With a career that spanned over 50 years, he is most noted for his work with the senior Yugoslav national team, during the 1960s, 1970s, and early 1980s.

In particular, Žeravica's single biggest achievement was guiding the country to its first ever major competition win — a gold medal on home soil, at the 1970 FIBA World Championship — leading to a huge expansion of the game of basketball throughout Yugoslavia.

His family stemmed from Herzegovina by ancestry, having moved several generations before his birth to the Mošorin area, where they became wealthy farmers and land owners.

Žeravica was the head coach of the senior men's Yugoslavia national basketball team to gold medals at the 1980 Summer Olympic Games and 1970 FIBA World Championship; as well as to silver medals at the 1968 Summer Olympic Games, 1967 FIBA World Championship, 1969 EuroBasket, and 1971 EuroBasket.

In early 2015, he was admitted to hospital due to chest pain and was diagnosed with a mild heart attack.