CHAPTER 5 & 6 Flashcards
IN NORTH CAROLINA, THE STATUTORY PERIOD FOR ADVERSE POSSESSION (WITHOUT COLOR OF TITLE) IS AN UNINTERRUPTED PERIOD OF HOW MANY YEARS WHEN TRYING TO ACQUIRE PRIVATELY OWNED PROPERTY
20 YEARS
TITLE TO REAL ESTATE MAY BE TRANSFERRED DURING A PERSON’S LIFETIME BY
ALIENATION
WHAT TYPE OF DEED MIGHT AN OWNER OF REAL ESTATE USE TO VOLUNTARILY TRANSFER A RIGHT, A TITLE, OR AN INTEREST IN REAL ESTATE
WARRANTY DEED
A MAN OWNED PROPERTY AS A TENANT IN COMMON WITH HIS TWO BEST FRIENDS. YEARS LATER, THE MAN WAS ADJUDGED LEGALLY INCOMPETENT AND MOVED INTO A NURSING HOME. DURING HIS STAY AT A NURSING HOME, THE MAN WROTE A WILL LEAVING HIS ENTIRE ESTATE TO THE NURSING ASSISTANT ASSIGNED TO HIS CARE. THE MAN WAS SURVIVED BY THREE CHILDREN WHEN HE DIED. AFTER HIS DEATH, HIS REAL ESTATE INTERESTS PASSES TO
HIS CHILDREN BY THE LAW OF INTESTATE SUCCESSION
TRUE OR FALSE; A WILL IS A MEANS OF TITLE TRANSFER BY INVOLUNTARY ALIENATION
FALSE
TRUE OR FALSE; FORECLOSURE IS A MEANS OF TITLE TRANSFER BY INVOLUNTARY ALIENATION
TRUE
TRUE OR FALSE; ESCHEAT IS A MEANS OF TITLE TRANSFER BY INVOLUNTARY ALIENATION
TRUE
TRUE OR FALSE; EMINENT DOMAIN IS A MEANS OF TITLE TRANSFER BY INVOLUNTARY ALIENATION
TRUE
WHEN THE GRANTOR ENSURES THAT THE TITLE WILL BE GOOD AGAINST THE TITLE CLAIMS OF THIRD PARTIES THIS DESCRIBES
THE COVENANT OF QUIET ENJOYMENT
A PURCHASER WENT TO THE REGISTRY OF DEEDS TO CHECK THE PUBLIC RECORDS. SHE FOUND THAT THE SELLER WAS THE GRANTEE IN THE LAST RECORDED DEED AND THAT NO MORTGAGE WAS EVER ON RECORD AGAINST THE PROPERTY. THEREFORE, THE PURCHASER MAY ASSUME WHAT
THE SELLER PROBABLY DID NOT MORTGAGE THE PROPERTY
TRUE OR FALSE; THE PERSON WHO EXAMINES THE CHAIN OF TITLE AND PREPARES AN OPINION OF TITLE FOR A PARCEL OF REAL ESTATE WRITES A BRIEF HISTORY OF THE RECORD OF OWNERSHIP OF THE PROPERTY
TRUE
TRUE OR FALSE; INSTRUMENTS AFFECTING REAL ESTATE ARE RECORDED IN THE PUBLIC RECORDS OF THE COUNTY WHERE THE PROPERTY IS LOCATED BECAUSE RECORDING GIVES CONSTRUCTIVE NOTICE TO THE WORLD OF THE RIGHTS AND INTERESTS IN A PARTICULAR PARCEL OF REAL ESTATE
TRUE
SUCCESSION OF CONVEYANCES FROM SOME STARTING POINT WHEREBY THE PRESENT OWNER DERIVES TITLE
CHAIN OF TITLE
TRUE OR FALSE; A TITLE INSURANCE POLICY WITH STANDARD COVERAGE GENERALLY COVERS RIGHTS OF PARTIES IN POSSESSION
FALSE
TRUE OR FALSE; A TITLE INSURANCE POLICY WITH STANDARD COVERAGE GENERALLY COVERS FORGED DOCUMENTS
TRUE
TRUE OR FALSE; A TITLE INSURANCE POLICY WITH STANDARD COVERAGE GENERALLY COVERS INCORRECT MARITAL STATEMENTS
TRUE
TRUE OR FALSE; A TITLE INSURANCE POLICY WITH STANDARD COVERAGE GENERALLY COVERS INCOMPETENT GRANTORS
TRUE
THE PROCESS BY WHICH EMINENT DOMAIN IS EXERCISED
CONDEMNATION
STATE WHETHER A NECESSARY CONDITION OR NOT; PROPERTY IS TO BE GIVEN TO THE OWNER OF A QUASI-PUBLIC CORPORATION
NOT A NECESSARY CONDITION
STATE WHETHER A NECESSARY CONDITION OR NOT; USE BENEFITS THE PUBLIC
NECESSARY CONDITION
STATE WHETHER A NECESSARY CONDITION OR NOT; PROPERTY OWNER IS PROTECTED BY DUE PROCESS OF LAW
NECESSARY CONDITION
STATE WHETHER A NECESSARY CONDITION OR NOT; JUST COMPENSATION IS PAID TO THE PROPERTY OWNER
NECESSARY CONDITION
TRUE OR FALSE; MONTH-TO-MONTH LEASE IS A REAL ESTATE DOCUMENT THAT IS LEAST LIKELY TO BE RECORDED
TRUE
TRUE OR FALSE; A DEED IS A REAL ESTATE DOCUMENT THAT IS MOST LIKELY TO BE RECORDED
TRUE
TRUE OR FALSE; OPTION CONTRACT IS A REAL ESTATE DOCUMENT THAT IS MOST LIKELY TO BE RECORDED
TRUE
TRUE OR FALSE; LAND CONTRACT IS A REAL DOCUMENT THAT IS MOST LIKELY TO BE RECORDED
TRUE
TRUE OR FALSE; EASEMENTS SHOULD BE DISCOVERABLE IN A SEARCH OF THE PUBLIC RECORDS
TRUE
IN NORTH CAROLINA, THE STATUTORY PERIOD OF POSSESSION REQUIRED TO ACQUIRE TITLE OF PRIVATELY OWNED PROPERTY BY ADVERSE POSSESSION WITH COLOR OF TITLE IS HOW MANY YEARS
7 YEARS
WHICH TYPE OF DEED MERELY IMPLIES BUT DOES NOT SPECIFICALLY WARRANT THAT THE GRANTOR HOLDS GOOD TITLE TO THE PROPERTY
BARGAIN AND SALE
THE NCBA/NCAR 2-T OFFER TO PURCHASE AND CONTRACT FORM INDICATES THAT THE SELLER WILL DELIVER WHICH DEED TO THE BUYER
GENERAL WARRANTY
WHEN PROPERTY IS SOLD FOR $75,000, THE EXCISE TAX WOULD BE
$150
SOLVED
$75,000 SALES PRICE / 500 = 150 X $1 = $150
A SELLER SOLD HIS PROPERTY FOR $185,900 AND LET THE BUYER ASSUME HIS LOAN BALANCE OF $125,000. HOW MUCH EXCISE TAX WILL THE SELLER PAY AT CLOSING
20
SOLVED
$185,900 SALES PRICE / 500 = 371.80 X $1 = $371.80; ROUND UP TO $372.00
A PROVISION IN A SUBDIVISION DECLARATION USED AS A MEANS OF FORCING THE GRANTEE TO LIVE UP TO THE TERMS UNDER WHICH THE GRANTEE HOLD TITLE TO THE LAND IS A
PROTECTIVE COVENANT
TRUE OF FALSE; TESTS COMMONLY APPLIED IN DETERMINING THE VALIDITY OF ZONING ORDINANCES REQUIRE THAT THE ORDINANCES CAUSES A LOSS OF PROPERTY VALUE FOR THE PUBLIC GOOD
FALSE
TRUE OF FALSE; TESTS COMMONLY APPLIED IN DETERMINING THE VALIDITY OF ZONING ORDINANCES REQUIRE THAT THE POWER BE EXERCISED IN A REASONABLE MANNER
TRUE
TRUE OF FALSE; TESTS COMMONLY APPLIED IN DETERMINING THE VALIDITY OF ZONING ORDINANCES REQUIRE THAT THE ORDINANCE BE FREE FROM DISCRIMINATION
TRUE
TRUE OF FALSE; TESTS COMMONLY APPLIED IN DETERMINING THE VALIDITY OF ZONING ORDINANCES REQUIRE THAT THE ORDINANCE APPLY TO ALL PROPERTY IN A SIMILAR MANNER
TRUE
TRUE OR FALSE; PUBLIC LAND-USE CONTROLS INCLUDE RESTRICTIVE COVENANTS
FALSE
TRUE OR FALSE; PUBLIC LAND-USE CONTROLS INCLUDE SUBDIVISION REGULATIONS
TRUE
TRUE OR FALSE; PUBLIC LAND-USE CONTROLS INCLUDE ENVIRONMENTAL PROTECTION LAWS
TRUE
TRUE OR FALSE; PUBLIC LAND-USE CONTROLS INCLUDE MASTER PLAN SPECIFICATIONS
TRUE
TRUE OR FALSE; ZONING POWERS ARE CONFERRED ON MUNICIPAL GOVERNMENTS BY STATES ENABLING ACTS
TRUE
TRUE OR FALSE; ZONING POWERS ARE CONFERRED ON MUNICIPAL GOVERNMENTS BY EMINENT DOMAIN
FALSE
ZONING LAWS ARE GENERALLY ENFORCED BY
NON-ISSUANCE OF BUILDING PERMITS TO PROPERTIES THAT DO NOT CONFORM TO ZONING
ZONING BOARDS OF ADJUSTMENT ARE ESTABLISHED TO HEAR COMPLAINTS ABOUT
THE EFFECTS OF A ZONING ORDINANCE
TRUE OR FALSE; ZONING ALLOWS REGULATION OF BUILDING OWNERSHIP
FALSE
TRUE OR FALSE; ZONING ALLOWS REGULATION OF NUMBER OF BUILDINGS
TRUE
TRUE OR FALSE; ZONING ALLOWS REGULATION OF SIZE OF BUILDINGS
TRUE
TRUE OR FALSE; ZONING ALLOWS REGULATION OF BUILDING OCCUPANCY
TRUE
TRUE OR FALSE; THE PURPOSE OF A BUILDING PERMIT IS TO PROVIDE EVIDENCE OF COMPLIANCE WITH MUNICIPAL BUILDING CODES
TRUE
TRUE OR FALSE; THE PURPOSE OF A BUILDING PERMIT IS TO MAINTAIN MUNICIPAL CONTROL OVER THE VOLUME OF BUILDING
FALSE
A LOCAL MAN OWNS A VACANT LOT IN A RESIDENTIAL NEIGHBORHOOD. HIS FRIENDS IN THE CITY GOVERNMENT MANAGE TO CHANGE THE ZONING ON HIS LOT TO COMMERCIAL, SO HE CAN INCREASE HIS PROFITS ON THE PROPERTY. THIS TYPE OF ZONING IS CALLED
SPOT ZONING
TRUE OR FALSE; THE GRANTOR OF A DEED MAY PLACE EFFECTIVE RESTRICTIONS ON THE USE OF THE LAND
TRUE
TRUE OR FALSE; THE GRANTOR OF A DEED MAY PLACE EFFECTIVE RESTRICTIONS ON THE RIGHT TO SELL THE LAND
FALSE
A NEW ZONING IS ENACTED. A BUILDING THAT IS PERMITTED TO CONTINUE IN ITS CURRENT USE EVEN THOUGH THAT USE DOES NOT CONFORM TO THE NEW ZONING IS AN EXAMPLE OF
A LEGAL NONCONFORMING USE
TO DETERMINE WHETHER A LOCATION CAN BE PUT TO FUTURE USE AS A RETAIL STORE, ONE WOULD EXAMINE THE
ZONING CODE
TRUE OF FALSE; A LIST OF DEED RESTRICTIONS PROBABLY WOULD INCLUDE ALLOWABLE EHNIC ORIGINS OF PURCHASERS
FALSE
TRUE OF FALSE; A LIST OF DEED RESTRICTIONS PROBABLY WOULD INCLUDE TYPES OF BUILDINGS THAT MAY BE CONSTRUCTED
TRUE
TRUE OF FALSE; A LIST OF DEED RESTRICTIONS PROBABLY WOULD INCLUDE ACTIVITIES THAT ARE NOT TO BE CONDUCTED AT THE SITE
TRUE