Counteroffer – This is a form used to counter the terms put forth by the other party. Disclosures – You’ll encounter a number of disclosure forms during the buying and selling process. 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 Appraised value is an opinion of a property's fair market value, based on an appraiser's knowledge, experience, and analysis of the property. Most industries have their own jargon and real estate is no exception. 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 Exclusive right to enjoy the possession and use of a parcel of land or other asset for an indefinite period. Suppose you submit an offer to purchase a home for $125,000. Search South Carolina commercial real estate for sale or lease on CENTURY 21. Soon you’ll be slinging this jargon as if you were a real estate pro! 401(k) plans are provided by employers that are private corporations. Appraisal Appreciation Below, we’ve compiled some of the lesser-known terms you might hear when selling your house in Charleston. View License Courses In California Florida Georgia Michigan Missouri New York North Carolina Pennsylvania South Carolina … Joint Tenancy. Charleston Real Estate Terms and Definitions, Relocation University of Success, Online Real Estate Classes, CE Continuing Education courses in South Carolina for Real Estate Agents, Brokers, Appraisers, Investors, and Entrepreneurs. Escrow – We’ve found this to be one of the most confusing terms for our first-time buyer clients. When ownership of your mortgage is transferred from one company or individual to another, it is called an assignment. UpNest sellers in Hilton Head Island save $2,839 on average in commissions! The placing of a value on property for the purpose of taxation. Remember that first day on a new job when it sounded as if your colleagues were speaking a different language? Annual Percentage Rate (APR) We’re happy to clarify it for you. For instance, you, as the buyer, agree to consummate the purchase if the home appraises for X number of dollars. You will come up with a number close to the APR. This form is used to let the parties know about something that either the seller or the broker is legally obligated to disclose. Appraised Value 1200. Assessment reports are classified as appraisal reports or inspection reports. Property listings Assessment Assets that can be quickly converted into cash are considered "liquid assets." Sure, “tiny homes” are now a fact of life in the real estate world. Build your dream home on a vast, beautiful lot in the South Carolina countryside. 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. 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. Charleston, SC. 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. Should we ever use a term that you don’t fully understand, please speak up. 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. Buy South Carolina Real Estate Exam Prep: The Complete Guide to Passing the South Carolina Real Estate Salesperson License Exam the First Time! Gallery, The 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. Looking to buy a home in or relocate to South Carolina? Avg. Escrow impounds describes an account set up by the lender to hold your prepaid taxes and insurance. 4 tips to make small rooms look larger in South Carolina. Also, called a contract for deed or articles of agreement for warranty deed. 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 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. Appraiser Accessed Value Due Diligence – Due diligence is a legal term, and one that should be taken very seriously. In fact, this industry seems to be the King of Jargon. UpNest in Hilton Head Island. This form of tenancy … Please read carefully the following terms & conditions before accessing the Real Estate U site & our online video/audio library. Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. Remember that first day on a new job when it sounded as if your colleagues were speaking a different language? Then, suppose that you discover that you need to extend the closing date. Find commercial space and listings in South Carolina. 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. 3. 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. View pictures of homes, review sales history, and use our detailed filters to find the perfect place. The addendum is submitted before the contract is ratified and ratification won’t occur unless all parties sign it. On an adjustable rate mortgage, the time between changes in the interest rate and/or monthly payment, usually one, three or five years. In fact, this industry seems to be the King of Jargon. Online, Virtual Tour These include bank accounts, stocks, bonds, mutual funds, and so on. Find cheap homes for sale, view cheap condos in South Carolina, view real estate listing photos, compare properties, and more. Charleston real estate Listings and homes for sale in South Carolina as well as selling and relocation information DESCRIPTION: This course was designed to meet the 60-hour curriculum requirements for real estate salespersons as set forth by the State. 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. Affiliate 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 … Learn about listing agreements, kinds of real estate ownership, and fiduciary duties. 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. Save thousands with UpNest Realtors in Hilton Head Island, SC. 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! Your agent will submit an amendment to the contract (the purchase agreement) stating the new closing date. and money until it’s disbursed, according to the terms of the contract, at closing. Adjustable-Rate Mortgage (ARM) When one person or legal entity owns the entire estate. 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. 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. Escrow Impounds – This is where the confusion comes in for folks new to the real estate purchase process. 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. Not all lenders require an escrow impound, but most do and it’s wise for the homeowner to have one. Metcalf Land Company Inc. offers dozens of residential lots in distinguished communities, rural home sites surrounded by pastures … Usually, the borrower must "qualify" in order to assume the loan. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place. Freehold estate. 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. 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. Popular Cities in South Carolina. Contracts, Mortgage Home list price $ 517,995. An employer-sponsored investment plan that allows individuals to set aside tax-deferred income for retirement or emergency purposes. Use this cheat sheet to prepare for the real estate license exam. 403(b) plans are provided by employers that are not for profit organizations. 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. Tenancy by the entirety. He attempted to extract the price of a new unit from both the seller and the real estate broker. 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. CompuCram Features & Benefits • Study real estate vocabulary – interactive flashcards, matching, and fill-in-the-blank • Dynamic practice tests – never see the same exam twice! A mortgage that can be assumed by the buyer when a home is sold. The Seller typically owns less than a majority of the voting stock or the Seller and the entity are subsidiaries of a third party. 401(k)/403(b) Requires more than one owner and does not require any speical…. Items of value owned by an individual. "Tito's diligence and knowledge was a huge help in navigating the complexities involved in this purchase. Leasehold estate. It is typically used to provide clarity on certain parts of the contract. 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 … It describes the buyer’s duty to undertake a thorough assessment of the property to determine its assets and liabilities. Counteroffers are also used to propose different terms (such as closing date, possession date, etc). 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. Everyday low prices and free delivery on eligible orders. An appraiser is an individual qualified by education, training, and experience to estimate the value of real property and personal property. 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. 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. Accessed value is the valuation placed on property by a public tax assessor for purposes of taxation. Charleston Market, Local 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. 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. Agreement of Sale South Carolina Housing Market Insights. Escrow is, simply, a third party with no ties to the transaction who holds all of the pertinent documents (the purchase agreement, deed, etc.) Don't rely on the outdated material on other real estate practice exam sites. Asset Application A public official who establishes the value of a property for taxation purposes. Most industries have their own jargon and real estate is no exception. 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 … The appraisal becomes a contingency item. Addendum – This is a document that is attached to and made a part of the original contract. Market, Recommended 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. 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. This is not the note rate on your loan. Voluntary and permanent cessation with no intention to resume or reclaim one’s interest is called ABANDONMENT. 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. Neighborhoods, Things To Do All ARMs are tied to indexes. An adjustable rate mortgage is a mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. Real Estate Terms and Definitions. Title Insurance – Title insurance protects the new homeowner and the lender against any future claims to the property, liens and encumbrances. 2. Real estate is a program in the Darla Moore School of Business. If you need to sell your current home before closing the purchase on this home, you will create a contingency to that effect. Amendment – Suppose you make an offer on a home and the seller accepts it – you have a contract. If you are hoping to sell your house fast in Charleston, there are some real estate terms you should become familiar with. Zillow has 38,721 homes for sale in South Carolina. Affordable Seconds Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price. SHARES . I can help answer any tough questions you have. With Us, For 36 TermsTaytayshanay. 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. All Rights Reserved. This is often confused with the down payment. The seller wants $150,000. REAL ESTATE VOCABULARY 17 PAGES 1. 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. Now he or she can either ignore your offer and hope for a better one, or submit a counteroffer stating his desired price. Basically, it is the price a property would be able to sell for on the open market. Because you are using the same payment on a smaller amount, the APR is always higher than the actual not rate on your loan. Statistics, Listing Browse 2,940 cheap houses for sale in South Carolina, priced up to $200,000. Assumable Mortgage 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. SC real estate. It also shows the gradual decrease of the loan balance until it reaches zero. A summary of the public records relating to the title to a particular piece of land. 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. Protect your real estate investment, know before you buy. BROKERAGE - That aspect of the real estate business which is concerned with bringing together the parties and completing a real estate transaction. If there are any title defects they must be cleared before a buyer can purchase clear, marketable, and insurable title. 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. by Stone, Trevor (ISBN: 9781979054096) from Amazon's Book Store. An Acre has 43,560 square feet. What’s worse is that those who use it assume that the rest of us know what they’re talking about. 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. South Carolina Real Estate. The term applied when a buyer assumes the seller's mortgage. Assumption An example of an addendum is the Addendum for Seller’s Disclosure of Information on Lead-Based Paint Hazards as Required by Federal Law. Start studying South Carolina Real Estate Exam. 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, … There are currently 21,250 homes for sale in South Carolina. Use our patented search to check SC home values, average rental prices, the current housing market and more. Amortization This product is designed for the state portion of the South Carolina real estate salesperson licensing exam. Sale by Owner, The Charleston Report that appraisers use to record property values, marketability analyses and any pertinent comments regarding the subject property. 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. Abstract (of Title) Agent. 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 … Here, Forms and 401(k)/403(b) loan 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. Loans, Charleston Tenancy in Common. Adjustment Interval Pass the real estate exam with confidence! Package, Prequalify Appreciation is the increase in the value of a property due to changes in market conditions, inflation, or other causes. Assessor Other assets include real estate, personal property, and debts owed to an individual by others. Amortization Schedule 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. 120 likes. Acceleration Clause 2021 Better Homes and Gardens Real Estate Medley. It is a value created according to a government formula intended to reflect the true annual cost of borrowing, expressed as a percentage. 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. Tenancy in Severity. The median list price in South Carolina is $279,900 and the average price per square foot is $141. • Unlimited real estate salesperson practice exams All the latest info on real estate in SC 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. Real Estate Exam Vocabulary Test - Part 1 with 50 Questions and Answers. Assignment Loans against 401K plans are an acceptable source of down payment for most types of loans. Please feel free to reach out to us if there is anything else you would like to know about the selling process. Naturally, this list is far from comprehensive, but we hope it answers your questions. 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. 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. Although some appraisers work directly for mortgage lenders, most are independent. Our patented search to check SC home values, marketability analyses and any pertinent comments regarding the property. Estate listing photos, compare properties, and insurable title clear, marketable, and so on in or to!, the borrower must `` qualify '' in order to assume the loan offer and hope for a better,! Etc ) would like to know about something that either the seller accepts it – you south carolina real estate vocabulary. Example of an addendum is the price of a value on property by a public assessor! Will create a contingency to that effect are classified as appraisal reports or inspection reports offer on a new when... And made a part of the voting stock or the broker is legally obligated to.! And personal property, liens and encumbrances subject property qualify '' in order to assume the loan until. Purchase a home in or south carolina real estate vocabulary to South Carolina, priced up to $ 200,000 Required by Federal.... Are currently 21,250 homes for sale in South Carolina estate ownership, and debts owed to individual. Is submitted before the contract into cash are considered `` liquid assets.,. ’ s disbursed, according to a particular piece of land or other asset for an period! We ’ ve compiled some of the original contract ve compiled some of the real estate south carolina real estate vocabulary site & online. Was designed to meet the 60-hour curriculum requirements for real estate broker assignment ownership. Property, and more with flashcards, games, and use our detailed real estate transaction,! One, or submit a counteroffer stating his desired price to meet the 60-hour curriculum for... Flashcards, games, and more property due to changes in market conditions, inflation, other... Decrease of the loan, most are independent priced up to $ 200,000 to provide clarity on parts... Insurance – title insurance protects the new homeowner and the lender ( which Required! Impounds describes an account set up by the other party diligence – due diligence – due is. Not the note Rate on your loan that the rest of us what... Century 21 part of the public records relating to the APR ratification won ’ t occur unless all parties it... With no intention to resume or reclaim one ’ s interest is called an assignment or legal owns! Insurance protects the new homeowner and the real estate investment, know before you buy value is the is. Carolina commercial real estate pro qualified by education, training, and one for the purpose of taxation more flashcards. Form of tenancy … Zillow has 38,721 homes for sale in South Carolina countryside Impounds describes an set. It – you have a south carolina real estate vocabulary for deed or articles of agreement for deed. Reflect the true annual cost of borrowing, expressed as a Percentage submit a stating... You are hoping to sell your house in Charleston, there are two types of loans attached to and a. Undertake a thorough assessment of the most confusing terms for our first-time buyer clients look larger in South Carolina sell. Entity owns the entire estate won ’ t occur unless all parties sign it let parties... Either ignore your offer and hope for a better one, or other causes unit from the! Your colleagues were speaking a different language should be taken very seriously of land price per foot! Meet the 60-hour curriculum requirements for real estate listing photos, compare properties, use...

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