Ownership and Property Rights
What does P.I.T.T stand for
Possession, Interest, Time, Title
What land description method is most common in South Carolina?
Lot and Block (Plat Map)
Constructive notice vs. actual notice — what’s the difference?
Constructive = recorded; Actual = someone actually knows
Is SC a lien theory or title theory state?
Lien theory (borrower holds title, lender has a lien).
Which deed gives the most protection to the grantee?
General Warranty Deed
Two friends buy a home, one pays 70%. What ownership type allows unequal shares?
Tenancy in Common
“Point of Beginning” mean in a Metes & Bounds description?
The starting point of the property boundary
What is a “Chain of Title”?
The history of ownership transfers for a property
Which loan is guaranteed by the VA?
VA Loan
Which deed only covers the grantor’s own actions?
Special Warranty Deed
What does O.N.C.H.A. stand for in Adverse Possession?
Open, Notorious, Continuous, Hostile, Adverse
How many sections are in a township?
36
An unrecorded deed is valid between the parties but not against who?
Third parties (future buyers/creditors)
What is the difference between a fixed-rate mortgage and an adjustable-rate mortgage (ARM)?
Fixed-rate = interest rate stays the same for the life of the loan; ARM = interest rate can change at set intervals based on an index.
Which deed transfers whatever interest the grantor has, with no warranties?
Quitclaim Deed
A condo owner has a deed to their unit and shares ownership of common areas. What ownership type is this?
Condominium
How many acres are in one section?
640 acres
What is a Marketable Title?
A title free of major defects/questions
Which loan type requires 3.5% down payment and is insured by Federal Housing Administration?
FHA Loan
What is a devise?
Real property transferred by will
In South Carolina, do married couples automatically get Tenancy by the Entirety?
No, SC does not recognize tenancy by the entirety.
Which method uses meridians and baselines?
Rectangular (Government) Survey
What is a “Cloud on Title”?
A claim or encumbrance that may impair ownership
A farmer in SC wants 100% financing for rural land. Which loan fits?
USDA / FSA Loan
Name one way title can transfer involuntarily.
Foreclosure, Eminent Domain, Adverse Possession, or Escheat