CH 13 - Additional SC Statutes

Question 1

What is the maximum interest for loans secured by real estate?

Answer 1

There is no max if the finance agreement is in writing.

Question 2

When the buyer is assuming the loan of another, the creditor can charge ____ or ________, whichever is ____.

Answer 2

$400 or 1% of the unpaid balance, whichever is less

Question 3

SC Homestead Exemption provides what relief?

Answer 3

tax relief/exemption on the first $50,000 from the fair market value of your legal residence

Question 4

Rent is payable without demand or notice, where?

Answer 4

at the time and place agreed upon by the parties

Question 5

If the tenant does not sign and deliver written rental agreement, but it was signed and delivered by the landlord, but the tenant pays rent and lives in the property, the lease ___________.

Answer 5

has the same effect as if it had been signed

Question 6

If a landlord fails to return trust money rightfully owed as required (30 days), how much can the tenant sue for?

Answer 6

three times the amount wrongfully withheld and reasonable attorney fees

Question 7

essential services DOES NOT include what?

Answer 7

air conditioning

Question 8

landlord and tenant of a single family residence may agree in writing that the tenant perform the landlord’s duties, specified repairs, maint. tasks, etc., only if ___________.

Answer 8

the transaction is entered into in good faith and not for the purpose of evading the obligations of the landlord.

Question 9

landlord or agent may enter a dwelling unit without consent when, for emergencies?

Answer 9

Emergencies

at any time

Question 10

landlord or agent may enter a dwelling unit without consent when, for the purpose of providing regularly scheduled periodic services?

Answer 10

Regularly Scheduled

9am - 6pm

Question 11

landlord or agent may enter a dwelling unit without consent when, for providing services requested by tenant?

Answer 11

Services Requested by Tenant

8am - 8pm

Question 12

Under no circumstances is a tenant authorized to do what regarding repairs.

Answer 12

make repairs and deduct the cost of repairs from the rent

Question 13

If rent is unpaid within ___ days from the due date, the landlord may terminate the rental agreement

Answer 13

5 days

Question 14

how many days of unexplained absence = abandonment

Answer 14

15 days

Question 15

what other cause constitutes abandonment?

Answer 15

voluntarily terminated utilities

Question 16

what must be disclosed to the tenant in writing by the owner or agent?

Answer 16

name and address of the owner or authorized agent

Question 17

if landlord refuses to renew lease / retaliatory, landlord must give tenant ___ days before recovering possession

Answer 17

75 days

Question 18

SC Vacation Time Share Plan Act…

Contract must contain:

Answer 18

five day right of rescission

Question 19

SC Vacation Time Share Plan Act, other rules

Answer 19

• must keep 100% funds in trust account
• must return money within 20 days of cancellation
• must prorate benefits received prior

Question 20

Enforcement of Time Share Act is done by

Answer 20

real estate commission

Question 21

failure to provide property disclosure does not __________

Answer 21

does not void the contract

Question 22

Regarding agency disclosure forms, they must ________.

Answer 22

be acknowledged in an agency agreement

Question 23

Is tenancy in common a lessor/lessee relationship?

Answer 23

no

Question 24

Is a lease terminated by the death of a tenant?

Answer 24

Yes

Question 25

Authority to carry out the eviction of a tenant comes from __________

Answer 25

the court

Question 26

In order to negotiate leases with an apartment complex, the on-site manager must ___________.

Answer 26

have a real estate or property manager’s license

Question 27

All changes to a written offer must be __________.

Answer 27

initialed and dated by both parties