South Carolina Prelicensing Curriculum Content Outline For .

South Carolina Prelicensing Curriculum Content Outlinefor Real Estate Salespersons (Unit I)Introduction to the Curriculum Content OutlineThe South Carolina Real Estate Salesperson Prelicensing Curriculum, commonly known as "UnitI," is comprised of the following Sections; each receives greater detail in this Outline.Also, selected Sections end with suggested activities and assignments to help reinforce the terms,concepts, and processes identified. You should apply your own expertise to create similarreinforcements that actively involve students.The intention of the Curriculum is to provide a reasonably comprehensive guide to the subjectmatter, laws, processes, and activities that are part of the real estate profession.It is NOT intended to restrict itself to only those facts and details that may appear on thelicensing test. However, you should review the vendor's test outline (available online in theCandidate Information Bulletin) to ensure all terms and concepts are adequately defined anddiscussed in the most appropriate Section below.Proper instruction will ensure that the student will be prepared for entering the complex practiceof the real estate profession in South Carolina, and should therefore be able to pass the licensingexam.Section Title1. Real Property2. Governmental Controls and Laws Affecting Real Estate3. Pricing of Real Properties4. Real Estate Finance5. Settlement/Closing6. Agency and other brokerage relationships7. Contracts8. EthicsInstructional : The Hour-ranges provided above specifically allow the flexibility to incorporatenecessary Review and Exam time into the required 60 course hours.Further note: The emphasis and time required to develop the topics identified in Section 8, Ethics,may be worked into appropriate topics in other areas, such as ethics and elements of FairHousing and ADA, ethical dimensions of agency, contract preparation, and adherence tocontractual and legal obligations.This document was prepared 9/16 for the South Carolina Real Estate Commission;intended f o r use in the preparation of Class Materials for Salesp erson Prelicensing Courses.

South Carolina Prelicensing Curriculum Content Outlinefor Real Estate Salespersons (Unit I)1. Real Property-- 8 to 10 instructional hours -I.ELEMENTS OF REAL PROPERTYA.Define and explain1.Real property2.Real estate (realty)3.Land4.Personal property sa.Legal tests, i.e., intention, method of attachment, adaptation,relationship/understanding of parties8.Trade fixturesB.Real property rights1.Mineral rights2.Water rightsa.Littoralb.Riparianc.Terms of addition, e.g., accession, accretion, alluvion, relictiond.Terms of reduction, e.g., erosion, avulsion3.Air rightsC.Bundle of t enjoymentD.Legal description1.Metes and bounds2.Reference to plat, etc. (lot & block)3.Government rectangular system (information only -not applicable in SC)II.ESTATES AND TENANCIESA.Define and s document was prepared 9/1 6 for the South Carolina Real Estate Commission;intended for use in the preparation of Class Materials for Salesperson Prelicensing Courses.

South Carolina Prelicensing Curriculum Content Outlinefor Real Estate Salespersons (Unit I)B.III.Types of estates1.Freeholda.Inheritable fee simple1)Own life (ordinary)2)For life or another (pur autre vie)b.Future d by lease agreementb.Leaseholds and tenancies1)Tenancy for years2)Tenancy for term3)Periodic tenancy4)Tenancy at will5)Tenancy by sufferanceFORMS OF OWNERSHIPA.Tenancy in severalty1.By a person2.By legal entitiesB.Tenancy in common1.Concurrent with two or more owners2.No special wording to create3.No right of survivorship (upon death title passes to heirs or assigns)4.Each owner owns a part which is undivided (not specified)5.Each may own with separate deeds6.Only unity of possession is required7.Right to partition8.Transfer of interestC.Joint tenancy1.Concurrent with two or more owners2.Special wording to create3.Each owns all - each owns an undivided interest4.Right of survivorship (upon death title remains with surviving tenants)5.Four unities--possession, interest, time, title6.Right to partition7.Transfer of interest2This document was prepared 9/16 for the South Carolina Real Estate Commission;intended for use in the preparation of Class Materials for Salesperson Prelicensing Courses.

South Carolina Prelicensing Curriculum Content Outlinefor Real Estate Salespersons (Unit I)D.E.F.IV.Marital ownership (informational only; not applicable in South Carolina)1. Marital property states; general guidelines2. Tenancy by the entiretyStatutory ownership, or common interest ownership1.Condominiumsa.Fee simple ownershipb.Common elements; limited common elementsc.Owners' association and bylawsd.In-state contracts and disclosures1)Certificate of assessment2.Cooperativesa.Corporation ownership in severaltyb.Proprietary leasec.Owners' associationd.Differences in condos and co-opse.Ownership is in stock, not real estate3.Timeshares, or interval ownership4.Townhouses5.Planned Unit Developments (PUDs)Business entities1.General partnership2.Limited partnership, e.g., Limited Liability Corporations (LLCs)3.Corporation4.REITSLAND USE CONTROLSA.Public/Governmental1.Police powera.Restrictive powersb.Zoning lawsI)Master plan2)Ordinances3)Variances4)Non-conforming use5)Spot zoning (rezoning)c.Building codesd.Subdivision regulationse.Health and sanitation lawsf.Environmental protection laws3This document was prepared 9/16 for the South Carolina Real Estate Commission;intended for u s e in the preparation of Class Materials for Salesperson Prelicensing Courses.

South Carolina Prelicensing Curriculum Content Outlinefor Real Estate Salespersons (Unit I)g.2.3.B.C.Terminology and concepts, e.g., hazards, contamination,Superfund, abatement, mitigation, responsible parties andliabilitiesEminent domaina.Purpose of 'taking'b.Condemnation and "just compensation"c.Delegation of powerTaxation of real estatea.Direct1)State government2)County and municipal governmentsa) Reassessment at time of sale; "point of sale"b. Real property taxes1)Assessment overview2)Ad valorem3)Millage, or mill, rate4)General and special assessmentsEscheat4.Private1.Deed restrictions2.Covenants, Conditions, and Restrictions (CC&Rs)3.Homeowners Associations (HOAs)Encumbrances1.Liens (voluntary and involuntary)a.Specific liens1)Mortgage lien2)Tax lien3)Mechanic's lien4)Special assessmentsb.General liensc.Priority of liens2.Lis pendens3.Non-possessory n grossb.Tenementsc.Appurtenant1)Creation by mutual agreement4This document was prepared 9/16 for the South Carolina Real Estate Commission; intendedfor u s e in the preparation of Class Materials for Salesperson Prelicensing Courses.

South Carolina Prelicensing Curriculum Content Outlinefor Real Estate Salespersons (Unit I)2)5.V.Creation by other catione)Implicationd.Termination of easementsEncroachmentsTRANSFER/ALIENATION OF REAL PROPERTYA.How estates are created1.Original entry (public grant)2.Involuntary transfera.Judicial saleb.Tax salec.Adverse possessiond.Accretion/avulsione.Eminent domainf.Escheat3.Voluntary transfer (grant)a.Saleb.Giftc.Probate; conveyances after death1) Testate (with a will)2) Intestate (without a will - may be deemed an involuntarytransfer depending on the decedent's known preferences)3) Other terms, e.g., executor, administrator, personalrepresentative, types of willsd.DedicationB.Equitable title and legal titleC.Marketable titleD.Deeds-purpose, types, common covenants and warranties1.General warranty deed covenantsa.Seizenb.Against encumbrancesc.Further assuranced.Quiet enjoymente.Warranty foreverf.Right to convey2.Special warranty deed3.Quitclaim deed5This document was prepared 9 / 1 6 f o r the South Carolina Real Estate Commission;intended for use in the preparation o f Class Material for Salesperson Prelicensing Courses.

South Carolina Prelicensing Curriculum Content Outlinefor Real Estate Salespersons (Unit I)E.F.Characteristics and elements of deeds of conveyance1.Major sectionsa.Premises1)Names of grantor and grantee2)Explanatory facts3)Granting clause4)Consideration5)Adequate descriptionb.Habendum (to have and hold)1)Estate to be taken2)Conditions affecting the grant3)Covenants of title, when requiredc.Testimonium1)Date2)Competent grantor's signature3)Witnessesd.Acknowledgment2.Delivery and acceptance3.Recordation (constructive notice vs. actual notice)a.Processb.Importance4.Unrecorded deedsa.Grantor to grantee (valid)b.Subsequent purchasers or creditors (invalid)Title issues1.Title searcha. Chain of title/title abstractb. Cloud on titlec. Suit to quiet title2.Assurances of title (title insurance)a. Mortgagee's policyb. Owner's policySuggested classroom activities:Invite an attorney to speak on problems with titlesSearch a titleLook up records onlineInvite a speaker from a tax officeTax math problemsDo your own pro perty’s titles searchDiscuss riparian and water rights, including terms applicable within your region, e.g.,lakefront, rivers, streams, ownership boundaries, navigable/non-navigabledistinctions, etc.6This document was prepared 9/16 for the South Carolina Real Estate Commission;intended for use in the preparation of Class Materials for Salesperson Prelicensing Courses.

South Carolina Prelicensing Curriculum Content Outlinefor Real Estate Salespersons (Unit I)2. Governmental Controls and Laws Affecting Real Estate-- 8 to 12 instructional hours -I.REAL PROPERTY TAX LAWSA. Homeowner tax breaks (primary residence & second home)1.Mortgage interest deductionsa.Acquisition debtb.Equity debt1) Refinancing2) Second mortgage3) Equity line of credit2.Property tax deductions3.Homestead exemption (SC Code, not national)a.Over age 65b.Blindc.100% disabled4.Pointsa.Acquisition debtb.RefinancingB. Capital gains on sale1.Personal residence (Tax Payer Relief Act of 1997)2.1031 tax-deferred exchange (more emphasis on broker level)C. Assessment rate in SC1.Primary Personal residence (4%)2.Other (6%)3.Agricultural (4%) (rollback)D. MathII.FEDERAL FAIR HOUSING LAWSA.Civil Rights Act of 18661.Provisions2.Jones vs. MayerB.Fair Housing Act1.Types of property covered2.Prohibitions, esp. advertising3.Enforcement4.Time limits5.Penalties7This document was prepared 9/16 for the South Carolina Real Estate Commission;intended for use in the preparation of Class Materials for Salesperson Prelicensing Courses.

South Carolina Prelicensing Curriculum Content Outlinefor Real Estate Salespersons (Unit I)Specific stency of policiesProtected classes6.C.D.III.AMERICANS WITH DISABILITIES ferentiating FH vs. ADAIV.LEAD-BASED PAINT DISCLOSURE LAWSA.Residential propertiesB.Investors and rentersV.FEDERAL ANTITRUST LAWSA.PurposeB.Governmental authorityC.Price fixing, tie-in agreementsD.Allocation of markets and customersE.Penalties for violationsVI.TRUTH IN ADVERTISINGA.Administered by the Federal Trade Commission (FTC)B.Key provisionsVII.TECHNOLOGY/ELECTRONIC TRANSACTIONSA.Federal: Electronic Signatures in Global and National Commerce Act (ESIGN)B.State: Uniform Electronic Transactions Act (2004 Act 279-SC Code Ann. Sec.26-6-10 et. seq.)1.Applicability2.Exempted real estate transactions8This document was prepared 9/16 for the South Carolina Real Estate Commission;intended for use in the preparation of Class Materials for Salesperson Prelicensing Courses.