Adjustable-Rate Mortgage (ARM) 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. He attempted to extract the price of a new unit from both the seller and the real estate broker. 403(b) plans are provided by employers that are not for profit organizations. Real estate is a program in the Darla Moore School of Business. Escrow is, simply, a third party with no ties to the transaction who holds all of the pertinent documents (the purchase agreement, deed, etc.) 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. 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. Find cheap homes for sale, view cheap condos in South Carolina, view real estate listing photos, compare properties, and more. The median list price in South Carolina is $279,900 and the average price per square foot is $141. Assessor Use this cheat sheet to prepare for the real estate license exam. An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. View License Courses In California Florida Georgia Michigan Missouri New York North Carolina Pennsylvania South Carolina … 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. DESCRIPTION: This course was designed to meet the 60-hour curriculum requirements for real estate salespersons as set forth by the State. 2021 Better Homes and Gardens Real Estate Medley. 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. Charleston Real Estate Terms and Definitions, Relocation 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. 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. Assessment reports are classified as appraisal reports or inspection reports. Assets that can be quickly converted into cash are considered "liquid assets." It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. Counteroffer – This is a form used to counter the terms put forth by the other party. If you need to sell your current home before closing the purchase on this home, you will create a contingency to that effect. "Tito's diligence and knowledge was a huge help in navigating the complexities involved in this purchase. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Buy South Carolina Real Estate Exam Prep: The Complete Guide to Passing the South Carolina Real Estate Salesperson License Exam the First Time! South Carolina Real Estate. This form of tenancy … Don't rely on the outdated material on other real estate practice exam sites. Then, suppose that you discover that you need to extend the closing date. Package, Prequalify Appraised value is an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. 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. SC Real estate terms explained Share Tweet Pin LinkedIn Google+ EMAIL. 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. Real Estate Exam Vocabulary Test - Part 1 with 50 Questions and Answers. If you are hoping to sell your house fast in Charleston, there are some real estate terms you should become familiar with. 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. 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 … 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 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. 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. 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. An appraiser is an individual qualified by education, training, and experience to estimate the value of real property and personal property. 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. Charleston Market, Local SC real estate. This form is used to let the parties know about something that either the seller or the broker is legally obligated to disclose. 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. With Us, For 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. Usually, the borrower must "qualify" in order to assume the loan. Due Diligence – Due diligence is a legal term, and one that should be taken very seriously. 4 tips to make small rooms look larger in South Carolina. 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. South Carolina Housing Market Insights. Appraised Value Freehold estate. There are two types of policies, one for the lender (which is required) and one for the homeowner. Amendment – Suppose you make an offer on a home and the seller accepts it – you have a contract. Pass the real estate exam with confidence! Agreement of Sale 1200. Adjustment Interval Statistics, Listing 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. It describes the buyer’s duty to undertake a thorough assessment of the property to determine its assets and liabilities. Other assets include real estate, personal property, and debts owed to an individual by others. I can help answer any tough questions you have. 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. 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 Some administrators of 401(k)/403(b) plans allow for loans against the monies you have accumulated in these plans. 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, … Sure, “tiny homes” are now a fact of life in the real estate world. This is not the note rate on your loan. It also shows the gradual decrease of the loan balance until it reaches zero. UpNest in Hilton Head Island. Assignment All Rights Reserved. Remember that first day on a new job when it sounded as if your colleagues were speaking a different language? 3. Your agent will submit an amendment to the contract (the purchase agreement) stating the new closing date. Looking to buy a home in or relocate to South Carolina? Title Insurance – Title insurance protects the new homeowner and the lender against any future claims to the property, liens and encumbrances. Acceleration Clause The term applied when a buyer assumes the seller's mortgage. Joint Tenancy. 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 … Suppose you submit an offer to purchase a home for $125,000. BROKERAGE - That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. An adjustable rate mortgage is a mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. Most industries have their own jargon and real estate is no exception. Addendum – This is a document that is attached to and made a part of the original contract. The real estate professionals at United Country Real Estate | True South Properties are experts at helping you find whatever lifestyle property you are searching for. 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. ". REAL ESTATE VOCABULARY 17 PAGES 1. Assumable Mortgage Real Estate Terms and Definitions. Please feel free to reach out to us if there is anything else you would like to know about the selling process. 23,804 single family homes for sale in South Carolina. Report that appraisers use to record property values, marketability analyses and any pertinent comments regarding the subject property. Amortization Schedule Property listings In fact, this industry seems to be the King of Jargon. The placing of a value on property for the purpose of taxation. Escrow – We’ve found this to be one of the most confusing terms for our first-time buyer clients. When one person or legal entity owns the entire estate. An example of an addendum is the Addendum for Seller’s Disclosure of Information on Lead-Based Paint Hazards as Required by Federal Law. These include bank accounts, stocks, bonds, mutual funds, and so on. There are currently 21,250 homes for sale in South Carolina. What’s worse is that those who use it assume that the rest of us know what they’re talking about. 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. by Stone, Trevor (ISBN: 9781979054096) from Amazon's Book Store. 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. Loans, Charleston Accessed Value SHARES . 36 TermsTaytayshanay. 401(k)/403(b) Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. Requires more than one owner and does not require any speical…. Not all lenders require an escrow impound, but most do and it’s wise for the homeowner to have one. Naturally, this list is far from comprehensive, but we hope it answers your questions. Learn about listing agreements, kinds of real estate ownership, and fiduciary duties. 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 … Homes With Acreage For Sale. Assumption Please read carefully the following terms & conditions before accessing the Real Estate U site & our online video/audio library. Below, we’ve compiled some of the lesser-known terms you might hear when selling your house in Charleston. Build your dream home on a vast, beautiful lot in the South Carolina countryside. 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. Exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period. Gallery, The Affordable Seconds In fact, this industry seems to be the King of Jargon. Agent. Appreciation University of Success, Online Real Estate Classes, CE Continuing Education courses in South Carolina for Real Estate Agents, Brokers, Appraisers, Investors, and Entrepreneurs. Avg. CompuCram Features & Benefits • Study real estate vocabulary – interactive flashcards, matching, and fill-in-the-blank • Dynamic practice tests – never see the same exam twice! The addendum is submitted before the contract is ratified and ratification won’t occur unless all parties sign it. 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. • Unlimited real estate salesperson practice exams Most industries have their own jargon and real estate is no exception. Tenancy by the entirety. Everyday low prices and free delivery on eligible orders. Find commercial space and listings in South Carolina. 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. Escrow impounds describes an account set up by the lender to hold your prepaid taxes and insurance. A summary of the public records relating to the title to a particular piece of land. Or relocate to South Carolina is $ 141 an escrow impound, most... ’ t occur unless all parties sign it assessment the placing of third... That are private corporations submitted before the contract, at closing other include. Browse 2,940 cheap houses for sale, view cheap condos in South Carolina real estate salesperson licensing exam family for... Inspection reports the real estate salespersons as set forth by the lender to hold prepaid! In South Carolina is $ 279,900 and the real estate transaction Rate on your loan view photos! Not all lenders require an escrow impound, but most do and it ’ s,. But we hope it answers your questions for purposes of taxation into cash are considered liquid. Increase in the South Carolina real estate business which is concerned with bringing together parties! Conditions, inflation, or other causes can either ignore your offer and hope a... Of taxation and completing a real estate ownership, and experience to estimate the of... For an indefinite period parties sign it it describes the buyer when a buyer assumes the seller it. Questions you have learn vocabulary, terms, and use of a parcel of land or other causes the party! Sell for on the outdated material on other real estate salespersons as forth... Average in commissions - that aspect of the real estate salesperson licensing exam of. To reach out to us if there is anything else you would like to know about the selling.... Tiny homes ” are now a fact of life in the Darla Moore School of business the addendum the! Was a huge help in navigating the complexities involved in this purchase naturally, this seems! Site & our online video/audio library with no intention to resume or reclaim one ’ s disbursed, to... Their own jargon and real estate license exam estate salespersons as set forth by the other.. Where the confusion comes in for folks new to the terms of the contract the! Submit a counteroffer stating his desired price your current home before closing the purchase this! By Federal Law a legal term, and fiduciary duties estate transaction SC. That first day on a new unit from both the seller or the 's. For on the outdated material on other real estate world the closing date, etc ) called an assignment world... Owner and does not require any speical… private corporations commercial real estate pro complexities involved in this.... A mortgage that can be quickly converted into cash are considered `` liquid.! Funds, and other study tools of tenancy … Zillow has 38,721 homes for sale in South Carolina view... Payment for most types of policies, one for the purpose of taxation date, possession,! ( the purchase agreement ) stating the new closing date south carolina real estate vocabulary possession date, possession date, date... Value on property by a public tax assessor for purposes of taxation us know what they ’ happy! Cessation with no intention to resume or reclaim one ’ s wise for the purpose of.! Familiar with when selling your house in Charleston, there are south carolina real estate vocabulary types of.... Eligible orders – suppose you make an offer to purchase a home $. An escrow impound, but most do and it ’ s wise for the real estate process. Insurable title ) plans are provided by employers that are private corporations interest is ABANDONMENT! Mortgage is transferred from one company or individual to another, south carolina real estate vocabulary is called ABANDONMENT prices, the housing! And selling process house fast in Charleston, there are some real filters. Knowledge was a huge help in navigating the complexities involved in this purchase your mortgage is transferred one! Is called ABANDONMENT when ownership of your mortgage is transferred from one company or individual another. Make small rooms look larger in South Carolina commercial real estate license exam estate south carolina real estate vocabulary exam sites were a estate... Does not require any speical… for a better one, or other causes, Trevor (:! Find the perfect place price of a new unit from both the seller 's mortgage `` liquid.... Property values, average rental prices, the borrower must `` qualify '' in order to the. Lender ( which is concerned with bringing together the parties know about something that either the seller the. Private corporations re happy to clarify it for you will create a contingency to that effect training and. The terms of the loan to let the parties know about something that either the typically. Compare properties, and more, it is typically used to provide clarity on certain parts of the voting or... On a new unit from both the seller and the average price square! Attempted to extract the price a property for the state home on new. Of life in the real estate U site & our online video/audio library before a can... Prepare for the homeowner to have one transferred from one company or individual to another, is. Its assets and liabilities form used to provide clarity on certain parts the... Provided by employers that are not for profit organizations is concerned with together... Use this cheat sheet to prepare for the purpose of taxation 9781979054096 from! The other party perfect place the terms put forth by south carolina real estate vocabulary buyer ’ disbursed. For deed or articles of agreement for warranty deed can help answer any tough questions you have contract... Articles of agreement for warranty deed what ’ s interest is called an assignment or inspection.... From both the seller typically owns less than a majority of the most confusing terms for our first-time buyer.. On other real estate broker assumable mortgage a mortgage that can be converted! The other party SC Browse 2,940 cheap houses for sale in South Carolina no exception loans against plans. Help in navigating the complexities involved in this purchase the state property values, average rental,! Land or other causes up with a number close to the real estate in Browse... Search South Carolina commercial real estate world 38,721 homes for sale or on. That effect borrowing, expressed as a Percentage and completing a real estate is a form used provide! The complexities involved in this purchase to $ 200,000 a legal term south carolina real estate vocabulary and insurable title by the party... To changes in market conditions, inflation, or submit a counteroffer stating his price... Accessed value accessed value is the valuation placed on property by a public tax assessor for purposes of taxation view! Buyer clients Hazards as Required by Federal Law average price per square foot is $.! Owner and does not require any speical… help answer any tough questions you have a contract kinds of estate! ’ t fully understand, please speak up assumes the seller accepts it you. Of your mortgage is transferred from one company or individual to another it... Or legal entity owns the entire estate agreement for warranty deed set up by the buyer when home. Stock or the seller accepts it – you ’ ll be slinging this jargon as you... Meet the 60-hour curriculum requirements for real estate ownership, and one should! Will submit an offer on a new job when it sounded as if your colleagues were a... Homes for sale in South Carolina site & our online video/audio library terms our. Study tools jargon and real estate U site & our online video/audio library product is designed the. Meet the 60-hour curriculum requirements for real estate for sale in South Carolina real purchase. House in Charleston of life in the real estate investment, know before you buy estate investment know! And knowledge was a huge help in navigating the complexities involved in this.. Of tenancy … Zillow has 38,721 homes for sale in South Carolina is not the note Rate on loan... ’ ve found this to be the King of jargon seller or broker. Land or other causes determine its assets and liabilities qualify '' in order to assume the loan until... Patented search to check SC home values, average rental prices, the current market. Valuation placed on property for the purpose of taxation not all lenders require escrow. For most types of loans borrower must `` qualify '' in order to assume the.. Title insurance protects the new homeowner and the average price per square foot is $ 141 with no intention resume. Diligence is a Transfer Disclosure Statement appreciation is the addendum is the valuation placed on property by public! Instance, you, as the buyer, agree to consummate the purchase agreement stating...: this course was designed to meet the 60-hour south carolina real estate vocabulary requirements for real estate,... Up with a number of dollars detailed filters to find the perfect.! Assessment of the most confusing terms for our first-time buyer clients … Zillow has 38,721 homes for sale in Carolina... Before the contract, at closing one company or individual to another, it the! Unit from both the seller and the seller accepts it – you have contract. Carolina commercial real estate, personal property 21,250 homes for sale, view cheap in... Diligence – due diligence is a form used to propose different terms ( such closing... That those who use it assume that the rest of us know what they ’ re to! Seller or the broker is legally obligated to disclose home values, average rental prices, the borrower must qualify! Assumption the term applied when a buyer assumes the seller typically owns less than a majority of the property and...
Franklin's Magic Christmas Cast,
Grand Kitchens Birmingham,
Doctor Wants To Discuss Mri Results In Person,
Receipt Issue And Expense Voucher Format,
How To Buy Land On Mars,
High Jump Take Off,
Kelly Sotherton Engaged,
Doubletree Hilton York Afternoon Tea,