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PRE LICENSING REAL ESTATE > CHAPTER 3 & 4 > Flashcards

CHAPTER 3 & 4 Flashcards

1
Q

A SPECIAL ASSESSMENT LIEN IS AN EXAMPLE OF WHAT

A

A SPECIFIC LIEN

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2
Q

A STATE INCOME TAX LIEN IS AN EXAMPLE OF WHAT

A

A GENERAL LIEN

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3
Q

WHAT GIVES SECURITY TO PERSONS THAT WORK ON REAL PROPERTY OWNED BY OTHERS

A

A MECHANIC’S LIEN

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4
Q

TRUE OR FALSE; ACCORDING TO TYPICAL LIEN PRIORITY, REAL PROPERTY TAX LIEN, WOULD BE PAID FIRST FROM PROCEEDS FROM A COURT ORDERED SALE

A

TRUE

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5
Q

TRUE OR FALSE; CURRENT REAL ESTATE TAXES IS A LIEN THAT WOULD TYPICALLY BE GIVEN HIGHER PRIORITY

A

TRUE

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6
Q

UNDER CITY CONTRACT, ABC PAVING COMPANY PAVED A DIRT ROAD THAT RUNS ADJACENT TO YOUR PROPERTY. AS PROPERTY OWNER, YOU WOULD PAY FOR THIS IN THE FORM OF

A

A SPECIAL ASSESSMENT

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7
Q

A PROPERTY OWNER HAS THE LEGAL RIGHT TO PASS OVER THE LAND OWNED BY HIS NEIGHBOR. HE HOLDS AN

A

EASEMENT

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8
Q

AFTER MOVING INTO HIS NEW HOME. MARCO DISCOVERS THAT HIS NEIGHBOR GETS TO HIS WORKSHOP BY REGULAR USE OF MARCO’S DRIVEWAY. MARCO’S LAWYER EXPLAINS THAT THE NEIGHBOR’S LOT OWNS AN EASEMENT OVER MARCO’S DRIVEWAY. MARCO’S PROPERTY IS CALLED

A

THE SERVIENT ESTATE

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9
Q

APPURTENANT, BY NECESSITY, AND BY PRESCRIPTION ARE TERMS THAT RELATE TO WHAT

A

EASEMENT

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10
Q

TRUE OR FALSE; DEED RESTRICTIONS AND TAX LIENS ARE EXAMPLES OF ENCUMBRANCES

A

TRUE

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11
Q

TRUE OR FALSE; ENCUMBRANCES MAKE TITLE TO PROPERTY UNMARKETABLE

A

FALSE

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12
Q

TRUE OR FALSE; ALL ENCUMBRANCES ARE LIENS

A

FALSE

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13
Q

TRUE OR FALSE; ENCUMBRANCES ARE PHYSICAL INTRUSIONS OF ONE PERSON’S REAL ESTATE ONTO ANOTHER OWNER’S LAND

A

FALSE

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14
Q

TRUE OR FALSE; A VENDOR MUST SERVE NOTICE TO THE NAMED LIEN AGENT OF A CONSTRUCTION PROJECT WITHIN 15 DAYS OF FIRST FURNISHING MATERIALS OR LABOR OR THE VENDOR WILL FORFEIT. THIS IS A REQUIREMENT FOR NORTH CAROLINA MECHANICS LIENS

A

TRUE

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15
Q

TRUE OR FALSE; A LIEN AGENT MUST BE DESIGNATED ONLY FOR PRIVATE RESIDENTIAL CONSTRUCTION PROJECTS THAT COST OVER $30,000. THIS IS A REQUIREMENT FOR NORTH CAROLINA MECHANICS LIENS

A

FALSE

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16
Q

TRUE OR FALSE; A PRIVATE CONSTRUCTION PROJECT ON A SINGLE FAMILY HOME DOES NOT REQUIRE A LIEN AGENT IF THE PROPERTY IS OWNER OCCUPIED. THIS IS A REQUIREMENT FOR NORTH CAROLINA MECHANICS LIENS

A

TRUE

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17
Q

TRUE OR FALSE; A VENDOR MUST FILE THE MECHANIC’S LIEN NO LATER THAN 120 DAYS AFTER DELIVERY OF THE VENDOR’S LAST LABOR OR MATERIALS. THIS IS A REQUIREMENT FOR NORTH CAROLINA MECHANICS LIENS

A

TRUE

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18
Q

TRUE OR FALSE; A LISTING AGENT FOR THE SALE OF A SHOPPING CENTER CAN FILE A LIEN TO SECURE PAYMENT OF BROKERAGE FEES IN NORTH CAROLINA

A

TRUE

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19
Q

TRUE OR FALSE; A LISTING AGENT FOR A $10 MILLION MANSION CAN FILE A LIEN TO SECURE PAYMENT OF BROKERAGE FEES IN NORTH CAROLINA

A

FALSE

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20
Q

TRUE OR FALSE; A TENANT’S REPRESENTATIVE FOR THE LEASE OF A MANUFACTURING PLANT CAN FILE A LIEN TO SECURE PAYMENT OF BROKERAGE FEES IN NORTH CAROLINA

A

FALSE

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21
Q

TRUE OR FALSE; A BUYER’S AGENT FOR THE PURCHASE OF AN OFFICE BUILDING CAN FILE A LIEN TO SECURE PAYMENT OF BROKERAGE FEES IN NORTH CAROLINA

A

FALSE

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22
Q

IN NORTH CAROLINA, ALL REAL PROPERTY MUST BE REASSESSED EVERY

A

8 YEARS

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23
Q

THE AD VALOREM PROPERTY TAX RATES MAY BE ADJUSTED

A

EVERY YEAR

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24
Q

WHAT IS THE ASSESSED VALUE OF A HOUSE LOCATED IN THE CITY LIMITS IF THE CITY TAX RATE IS $0.80 PER $100, THE COUNTY TAX RATE IS $0.50 PER $100, AND THE OWNER’S ANNUAL TAXES ARE $1,600

A

$123,077

SOLVED
ASSESSED VALUE = ANNUAL TAXES / TAX RATE

$0.80 + $0.50 = $1.30 CITY + COUNTY TAX RATE / 100 = 0.013; $1,600 ANNUAL TAXES / 0.013 = $123,076.92 ASSESSED VALUE

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25
Q

WHAT IS THE MONTHLY TAX LIABILITY ON A PROPERTY ASSESSED AT $133,000 IF THE PUBLISHED TAX RATE IS $1.678 PER $100 OF ASSESSED VALUE

A

$185.98

SOLVED
ANNUAL TAX = ACCESSED VALUE X TAX RATE

$133,000 ASSESSED VALUE X 0.01678 TAX RATE = $2,231.74 ANNUAL TAXES / 12 MONTHS = $185.97833 = $185.98 MONTHLY TAX LIABILITY

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26
Q

IF YOU RECENTLY PAID $2,000 IN ANNUAL PROPERTY TAXES AND THE ASSESSED VALUE OF YOUR HOUSE IS $183,500, WHAT IS THE TAX RATE

A

$1.09 PER $100

SOLVED
TAX RATE = ANNUAL TAXES / ASSESSED VALUE

$2,000 ANNUAL TAXES / $183,500 ASSESSED VALUE = 0.010899 X $100 = $1.0899 = $1.09 PER $100 OF ACCESSED VALUE

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27
Q

PROPERTY IS APPRAISED AT $129,000. IF PROPERTY IS ASSESSED AT 75% OF THE APPRAISED VALUE, WHAT IS THE ASSESSED VALUE OF THE PROPERTY

A

$96,750

SOLVED
ASSESSED VALUE = ANNUAL TAXES / TAX TATE

$129,000 APPRAISED VALUE X 75% = $96,750 ACCESSED VALUE

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28
Q

A HOUSE WAS APPRAISED AT $389,000 FOR TAX PURPOSE. IT WAS ASSESSED AT 85% OF THE APPRAISED VALUE. THE TAXES WERE $1.10 PER $100 OF VALUE. HOW MUCH WERE THE ANNUAL TAXES

A

$3,637.15

SOLVED
ANNUAL TAXES = TAX RATE X ASSESSED VALUE

$389,000 APPRAISED VALUE X 85% = $330,650 ASSESSED VALUE X $0.011 TAX TATE = $3,637.15 ANNUAL TAX LIABILITY

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29
Q

MARKET VALUE FOR A PROPERTY OUTSIDE THE CITY LIMITS OF GREENSBORO IS $295,000. ASSESSED VALUE IS CALCULATED AT 80% OF MARKET VALUE. THE CITY TAX RATE IS $0.84 PER $100 AND THE COUNTY TAX RATE IS $0.63 PER $100. WHAT IS THE MONTHLY TAX LIABILITY FOR THIS PROPERTY

A

$123.90

SOLVED
TAX RATE = ANNUAL TAXES / ASSESSED VALUE

$295,000 MARKET VALUE X 80% = $236,000 ASSESSED VALUE X $0.0063 COUNTY TAX = $1,486.80 ANNUAL TAX BILL / 12 MONTHS = $123.90 MONTHLY TAX BILL

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30
Q

JENNIFER OWNS PROPERTY IN CHAPEL HILL WHICH HAS 100 FEET OF A STREET ON ONE BOUNDARY. THE TOWN PAVES THE STREET AND AGREES TO PAY 25% OF THE COST. THE COST PER RUNNING FOOT IS DETERMINED TO BE $54. HOW MUCH IS JENNIFER’S SPECIAL ASSESSMENT BASED ON ROAD FRONTAGE

A

$2,025

SOLVED
100 FEET OF ROAD X $54 = $5,400 X 75% (CITY WILL PAY OTHER 25%) = $4,050 / 2 = $2,025

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31
Q

ERIC OWNS PROPERTY IN ANDOVER, CONNECTICUT, WHERE THE MILL RATE 27.3 PER $1,000 OF ASSESSED VALUE. HIS PROPERTY IS VALUE AT $150,000. SIXTY PERCENT OF THE PROPERTY IS ASSESSED. WHAT IS HIS ANNUAL TAX BILL

A

$2,457

SOLVED
ANNUAL TAX = TAX RATE X ASSESSED VALUE

$150,000 SALES PRICE X 60% = $90,000 ASSESSED VALUE / 1,000 = 90 X 27.3 MILL RATE = $2,457 YEARLY TAX BILL

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32
Q

AN EXACT WAY OF DESCRIBING REAL ESTATE IN A CONTRACT, DEED, MORTGAGE, OR ANOTHER DOCUMENT THAT WILL BE ACCEPTED BY A COURT OF LAW IS CALLED

A

A LEGAL DESCRIPTION

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33
Q

TRUE OR FALSE; IN A SALES CONTRACT, METES-AND-BOUNDS IS AN ACCEPTABLE LEGAL DESCRIPTION OF PROPERTY

A

TRUE

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34
Q

TRUE OR FALSE; IN A SALES CONTRACT, MLS NUMBER OF THE LISTED PROPERTY IS AN ACCEPTABLE LEGAL DESCRIPTION OF PROPERTY

A

FALSE

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35
Q

TRUE OR FALSE; IN A SALES CONTRACT, “JOHNSON PROPERTY ON MAPLE STREET” IS AN ACCEPTABLE LEGAL DESCRIPTION OF PROPERTY

A

FALSE

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36
Q

TRUE OR FALSE; IN A SALES CONTRACT, A LOT NUMBER IS AN ACCEPTABLE LEGAL DESCRIPTION OF PROPERTY

A

FALSE

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37
Q

A MONUMENT IS USED IN WHICH TYPE OF LEGAL DESCRIPTION

A

METES AND BOUNDS

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38
Q

IN DESCRIBING REAL ESTATE, THE SYSTEM THAT USES FEET, DEGREES, AND NATURAL MARKERS IS THE

A

METES-AND-BOUNDS DESCRIPTION

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39
Q

IF THE PROPERTY BEING TRANSFERRED IS RESIDENTIAL PROPERTY WITHIN AN ESTABLISHED SUBDIVISION, THE MOST COMMONLY USED LEGAL DESCRIPTION WOULD BE

A

REFERENCE TO A RECORDED PLAT

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40
Q

TRUE OR FALSE; A STREET ADDRESS WOULD BE ADEQUATE PROPERTY DESCRIPTION FOR A SHORT TERM-LEASE

A

TRUE

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41
Q

TRUE OR FALSE; A STREET ADDRESS WOULD BE ADEQUATE PROPERTY DESCRIPTION FOR A SALES CONTRACT

A

FALSE

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42
Q

TRUE OR FALSE; A STREET ADDRESS WOULD BE ADEQUATE PROPERTY DESCRIPTION FOR A SPECIAL WARRANTY DEED

A

FALSE

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43
Q

TRUE OR FALSE; A STREET ADDRESS WOULD BE ADEQUATE PROPERTY DESCRIPTION FOR A DEED OF TRUST

A

FALSE

44
Q

TRUE OR FALSE; GOVERNMENTAL SURVEY SYSTEM IS A METHOD OF LEGAL DESCRIPTION THAT IS USED IN NORTH CAROLINA

A

FALSE

45
Q

TRUE OR FALSE; METES AND BOUNDS IS A METHOD OF LEGAL DESCRIPTION THAT IS USED IN NORTH CAROLINA

A

TRUE

46
Q

TRUE OR FALSE; INFORMAL REFERENCE IS A METHOD OF LEGAL DESCRIPTION THAT IS USED IN NORTH CAROLINA

A

TRUE

47
Q

TRUE OR FALSE; REFERENCE TO RECORDED PLAT IS A METHOD OF LEGAL DESCRIPTION THAT IS USED IN NORTH CAROLINA

A

TRUE

48
Q

TRUE OR FALSE; WHEN SURVEYING LAND, A SURVEYOR REFERS TO THE PRINCIPAL MERIDIAN THAT IS WITHIN THE RECTANGULAR SURVEY SYSTEM AREA IN WHICH THE LAND BEING SURVEYED IS LOCATED

A

TRUE

49
Q

THE SECTION DUE EAST OF SECTION 13 IS

A

SECTION 18

50
Q

IN DESCRIBING REAL ESTATE, THE SYSTEM THAT MAY USE A PROPERTY’S PHYSICAL FEATURES TO DETERMINE BOUNDARIES AND MEASUREMENTS IS

A

METES-AND-BOUNDS

51
Q

TRUE OR FALSE; A SECTION IS ONE SQUARE MILE

A

TRUE

52
Q

TRUE OR FALSE; A SECTION HAS 640 ACRES

A

TRUE

53
Q

TRUE OR FALSE; A SECTION IS PART OF A TOWNSHIP

A

TRUE

54
Q

IF THE LOCAL MARKET VALUE OF UNDEVELOPED LAND IS $25,000 PER ACRE, WHAT IS THE VALUE OF A LOT THAT HAS 21,780 SQUARE FEET

A

$12,500

SOLVED
21,780 SQ. FT. / 43,560 NUMBER OF SQ. FT. IN ACRE = 0.5 ACRE X $25,000 PER ACRE = $12,500

55
Q

A BAY WINDOW THE SHAPE OF A TRAPEZOID IN A LIVING ROOM HAS THE FOLLOWING DIMENSIONS, 6 FEET ALONG THE THE TOP, DEPTH OF 4 FEET, AND 10 FEET ALONG THE BOTTOM. WHAT IS THE TOTAL SQUARE FOOTAGE

A

32

SOLVED
EACH TRIANGLE IS 2’ X 4’, DIVIDED IN HALF ( B X H / 2 ), OR 4 SQ. FT. THERE ARE TWO OF THEM FOR A TOTAL OF 8 FEET. THE REMAINING SQUARE IS 6’ X 4’, OR 24 FEET. THE TOTAL IS 8 + 24 SQ. FT., OR 32 SQ. FT

56
Q

TWO EQUAL-SIZED ROOMS NEED TO BE RECARPETED AT A COST OF $25 PER SQUARE YARD. EACH ROOM IS 12’ X 14’. WHAT IS THE TOTAL COST OF THE CARPETING

A

$934

SOLVED
LENGTH X WIDTH (IN FEET) AND DIVIDE BY 9. (L X W / 9 = SQUARE YARDS)
12’ X 14’ = 168 SQ. FT. / 9 YARDS = 18.67 SQ. YDS. X $25 PER SQ. YD. = $466.67 X TWO ROOMS = $934 (ROUNDED)

57
Q

A BUYER PURCHASED A HALF ACRE PARCEL FOR $2.15 PER SQUARE FOOT. WHAT WAS THE SELLING PRICE OF THE PARCEL

A

$46,827

SOLVED
ACRE = 43,560 SQ. FT
43,560 / 2 = 21,780 X $2.15 = $46,827

58
Q

A RECTANGULAR PARCEL OF LAND WAS PURCHASED THAT CONTAINED 350 ACRES WITH 1,300 FEET OF ROAD FRONTAGE. AN INVESTOR WANTS TO BUY THE NEIGHBORING RECTANGULAR TRACT THAT HAS THE SAME DEPTH BUT HAS 6,000 FEET OF ROAD FRONTAGE. HOW MANY ACRES ARE IN THE TRACT OF LAND THAT THE INVESTOR WANTS TO BUY

A

1,615.4 ACRES

SOLVED
350 ACRES X 43,560 (SQ. FT. / ACRE) = 15,246,000 SQ. FT. / 1,300’ = 11,727.692’ DEPTH; 11,727.692 X 6,000’ FRONTAGE = 70,366,152 SQ. FT. / 43,560 = 1,615.4 ACRES ROUNDED

59
Q

A PARCEL OF LAND IS 660 FEET BY 660 FEET, AND A SMALL STREAM EQUALLY DIVIDES THE PARCEL INTO TWO LOTS. HOW MANY ACRES ARE CONTAINED IN EACH LOT

A

5

SOLVED
660’ X 660’ = 435,600 SQ. FT. / 43,560 = 10 ACRES / 2 = 5 ACRES IN EACH LOT

60
Q

IF YOU PURCHASE A LOT THAT IS 125’ X 150’ FOR $6,468.75, WHAT PRICE DID YOU PAY PER FRONT FOOT

A

$51.75

SOLVED
$6,468.75 PRICE / 125 FRONT FEET = $51.75 PER FRONT FOOT

61
Q
A

AD VALOREM TAX

62
Q
A

ASSESSMENT

63
Q
A

DEED RESTRICTIONS

64
Q
A

DOMINANT TENEMENT

65
Q
A

EASEMENT

66
Q
A

EASEMENT APPURTENANT

67
Q
A

EASEMENT BY NECESSITY

68
Q
A

EASEMENT BY PRESCRIPTION

69
Q
A

EASEMENT IN GROSS

70
Q
A

ENCROACHMENT

71
Q
A

ENCUMBRANCE

72
Q
A

GENERAL LIEN

73
Q
A

JUDGEMENT

74
Q
A

LICENSE

75
Q
A

LIEN

76
Q
A

LIEN AGENT

77
Q
A

LIS PENDENS

78
Q
A

MACHINERY ACT

79
Q
A

MASS APPRAISAL

80
Q
A

MECHANIC’S LIEN

81
Q
A

MILL

82
Q
A

OCTENNIAL REAPPRAISAL

83
Q
A

PRIORITY

84
Q
A

SERVIENT TENEMENT

85
Q
A

SPECIAL ASSESSMENTS

86
Q
A

SPECIFIC LIEN

87
Q
A

TAX LIEN

88
Q
A

WRIT OF ATTACHMENT

89
Q
A

WRIT OF EXECUTION

90
Q
A

BASE LINE

91
Q
A

CALL

92
Q
A

GOVERNMENT (RECTANGULAR OR GEODETIC) SURVEY SYSTEM

93
Q
A

LEGAL DESCRIPTION

94
Q
A

METES-AND-BOUNDS (BOUNDARY) DESCRIPTION

95
Q
A

MONUMENTS

96
Q
A

PLAT MAP

97
Q
A

POINT OF BEGINNING (POB)

98
Q
A

PRINCIPAL MERIDIANS

99
Q
A

RANGE

100
Q
A

REFERENCE TO A RECORDED PLAT (LOT-AND-BLOCK OR RECORDED PLAT SYSTEM)

101
Q
A

SECTION

102
Q
A

SURVEY

103
Q
A

TIER (TOWNSHIP STRIP)

104
Q
A

TOPOGRAPHIC SURVEY

105
Q
A

TOWNSHIP

PRE LICENSING REAL ESTATE (12 decks)

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