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NC Real Estate Exam ‘22 > 3 Encumbrances > Flashcards

3 Encumbrances Flashcards

1
Q

What is an encumbrance?

A

Any flaws such as claims, charges, or liabilities that attach to and are binding on real estate.

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2
Q

What is a lien?

A

A non-possessory charge against property to provide security for a debt or an obligation of the property owner.

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3
Q

What are the 2 categories of liens?

A

Specific and General

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4
Q

What is a specific lien?

A

A lien secured by a specific parcel of property and affects only that particular property.

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5
Q

What are types of Specific Liens?

A
  1. Mortgage
  2. Real property taxes
  3. Mechanic’s lien
  4. Commercial Real Estate Broker’s lien
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6
Q

Which lien has superiority over all liens?

A

Real Property Taxes

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7
Q

Special assessment liens

A

Improvement taxes for things such as sidewalks sewers or townhouse roofs.

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8
Q

When can a mechanics lien be filed?

A

Within 120 days after last day of providing services and materials

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9
Q

When can a properly filed mechanics lien be enforced?

A

Within 180 days after a worker has furnished labor or materials

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10
Q

Time frame for a broker to file a North Carolina commercial real estate broker lien?

A

90 days after tenant takes possession

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11
Q

What type of project qualifies for a mechanics lien?

A

Any NC residential or commercial construction projects where the cost equals or exceeds $30,000

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12
Q

What is a general lien?

A

A lien that affects all the property of a debtor both real and personal rather than a specific parcel of real property.

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13
Q

Types of general liens.

A
  1. Judgement
  2. Personal property tax liens
  3. State Tax liens
  4. Federal Tax liens
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14
Q

What is Lis Pendens?

A

A lawsuit that may affect title.

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15
Q

What is writ of attachment?

A

An encumbrance at the request of a creditor for the court to retain custody of an unsecured property to satisfy a judgment.

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16
Q

What is writ of execution?

A

An issuance directing the county sheriff to sell the property to satisfy a judgment.

17
Q

What is an easement?

A

A nonpossessory right to use the land of another for particular purpose.

18
Q

What is an easement appurtenant?

A

An easement that is annexed to the ownership of one parcel of land and use for the benefit of another parcel of land.

19
Q

What is an easement in gross?

A

An individual or company interest in or right to use another’s land.

20
Q

3 ways to create an easement?

A
  1. Express (written or spoken)
  2. Implied (actions by necessity)
  3. Operation of law (eminent domain)
21
Q

What is a personal nontransferable privilege to enter the land of another for specific purpose?

A

A license

22
Q

What is an improvement such as a building, fence, or driveway that illegal extends beyond the land of its owner?

A

An encroachment

23
Q

What are 5 ways to terminate an easement?

A
  1. Release by dominant over servient
  2. Combing of lands
  3. Abandonment by dominant owner
  4. Failure of purpose
  5. Expiration
24
Q

What are ad valorem taxes?

A

General real estate property taxes based on value of the property.

25
Q

NC machinery act

A
  1. Set details of property taxation
  2. Requires assessed value of properties be set at 100% of fair market value at least once every 8 years
  3. Adjustments up or down may be made at each 4 year interval between assessments
26
Q

What is assessment?

A

The official evaluation process for setting real estate property taxes by county or Township.

27
Q

Annual taxes =

A

Tax rate x (assessed value/100)

28
Q

Assessed Value =

A

(Annual taxes / Tax rate) x 100

29
Q

Tax Rate =

A

(Annual taxes / Assessed value) x 100

30
Q

What is the NC Tax Timetable?

A 
Jan 1- Tax lien filed
Jan 5- Last year’s tax must be paid
Jan 31- taxable property listed
July 1- New tax rate set
August- tax bills mailed
Sept 1-  tax due and payable
Dec 31- end of tax year
31
Q

What is an easement in necessity?

A

When land has no access to a street or public way.

32
Q

What are property assessments ?

A

Valuation based on sales of comparable properties by county or township tax assessors.

NC Real Estate Exam ‘22 (6 decks)

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