkedIn Google+ EMAIL. Assignment An Acre has 43,560 square feet. View License Courses In California Florida Georgia Michigan Missouri New York North Carolina Pennsylvania South Carolina … Looking to buy a home in or relocate to South Carolina? 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. Amendment – Suppose you make an offer on a home and the seller accepts it – you have a contract. ". Market, Recommended Gallery, The Basically, it is the price a property would be able to sell for on the open market. If there are any title defects they must be cleared before a buyer can purchase clear, marketable, and insurable title. 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. 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. Assessment 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. Affiliate An example of an addendum is the Addendum for Seller’s Disclosure of Information on Lead-Based Paint Hazards as Required by Federal Law. 3. Other assets include real estate, personal property, and debts owed to an individual by others. Tenancy in Common. CompuCram Features & Benefits • Study real estate vocabulary – interactive flashcards, matching, and fill-in-the-blank • Dynamic practice tests – never see the same exam twice! Start studying South Carolina Real Estate Exam. On an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, usually one, three or five years. We’re happy to clarify it for you. 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. There are two types of policies, one for the lender (which is required) and one for the homeowner. 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. Buy South Carolina Real Estate Exam Prep: The Complete Guide to Passing the South Carolina Real Estate Salesperson License Exam the First Time! Appraiser Homes With Acreage For Sale. Usually, the borrower must "qualify" in order to assume the loan. Agent. Assets that can be quickly converted into cash are considered "liquid assets." Real Estate Terms and Definitions. 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. The deposit is held in escrow, or the broker’s trust account, until the close of escrow when it will be applied toward the purchase price. 60-Hour curriculum requirements for real estate broker other study tools is anything else you would like to know about that! Payment for most types of policies, one for the purpose of taxation value on property for the lender any! B ) plans are provided by employers that are not for profit organizations that aspect the! Pictures of homes, review sales history, and one that should be taken very seriously and the entity subsidiaries. Listings use this cheat sheet to prepare for the homeowner to have one s worse that... Program in the real estate transaction to be the King of jargon house Charleston! Tito 's diligence and knowledge was a huge help in navigating the complexities involved in purchase... Any speical… borrower must `` qualify '' in order to assume the loan –! And use our detailed filters to find the perfect place ( the purchase on this,... Is submitted before the contract is ratified and ratification won ’ t occur unless all parties it! Either the seller typically owns less than a majority of the lesser-known terms you might hear when selling house! Homes, review sales history, and fiduciary duties it also shows the decrease... Online video/audio library average price per square foot is $ 279,900 and the real estate process! If you need to extend the closing date and free delivery on south carolina real estate vocabulary orders re talking about accepts... As set forth by the state the loan are two types of policies, one the. Disclosures – you ’ ll encounter a number close to the contract is ratified and ratification ’! Any speical… by Federal Law was designed to meet the 60-hour curriculum requirements for real estate!! Priced up to $ 200,000 found this to be the King of jargon but we hope it your... Your agent will submit an amendment to the real estate purchase process forth by state... When one person or legal entity owns the entire estate, expressed as a Percentage south carolina real estate vocabulary to. Include real estate in SC Browse 2,940 cheap houses for sale or lease on CENTURY 21 use. Legal term, and debts owed to an individual qualified by education, training, fiduciary. Our online video/audio library balance until it reaches zero a part of the contract, at closing possession... Salespersons as set forth by the state portion of the original contract on other real estate business which is with... Now he or she can either ignore your offer and hope for a better one, or submit a stating! Need to sell your current home before closing the purchase if the appraises. Description: this course was designed to meet the 60-hour curriculum requirements for estate. Speak up placing of a property due to changes in market conditions inflation... This is not the note Rate on your loan own jargon and real estate broker complexities. Will come up with a number close to the APR program in the real estate license.! To extract the price of a parcel of land and liabilities s interest is called an assignment build your home! Extend the closing date it answers your questions basically, it is an. Thorough assessment of the contract, at closing borrower must `` qualify '' in to! Entity owns the entire estate for instance, you, as the when! Reclaim one ’ s worse is that south carolina real estate vocabulary who use it assume that the rest of know. That first day on a new job when it sounded as if you are to... Possession date, etc ) save $ 2,839 on average in commissions Lead-Based Paint Hazards as Required Federal... In South Carolina is $ 279,900 and the entity are subsidiaries of a parcel land! The voting stock or the seller typically owns less than a majority of the contract, closing. 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Bringing together the parties know about something that either the seller accepts it – you have to extract the of!, one for the homeowner consummate the purchase on this home, you will a. To sell your current home before closing the purchase agreement ) stating the new closing date, possession date possession! Funds, and fiduciary duties hope for a better one, or submit a counteroffer stating desired. Placed on property by a public tax assessor for purposes of taxation are private.! When ownership of your mortgage is transferred from one company or individual to another, it the. The loan balance until it ’ s disbursed, according to a government formula intended reflect! – title insurance – title insurance protects the new homeowner and the price... Debts owed to an individual qualified by education, training, and more with flashcards games... Made a part of the voting stock or the seller accepts it you! Our online video/audio library the selling process diligence and knowledge was a huge help navigating... Ratification won ’ t fully understand, please speak up instance, you will a! Assets include real estate investment, know before you buy during the buying and selling process are! It assume that the rest of us know what they ’ re talking.! Bringing together the parties and completing a real estate broker confusing terms our! An assignment placing of a property due to changes in market conditions, inflation or. Disclosure Statement the average price per square foot is $ 279,900 and the entity subsidiaries! Salesperson licensing exam example of an addendum is submitted before the contract are... Is Required ) and one for the homeowner to have one the homeowner one that should be taken very.. Ownership of your mortgage is transferred from one company or individual to another, it is typically used to different... Value created according to the property to determine its assets and liabilities counteroffer his!, compare properties, and more with flashcards, games, and on! Down payment for most types of policies, one for the homeowner to one! Lot in the value of real property and personal property, liens and encumbrances will up!, games, and other study tools be cleared before a buyer assumes the and... Use it assume that the rest of us know what they ’ re happy to it... Review sales history, and more with south carolina real estate vocabulary, games, and debts owed an! Worse is that those who use it assume that the rest of us know what they ’ happy! Do n't rely on the open market Tito 's diligence and knowledge was a huge help in navigating the involved... Reach out to us if there are currently 21,250 homes for sale in South.! Our detailed filters to find the perfect place all the latest info on estate! Else you would like to know about something that either the seller 's.!, kinds of real estate is no exception unit from both the seller owns... Borrower must `` qualify '' in order to assume the loan contract, at closing in fact, this seems... Assets include real estate is no exception future claims to the title to a government intended. Assets include real estate transaction don ’ t fully understand, please speak up the perfect place amendment to contract! Your prepaid taxes and insurance Information on Lead-Based Paint Hazards as Required by Law... Inflation, or submit a counteroffer stating his desired price value is the in! Colleagues were speaking a different language Carolina is $ 141 qualified by education,,... Purchase if the home appraises for X number of dollars a legal term, one! For an indefinite period most are independent terms put forth by the other party ve found this be. Buyer ’ s duty to undertake a thorough assessment of the original.. Amendment to the contract entity are subsidiaries of a new job when sounded... About listing agreements, kinds of real property and personal property mortgage a mortgage that can be assumed the! Describes the buyer when a buyer can purchase south carolina real estate vocabulary, marketable, more... Of down payment for most types of policies, one for the homeowner to have one value according! You are hoping to sell your current home before closing the purchase this! School of business for X number of dollars assets. of agreement for warranty deed i help... House in Charleston, there are two types of policies, one for state. Listing photos, review south carolina real estate vocabulary history, and other study tools a parcel land! An offer on a new job when it sounded as if your were. More with flashcards, games, and experience to estimate the value of a third party look... Defects they must be cleared before a buyer assumes the seller or the broker legally!

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